I’ve been a homeowner for 4 years. These are the biggest things I wish somebody told me on day one.

Four years ago, I signed a mountain of paperwork, got the keys, and thought I was ready for anything.

Spoiler alert: I wasn’t.

From surprise costs to learning all about insurance, homeownership has been one wild ride. I’ve learned a lot the hard way - and I’m sharing it here so maybe you don’t have to.

Looking back, here’s what I really wish someone had told me day one.

1. Your home equity is a gold-mine. If you need cash, stop taking out high-interest loans.

If you own your home but are low on cash, you might want to look into a HELOC (home equity line of credit). It’s more/less a credit card, but you borrow against your home’s equity.

They usually have lower interest rates and more flexible terms that a typical loan would.

Here’s a calculator you can use to see how much money you could access: link.

2. Switch auto insurance companies every 6-12 months.

Believe it or not, the average American family still overspends by $461/year¹ on car insurance.

(Sometimes it’s significantly more: I saved $1,300/year when I switched)

Here’s how to quickly see how much you’re being overcharged (takes maybe a couple of minutes):

• Pull up Coverage.com – it’s a free site that will compare offers for you

• Answer the questions on the page

• It’ll spit out a bunch of insurance offers for you.

That’s literally it. You’ll likely save yourself a bunch of money.

Here’s a link to Coverage.com

3. You don't have to pay off your debt by yourself.

If you’ve got $10k+ in unsecured debt (think credit cards, medical bills, etc), you could use a debt relief program and potentially reduce it by around 23% (on average).

Here’s how to quickly see if you qualify for debt relief:

• Head to National Debt Relief’s site here

• Answer the questions on the page

• Find out if you qualify

Simple as that. You’ll likely end up paying less than you owed and could be debt free in 24-48 months.

Here’s a link to National Debt Relief.

4. Get yourself a financial advisor.

Most people don’t have one, and it’s typically a huge mistake.

Sure, you can manage things on your own if you want to, but most people don’t have the time to actually do things right. There are huge benefits to having somebody pay attention to your money all the time.

• People with financial advisors tend to beat the market by ~3%/year (according to a 2019 Vanguard Study). That can make a huge difference over time.

• But more important: a good advisor will handle ALL of the annoying retirement stuff & bizarro tax implications you would have never thought of

If you don’t know a financial advisor personally, use a comparison site (like Datalign) and find somebody near you that has good reviews.

Or if you want something easier, here’s a quiz you can fill out that can find an advisor/planner based on your reqs.

5. Save on home insurance.

Switching home insurance will often save you more than switching auto policies (I’ve heard of people saving $1k per year by switching).

Here’s the home insurance comparison site I typically use: link.

6. Get a company to pay for your home repair bills for you.

Picture this: your trusty furnace suddenly throws a tantrum in the dead of winter, leaving you shivering and facing a repair bill that could cost you way more than you anticipated.

If you had a home warranty, you could be covered the next time something breaks down. It’s like having a safety net for your home (think plumbing, electrical, appliances, etc).

If you don’t have one yet, Choice Home Warranty is one of the bigger companies out there.

Bonus: home warranty companies usually have qualified, pre-vetted maintenance and repair workers ready to get the job done (which is one less thing to worry about).

If you’re interested just enter your zip code here to find a home warranty plan. It could save you a bunch of money the next time something breaks down.

7. Don't pay for subscriptions you don't even use.

We've all signed up for free trials and forgotten to cancel them. Stop paying for services you aren't using!

Take a minute and get yourself a good cancellation app: I like Rocket Money (link here).

It's an app that will put together a list of your subscriptions so you can pick/choose which ones to cancel.

They also have a premium service that will cancel them for you, if you'd like.

Here's a link (it's free).

8. Swap high-interest debt for low-interest debt.

The average American has ~$6,500 in credit card debt. And almost nothing is more expensive than debt (particularly credit card debt).

If you want to start saving, think about using a personal loan to swap your high-interest debt for lower-interest debt.

The basic idea: find a lower-interest personal loan and pay off your credit card with that loan money. Personal loan interest rates are typically far lower than credit card interest rates.

If you’re interested, here’s a free 3rd party service (Bankrate) where you can compare different personal loan options.

Do your own research, of course. Here’s a link to their site.

That’s all (for now).

This post includes affiliate links: we get paid when you click on them, which helps fund our free product research, so keep on clicking!

Companies mentioned in this article have not been reviewed, approved or endorsed by included advertisers. Opinions are ours alone.