Things Every First-Time Homebuyer Should Know After Purchasing a Home
By: Victoria Ratliff
Congratulations! You bought your first home — a huge milestone worth celebrating. But once the keys are in your hand, the real journey begins. Homeownership comes with new responsibilities, costs, and opportunities that many first-time buyers aren’t fully prepared for.
Here’s what you should know after purchasing your first home.
1. Your Monthly Payment Can Change
Your mortgage payment may feel fixed, but parts of it can change, especially:
Property taxes – Can increase as home values change
Homeowners insurance – Premiums can rise annually
Escrow shortages – You may receive an escrow adjustment notice that increases your monthly bill
Tip: Always keep a small buffer in your monthly budget.
2. Keep All Your Closing & Loan Documents
You’ll want to safely store:
Your Closing Disclosure
Your mortgage note
Your deed
Your title insurance policy
These documents are important if you refinance, sell, or dispute anything related to your home.
3. Maintenance Is Now Your Responsibility
You’re no longer calling a landlord. After closing, you’re in charge of:
Heating and cooling systems
Roof repairs
Plumbing and electrical issues
Appliance maintenance
Pro tip: Start a home maintenance fund — even $100/month helps.
4. You Should Expect Surprise Expenses
Even brand-new homes have surprise costs:
Repairs you didn’t anticipate
New tools or equipment
Pest control and landscaping
HOA fees (if applicable)
Planning for these helps avoid stress.
5. Change Your Locks Immediately
You don’t know who has old copies of the keys. One of the first things you should do is:
Re-key or replace all exterior door locks
Update garage codes
Reset smart home devices
6. Update Your Address Everywhere
Once you move in, make sure to update your address with:
Post office (USPS)
Banks and credit cards
Driver’s license & vehicle registration
Employer and insurance companies
Subscription services
This avoids lost mail and identity risks.
7. Build Equity From Day One
Homeownership isn’t just about living — it’s also about wealth building.
You can grow equity by:
Making extra principal payments
Avoiding missed payments
Improving your home’s value with smart upgrades
8. File for Possible Property Tax Exemptions
Many cities and counties offer:
Homestead exemptions
First-time homeowner tax benefits
Local rebate programs
These can lower your property taxes — but you usually have to apply.
9. Get to Know Your Neighborhood
Take time to:
Meet neighbors
Learn trash/recycling schedules
Understand local rules & zoning
Find nearby schools, hospitals, and emergency services
A strong community makes homeownership more enjoyable.
10. You Are Now Your Own Landlord
Once you own a home, you take on the role of:
Property manager
Maintenance coordinator
Budget planner
It may sound overwhelming, but with preparation, it becomes empowering.
Final Thoughts
Buying your first home is just the beginning. The more you understand what happens after closing, the smoother your homeowners journey will be.
With smart planning, regular maintenance, and financial awareness, your first home can become both a safe haven and a powerful investment.