A guide to your brand new home
You’ve just purchased your dream home, congratulations!
It’s your chance to create a place of your own and make wonderful memories that will last for years to come.
Getting swept up in the excitement of it all is completely understandable, so we’ve put together some tips for first home buyers to make the transition from renting to homeownership as seamless as possible.
Don’t: Overspend on decorWith the unfamiliarity of mortgage repayments, council rates and general upkeep costs, most homeowners generally find that money is a bit tighter in the first few months, and that’s perfectly okay.
While the new couch, appliances, artwork and everything in between may seem essential, try to remember you don’t need everything straight away.
Be sure to shop around at furniture and appliance stores, wait for sales events or put together a mood board before you splash the cash. See what you can find second hand on things like Facebook Marketplace and Gumtree.
Don’t: Ignore regular maintenance or complete difficult repairs yourselfNo more landlords, it’s time to take matters into your own hands!
It’s important to keep on top of regular jobs - gardening, cleaning and general maintenance, as what may start out as a small problem can often become a disaster if left unattended.
Sometimes DIY is the best option, but if there is a larger problem, be sure to hire a qualified professional, you’ll thank yourself later! There’s no harm in painting a wall or two, but when it comes to electrical or structural work, save yourself time, money and risk by employing a professional.
Do: Get proper insuranceYour home is a significant investment; which is why most mortgages require you to get home insurance from the get-go.
Depending on your type and level of cover, home insurance protects you from unfortunate events, such as break-ins, flooding or fire.
But before you sign on the dotted line, it’s important to understand the different types of insurance you might need.
For instance, Home Building Insurance covers permanent structures - such as your house, garage, fence and more. By comparison, Contents Insurance covers everything inside your home, such as your appliances, valuables, equipment and more.
You can get a home insurance quote online or over the phone, making it easy to compare costs on the spot.
Do: A proper household budgetWith homeownership comes greater financial responsibility, which in turn, can create financial stress.
Planning and managing your money is an excellent way to make the transition from renter to homeowner an easy, enjoyable process.
Not only does a household budget help you stay across your finances, it also forces you to live within your means, meaning no nasty surprises when bills roll around.
Start by mapping out your regular expenses, such as your loan repayments, insurance, bills and groceries, and work out how much they are costing you each week.
Compare this cost to your regular work paycheque and determine how much you should set aside each pay.
A great way to differentiate your expenses from your disposable income is to pay your mortgage, bills and regular expenses from a different bank account to your personal one. This way, you’ll know how much discretionary spending you have each week and can enjoy yourself, without compromising your necessary expenses.
You can even use a household budget planner like this guide from Money Smart, to help you get started!
Do: Get to know your neighboursThe glue that holds a community together, a friendly neighbourhood is worth its weight in gold.
Social connections are proven to benefit our mental health, and often moving out can bring on unexpected stress and anxiety.
So, in the wise words of the iconic Australian TV show, how do neighbours become good friends?
It’s often the little things.
If your neighbours across the way have left their bins out a little longer than usual, take them in for them.
Say hello when you see them outside on the street.
And in turn, you’ll reap the benefits.
When you’re completing that DIY project and need to borrow a piece of equipment, your neighbour will be more than willing to help!
Being friendly with your neighbours can also lead to wonderful social benefits, including weekend activities, weeknight dinners and even social connections for the whole family!
But the most important thing to do? Celebrate and enjoy this wonderful time with your friends and family! Homeownership is a wonderful achievement, and one that you should be incredibly proud of!