The Ultimate Household Checklist for Newlyweds
Marriage and home ownership are two big steps in adult life that require planning and organization. There are factors for a smooth and enjoyable first home buying experience. You'll also need to create a budget and financial plan to manage your expenses effectively. This includes setting aside money for unexpected repairs, saving for long-term goals, and making smart financial decisions to ensure a stable financial future.
This detailed checklist covers all the important aspects, including regular maintenance, home warranties, insurance, and emergency preparedness. By following this guide, newlyweds can feel confident that their home is well-maintained, protected, and ready to enjoy this new and exciting stage.
Budgeting for home ownership
Buying a home is a significant financial investment, and creating a realistic budget is important to ensure a smooth transition into homeownership. ou can choose your dream home through real estate agencies or consider buying from an owner who is selling without a realtor, which might be financially advantageous. Regardless of the approach, it's crucial to handle the transaction with due diligence. From the moment couples fulfill their engagement, newlyweds should consider the following factors when budgeting for their first home, ensuring their financial planning aligns seamlessly with their future together:
Down payment: Aim for a 20% down payment to avoid private mortgage insurance (PMI) and secure a lower interest rate. The average down payment for first-time homebuyers is 7%.
Closing costs: These can range from 2% to 5% of the home's purchase price, including fees for appraisals, title insurance, and loan origination.
Monthly mortgage payments: Factor in principal, interest, property taxes, and homeowners insurance. The average monthly mortgage payment in the U.S. is $2,390.
Utilities: Budget for electricity, gas, water, and internet/cable. The average monthly utility cost for a single-family home is $400.
Moving and unpacking
Moving into a new home can be overwhelming. Consider the following tips to make the process smoother.
Create a moving checklist: Organize tasks by timeline, such as two months out, one month out, and one week out.
Declutter and donate: Go through your belongings and donate or sell items you no longer need. This will reduce the amount of stuff to pack and unpack.
Label boxes by room: Use color-coded labels or numbers to indicate which room each box belongs in. This will make unpacking easier.
Pack an essentials box: Include items you'll need on your first day, such as toiletries, a change of clothes, and basic kitchen supplies.
Hire professional movers: Consider hiring a moving company to handle the heavy lifting and transportation. This can save time and reduce stress.
Unpack one room at a time: Start with the most important rooms, such as the bedroom and kitchen, and work through the rest of the house.
Prioritizing home maintenance and repairs
Regular maintenance is vital for the longevity and efficiency of home systems and appliances. Neglecting these tasks can lead to costly repairs, reduced performance, and even safety hazards.
Schedule regular inspections:
Inspect the home's plumbing, electrical, and HVAC systems annually.
Check for signs of wear and tear, such as leaks, cracks, or rust.
Maintain appliances:
Clean and replace air conditioning, heating, and ventilation filters.
Clean and descale appliances like dishwashers, washing machines, and refrigerators.
Perform seasonal tasks:
Clean gutters and downspouts twice a year.
Inspect and clean the chimney annually.
Trim trees and shrubs to prevent damage to the home.
Budgeting for predictable maintenance costs
Maintenance and repairs are inevitable, so it’s best to know the costs ahead of time so you don’t have any surprises in the future. Here are some common costs to consider:
Annual maintenance costs:
HVAC maintenance: $100-$300.
Plumbing maintenance: $50-$200.
Electrical maintenance: $50-$200.
Repair costs:
Minor repairs: $50-$500.
Major repairs: $500-$5,000.
Home insurance and home warranty considerations
Home insurance and home warranties are often misunderstood as being interchangeable, leading to confusion among homeowners. However, they address different risks and needs.
Home insurance: Provides comprehensive financial protection against damage or loss due to natural disasters, theft, or accidents. This coverage typically includes:
Structural protection: It shields you from the financial burden of repairing and rebuilding the home's structure in the event of damage or destruction.
Personal belongings coverage: This protects personal items such as furniture, clothing, and electronics against loss, theft, or damage.
Liability coverage: If someone gets injured on your property, home insurance provides liability coverage to help with medical expenses and legal fees.
Home warranty: Offers protection against the cost of repairs and replacements for home systems and appliances. These policies typically cover major home systems and appliances, such as:
Plumbing: Water heaters, toilets, sinks, and garbage disposals.
Electrical: Electrical panels, outlets, and circuit breakers.
HVAC: Heating, ventilation, and air conditioning systems.
Appliances: Refrigerators, dishwashers, washing machines, and dryers.
This coverage typically includes:
Labor and parts coverage: It provides financial support for the cost of labor and parts required for repairs and replacements of home systems and appliances.
System and appliance coverage: This policy protects various home systems and appliances, such as plumbing, electrical, HVAC, and major appliances, against breakdowns and failures.
Ensuring adequate coverage
To ensure adequate coverage, newlyweds should take several steps to protect their home and personal belongings. Here are some key considerations:
Assess their home's value: Determine the home's value to determine the appropriate insurance coverage. This helps ensure that the insurance policy provides sufficient coverage to replace or repair the home in the event of damage or loss.
Review insurance policies: Review insurance policies to ensure they cover personal belongings and liability. This includes reviewing the policy's coverage limits, deductibles, and exclusions to ensure that the newlyweds are adequately protected.
Explore bundling options: For potential discounts, consider bundling home insurance and home warranty policies. Bundling these policies can often result in lower premiums and additional benefits, such as enhanced coverage and priority service.
Essential household tasks
In addition to regular maintenance and insurance, there are other important aspects you should look out for:
Establish a home maintenance schedule: Create a schedule to ensure regular maintenance tasks are completed on time.
Stock up on basic tools and supplies: Keep a set of basic tools, such as a screwdriver, pliers, and wrench. Stock up on supplies like cleaning products, light bulbs, and filters.
Familiarize yourself with home systems and appliances: Learn how to operate and maintain home systems and appliances.
Develop a plan for emergency preparedness: Create an emergency kit with essentials like flashlights, batteries, and a first aid kit. Develop a plan for emergency situations, such as power outages or natural disasters.
Establish a household: As a new couple, decide on household responsibilities and chores by establishing a cleaning schedule. Discuss boundaries for guests and visitors to avoid any misunderstandings.
Managing financial obligations: Create a budget to manage expenses and savings. Decide on a system for paying bills and other financial obligations. Check-in regularly to review financial goals together.
Marriage and homeownership are huge steps, but you can make the transition smooth and enjoyable with the right planning and organization. This checklist will prepare you and your partner to manage your finances, handle maintenance tasks, and protect your investment. Enjoy your new adventure as newlyweds and homeowners!
Download our printable household checklist HERE!