When it comes to homeownership, knowledge is power.
There’s a lot to learn when you purchase a new home, and I recommend that you learn these elements quickly. Some of them will save you money, some improve safety and all of them will make homeownership that much easier.
Locate the utility shut-off valves
Your water, gas and electricity all enter the home through individual central lines. And sometimes, during an emergency, the first thing you want to do is shut down that line entirely. For instance, if you have a gushing water leak somewhere in your walls but you’re not quite sure where, shutting off the water supply buys you the precious time needed to locate and shut down the leak. If you have a basement, this valve is probably just inside where the hose bib attaches. It might also be in a crawl space or under a metal outdoor panel. Your plumber can show you exactly where it’s located.
Electricity can usually be shut off at the main breaker panel. Each individual switch, of course, connects to a particular circuit, but if time is of the essence, the largest switch at the top is usually what cuts off power to the house.
Gas is usually controlled via the meter outside your house. You’ll need a wrench to close the valve. However, gas emergencies can be very dangerous. In the event you have a gas leak, immediately evacuate the house and call the gas company once you’re a safe distance away before you do anything else.
Prepare fire extinguishers
Your home needs at least one fire extinguisher, and preferably one for every level of the home. Keep one near the kitchen, where the majority of home fires originate. Make sure everyone in the home knows where the extinguisher is located and how to use it. The best extinguisher won’t do you much good if you can’t find it in time.
These tools lose pressure over time, so every so often, take a look at the pressure meter and verify it remains in the green zone. If the needle on the gauge is in the red zone, either replace the extinguisher or have a professional recharge it.
Keep track of home warranties and age
Make sure you know if you have warranties on your home and/or appliances. Some warranties transfer to new homeowners, so make sure to read your paperwork to see what’s covered. In some cases, such as with roofing materials, warranties can last many years or even decades. You can save a lot of money in the future by taking advantage of a warranty that may have been purchased in a different century!
Because of this, it’s also useful to know the age of the different components of your home, like your roof, insulation and appliances. Knowing how old these items are can help you figure out how long they have left and plan for future home projects.
Budget for emergencies
It’s also a good idea to know how much you should budget for maintenance, repairs and emergencies. In a recent Angi survey, more than 40 percent of new homeowners reported spending more than expected on maintenance and repairs. I recommend setting aside 1 percent of your home cost each year to spend on maintenance, repairs and emergencies.
For more essential home information, read through our first-time homeowner checklist.
