What to Expect in Your First Year of Home Ownership

There are a lot of unknowns in your first year of owning a home. It’s hard to plan for every possible situation that may happen. The team here at Luxury Living Chicago outlined a few common events that they have seen over the years. Check out things to expect in your first ear of homeownership below:

Expect Ongoing Costs

Something is inevitably going to break. A good strategy is to build a rainy-day fund into your initial homebuying budget. Try to save around 2–5% of your purchase price per year to use for ongoing maintenance and upkeep.

Expect a Leak

Many homeowners face a costly, unexpected water-related repair in their first year. Blocked pipes, clogged drains, and damaged roofs and gutters are all commonly faced issues.

Expect To Do a Little DIY

If you have the time, tools, and talent, DIY projects will cut costs and add value. Prioritize projects that improve your home’s functionality and fit your personal style. Painting, installing new light fixtures, and lawn care are all simple ways to add personal touches to your new place.

Expect a New Disposable Income

The hidden costs of owning a home could affect how much money you have left each month after your bills are paid. Distinguish between your wants and needs early on so you can better adjust your spending plan.

Expect an Adjustment Period

Many first-time homebuyers experience a number of lifestyle changes. Whether you’re living on your own or with a partner, owning a home introduces new challenges and opportunities for growth. Give yourself time to get to know your new home and set realistic expectations.

Expect a Full Mailbox

Between the U.S.P.S. change of address package and local businesses, you can expect to get a number of coupons and catalogues for the first few months in your new home.

Expect To Make New Friends

Getting acquainted with your new neighbors is a good way to keep up-to-date with neighborhood news and expand your social circle.

Luxury Living Chicago is here every step of the way to help with your home buying process and new transition. Connect with the team today to start your search!

First Time Homebuyer Guide

Buying a home, in Chicago or elsewhere, is a big step that involves a lot of financial and market research. There’s a whole new vocabulary of words and acronyms to learn. For mortgages alone, there are endless resources dedicated to the many details and varying types.

Thankfully, Luxury Living Chicago created a helpful guide of expert advice for buying your first home. Our guide breaks down the steps and answers common questions. We discuss topics such as:

  • Are You Ready to Buy?
  • Finding the Right Realtor
  • Getting Pre-Approved for a Loan
  • Touring Sales Listings
  • Making the Offer
  • Closing & Other Details

Ready to download our First Time Homebuyer Guide? Fill out the form below and the guide will be sitting in your inbox!


Work With Us

Get in touch with Luxury Living Chicago Realty 's team of experienced licensed real estate brokers and take the first step in buying or selling a home in Chicago.