Many first-time buyers are surprised to find that homeownership is quite different from renting and it comes with much more responsibility on a day-to-day basis.
“As a new homeowner, all the responsibility and costs of maintaining your property now fall squarely on your shoulders and it can be very daunting,” says Cobus Odendaal, chief executive officer (CEO) of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg.
Odendaal says the best way to deal with these new obligations is to be proactive rather than reactive.
“It is easy to be overwhelmed when problems and unexpected expenses arise, especially during your first year of homeownership, and the only way to handle issues with minimum stress is to be prepared from the get-go.”
Preparation and planning:
Be prepared for maintenance and repair costs: One of the biggest shocks for new homeowners is how expensive it can be to keep a house in good condition.
Experts generally recommend budgeting one to four percent of your home’s value annually for maintenance and repairs. It is also a good idea to line up reliable contractors for when something inevitably needs fixing rather than having to phone around for a professional mid-crisis. Tackle small projects yourself, if possible, but it is important to be able to call in the professionals for major issues.
Establish where everything is located as soon as possible: Where do you switch off the water supply, where is your drain access, how do you access the geyser, and exactly where is the roof space situated?
Get comfortable with DIY and YouTube: Your first year of homeownership is the perfect time to start learning basic home maintenance skills through books, online tutorials, and YouTube videos.
Not only will you save money, but you will gain useful skills and confidence as a homeowner. But be honest about your limitations and do not try anything overly dangerous or complicated until you are ready. The right tools and safety gear are musts as well.
Prioritise an emergency home repair fund: One of the worst feelings as a new homeowner is having to fork out for an expensive repair like a burst geyser or faulty electrical wiring before you have built up any savings.
That is why prioritising an emergency home repair fund from day one is so important for first-time buyers. Start setting aside a monthly amount as soon as possible.
Understand your home’s efficiency and costs: During the first year, carefully track your spending on things like electricity, water or sewerage, and internet to serve as a realistic baseline going forward.
Look for opportunities to improve energy efficiency through insulating, upgrading appliances and systems, etc. Seemingly small measures can sometimes yield substantial long-term savings.
Stay on top of seasonal and annual maintenance: Important tasks include: cleaning gutters, downspouts, and drainage areas; checking for cracks or leaks and recaulking windows and doors as needed; testing alarms and replacing batteries; pruning and trimming trees and bushes, etc; and creating a simple checklist and setting calendar reminders will help ensure nothing important gets forgotten.
Make sure you are properly covered: Take the time to choose the best building and household insurance for your specific needs and update your policies every year.
“While the long list of new responsibilities can seem overwhelming at first, proactively preparing yourself will go a long way towards preventing issues and excess costs. An ounce of prevention is truly worth a pound of cure when your name is on the deed,” concludes Odendaal.
– My Pressportal
