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10 Things You Need as a New Homeowner


As a first-time homeowner, there are some major issues to understand. New home purchase must haves, including financial products, can address some of the critical aspects that will assist you to continue taking care of your property while ensuring that everything is professionally handled. 

1. Home Financing Options

First time home buyer financing can be done in a few ways. First, you can go with a standard 30-year fixed-rate mortgage, which will give you lower payments each month. This is a good option if you plan on staying in your home for a long time. You can also go with an adjustable-rate mortgage, which will have higher payments at first but could save you money in the long run if interest rates go down. 

2. Homeowners Insurance

Buying insurance for your home against fire, theft, vandalism, and other risks is a basic necessity. This will protect your investment and give you peace of mind. You can get a policy that covers the replacement value of your home, or you can get a policy that covers the market value of your home. Make sure you shop around and compare rates before you buy a policy.

3. Maintenance and Repairs

You need to budget for ongoing maintenance and repairs on your home. Things like painting, roof repairs, and HVAC maintenance will come up from time to time. You need to have money set aside to take care of these things when they come up.

4. Pest Control

Pest control is something that you need to budget for on an ongoing basis. You will need to regularly treat your home for termites, ants, and other pests. You may also need to have your home professionally cleaned from time to time to keep it looking its best.

5. Landscaping

Landscaping is important for the curb appeal of your home. You need to budget for lawn care, tree trimming, and flower bed maintenance. Therefore, you should have a plan to keep your yard looking its best.

6. Home Security

You need to have a good home security system to protect your home from burglars and vandals. A security system will also give you peace of mind when away from home.

7. Homeowner’s Association Dues

If you live in a community with a homeowner’s association, you need to budget for the dues. These dues go toward the upkeep of common areas and maintaining shared amenities.

8. Utilities

Utilities are another monthly expense that you need to budget for. You will need to pay for electricity, gas, water, and trash service. You may also need to pay for cable or Internet service.

9. Home Decor

You need to budget for the decorating and furnishing of your home. This includes things like paint, carpet, furniture, and window treatments. You need to make sure your home is comfortable and stylish.

10. Emergency Fund

An emergency fund is important for all homeowners. This fund will help you pay for unexpected repairs or replacements. It is a good idea to have at least three to six months of living expenses set aside for an emergency.


You need to budget for many things as a new homeowner. These are just a few of the most important items you need to be aware of. If you are prepared for these things, you will be able to handle anything that comes your way. Reach out to OUR Credit Union for all of your home financing needs.

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