No one plans to waste money …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 to overspend in your excitement over a new home.

Owning a home already comes with additional expenses over renting. Maybe you didn’t pay for heating and cooling but now you do.  Things do go bump in the night and as a homeowner you will have to cover the cost of repairing or replacing whatever was damaged.  It’s a good idea to make sure you have enough money set aside to cover unexpected expenses. 

Here are some additional tips to keep in mind whether you just moved in or have lived in your home for a while:

Wanting a HGTV home right away. Design shows are great and have plenty of wonderful ideas. But trying to do it all at once can be very costly. Whether you are trying to determine paint colors, or pick that new bedroom set, or renovate that bathroom, take a beat, and live in your home for a while with your existing stuff before making any major purchases. Especially if you are thinking of a major renovation like your kitchen.  By living with it for a while you can see what works about your current kitchen and what doesn’t.  There is nothing worse than renovating a kitchen and finding that the layout doesn’t flow well.

I encourage you to give yourself a year to settle in and feel “at home.”  Live in your home and see what works for you and what feels awkward.

Take your time decorating, don’t rush to finish every room down to the artwork and decorative items. Take your time replacing the current stuff you brought with you so what you choose is something that really speaks to you and that you will enjoy for a long time to come. Enjoy the hunt for the right picture or piece of furniture – you’ll save money along the way and your rooms will truly reflect your personality!

Bypassing Do-It-Yourself attempts.  Before you run out to hire a cleaning service or yard service, try cleaning those extra bathrooms yourself, or mowing the lawn and caring for the shrubs and garden yourself. Research how to do these things and you may find a hobby you really enjoy. This could save you hundreds of dollars each year.

Some small maintenance jobs may not need a handy man or plumber, like replacing the flapper on a leaky toilet. Check out YouTube videos to see if you can trouble shoot a problem and address it yourself. YouTube videos are chock full of information, with step-by-step instructions. Other sources of information for DIY maintenance are home improvement websites and workshops at local hardware stores. If you are comfortable with tackling some of these tasks, they can also save you hundreds of dollars.

Not updating some of your old “habits.” Now that you are a homeowner you can take the time to revisit current habits and change them while you form new routines for your day-to-day life. 

Maybe you can purchase that coffee maker you never had counter space for and save yourself the stop to purchase coffee on the way to work. The cost of the coffee maker will pay for itself quickly.  

If cable was included in your rent, maybe take a good look at your television habits, and see what the most cost-effective way to manage your TV, movie, and internet needs is. A new home is a clean slate for building new potentially money saving habits.

Keep looking for ways to save in your new place….What about a rarely used gym membership or the stack of constantly used take-out menus?

 Paying for that extended warranty.  Whether you are planning to replace some or all your appliances right away, or in the near future, think twice before purchasing the extended warranties.  Most of us look for sales and good deals before we buy a refrigerator, washer, dryer, or other appliances, especially if we are purchasing multiple appliances at once. That extra money could be better used or saved for your own cash flow purposes.

If something does break, it can cost less than what you put into the warranty OR that problem might not be covered at all. Before purchasing an extended warranty, you should check to see if your credit card offers a year of extended warranty on purchases as part of your benefits.   

It may also be more cost effective to purchase an annual home warranty that covers more than just the appliance you are purchasing. A home warranty 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. Rather than sticking with the insurance company your currently have for rental and auto insurance, do some shopping around, compare coverages, what is and is not covered, make sure you are comparing the same coverage levels. If your current insurance is the best deal great, if not you have alternatives.

Having your homeowner and auto policies with the company can often get you a discount, so make sure you are shopping for both. If you belong to a credit union, check out their member benefits for insurance as well.

Not taking your home’s energy efficiency seriously enough.  You may want to get a home energy audit. Often the utility company will offer a free energy audit you can take advantage of. They can tell you where heat (or air conditioning) may be escaping and if your appliances are efficient. The report can be filled with energy tips you can implement yourself and reduce your energy costs.

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 a home anytime soon.