A new home, a new adventure

Buying your first home is a significant milestone, filled with dreams and possibilities. Along with the excitement of owning your own home comes the responsibility of managing your finances and unexpected challenges. Here are some things you need to know to be prepared and ensure your first year goes smoothly. 

Understand your mortgage thoroughly

Start off by making sure you understand how your home loan works. Knowing the terms and conditions can help you avoid surprises later. If your loan is with HomeStart, this is made a little easier by our unique loan features, such as the Repayment Safeguard. Our team is always happy to answer any questions you may have.

Property management responsibilities

Home ownership brings freedom but also responsibilities. You will need to stay on top of home maintenance tasks, such as cleaning, gardening, and basic repairs. Take the time to become familiar with what needs maintenance and when, so nothing catches you off guard. Simple things like cleaning out your gutters once or twice a year are important.

Budget for updates and repairs

It is very likely that you will encounter unexpected costs as a new homeowner. It’s a good idea to set aside a fund for repairs and upgrades; you never know when an appliance may need replacing or a drain will get clogged unexpectedly!  

Property taxes and maintenance costs

Prepare to pay for ongoing costs such as quarterly council rates, water charges, other utilities and the emergency services levy. These are recurring expenses you should account for in your monthly budgeting. If your home is part of a strata or community plan, you may have additional costs to budget for.

Building equity

Making your loan repayments on time regularly is key to building equity in your home. In the future, as your equity grows, you may want to consider refinancing  to explore betters deals or lower interest rates.  

Take your time to design

When you first move into your new home, it can be tempting to decorate and renovate everything all at once. However, it’s well worth it to take your time to design your space thoughtfully. Check out our style hacks on Instagram for affordable inspiration. Do-it-yourself (DIY) projects can be fun and help you save money, but sometimes it’s best to call in the professionals!

Know your neighbours

Introduce yourself to your neighbours. They can provide information into the local community, make recommendations for services, and even lending a helping hand when needed. Consider attending neighbourhood events to connect with locals.

By considering these factors and taking proactive steps, you can set yourself up for a successful and enjoyable first year as a homeowner. Happy homeowning!