Andrew Lamb covers seven things new homeowners miss: set aside 1-3% of your home's value yearly for repairs, get annual inspections, stock furnace filters, learn when appliances fail, claim tax credits for energy upgrades, document all work for resale, and review your insurance including flood and fire coverage.
Today we're talking about seven things new homeowners don't know they need to do when they buy a home. Hey, Andrew Lamb here, owner of the Andrew Lamb Real Estate team at KW Bacca Valley. And today we're talking about seven things new homeowners don't even know they should do when they purchase a home. And before we get started, if you're looking to purchase a home in the area, feel free to click the Search All Homes link. It's your backstage pass to the mls. And if you're looking to get a current value of your home, potentially look at selling it. Click the free home Value link and that will let you know a good range of what your home could sell for in today's market. And if you're looking to get into real estate, feel free to click the Real Estate School link. That will let you know everything you need to know about getting a real estate license, what it looks like to start a career in real estate, and exactly how to sign up and get your courses going. So back to those seven things that new homeowners don't know they need to do when they purchase a home. That first thing is save for unexpected problems. You know, you can't stop things like your dishwasher from breaking, but you can set aside funds to proactively account for the cost it will take to repair those items. So in California, I recommend saving 1 to 3% of the value of the home when you purchased it. So if it's a $400,000 home, save about $4,000 a year to account for those things. Number two is form an inspection habit. You know, you don't want to wait until you have a big issue like Eroda infestation or mold growth in your home. I mean, it can really be the difference between a simple fix and an unaffordable disaster. So take the time to properly inspect your property and check things out like the attic insulation, your roof, at least once a year. And that'll make then make an annual habit out of it. And here's a quick tip if you'd rather have an annual inspection by a home inspector, someone who's certified to actually go out and find those issues. And contact us for our preferred vendor list and we'll make sure you get in touch with the absolute best professionals to identify those issues for you. Number three is buy a bunch of furnace filters. You know they do have to replace be replaced quite often. And changing your furnace filter regularly is one of the easiest ways you can save money since your furnace will Last longer and improve your health, since the air you breathe in won't be as dirty. It also helps if you have really bad allergies, which in this area, Solano county, we're known for having some of the worst hay fever in all of the United States. And remembering to pick up a filter from the hardware store every few months isn't always so easy. So nip that problem in the bud and buy in bulk. Typically, they're less than $12 each. Take a look at your filter, write down the size, and then order enough to last a few years. The exact number you need will vary depending on the type of furnace you have, but it's good to have a stockpile just in case you need it. Number four is get to know your appliances. Just like cars and televisions, the appliances in your home have different life expectancies. So, for example, furnaces usually last 15 to 20 years, but water heaters tend to be done in about 10 years. So it's worth figuring out how old each of your appliances are when you move in and then plan ahead for their replacements. A new furnace can cost as much as $10,000, so a little heads up can really help. And as a tip for us, get a home warranty when you purchase the home and then renew it each year. It can really cut down the cost of those major replacements. So it covers the major systems of your home, the major appliances. We just did this. Our hot water heater went out. We just bought the home in October and it really saved us like three grand. Number five is take advantage of tax credits. Did you know that you can receive credits for things like installing solar panels or purchasing Energy Star appliances. Do some research before you purchase your home. There's even things like energy efficient mortgages that might work if you're purchasing a really, really maintenance deferred home or something that's a little bit older, and then reap the benefits when tax time rolls around. Number six, start keeping records. Whenever you do some kind of home improvement or repair, write it down. From adding caulk to the bathtub or to installing a new roof. I mean, it increases your resale value. So make sure that all of your hard work pays off by keeping a record of it and keeping a record of the cost. And keep in mind that anything you do within six months of selling your home, you can actually get face value for that. Appraisers will take the full amount of that repair and add it to your value. Number seven, beef up your insurance. Take a good look at your homeowner's insurance policy and look for relevant gaps. And this is a situation where professional advice can be really helpful. So again, reach out to us for our preferred vendor list. Two areas of coverage to consider are flood and fire protection, which aren't always included in standard policies. And it's also worth noting that you you should really take a good look at your car insurance and make sure you bundle everything together. Especially now that you have a much bigger asset, your home to lose in the event of a lawsuit. You want to make sure that you have your car insurance maxed out for us. I know in our policy we have it at the max, which is 300,000 in liability. So thank you so much for joining us on our video blog today. If you have any questions about these seven things that most homeowners forget to do when they when they move into their new home, feel free to reach out to us, give us your feedback. We'd love to hear some of your stories. Maybe we can share them on the next video. And especially if your home home warranty has helped you, we always recommend getting a home warranty and sometimes even pay for that for our clients in situations where they can't afford it themselves, like a first time home buyer or something like that. And we would just love to hear from you. We'd love your your feedback, your engagement. Feel free to comment and email us. Call us anytime. Sam.
