Buying a home for the first time is extremely exciting. But like any new experience, as a first-time homeowner, you don’t know what you don’t know—and that lack of knowledge can lead to frustrating, challenging mistakes. For example, many new buyers jump into homeownership assuming the biggest hurdle is closing the deal, only to face unexpected costs or issues that could have been avoided with better preparation and planning.

Hiring a contractor without researching their background. Hiring the wrong contractor can lead to a lot of wasted time and money, and blindly hiring a contractor is one of the costliest mistakes a new homeowner can make. Before you hire anyone to do a home renovation project (whether that’s remodeling your kitchen, adding a deck, or landscaping your backyard), make sure to do your research, read reviews on multiple platforms, check licensing and insurance, and ask to speak to recent references. A quick background check can save you from shoddy work or outright scams.

Not budgeting for home-related expenses. When you bought your home, you budgeted for the major expenses, like your mortgage. But buying a home can come with a host of new expenses first-time homeowners aren’t used to paying, like homeowner’s insurance (often $1,000–$3,000 annually), homeowner association (HOA) fees (which can range from $100 to $500+ per month), property taxes, and higher monthly utility bills due to larger square footage. If you don’t budget for those new expenses, it can put you in the red quickly. When you buy your first home, make sure you’re looking at all the ongoing costs associated with ownership—and build a realistic monthly budget accordingly.

Putting off routine maintenance. Many first-time homeowners don’t realize all the routine maintenance that goes into keeping your home in tip-top shape. And, as such, they let maintenance tasks slide—which can lead to expensive repairs down the road, like a $5,000+ roof replacement or foundation issues from neglected gutters. When you move into your new home, make a checklist of all the maintenance tasks and how often/when they need to be completed (e.g., HVAC filter changes every 3 months, annual chimney inspection)—then review the list every month to make sure you’re not forgetting any tasks.

The Takeaway:

Hiring a contractor without researching their background. Hiring the wrong contractor can lead to a lot of wasted time and money, and blindly hiring a contractor is one of the costliest mistakes a new homeowner can make. Before you hire anyone to do a home renovation project (whether that’s remodeling your kitchen, or landscaping your backyard), make sure to do your research, read reviews, and ask to speak to references—vetting them thoroughly can prevent major headaches and financial loss.

Not budgeting for home-related expenses. When you bought your home, you budgeted for the major expenses, like your mortgage. But buying a home can come with a host of new expenses first-time homeowners aren’t used to paying, like homeowner’s insurance, homeowner association (HOA) fees, and monthly utility bills. If you don’t budget for those new expenses, it can put you in the red. When you buy your first home, make sure you’re looking at all the expenses associated with the purchase—and budget accordingly to maintain financial stability from day one.

We make sure our clients’ experience buying their first home (or any home) is informed, exciting, and mistake-free with personalized guidance every step of the way. If you’re a first-time buyer or ready to make your next move in Jacksonville, please get in touch today: Kevin and Jennifer Hanley, REALTORS 904-515-2479 The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside www.HanleyHomeTeam.com