Preparation for costs, maintenance and how utility systems work prevents bigger problems down the road.

“It’s better to look ahead and prepare than to look back and regret,” Olympian Jackie Joyner-Kersee wrote in a letter to her younger self. While Jackie was referring to career and life, her words also apply to homeownership. Anyone who owns a home needs to be prepared for things that do not come up as a renter. Here are five things to know—especially if you’re a first-time homeowner—to avoid regret later.

Maintenance and repairs are ongoing

When buying your first home, it’s important to budget for the mortgage, taxes, insurance and utilities as well as maintenance and repairs.

Even when you DIY your home’s upkeep, you’ll have expenses for supplies and tools. You also need to be prepared for jobs that require special skills or are too big handle on your own, like clearing roots from sewer lines or removing large trees.

Another thing to prepare for: home appliances don’t last forever. Become familiar with life expectancy of each of your appliances and prepare financially for their replacements.

Clean the dryer vent

Hot air discharged from clothes dryers carries lint. That lint can build up over time and cause the dryer to overheat and possibly result in a fire. Nobody needs a dryer fire!

In addition to cleaning out the lint filter every time you use the dryer, the vent pipe should be cleaned periodically. If your dryer gets a lot of use or you have pets, vent pipe cleaning may be needed every three to six months. If your dryer gets light use, you may be able to go longer between cleanings.

You can DIY dryer vent cleaning (here’s a how-to from Real Simple) or hire a duct cleaner.

Locate all utility turn-offs when you move in

The time to learn how to turn off the water or electrical supply is not in an emergency. Get familiar with how to turn off each of your utilities as soon as you move in to your new home.

Locate your electrical box and identify the main breaker switch that turns off electricity to the whole house. In the rare case that there isn’t a main breaker, you can turn off the power by flipping all the individual switches off.

Learn how to turn off the water supply. Your main turn-off may be outdoors if you have municipal services. If your home is on a well, turn off the valve at the pump or where the supply line enters the house.

Check out this video from Morgan Inspection Service on shutting off electricity and municipal water. Water Jane explains how to find well shut-off valves in this video.

If your home has natural gas service, the gas shut-off valve will be outside at the meter. This GEO video shows how to locate the valve and turn it off.

If you have a propane tank, check out this short how-to video from the Propane Education and Research Council.

Garage doors need attention too

It’s easy to overlook garage door maintenance. However, lubricating the moving parts will keep your door moving quietly and smoothly. Smoother operation will contribute to longer life for your garage door opener.

Michael Borders has an easy-to understand video guide to lubricating a garage door.

Show your water heater some love

Water heaters work day-in and day-out and require little maintenance. Once a year, the tank should be drained to remove sediment. The sediment is from minerals naturally present in water; when it builds up it, it makes the hot water heater operate less efficiently and, with enough time, can lead to clogged pipes.

This guide on draining a water heater from HGTV shows the process step-by-step. If you’re not comfortable doing it yourself, you can hire a handyman or plumber to do the job.

When you’ve prepared but come up short of cash

Even the most prepared homeowner can face a situation that requires more cash than they have on hand. A way to finance repairs or appliance replacements that’s less costly than credit cards is with a HELOC or home equity loan. At Consumers, we offer HELOCs at competitive rates.

 

All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions.