New Homeowner? Here’s Your Essential First-Year Survival Guide

Set a maintenance schedule

You also need to be sure you’re maintaining the home in a timely way. Scheduling the work will help keep your property value high and ensure you get a good return on your investment when you sell the home. It can also prevent costly repairs, when small issues turn into big problems because they didn’t get early attention.

“Treat your new home like it’s a member of the family,” says Douglas Wagner, director of brokerage services at BOND New York Properties. “Your new home requires a level of care and priority that will continuously improve its value while you live there.”

Tasks you’ll want to tackle regularly include HVAC tune-ups, changing your air filters, cleaning the gutters, checking for plumbing leaks, and inspecting your roof.

“Failing to prioritize regular upkeep is a common oversight that can lead to larger, more expensive issues down the road,” says Kevin Huang, associate real estate broker with Elegran Forbes Global Properties. “Establishing a proactive maintenance schedule preserves the condition of the home and safeguards your investment.”

Amica has home maintenance resources you can use. You can also ask your home inspector or real estate agent for a good guide to follow.

“Home maintenance is ongoing, so setting a schedule is essential,” says Miriam Lambert, broker associate at Christie’s International Real Estate. “Create a calendar or checklist so nothing slips through the cracks.”

Understand the home’s systems

You should gain a solid understanding of your home, too. This means knowing how the security system works, how to access the attic, crawl space and water heater, where the sprinkler system shutoff is located, and more. In other words, anything you may need to know in a pinch or if something goes awry.

“Know where the shutoff valves are, and how to turn off your water, gas and electricity in case of an emergency,” Lambert says. “If you’re unsure, consider hiring your inspector to come back or another professional to walk you through the basics.”

And if something does go wrong, make sure you have the funds to handle repairs. That 1% you budgeted earlier was just for routine maintenance. You should also have an emergency fund on hand, too.

Just how much you need varies, but most experts recommend having at least three to six months of expenses available just in case – to cover not only home maintenance and repairs but food bills, mortgage, car payments and other obligations.

“Unlike rentals, any broken systems or appliances become the responsibility of the homeowner, and replacing parts in the furnace or calling for a washer-dryer repair can run anywhere from the mid-hundreds and well into the thousands to fix,” Wagner says. “Nobody likes this kind of surprise, but it’s good to have some cash set aside to cover the costs when they come up, and for most homeowners, these costs do come around.”

Hold off on renovations

It’s tempting to want to update, renovate and personalize your new home, but experts say you shouldn’t jump the gun.

“It’s important to live in your home for a while before making big decisions,” Lambert says. “Give yourself time to adjust and learn how you use the space.”

Huang recommends waiting at least a few months after move-in to even consider a big update.

“This allows you to understand the flow of the space, identify your true needs and make informed decisions,” Huang says. “And ultimately, you’ll avoid unnecessary expenses or regrets.”

Have the right insurance

Insurance is critical to protecting your home, your belongings and your family. Naturally, you’ll need enough coverage to rebuild your home should the unthinkable happen to it – such protection is required by mortgage lenders anyway. You’ll also require liability coverage, in case a visitor is injured, along with endorsements – extra clauses in the policy that can provide additional coverage – for any high-value items you might own. Also, depending on where you live, you might need flood or earthquake insurance as well.

You can shop around for policies on your own, but make sure compare at least a few options to ensure you get the proper coverage. Amica has customizable home insurance options to suit your needs and budget.

Although the cost of your policy premium may be a part of your decision, it's also worth taking the time to research the financial stability and customer service reputation of any insurance company you're considering. “Don’t settle for the first homeowners insurance quote you receive,” Lambert says.

Take advantage of your tax benefits

Homeownership might seem costly, but once tax season comes around, you could actually enjoy some savings on those bills. That’s because of several tax write-offs that are available only to homeowners.

These potential deductions include things like:

• Property taxes
• Mortgage interest
• Home office expenses
• Discount points
• Certain home improvements

Just keep in mind: You’ll need to itemize your tax returns to take most deductions – and that’s not always the best move for every taxpayer. If you can, talk to a financial professional to learn about the tax write-offs you may be eligible for now, and when it might be smart to take them.

Keep an eye on rates

Though you might have just closed on your mortgage, it’s always important to keep an eye on interest rates – even years after you’ve been in your home. Rates can fluctuate quite a bit, and depending on what your current interest rate and loan terms are, you might want to refinance if the market changes course.

Such a “refi” could reduce your interest, lower your monthly payment and help you pay down your loan faster, among other things. “In 2025, I would recommend [that] new homeowners watch mortgage interest rates, which are forecast to come down at least a little during the year,” Wagner says. “Anyone who closed on a new home in the last 24 months probably paid an interest rate in the high 6% range – or even 7%. If the experts are correct and interest rates come down, it might be worth the cost of refinancing to lower the monthly payment before the end of 2025.”

Before you make this move, though, talk to a loan officer and have them run the numbers. Refinancing comes with a number of charges and other expenses – and if you don’t plan to be in the home much longer, it might not make financial sense in the long run. “Always be sure to calculate closing costs and fees before making this decision,” Lambert says.