No one plans to waste money purposely… but sometimes it happens, especially when it comes to our homes. As a first-time homeowner or a more seasoned homeowner, you don’t want your excitement over a new home to burn a hole in your pocket.
Owning a home already adds new responsibilities and expenses compared to renting. Things break and you have to spend money for unexpected repairs or replacements, and often right away to avoid more expensive consequences. So make sure you always have enough savings will always be a good idea!
Keep in mind that these are great tips whether you moved in just last year or have lived in your home for a while:
Wanting a HGTV home right away. Do you love design and renovation shows and want your home to be like the “after” as soon as possible? Stop this urge and make yourself live in your home for some time with your existing stuff before you make any major purchases (i.e. sectional couch, new beds for every bedroom, dining room table) or too many minor purchases (i.e. linens, curtains, rugs).
If this is a recent purchase, give yourself a year or so until your house starts to feel like “home”. Spend time in it before you do too much, learn how you live in your home first and then buy accordingly. If this is a long term home you’ve lived in and have been thinking about changing things up a bit with renovations, have a design plan in place and really sleep on the it to make sure this is what you want for your home before buying anything.
Remember you don’t need to fill empty rooms with artwork, furniture, or decors like you’re in a race. Make thoughtful purchases and save up for the good stuff you’ll love for years to come. Enjoy the actual process of making over your new home by taking your time – you’ll save money along the way and your rooms will truly reflect your personality!
Skipping Do-It-Yourself attempts. You may have a yard that needs to be mowed or raked, or a larger home with more bathrooms to clean. Try to see if you can manage some of these new chores yourself before you hire a lawn care service or a cleaning service. That could save you hundreds of dollars each month.
Some fix-it tasks don’t necessarily need a handyman or a plumber. Learn to handle some DIY skills on your own. You can check out YouTube videos, get step-by-step instructions from home improvements websites. I’m not much of a handy person but I’ve learned to do a few home related simple tasks like changing door locks and painting interior rooms by attending “YouTube University” and you can too! Let me tell you, I sure feel like a proud handy person after changing some locks.
Not updating some of your old “habits.” Do you buy a cup of coffee every morning on the way to work? Did you always have cable TV when you rented? It’s a good opportunity to reevaluate which of these habits really contribute to your overall happiness in your day-to-day life and which of them you won’t miss so much if given up.
You now might have more counter space for a coffee maker and can brew yourself a cup (or cups) before you head out. The upfront cost will pay itself off before you know it AND it’ll save you time standing in line. Similarly, there are different choices out there on watching TV that might better match your favorite programs while saving you money.
Make it a game by challenging yourself to find a new “money draining habit” every month, and you’ll be amazed by what you can find on saving money and be so proud of yourself!
Paying for that extended warranty. Sometimes major appliances aren’t included with your home purchase or they always seem to have problems right after the (extended) warranty expires. Most of us look for sales and good deals before we buy a refrigerator, washer, dryer and other appliances. That’s why you should think twice before you agree to an extended warranty, and really research the useful lives of these appliances to make a calculated decision on this.
If something does break, it can cost less than what you put into the warranty OR that particular problem might not be covered at all. Going back to “YouTube University”, you might be able to find DIY solutions by ordering a replacement part online yourself and make the repairs, if the warranty does not cover the problem. One of my favorite sites partselect.com is where you can find replacement parts to almost ANY home appliance by typing in the model number. Often the search will result in the part you need AND instructions on how to replace that part.
Not shopping around for homeowner’s insurance. Don’t just set it and forget it when it comes to insurance. Look for a policy that better protects your home and your pocket. Insurance companies don’t necessarily reward you by your loyalty to them so make sure you really know what’s being covered and the cost for their homeowner’s policies AND then compare this to other companies.
Keep in mind that having more than one policy with the same company might get you a discount. So ask about any savings if you purchase both your auto and homeowners insurance policies from one company, or discount if you have several homes’ policies from one company.
Not taking your home’s energy efficiency seriously enough. Your home can cost your hundreds of dollars a year and you might not even know it. Some good to have items that will help you with energy costs are well-sealed dual-pane doors and windows, insulations in the walls and attics being in good condition. HVAC maintenance company can also help you detect leaks in ducting if you suspect something is not working properly.
I hope these tips help you save some money and help you be a confident homeowner.
Owning a home can feel overwhelming at times. There is so much to do, so much to think about and so much to take care of. Just know that I’m still here for you after you move into your home to answer questions and help you make decisions. Your home is likely your biggest investment, and I am your go-to resource for all things real estate related, so don’t hesitant to call (559-558-3765) or email me! I’m still here for you even if you aren’t buying or selling a home anytime soon.
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