What I Wish Someone Told Me Before Buying Our First Property
If you’ve ever bought your first home or you’re dreaming about it, you’ll know it’s one of life’s biggest milestones. You spend months sometimes years, saving for that deposit. Scrolling through listings, comparing suburbs and imagining yourself turning the key for the very first time.
It’s exciting. It’s emotional. And if I’m honest, it can also be a bit overwhelming. When we bought our first property, I thought I had it all figured out. We’d saved our deposit, budgeted for legal fees and I thought “We’re good, we’ve got this!”
But what I didn’t realize back then was that buying a property isn’t just about the purchase price. It’s about what comes after. And that’s where the real lessons began.
The Day the Water Pipe Burst
I’ll never forget it. It was a Sunday morning, one of those relaxed weekends where you finally get to enjoy some downtime and feel proud of how far you’ve come. Then, we received a phone call from our tenant saying a water pipe had burst.
Rushing over to the property we were greeted with water everywhere on the front lawn. And with it, our emergency fund or what little we had at the time, completely drained.
We hadn’t expected it. We didn’t have a “home repair” budget. And it was one of those moments where reality hit hard. Owning a property means you’re the landlord now and you pay for everything.
What I Wish Someone Told Me Before Buying
If I could go back and give myself one piece of advice before buying our first property, it would be this: “Owning a property doesn’t end when you get the keys, that’s when the budgeting really begins.” Here are a few things I wish someone had told me early on and that I hope will help you, too.
1. Budget Beyond the Purchase Price
When we were preparing to buy, we focused so much on saving for the deposit that we didn’t really think about what came next. But once you buy, expenses don’t stop. They shift.
There are:
- Rates and council fees.
- Home insurance and contents insurance.
- Power, water and rubbish collection costs.
- Repairs and maintenance that seem to appear out of nowhere.
Even small things add up. A flickering light fixture, a leaky tap, a patch of paint that needs refreshing. When you’re renting, you can call the landlord. When you own? It’s all on you.
So before you buy, sit down and create a realistic homeowner budget.
Include not only your mortgage repayments but also an allowance for ongoing maintenance and unexpected repairs.
2. Start an Emergency Fund – Yesterday
If you take one thing from this post, let it be this: You need an emergency fund. Whether it’s a burst water pipe, a leaking roof or a broken hot water cylinder (been there too). These things rarely happen at a “good” time.
We’ve learned that having an emergency fund specifically for home related repairs takes away so much stress. Even starting small helps. $500, then $1,000, then building up to a few months’ worth of expenses.
It’s not just about peace of mind, it’s about protecting your investment. Because when things break and they will, you’ll be ready.
3. Expect the Unexpected – Seriously
When you buy your first home, everything feels new and perfect. But homes, just like people, age. Things wear down over time.
Sometimes it’s big things like your hot water cylinder giving up mid shower. Other times, it’s small things that slowly add up. A fence post that needs replacing, a washing machine that stops working or the oven that suddenly decides to retire early.
We didn’t plan for any of this at first which meant we often had to pull from our everyday budget or even delay other financial goals.
Now, we plan for it. We set aside a small amount each month into a “home fund.” Even $50 a week makes a difference and it adds up faster than you think.
4. Don’t Forget Long Term Maintenance
Here’s something else no one told me, maintaining a house is ongoing. Roofs need cleaning, gutters need clearing and paint needs touching up every few years.
Neglecting these things can actually cost more in the long run. A small issue left unchecked can become a major repair later.
So, we now take a preventative approach:
– Schedule regular home maintenance checks.
– Clean out gutters before storm season.
– Keep an eye on leaks, mould and moisture early.
It’s not glamorous but it’s what keeps your property healthy and your wallet happy.
5. Give Yourself Grace – You’re Learning
Buying your first property is one of the biggest financial steps you’ll ever take. And like all big steps, there’s a learning curve.
You might make a few mistakes along the way like underestimating repair costs or overestimating your budget. That’s okay. We did too. What matters is that you learn from them.
Every hiccup teaches you something valuable about money, responsibility and resilience.
What’s Worked For Us
After that first repair disaster, we made a few simple changes that completely shifted how we manage our home finances.
- We set up a separate “home fund” savings account.
It’s for repairs, maintenance and those unexpected costs that always pop up. - We created a realistic homeownership budget.
Not just for bills but for the long term costs of owning a property. - We planned ahead for upgrades.
We now list what we’d like to improve in the house and save towards them intentionally instead of reacting when things break.
These steps have given us confidence and peace of mind. No more panic when something breaks. No more scrambling to find the money. Just steady, intentional progress toward a property that feels stable and secure.
Final Thoughts
If you’re preparing to buy your first property or if you’ve just moved into your new home. I hope this reminder helps, homeownership is a blessing but it’s also a responsibility. It’s not just about paying the mortgage. It’s about protecting your peace, preparing for the unexpected and building a strong financial foundation that can weather life’s surprises.
So start your emergency fund. Budget for repairs. And know that while things will go wrong sometimes, you’ll be ready for them. Because the real goal isn’t just to own a home. It’s to keep it and to enjoy it, without the constant stress of what might break next.
You’ve Got This
Your home is one of your biggest investments, financially and emotionally. With a little planning, a solid emergency fund and a healthy mindset around budgeting. You can protect that investment and truly enjoy the place you worked so hard for. Because peace of mind? That’s priceless.
