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August 21, 2021

4 Mistakes First-Time Homeowners Make and How to Avoid Them

Becoming a homeowner for the first time is a huge milestone. Purchasing a home for the first time can sometimes come with a learning curve.

Once the sale closes and you are officially a homeowner, what do you do? Are you going to do some repairs yourself or hire a contractor to do some home improvements for you? There’s a lot to consider and sometimes mistakes can be unavoidable as a first-time homeowner. 

The good news is that there are some things that you can do to help reduce the possibility of making some of the most common mistakes.

4 Mistakes First-Time Homeowners Make and How to Avoid Them

1. Hiring the Wrong Contractors 

If you are thinking of doing some upgrades around your new house you might be looking into hiring a contractor to complete the work. Maybe you want to redo the bathroom or give your kitchen a makeover. Whatever it is that you are doing, making sure you hire the right contractor can help avoid costly delays and mistakes. 

The best thing that you can do is search for contractors in your area and read through the reviews. Customer feedback is one of the best ways for you to fully understand the contractor that you are hiring. Or, discuss your needs with someone that you trust and see if they have any recommendations for you. 

2. Not Sticking to Your Budget 

You have just gone through a fairly stressful, yet exciting, time in your life. You’re all moved into your new home and are starting to recognize some of the expenses you need to account for. And sometimes it can be easy to ignore or overlook the budget that you have in place.

Taking into account your mortgage payments and utility bills are two of the most common expenses for new homeowners. However, there are other expenses you might not have been aware of. These can include things like homeowners association fees, homeowners insurance and property tax.

Understanding these expenses from the beginning will allow you to better prepare. You can budget accordingly and avoid having any unexpected costs.

3. Jumping Into Renovations Too Soon

Think about the beginning of the search for your dream home. When you went to the open house and viewed your home for the first time, what was going through your mind? Were you already envisioning and daydreaming about the home improvements you could do?

It can be tempting to want to jump right in as soon as the sale closes and make those upgrades. A lot of times the excitement and enthusiasm you have can lead to making snap decisions. But the best thing that you can do is hold off and wait for a little longer.

Chances are that over time the vision that you have for your home is going to evolve and change. The idea or upgrade you had in mind when you first moved in might not seem like the best choice a few weeks or months down the road. 

Give yourself a bit of time to truly understand how you use all the space in your home. You will then be in a much better position to make the right decisions for you and your home. 

4. Thinking That You and Your Partner Agree on Everything

Having good communication is one of the most important skills anyone can have, personally and in business. Without it, you might make assumptions about how someone else feels. This is especially true if you are a new homeowner with your partner or spouse. 

It’s a life-changing decision to purchase a new home with someone else and there are a lot of moving parts that happen throughout the sale. Being in regular communication with your partner or spouse from the beginning can help make sure you are on the same page. 

And it can be for anything – choosing the paint color for the dining room, the style of the couch for the living room or which major renovation you will take on first. Having good communication will make being a first-time homeowner that much more rewarding and enjoyable for everybody. 

Key Takeaways 

Being a first-time homeowner can be both exciting and stressful. There is a lot to worry about and take care of, but there is also a lot to be enthusiastic and passionate about. And with so much going on it’s not surprising that some first-time homeowners make mistakes.

There’s no secret recipe to homeownership. But there are things that you can do to help prepare yourself for what’s to come. This can help you avoid unexpected expenses and costly delays and stay within budget. 

Follow the tips outlined above to help you prepare for becoming a first-time homeowner. It’s also important to make sure that you are in regular communication with your licensed real estate agent. This will help make sure that they fully understand what you need and any questions that you might have. 

About the Power Agent ® Program  

The Power Agent Program® is one of the premiere coaching and training programs in North America for real estate professionals. A Power Agent® is an agent who personifies the culture and commitment of serving, not selling, and is part of a wide network of like-minded professionals who want to take their businesses to their personal NEXT LEVEL® by bringing their best selves, skills, mindsets, and potential to the communities they serve.  

Founder, Coach, and Speaker Darryl Davis, CSP has trained and coached more than 100,000 real estate professionals around the globe. His topics such as How to Design a Life Worth Smiling About and The 7 Habits of Highly Effective REALTORS® makes him an audience favorite. 

He is a bestselling author for McGraw-Hill Publishing. His book, How to Become a Power Agent in Real Estate tops Amazon’s charts for most sold book to real estate agents.   

Want to learn more? Contact our team today at 800-395-3905.   

 

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