“I Wish I’d Known Sooner”: 4 Things First Home Buyers Need To Know Before Moving Into Their New House

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Many first-time homebuyers get caught off guard by hidden surprises and overlooked details that can dampen the excitement of moving in. Here are some common pitfalls to watch out for and tips on how to avoid them.

There’s a lot to think about when you’ve just taken the leap into home ownership.

Home ownership is more than just your mortgage repayments, so it’s important to be fully informed. Picture: Getty

Obviously, there’s the loan repayments you’ll need to factor into your budget, the logistics around organising moving day, packing, and not to mention all the romanticising about how you’ll put your own personal stamp on the place once you’re handed the keys.

Amid all the excitement, it’s easy to overlook some crucial details about your new home that, without attention, could end up being costly.

Here are some common snags many first-home buyers may face when moving into a new home, and how to avoid unwanted surprises.

1. Overlooking insurance needs

Taking on a mortgage means adjusting your budget, and it can feel like it’s necessary to cut some costs – including insurance.

But your home insurance is something you need to carefully consider, says a GIO Insurance expert.

“It’s important to ensure that your home and contents are adequately insured so that, if an insurable event were to happen that required a rebuild, repairs or replacement of items, you won’t be left with big out of pocket expenses.”

“Having insurance also means that you may be covered for things you might not have thought about, like removal of debris, temporary accommodation and replacement of refrigerated food and medicines.”

Insurance should be one of the first things you think about as you embark on your home buying journey. Picture: Getty

To avoid getting caught out, here are some things to consider ensuring you have the right home insurance policy for your circumstances.

• What should I insure?
• Do I need insurance for weather events such as flood or bushfire?
• How much cover do I need?
• What does my home insurance policy cover?
• What are the exclusions or limitations?
• How much excess should I pay?

Reading insurers Product Disclosure Statement documents may help to answer some of those questions about insuring your home and getting the right cover.

2. Home inspection surprises

You thought you were dotting the i’s and crossing the t’s when you paid for a pre-purchase building inspection of your home.

But your due diligence needs to go further.

If your building report flags a potential issue, it’s crucial you address it, or a potential insurance claim down the track could be knocked back.

Even with a thorough inspection, some defects can still go unnoticed.

For example, what looked like a freshly revamped, sparkling new bathroom in the marketing material, turns out to be a reno-rush job for the selling campaign.

Now that you’ve moved in, it’s important that you keep on top of regular maintenance.

Loss or damage that occurs as a result of wear, tear or graduate deterioration may not be covered by insurance.

Regular maintenance checks can prevent major and costly repairs – which are super no matter if you’re a single, couple, or family. Picture: Getty

Regular checks and being proactive and being timely with your inspections and repairs may prevent major expenses, preserve your properties value and safeguard your loved ones.

3. Security and safety

While it’s good to research the crime rate in the area you’re investing in, the unexpected can still happen so it’s a good idea to consider measures such as installing an alarm system, surveillance cameras, and smart home security, and make sure your insurance policy covers you adequately if there is a break-in.

For extra peace of mind, it’s a good idea to change your door locks as you don’t know who may have previously been given a key to your home.

While you’re doing the rounds, you should test all the safety devices such as smoke alarms are working effectively and identify and fix any potential hazards such as loose handrails or broken steps.

4. Underestimating maintenance costs

Even low-maintenance properties require some level of upkeep.

In the excitement of buying your first home, it can be easy to overlook exactly what’s going to be on the to-do list when maintaining your new abode – and how much it’s going to cost.

General home maintenance jobs include:

• Cleaning your gutters (at least twice a year)
• Checking your roof for signs of damage (but try to minimise walking on it, as this risks creating issues – especially if it’s a tiled roof)
• Replacing worn carpets or flooring as needed, especially if they’re a trip hazard
• Repairing walls and ceilings if cracks or signs of mould appear
• Regularly mow your lawns and weed the garden to prevent it from becoming overgrown

“It’s very important to ensure your home and contents are kept in a good condition and are well maintained, not just from a safety perspective, but it also ensures that you are meeting the conditions of your insurance policy,” says a GIO Insurance expert.

Neglecting to care for your property could result in large costs down the track. Picture: Getty

Neglecting to maintain your property could create a bigger problem down the track as insurance may not cover issues if they’re a result of gradual wear and tear or they may not cover you for liability if lack of maintenance created a hazard.

The good news is a few simple checks around the home can help you identify and take care of minor issues before they become major.

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