3) If you don’t have your emergency funds set aside yet, now is the time
Setting aside a good sized “emergency fund” isn’t specific to homeowners, but it’s even more important as a home owner. The bare minimum recommendation is to have at least three months of living expenses to fall back on — rent, food, utilities, and every other expense you have — but six months is better. Some even go so far as to recommend two years’ worth, which is definitely something worth aspiring to, but not an easy task. These funds will protect you in the event of job loss, appliance failure, or major medical bills. Imagine how much less stressful your life would be if you knew that you had 3-6 months of expenses in the bank, just in case something crazy happens!
4) You are your own maintenance crew
Your maintenance budget now must cover more than lightbulbs and smoke detector batteries. Aside from the emergency funds you’ve saved up, you’ll want to plan on spending at least 1% of the home’s value on maintenance projects each year. When you move in (and pretty regularly after that) take stock of the appliances you have and what kind of shape they’re in to prioritize upgrades and service. When was your furnace last inspected? Is the water heater an original from the 70’s? Price a few out and put that water heater near the top of your list — above, for example, an air conditioner or dishwasher. If unused, this maintenance cash will come in handy for larger projects, such as a roof replacement.
More regular maintenance is required of you as a homeowner, too. That yard you’ve been dreaming about
— it needs to be mowed, often. And that means you need to have a lawnmower. Still doesn’t look as naturally manicured as the neighbors’ yard? Pick up a weedwacker to and clean up those edges. Depending on where you live, you’ll also need a rake come fall (and leaf bags or a tarp to move leaves to the curb), and a shovel and de-icer come winter. Plan ahead: You’re going to want that shovel before the snowy December morning you need it.
5) Your neighbors are forever (or at least for quite a while)
This one is the easiest change to make when going from renter to home owner, and probably one of the most fun. Your neighbors are no longer unseen producers of endless stomping on the other side of your ceiling — they’re your allies in the mission to create a great place to live. You don’t have to bake banana bread before you go, but you should go introduce yourself and get to know them and their lifestyles a little bit (which is a good thing to do even before you buy). Before you deny their requests to turn down your music at 11 pm — or too aggressively ask the same of them — just remember that they’ll still be there the next day. And the day after that.