5 Essential Things Every New Homeowner Needs

How do you begin to transition from being a home buyer to a homeowner? If you think that all you need is the stamina to unpack all your things after finally buying your dream house, then you should think again as that's just only the beginning.

Here are 5 essential things every new homeowner needs according to Realty Times:

A basic toolkit

What if your sink begins to leak? Or when you desperately need to screw something in and it won't accept a flathead? You don't want to be running around in the middle of the night looking for a screwdriver or pliers.

If you think that a decent toolkit should be the least of your spending concerns especially after that down payment, wait until something in your house needs some fixing in the most inconvenient time.

A DIY spirit

How are your DIY skills going? If you haven't been using them for quite a while, then it's about time you shiny them up and put them back to good use.

"Check out tutorials and how-to guides on sites like The Family Handyman and This Old House - good, reputable sources for home improvement information," said lifehacker. "Cross reference anything you find with multiple sources though, just to make sure you're getting good information."

But remember to leave things like electrical work and plumbing to the experts.

Deep pockets

As much as you want to keep within your budget, there will be unexpected expenses whether you like it or not. Ensure that you are geared for it when it happens.

"The only thing worse than experiencing repair issues, is having no money to take care of the problem. Liz Weston of MSN.com asked several experts about budgeting for home repairs," said mortgage resource HSH. "The experts said you should expect to spend at least 1% of your home's value per year on maintenance and repair, and to plan for more if your home is older or has been poorly maintained. On a $300,000 house, that's $3,000 per year. Put $250 a month aside for these expenses and save yourself a lot of grief when a repair arises."

A home warranty

Prepare for big expenses by acquiring a home warranty.

"Like all warranties, a home warranty is supposed to protect against expensive, unforeseen repair bills and provide peace of mind," said Investopedia. "For a homeowner who doesn't have an emergency fund or who wants to protect their emergency fund, a home warranty can act as a buffer. Home warranties also make sense for people who aren't handy or who don't want to worry about tracking down a contractor when they have a problem. Warranties can also make sense for people with expensive taste in appliances."