5 important +qthings new homeowners should consider
5 important things new homeowners should consider As a new homeowner, you have fallen in love with a property and either want to move into the single-family home yourself or rent out an apartment building optimally.
But be careful! New homeowners face many tasks and obligations that are often difficult to assess in advance. In order to avoid pitfalls and, for example, to be well-armed against later defects or possible structural changes in the area, consider the following 5 important things.
1. As a new homeowner, check everything!
As a new homeowner, you shouldn’t leave anything to chance. In the first step, it is crucial that you check everything about your newly purchased house. This includes not only an inspection with a building surveyor to identify any defects or repairs, construction measures, etc. to be clarified in advance but also a written disclosure by the seller. In it, conversion measures, repairs, existing damage, problems such as old water damage, mold growth, etc. should be recorded in writing by the seller with the evidence, invoices, etc. In addition, ask the city or the responsible district for everything you can get in writing, such as the history of the approval of the property, any previous owners, uses, etc. of the house but also possible restrictions such as monument protection, etc. Any information collected in this way can be helpful later if there is a resale or if there are defects in the newly gained house that were not clear in advance.
2. Create a homeowner journal!
In the first step, you checked everything about your new house. The second step is to keep a homeowner’s journal. In your own house folder, collect all the written documents you could collect about your house. Keep your own documentation of building changes, construction progress, defects, and much more. In this house folder, you can also file all the invoices that are related to the purchase and repair of your new house. In a further step, you can also use this house folder to carry out a calculation and overview of all expenses and income from rents, etc. (e.g. for rentals, apartment buildings). This calculation is quick to hand and helps you to keep track of your finances around the house.
Tip for new homeowners: A homeowner journal doesn’t have to be a significant expense. Keep the house folder in an easily accessible place and fill it in advance with multi-perforated transparent film. In this way, you can slide incoming documents directly into one slide with little effort and store them reliably.
3. Don’t just consider one-off expenses, but also the running costs!
At first glance, many new homeowners only see the onetime costs associated with buying a house. However, there are also several monthly burdens associated with the new house. It is essential that you plan for these running costs from the outset, besides the actual costs of financing the house. You must reckon with running costs such as property tax, electricity, and heating costs, water and sewage costs, garbage fees, broadcasting fees, telephone and internet fees, etc. In addition, we recommend you set aside a fixed amount of money each month for maintenance and repair expenses. The following checklist for new hooded seats will help you keep track of running costs:
- Property tax
- Electricity costs
- Heating costs
- Chimney sweep fees
- Water charges
- Sewage charges
- Garbage collection fees
- Street cleaning fees
- Telephone
- Internet
- Broadcasting fees
- Homeowners Insurance
- Household insurance
- Home and landowners liability insurance
- Water damage liability insurance
- legal protection insurance
- Reserves (experts recommend a reserve of at least 1 euro per square meter per month)
Important note for new homeowners: Always monitor all costs and plan larger expenses carefully as part of your equity or loan financing. Many homeowners overextend themselves in the first few years and quickly find themselves unable to cover the cost of credit and ongoing expenses. They often slip unnoticed into bankruptcy, which eventually can also lead to foreclosure on the house.
Expert tip: create reserves for maintenance and repairs! The rule of thumb here is a reserve of at least $1 per square meter and month.
4. Check the municipal planning around your new home!
Many new homeowners forget to look into community planning around the home while they are excited about their new home. Ask the office responsible for you whether and to what extent there are development plans for the surrounding properties, for example. For example, a previously unobstructed, wonderful view can be history in a very short time. You should also check whether there are construction projects for new roads, expansion measures, etc. around your house. If possible, have all information handed over in writing and use it to complete your house folder. If there are construction plans that have not yet been disclosed, this can impact the quality of living, the value of your property, and a later resale value.
Inquire about this at the responsible offices in cities and communities:
- Zoning plans
- Development plans
5. As a new homeowner, don’t be afraid to lend a hand in the right places!
New homeowners have to hand over specific trades to experienced service providers and qualified artisans, for example, roofing work, installation of heating and plumbing, electrical installations, heavy current work, and many other jobs.
Note for homeowners: The connection of an ordinary kitchen stove should not be underestimated and should be left in professional hands. The reason for this is the high-voltage connection that is required here. According to legislation, an experienced specialist may only carry work involving high-voltage current out. Otherwise, if the link is incorrect, a hotplate that is switched on can quickly become a deadly hazard.
Depending on your own qualifications and your own specialist knowledge, however, as a new homeowner, you should not shy away from becoming actively involved in your house. The personal initiative can range from construction planning and implementing individual tasks such as painting and repair work to individual construction projects in and around the house.
With so-called personal contributions, new homeowners can save costs and even contribute to the new home. A new homeowner if necessary can carry the following activities out:
- Experienced do-it-yourselves can, for example, build stairs and railings, install windows or doors or lend a helping hand to the commissioned craftworker and thus save costs
- Laying of floor coverings such as carpet or laminate
- Attaching wall coverings
- Painting walls
- Renovation work such as removing or installing new wallpaper
- Small everyday repairs
- Exterior plastering
- Creation of stepping stones or gravel paths
- Laying out the outdoor facilities