5 Things First-Time Homeowners Need To Upgrade in Their Homes From the Jump
Buying your first home can feel like crossing the finish line but it’s really the starting point for a whole new set of decisions. Between cosmetic updates and critical system upgrades, it’s not always clear where to begin.
Experts recommend the right moves to make early on to avoid costly surprises later. Here are the smartest upgrades you should make as soon as you can afford it — some of them are even best done before you're moved in.
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1. Safety Improvements
Before diving into cosmetic upgrades that improve how the home looks, first-time homeowners should prioritize the systems that can cause the most expensive or dangerous problems if ignored.
Since first-time homebuyers are often on a limited budget, Kimberly Schmidt, a Realtor and team lead of Kimberly Schmidt & Associate at Compass, San Diego, suggested focusing on “what is most dire first. If you have a system that is about to fail, take care of it to avoid being in crisis. Make your list and just work your way through it, budgeting along the way."
2. Upgrade Old Electrical and HVAC Systems
Systems that might need upgrading even if they're presently safe include HVAC, plumbing and electrical panels, according to Jordan Benjamin, president of Done Rite Services. “A $200 inspection can easily prevent a $6,000 emergency,” he said.
Electrical panels are especially important, Schmidt said, since, “We are using many more devices in homes these days than we did twenty or thirty years ago.”
Additionally, spending money now can save money later. "A properly sized, high-efficiency HVAC system can reduce heating and cooling costs by a whopping 20% to 40%," Benjamin said.
From there, try to have your HVAC system serviced every six months to a year to extend its life.
3. Fix Plumbing, Sewer and Hidden Infrastructure
Some of the most expensive issues are the ones you don’t see until something goes wrong. "A lot of buyers tend to overlook the sewer system,” Schmidt said. “It's not something people really like to think about, but if it fails, it can be disastrous, so have it scoped before you buy the house."
Other commonly missed issues are corroded or aging water supply lines, undersized electrical panels that haven't been touched since the home was built and leaking ductwork, to name a few, Benjamin added.
4. Make Energy-Efficient Upgrades
For new homeowners managing tight budgets, efficiency upgrades can deliver the best return on investment, Benjamin said.
A smart thermostat can reduce HVAC energy use by 10% to 15% and they’re relatively inexpensive to install, he noted. Switching to a heat pump water heater can cut water heating costs by up to 70%.
Upgrading the insulation in an older home can also save on energy costs, Schmidt said.
5. Make Small Fixes That Prevent Big Problems Later
Some of the most important fixes are inexpensive but high-impact, according to Schmidt. Anything that’s corroded, old or outdated should be replaced.
"Upgrade any plastic laundry hoses to braided steel for longevity. Install a pressure regulator at your main water line so that you don't run the pressure too high and risk bursting a pipe."
Benjamin also suggested installing a whole-house surge protector at the electrical panel to protect appliances, HVAC systems and smart home devices from power spikes."
Small upgrades can prevent major damage and unexpected costs.
But Wait: Avoid Rushing Major Upgrades Until You Understand Your Home
Unless something is ready to fail or dangerously old, there’s no reason to rush an upgrade on something until you have lived in your house long enough to get to know what really needs replacing.
"It’s generally best to wait a few seasons to get an accurate idea of how systems actually perform before investing in expensive upgrades,” Benjamin said.
Start with safety, layer in efficiency, then make it your own.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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