Congratulations on your new home!

Buying a new home can be exhilarating, especially for first-time homebuyers. For many, it’s an emotional experience. After months of browsing listings and touring homes, you finally find the one. It’s a memorable moment when you sign the closing documents and your real estate agent hands you the keys to your new home.

But buying a home isn’t just a lofty dream. It’s also a smart investment. According to the National Association of Realtors, the average U.S. home appreciates 6% per year. Another benefit of homeownership: Having a fixed mortgage can help keep your housing costs stable as your income grows. This can also boost your wealth.

While there are obviously many upsides of homeownership, it’s a big responsibility. Here are 10 tips to help you get the most out of your investment.

1. Paint the house before you move in

Moving is stressful enough without having a painting crew in and out of your house all day. To minimize chaos and avoid paint fumes, arrange for any painting to be done before you move in.

2. Replace the locks before you move in

You don’t know who the previous homeowner shared keys with. They may have made copies for a babysitter, neighbor or family member. Even if you bought a new build, there's no way of knowing who else has a key to the property. 

For your safety, changing all the locks before you move in is essential. You can hire a locksmith to do this for an affordable price. Forbes estimates this service to run anywhere from $50 to $300.

3. Change your air filters

If your home was vacant for a while before you bought it, chances are your air filters need to be changed. Most HVAC experts recommend replacing them every three months.

4. Store warranties and manuals in a safe place

When you bought your home, you may have inherited one or more warranties from the previous owner. Find out what they cover and keep the documentation in a safe place you’ll remember.

5. Start an emergency fund

If your HVAC system fails in the middle of a heat wave or you discover mold growth in your bathroom, you’ll want to be prepared for an expensive repair. To give some perspective, the American Society of Home Inspectors estimates a new HVAC system to cost between $5,000 and $12,000!

To help with unexpected appliance repairs, a home warranty may be a worthwhile investment. Just be aware that home warranties come with exclusions and limitations. You’ll want to weigh the pros and cons of any policy you’re considering.

6. Learn how to shut off your power, gas and water

You might need to shut off your home's water, gas or electricity for various reasons. If you have to evacuate due to severe weather, you’ll need to shut off all of your utilities before you leave your home. Or, if you’ve got a major leak or a broken pipe, you’ll probably want to shut off your main water supply as quickly as possible. Find out where your utilities are and how to turn them off. If you’re ever faced with an emergency, you’ll be glad you took the time to do this.

7. Find trusted tradespeople

Even with the best maintenance routines, you might have to outsource some tasks to the professionals. Start building a list of plumbers, landscapers, roofers, electricians, HVAC technicians and other tradespeople so you’ll have someone to call in a pinch. Remember to ask for a copy of their license and certificate of insurance. 

8. Introduce yourself to your neighbors

Being friendly with your neighbors creates a more positive homeownership experience. It also has practical advantages. For example, if you’re going out of town and your cat sitter cancels at the last minute, you may be able to ask a neighbor for help. Your neighbors can also keep an eye on your property and alert you to any safety issues. And if you ever have a conflict, starting off on good terms can help you resolve it amicably.

9. Create a home inventory

Hopefully you’ll never have to file a homeowners claim. But if you do, you’ll want a detailed home inventory to back it up. As you unpack your moving boxes, take pictures and videos of your items. If possible, include receipts and bar codes. This will help ensure your settlement comes close to the actual value of your lost or damaged property.

There are several home inventory apps on the market to help you store and organize your home inventory.

10. Review your homeowners insurance

In the rush to close on a new home, it’s easy to grab an affordable homeowners policy without much thought. But this could leave you with hidden coverage gaps. For example, standard homeowners policies don’t cover floods or sewer backups. You’d need separate coverage for these. 

Ask your insurance agent for a policy review. They’ll cut through the jargon and explain what you are and aren’t covered for. They’ll also offer solutions, like flood insurance, to make sure your new investment is adequately protected.