Top 10 Things New Homeowners Often Get Wrong

Underestimating the True Cost of Homeownership

Many new homeowners are shocked to learn that their monthly mortgage isn’t the only bill demanding their attention. According to a 2024 analysis by Zillow, the average homeowner spends over $9,000 a year on hidden costs like property taxes, insurance, and ongoing maintenance.

These expenses can catch people off-guard, especially when repairs or upgrades become urgent. First-time buyers often forget to factor in utility bills, homeowners’ association fees, and emergency fund contributions.

This underestimation leads to tight budgets and unexpected financial stress. It’s easy to focus on the excitement of moving in and overlook these less glamorous but essential costs.

The result is that many new homeowners find themselves scrambling for solutions when the bills pile up.

Neglecting Regular Maintenance Tasks

Skipping routine maintenance is one of the biggest and most expensive mistakes new homeowners make. The National Association of Home Builders recommends setting aside 1% to 3% of your home’s value each year for upkeep, yet a 2024 survey by HomeAdvisor found that 42% of new owners put off these crucial tasks.

Things like cleaning gutters, checking HVAC filters, and inspecting roofs can prevent major damage down the line. When ignored, small problems like leaks or mold can spiral into costly disasters.

Many people think they’ll save money by postponing maintenance, but in reality, it usually leads to bigger expenses. The peace of mind from a well-maintained home is priceless.

Ignoring Home Security Upgrades

Home security is often an afterthought, but it shouldn’t be. A recent FBI report noted that homes without a security system are three times more likely to be broken into.

New homeowners are sometimes lulled into a false sense of safety, especially in quiet neighborhoods. They might skip installing cameras, motion lights, or even changing the locks after moving in.

This oversight can be a costly and traumatic mistake. Installing basic security features doesn’t have to be expensive and protects both your property and your loved ones.

Feeling safe at home is a priority that should never be ignored.

Overpersonalizing Renovations Too Soon

It’s tempting to dive straight into big renovation projects and put your personal stamp on your new place. However, a study from the National Association of Realtors in 2024 found that homes with overly unique features can be harder to sell later.

Bold paint colors, custom tiling, or quirky layouts may not appeal to future buyers. New homeowners often spend thousands on renovations that might not add value or could even turn off potential buyers.

It’s smart to live in the home for a while before making major changes. This gives you time to see what really works and to consider resale value down the road.

Forgetting About Energy Efficiency

Overlooking energy efficiency is a mistake that hits both your wallet and the environment. The U.S.

Department of Energy reports that upgrading to efficient appliances, LED lighting, and proper insulation can save homeowners an average of $500 a year on energy bills. Yet, many new owners stick with old, inefficient systems without realizing the long-term costs.

Simple fixes like sealing windows or installing a programmable thermostat can make a big difference. Not only do these changes lower utility bills, but they also make the home more comfortable throughout the year.

Embracing energy efficiency is a win-win.

Misjudging DIY Skills

DIY projects are everywhere on social media, but taking on too much too soon can be disastrous. According to a 2024 report from Houzz, nearly 60% of homeowners who attempt large DIY renovations regret not hiring a professional.

Plumbing and electrical work, in particular, are risky for amateurs and can even be dangerous. Mistakes can lead to expensive repairs, safety hazards, or code violations.

It’s fun to personalize your home, but knowing your limits is crucial. When in doubt, investing in a pro saves time, money, and stress in the long run.

Not Shopping Around for Insurance

Many new homeowners accept the first insurance quote they get, not realizing how much rates can vary. The Insurance Information Institute found in 2024 that shopping around could save homeowners up to 25% on their premiums.

Coverage can differ widely, and cheaper isn’t always better—some policies have gaps that could leave you vulnerable. It’s important to compare plans from multiple providers and look closely at what’s covered.

Regularly reviewing your policy ensures you have the right protection as your needs change. Skipping this step can be a costly oversight.

Ignoring Neighborhood Rules and Restrictions

Homeowners’ associations (HOAs) and local ordinances can pack some unpleasant surprises. A 2023 survey by Porch.com revealed that nearly one in five new homeowners received fines in their first year for breaking HOA or municipal rules.

These can cover everything from lawn height to paint colors and even the type of mailbox you use. Failing to read the fine print before moving in can lead to frustration and unexpected expenses.

Understanding the rules ahead of time helps avoid unnecessary headaches and keeps you in good standing with your neighbors.

Failing to Build Relationships with Neighbors

Many new homeowners focus so much on unpacking and settling in that they forget to connect with the people next door. Yet, research from the Pew Research Center shows that strong neighbor relationships can increase feelings of safety and community satisfaction.

Friendly neighbors can offer advice, keep an eye on your home when you’re away, and even become friends. Ignoring these opportunities can make you feel isolated.

Taking time to introduce yourself and build a support network pays off in comfort and security.

Overlooking Future Resale Value

It’s easy to get caught up in the excitement of making a house your own, but ignoring resale value is a common error. Remodeling Magazine’s 2024 Cost vs.

Value report highlighted that not all upgrades pay off—some actually decrease a home’s appeal. For example, converting a garage or removing closets can make a home less attractive to buyers.

Thinking ahead about what future owners might want helps protect your investment. Smart homeowners balance their personal style with features that will appeal to the widest range of people.