Moving into a new home is an exciting experience for a family, but that does not mean owning a house doesn’t come with challenges. In the long run, costly homeownership mistakes will make it hard for you to truly enjoy your new residence.
For example, your dream home can become uncomfortable when you skip maintenance and fail to plan for security and insurance. In reality, several unexpected issues can pop up suddenly, costing you more money to overcome the challenge. With that said, try to avoid the following common new homeownership mistakes.
Underinsuring your property
You may not have control over upcoming events in the next year, but your homeownership destiny always lies in your hands. Insurance companies suggest underinsuring your home is not advisable at all. Fully insuring your property gives you the best chances to cover the costs of rebuilding your dream property when it ends in destruction.
You may be tempted to buy insurance only covering your mortgage. Unfortunately, that mortgage may account for roughly 80 to 90% of the property’s value, depending on your original down payment.
Buying the wrong size of HVAC system
Your air conditioner and heating unit must be chosen with the square footage of your house at the back of your mind. Buying the wrong size of an HVAC system can be costly, particularly for those with limited financial muscles.
You don’t want to waste your money overpaying for a large, expensive unit that wouldn’t just fit your home. When in doubt, ask technicians to measure your interior dimensions before you bring home a white elephant.
Over-looking water supply systems
Water is life, and without it- no one survives. However, suspended particles, parasites, bacteria and other harmful chemicals can enter your home water supply. To protect your health, proud homeowners will not want to ignore the quality of their water pumps and filtration system.
The right way to guarantee your family clean potable water is to consider buying high-quality water filtration systems. To operate efficiently, all water treatment equipment requires good maintenance. Various kinds of water filters are in the market, driven by different technologies.
No water treatment system is 100% effective in removing contaminants. Know your budget before you go shopping for a new water filter.
Forgetting inspections and skipping the warranty
Conducting random home inspections is a good habit. You could be mistakenly ignoring small issues when you don’t take time to check around your home. Regular inspections allow you to spot faults like leakages and cracks before they expand.
Skipping your home appliance warranty is also a bad idea, by the way. No matter how well you maintain your critical appliances, they will shut down with time. Your insurance may not cover wear and tear; thankfully, home warranties do.
Protect yourself financially from the risks of failing appliances by signing up for a home warranty program.
Don’t get carried away by the excitement of your new residence; watch for these trivial mistakes for the well-being of your home.
Got Something to Add?
Let us know the mistakes you like to avoid when considering investing in or building a new home by adding to the comments section below.
Thanks for reading.
Helen, Nial, Lewis and Mason