The Costly Mistakes Homeowners Make in Their First Year

By Mark Spain Real Estate

At Mark Spain Real Estate, we understand how easy it is for new homeowners to make costly mistakes within the first year. This is why we dedicate time to analyzing industry trends to better serve our clients. We strive to deliver an unparalleled client experience and to give our clients the tools they need to successfully find the home of their dreams stress-free!

Buying your first home is exciting! However, it is easy to fall into the trap and jump the gun on renovations, new furniture, and major lifestyle changes within that first year of buying a home. That’s why we have compiled the top costly mistakes homebuyers make in their first year! Continue reading to learn more about how you can save money after buying a new home.

For more information about Mark Spain Real Estate, please visit our website! 

Costly Mistakes Homeowners Make

Making Major Renovations too Soon

The closing is over. The papers are signed. The keys are in your hands. Now, you are free to start buying the new furniture to go into your home and renovating everything you and your significant other dreamed about during the buying process! You have planned out exactly how your home will look and want to immediately change the kitchen cabinets, knock out the wall, and update the bathrooms. As exciting as all of this sounds, this is where costly mistakes arise. Many first-time buyers are not aware of all of the costs that come with buying a home. Living in the space for a while gives you time to alleviate and recover from the major expense of buying and allows you to get a better feel for which renovations are a necessity and which renovations are just a “want”, not a need. 

Making Huge Lifestyle Changes

New beginnings are exhilarating, oftentimes it is a blind experience. Normally, you don’t know many people, have a new job, and live in a new community. Everything is deemed “new.” It is scary, exciting, and stressful- all at the same time. Another mistake homeowners do is make major lifestyle changes and additions on top of buying a home. Buying a pet or adding babies to the family are not the most financially smart decisions in that first year. Many unwarranted incidents can pop up and you have to be prepared. New additions can add to the stress of living in a new home during the first year. Also, dogs and babies require a lot of attention. If you are spending your energy and expenses on attending to the needs of your newborn or pet, you are not able to spend time within the community and with your neighbors to see if the area is truly the right fit for you and your family.

Tight Budgets and No Homeowners Insurance

Many first-time homebuyers make the mistake of buying at the top of their budget, leaving little room for expenses on necessities like furniture, major renovations, and incidents. When you budget with these things in mind, the first year’s stresses are alleviated. You can decorate the home as you please, make the renovations that you see fit, and still have room in your budget for anything that may break! Leaving room in the budget for homeowners insurance is also smart. Many first-time homebuyers do not see the importance of this insurance and disregard it. You can save so much more money in the future with homeowners insurance. 

At Mark Spain Real Estate, we set our clients up for success. We have partnered with Shelter Home Mortgage to provide homeowners insurance to our clients. Our clients can feel rest assured knowing they are in the most trusted hands from the beginning of the transaction to the very end! For more information on our partnership with Shelter Home Mortgage, visit our blog! 

Mark Spain Real Estate strives to deliver an unparalleled client experience. We take pride in being the most trusted name in the residential real estate industry! One of our core values is to place our clients as our top priority and exceed in reaching our clients’ real estate goals. For more information, please visit our website! 

Connect with us on Facebook, Instagram, Twitter, or LinkedIn to stay up to date on all things real estate! 

Mark Spain Real Estate is grateful to serve all of Metro Atlanta, including Athens in Georgia, Raleigh and Charlotte and Greensboro in North Carolina, Nashville and Chattanooga in Tennessee, Tampa and Orlando and Jacksonville in Florida, Greenville in South Carolina, and Birmingham in Alabama!