Congratulations! You are now officially a homeowner. These are exciting times for sure. But don't let the thrill of finally owning your home lead to major boo-boos. Here are 4 things that all new homeowners should know about. 4 Things Every New Homeowner Should Know About 1. The Main Water Shut Off Valve Don't wait for a busted pipe or a leak happen first before locating your home's main water shut off valve. In just a few minutes, gallons of water can seep through your home'