So you’ve made (or are thinking about making!) the big jump into one of the biggest life investments you will make- buying a home. This will be one of the most exciting chapters in your life but it won’t come stress-free. Owning a house and making it your home is such a fun experience. However, this isn’t quite the same case with the accompanying work and maintenance costs. Don’t panic- owning a home isn’t only reserved for those with an endless supply of money. Staying educated on the home buying process, as well as tips and tricks of homeownership will help you navigate this new challenge as smoothly as possible. Here are several first time homeowner tips to help you be prepared for whatever comes your way.
10 Surprising Homeowner Tips That Will Save You Money
You don’t want it to feel like your home is draining your bank account. However, sometimes it seems like there’s a never-ending list of maintenance tasks and unexpected expenses that eat away at your hard-earned money. But what if I told you there were 10 surprising homeowner tips that could save you money in ways you never imagined? These unconventional strategies will revolutionize the way you manage your home and your finances, giving you the financial freedom you deserve. Get ready to uncover the secrets to slashing your expenses while maintaining the comfort and functionality of your home.
Take Advantage of Homeowner Discounts
There are numerous ways for homeowners to save money, and one often overlooked strategy is taking advantage of homeowner discounts. Many companies offer special deals and incentives specifically for homeowners, allowing you to save money on various purchases and services. These discounts can range from home improvement stores offering discounts on appliances to insurance companies providing reduced rates for home security systems.
One common way to access homeowner discounts is through your local utility company. Many utility companies offer energy efficiency programs that can provide significant savings. These programs often include rebates or discounts on energy-efficient appliances, smart thermostats, and even home energy audits. By participating in these programs, not only do you save money upfront, but you can also enjoy long-term savings on your energy bills.
When it comes to home repairs and renovations, taking advantage of homeowner discounts can be a game-changer. Many contractors and home improvement stores offer discounts or special promotions exclusively for homeowners. By doing a little research and shopping around, you can find discounts on everything from roofing repairs to painting services. Additionally, some companies may offer special financing options for homeowners, allowing you to spread out the cost of larger projects over time.
Another area where homeowner discounts can make a significant impact is insurance. Many insurance companies offer discounts for various home safety features, such as smoke detectors, fire alarms, and even security systems. By installing these devices and notifying your insurance provider, you may be eligible for reduced premiums. Additionally, some insurance companies offer multi-policy discounts if you bundle your home and auto insurance policies with them.
Rely on strict budgeting
Being money conscious is, of course, always a good idea. Owning a home can bring with it a dramatic change in your expenses. Therefore, strict budgeting for the first year is an important first time homeowner tip. Even if your mortgage isn’t that much different than what you were previously paying in rent, you’ll definitely encounter changes in utilities and additional expenses such as taxes on your home. If you research the true cost of owning a home, you’ll find that property taxes, homeowner’s insurance, and basic utilities to support a whole house rather than a small apartment will add thousands to your annual total.
In order to not live above your means, set a budget that is only slightly bigger than what you would have spent before you became a homeowner. This will help you save a cushion for any home emergencies that may arise as well as safely learn how to live within your new lifestyle. Stick to this budget for six months then allow yourself a little leeway. At the one year mark, reevaluate what spending is most realistic for your living arrangement.
Learn how to get your hands dirty…
You’d be surprised by how much you can do yourself. Plus, how much money you can save by choosing the DIY route when repairing your home. Tasks, like repainting, DIY backyard projects or changing cabinet hardware, will take a lot of time and grit but you’ll be able to save thousands on labor. Taking on do-it-yourself projects can not only save you money but also give you a sense of pride and accomplishment. Whether you are a seasoned DIY enthusiast or just starting out, there are plenty of projects you can tackle that will not only improve your home’s aesthetics but also increase its functionality.
One popular DIY project is updating your kitchen backsplash. By replacing the old, outdated material with new tiles or a fresh coat of paint, you can instantly transform the look of your kitchen. This simple upgrade can make a big impact on the overall ambiance, and you can even personalize it by choosing a design or color that matches your style.
Additionally, updating your bathroom fixtures and accessories is another DIY project that can make a noticeable difference. Replacing old faucets, showerheads, and towel racks with modern, stylish options can give your bathroom a fresh and luxurious feel. This simple upgrade not only improves the appearance of your space but can also increase your home’s resale value.
…But also know when you need a pro
Although DIY is a fun challenge, if the upgrade is less concerned with aesthetic and more with the necessary function of your home, strongly consider calling in a pro. Of first time homeowner tips, this is super important especially if you’re dealing with major electrical issues! Mitigate risk by placing the situation in the hands of someone who is trained to complete repairs safely and accurately. If you’re trying to repair burst pipes or switch out your water heater for a newer, tankless version, call in a plumbing professional to ensure your house is in the best condition possible!
If you’re not inclined to take on larger home improvement projects yourself, negotiating with contractors can be a savvy way to save money on renovations and repairs. Whether you’re renovating your kitchen or getting your roof repaired, there are opportunities to bring down costs without sacrificing quality.
Start by doing your research and gathering multiple quotes from different contractors. This will give you a better understanding of the market value for the desired work and allow you to negotiate from a position of knowledge. Keep in mind, however, that the lowest bid isn’t always the best choice. Look for a balance between affordability and expertise. Don’t be afraid to ask for detailed breakdowns of costs and materials. This will allow you to identify any potential areas where you can save money. For instance, you can suggest using more cost-effective materials or consider different options that still meet your desired outcome.
Finally, be willing to negotiate on timelines and payment terms. Contractors may be more flexible on pricing if you offer a larger upfront payment or agree to a specific payment schedule that benefits both parties. However, make sure to protect yourself by only making payments as work is completed and to your satisfaction.
Set up a separate account for maintenance
Half of the fun in life is all of the many twists and turns that come along. Although you can’t predict when emergencies will happen, you can take measures to be as prepared as possible. Create a separate fund for home repairs and necessary renovations. This is especially important if you purchased your home “as is.” Unless the house you moved into was newly built and you were its first residents, the chances of having to update something are pretty great. We had a plumbing problem the year we moved in. The HVAC system came up for replacing a few years later.
Prioritize upgrades by necessity, not price
It can be tempting to push that major upgrade back because you’re worried it will break the bank. However, doing so may cause even more severe damage to your finances. If your home is in desperate need of a new, major appliance or an upgraded water heater, you’re better off biting the bullet and dealing out the cash. Doing so will not only provide you with a peace of mind (and probably an easier lifestyle, with newer amenities) but also prevent a major disaster that can cause expensive home damage.
Don’t be afraid of “used”
Buying a home is just the first step. Then, suddenly, you’re faced with this big gorgeous space and nothing to fill it with. Don’t overwhelm yourself with the idea that you have to buy an entire home’s worth of new furniture and appliances. Your major appliances have long lifespans, allowing you to get significant use out of them with minimal repairs. These appliances also come with a hefty price tag. Buying used or refurbished won’t deteriorate their expected lifespan but will save you a lot of money that can be used for furnishing your home. Used furniture is often one of the best deals out there. This is especially true for items like wooden tables that can be less than half as much and look just the same.
Consider going green
Another of our first time homeowner tips is that when it is time for home upgrades, consider choosing eco-friendly versions of traditional home renovations. Not only will creating a more sustainable home help you save on monthly utilities but doing so will additionally add value to your home when it’s time to put it on the market. Real estate trends are predicting the majority of homebuyers belonging to the millennial demographic. Some of the top things the new homeowner is looking for in a home are progressive, energy-efficient appliances and features.
To further reduce your expenses, consider choosing energy-efficient appliances that can help lower your utility bills in the long run. Investing in appliances with high energy efficiency ratings not only benefits the environment but also puts money back into your pocket. These appliances consume less electricity, reducing your monthly energy bills significantly.
When shopping for new appliances, look for the Energy Star label. This indicates that the product meets strict energy efficiency standards set by the Environmental Protection Agency. Energy Star-certified appliances, such as refrigerators, washing machines, and dishwashers, are designed to use less water and electricity without sacrificing performance.
Opting for green upgrades such as switching out your water heater for a tankless version can save you money on your energy bill. Tankless water heaters take less energy to provide your home with hot water. Take steps to minimize water waste by upgrading your faucets to touchless versions. Motion sensor gadgets will help to cut water use in half, effectively turning off when you are no longer actively using it!
Practice Preventive Maintenance
Preventive maintenance breathes longevity into your home. Simple inspections can help identify and address potential issues before they escalate into major problems. Regularly inspecting your HVAC system, for example, can help identify any wear and tear, leaks, or inefficiencies before they lead to a complete breakdown. Similarly, maintaining your plumbing system by fixing small leaks promptly and ensuring proper drainage can prevent water damage and the need for costly plumbing repairs. By being proactive, you can save yourself the headache and financial burden of having to deal with significant repairs down the line.
Another preventive measure to keep in mind is the importance of maintaining your home’s exterior. By regularly inspecting the roof, gutters, and siding, you can identify any signs of damage or wear that may leave your home vulnerable to leaks or structural issues. Addressing these issues early on can save you from expensive repairs and help preserve the value of your property.
Additionally, practicing preventive maintenance in your home can extend to smaller details that are often overlooked. For example, regularly changing air filters, inspecting and cleaning your fireplace, and checking for any pest infestations can all contribute to maintaining a healthy and efficient living environment while avoiding potential costly problems.
Opt for Programmable Thermostats
One of the most effective ways to save money on your home’s energy bills is by opting for programmable thermostats. These innovative devices allow you to set specific temperatures for different times of the day, ensuring optimal comfort and energy efficiency. By programming your thermostat to automatically adjust the temperature when you’re away or asleep, you can significantly reduce your heating and cooling costs without sacrificing comfort.
With a programmable thermostat, you have the power to create personalized schedules that align with your daily routine. For example, you can set the thermostat to lower the temperature during the day when no one is home, and then have it warm up right before you return. This simple adjustment can lead to substantial savings over time.
Conclusion
Becoming a first-time homeowner is a significant milestone. Compare the cost of buying a home with renting. This includes mortgage payments, property taxes, insurance, maintenance, and repairs versus your current rent and utilities. Consider if you have enough savings for a down payment and closing costs. Many first-time homebuyer programs can help with these expenses. Owning a home can build equity over time and this can be a huge financial advantage.
These 10 surprising homeowner tips have the power to transform not only your home but also your financial well-being. By opting for programmable thermostats, planting trees strategically, repurposing common household items, practicing preventive maintenance, and undertaking DIY projects, you can save money in ways you never imagined. Moreover, negotiating with contractors, choosing energy-efficient appliances, and taking advantage of homeowner discounts will further maximize your savings. By incorporating these strategies into your daily routine, you can significantly cut down on expenses while maintaining the comfort and functionality of your home. So, why wait? Start implementing these tips today and watch as your bank account flourishes. As Benjamin Franklin once said, “Beware of little expenses. A small leak will sink a great ship.” Your future self will thank you for taking action now.
Becoming a homeowner will no doubt come with its trials and tribulations, but educating yourself on the various ways you can make the most of your new chapter will help you achieve success! I hope you find these first time homeowner tips useful and congratulations on taking this big new step. Buying a home is a great investment!
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