What to Do Now that Your Renting Days are Over

The excitement of the settlement is past you–so now what? Here are some steps to take to make the transition to homeowner smoother.

Remember all that effort you put into becoming a homeowner? The saving, the searching, the paperwork? Some of that preparation should continue to come in handy as you transition from renter to owner – and hopefully avoid buyer’s remorse.

Some common challenges for first-time homebuyers are their lack of knowledge about how to maintain a home and an underestimation of the cost of homeownership.

One of the best ways to know what you’re getting into is to have a home inspection. If you’re reading this after your closing, you can always pay a home inspector to go over your property and identify potential problems to address now or in the future, even if it’s too late to get the former owners to pay for any repairs.

“Before closing, invest in a professional inspection,” says Mike Steward, vice president of real estate sales for Real Property Management, a Neighborly company. “It gives you a clear baseline of the home’s current condition and helps you anticipate upcoming expenses—roof, HVAC, foundation—so you’re not blindsided later.”

During your home inspection, you can ask about updates that can make your home more energy-efficient, sustainable and hopefully lower your utility bills. You can also learn how to manage your home’s systems for maximum efficiency or schedule an energy audit after move-in day.

“Think about sustainability from day one,” Steward says. “Smart thermostats, LED lighting and low-flow fixtures are low-cost upgrades that save money each month and add long-term value.”

Prep your Spending Plan

Now that the settlement is over, the worst of the paperwork and documentation of every dollar is behind you, but you still need to stay focused on your finances to make the most of your investment in real estate.

“Homeowners need to understand the true cost of ownership, hopefully before they buy.” Steward says. “Your mortgage is only one line item. Taxes, insurance, utilities and long-term upgrades all add up quickly. Planning for them avoids the financial stress that surprises many first-time owners.”

Many people deplete their cash reserves when they buy a house and need to set it up. Don’t forget to replenish your emergency funds with six months or more of monthly expenses. Some homeowners create a separate house fund with 1% or 2% of their home value to cover emergency repairs.

“When you purchase a home there are a lot of expenses, so it can be easy to forget to think about what you’ll need to spend on maintenance, but it’s important,” says Angie Hicks, co-founder of Angi. “In 2024, homeowners spent an average of $1,750 on home maintenance according to Angi’s State of Home Spending Report. This includes things like mowing your lawn, changing your HVAC filters and more. Make sure that you’re calculating these expenses and adding them to your budget.”

Staying on top of home maintenance can help you reduce your emergency expenses, Hicks says. In Angi’s 2024 State of Home Spending, the survey found that emergency spending was $978.

“Once you have emergency and maintenance budgets covered, you can think about all of the improvements that you want to make to your home over time,” Hicks says.

Top home improvement projects from Angi’s State of Home Spending Report included painting, updating a bathroom and installing new floors.

“For projects like this, we recommend making a list, getting an idea of pricing, prioritizing, and then budgeting for it,” Hicks says. “You also want to think about improvements that might help to improve the value of your home.” 

In addition to making sure that you have your budgeting set, you can also think about ways that you might save money, Hicks suggests.

“You should carefully examine any insurance policies that you have related to your home and make sure that they’re providing the coverage that you need,” she says. “You should review your policy each year. Additionally, you should examine your deductible and make sure you are comfortable with it. Finally, also make sure you keep your insurance company informed of improvements you make to your home. Some improvements may help you reduce your insurance costs.”

Developing an ownership system early can help you stay on top of the responsibilities of owning a home, Steward says.

“Homeownership works best with structure,” he says. “Create a maintenance calendar, budget for reserves and track expenses like a business. That’s how you prevent small issues from becoming big ones.”

Steward also suggests taking lessons from professionals to protect your investment.

“Treat your home like the appreciating asset it is,” he says. “That means proper insurance, a plan for ongoing upkeep, and a long-term market perspective—the same principles professional property managers use to safeguard investor portfolios.”

As part of your financial preparations, it’s smart to set up a digital house folder with copies of your house deed, mortgage documents and insurance information so you can locate them easily. Store your original paper documents in a fireproof box.

Schedule your Homeowner Responsibilities

Before you do almost everything else, it’s important to take care of your safety in your new home with these steps:

• Change the exterior locks with new keys or reprogram the codes for your doors and your garage remote. The former owners may have shared keys with neighbors, cleaners, childcare providers and pet sitters you don’t know.

• Find your water shut-off valve and, if you have gas, that shut-off valve, too. Make sure you’re able to operate them, since sometimes in an older home they get painted over or stiff from disuse.

• Locate your circuit breaker and make sure it’s labeled so you can turn off electricity as needed without shutting it down for the whole house.
  
• Test your smoke detectors and carbon monoxide detectors and make sure you have back-up batteries for them.

• Test your sump pump.

• Place a new fire extinguisher in the kitchen and on each level of your house.

“When moving in, walk around your home with a critical eye and a notepad,” Hicks recommends. “Jot down all the things that you see that you’ll need to take care of. This should include outdoor spaces, smoke and carbon monoxide detectors, all the appliances, all of your major systems like HVAC, plumbing and electrical.”

Angi has a home maintenance checklist that can help you come up with your list. 

Preventive maintenance is especially important, according to Steward.

“As a renter, you called the landlord when something broke,” Steward says. “As an owner, you are the landlord. Schedule seasonal checkups—HVAC, roof, plumbing—before problems show up. It’s cheaper and smarter.”

First time homeowners might be surprised by how frequently the grass needs cutting, how they should change air filters in the HVAC system every three months, and that you should have your chimney cleaned each year, Hick says.

Ron Shimek, president of Mr. Handyman, a Neighborly company, recommends a seasonal and year-round checklist to keep your home in top shape.

Shimek says a solid schedule should include:

• Monthly tasks: It's important to replace HVAC filters if needed, test smoke detectors, and inspect for leaks or pest damage monthly to ensure everything works properly. 
• Seasonal tasks: Depending on where you live, some of these tasks may not be necessary, but Shimek recommends checking the following throughout the spring, summer, fall and winter: 
  • Spring: Clean gutters, inspect HVAC ducts and prep landscaping.
  • Summer: Check the roof and windows and inspect for rot or erosion.
  • Fall: Service the furnace, winterize irrigation systems and seal cracks.
  • Winter: Insulate pipes, inspect heating systems and prepare for snow and ice.
• Annual tasks: Each year, homeowners should deep clean their home, inspect structural elements, and service their fire safety systems. 

Staying on top of these tasks with a simple schedule can help you avoid more complex home repairs in the future. Plus, a well-maintained house is likely to hold onto its value better than one that’s been neglected.

Publisher’s Note: This content is made possible by our Today’s Homeowner Campaign Sponsors: Whirlpool Corporation. Whirlpool Corporation takes sustainability seriously, in both their products and their operations. Learn more about building and buying homes that are more affordable and less resource intensive.