Dear Olivia,
I purchased a home recently, and am just getting settled in. I’m wondering what I should prioritize as a new homeowner in the new year?
Sincerely,
Happy New Homeowner
Now that you own your own home, the most exciting part is doing things to make it truly your home.
Of course, like most homeowners, the number of things you want or need to do to the property is probably more than what you can afford to do all at once, so prioritizing a few things is a great idea.
Though each situation is different, the following tasks are surefire bets for new homeowners to tackle in 2020.
Make a Plan to Build Equity
As good as it feels to have your own home, it feels even better once you start to build equity in the property.
Many homeowners think that to build equity you either have to wait for the market to appreciate or you have to take on huge home renovations, like putting in a new kitchen or bathroom.
A new kitchen or bath can definitely improve your home’s value, but expensive home renovations are, well, expensive! Even if you have the budget to gut the kitchen and start over, you won’t recoup all the money you put into it.
In fact, according to Dave Ramsey, for a “minor” kitchen remodel that costs $21,000, you’ll only get $17,000 of that back.
So, a better option might be to move from monthly mortgage payments to bi-weekly mortgage payments. By doubling up on your payments – even for just a few months – you will be able to build equity fast.
Even if you only make one extra mortgage payment a year, you’ll pay off your mortgage years ahead of schedule and save tens of thousands of dollars in interest. Talk about building equity!
Review Your Home’s Energy Efficiency
Perhaps your new home has older windows. Maybe the furnace is on its last legs.
Whatever the case, taking stock of your home’s energy efficiency should be on your to-do list in 2020.
The cost of heating your home this winter, keeping it cool next summer, and powering all its components over the course of the year isn’t exactly cheap. But the longer you live with inefficient windows and that old water heater that sucks up electricity, the less money you’re going to have to do other things to your home.
Many utility companies will come to your home and do an energy audit, that way you can determine if there’s drafty windows you need to replace or if the HVAC system is on its last legs.
And if you have to make energy-efficient replacements, you might be able to get tax breaks to do so. That could mean more money in your pocket now and more money in your pocket in the long-term, too!
Figure Out a Cleaning Schedule
Not many people I know love to clean, and when you buy a home, it can be a bit overwhelming to have so much to clean all of a sudden.
In the new year, make it a point to approach cleaning your new home like eating an elephant – one bite at a time.
Take time each day to do menial tasks. Wash dishes or put them in the dishwasher instead of letting them pile up. Keep dirty clothes in the hamper instead of throwing them on the floor. Clean your dog’s water and food bowls each night to prevent gunk from building up.
When cleaning, it’s easiest to tackle one task at a time. Dust the entire house first, then wipe down all the countertops, then sweep, mop, and vacuum the home.
Chunking cleaning tasks like this makes it a more efficient process, so you can spend more of your weekend actually enjoying your home and less time on your hands and knees cleaning it!
Good luck in your new home, and good luck in 2020!
~Olivia