
No one plans to waste money purposely… but sometimes it happens, especially when it comes to our homes. As a first-time homeowner (and even those who are more seasoned), you don’t want your excitement over a new home to crank-up your spending.
Owning a home already adds new expenses compared to renting. At any point in time, you have to spend money unexpectedly for a repair or a replacement, so make sure you always have enough savings on hand and avoid making any of these costly spending mistakes.
Keep in mind that these are great tips whether you just moved in 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” shots as soon as possible? Stop this urge and live in your space for a while before making decisions.
I tell clients to give themselves a year until your house starts to feel like “home.” Understand how you use each room and make thoughtful purchases that reflect your style and needs.
Don’t try to fill empty rooms with artwork, furniture, or decor “bling” like you’re in a race. Focus on quality pieces you’ll cherish. 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!
Bypassing Do-It-Yourself attempts. You may have a yard now 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, or attend free in-store workshops in your community.
Not updating some of your old “habits.” As a homeowner, you can rethink some of your old habits from renting. For instance, if you used to buy coffee every morning, now you can save by brewing at home. Similarly, reconsidering your TV options can align better with your preferences and budget.
Keep exploring ways to save in your new home. Think about unused gym memberships or frequent take-out orders that could be trimmed down. It’s a chance to reset and save money where you can.
Paying for that extended warranty. Sometimes major appliances aren’t included with your home purchase or they don’t need to be replaced right away. Most of us look for sales and good deals before we buy a refrigerator, washer, dryer and more. That’s why you should think twice before you agree to an extended warranty. That extra money could be better used or saved for your own cash flow purposes.
If something breaks, the cost might be less than the warranty expense, or the issue might not even be covered. Also, check if your credit card offers extended warranties on purchases.
Last piece of advice – check out home warranties—you could pay annually for one and it will cover all appliances and more!
Not shopping around for homeowner’s insurance. Don’t get into a rut when it comes to insurance. Look for a policy that better protects your home and your pocketbook. Many new buyers stick with their previous renters or auto insurance company. That’s great, but make sure you really know what’s being covered and the cost for the policy, 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 them.
Not taking your home’s energy efficiency seriously enough. Your home can cost you hundreds of dollars a year and you might not even know it. Get yourself an energy audit to see where your home is wasting energy.
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 or email me! I’m still here for you even if you aren’t buying or selling
Hi, there!
I'm Kyndra and I love helping people buy and sell no matter what stage of life they are in. From first timers to downsizers and all the chapters in between. Let me know how I can help you make your real estate dreams come true.
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