Purchasing a new home can be expensive, but you can save money in the long run by doing a few things before and after you move in. Saving money should be a long-term goal so that you can prepare for paying for college for your children and/or retirement when it’s time to hang up your hat. Follow these money-saving tips for your new home.
1. Save on the Move
You can save money before you even move into your new home by saving on the move. Instead of hiring a moving company to move all of your clothes, furniture, and more, see what you can easily move yourself and rent a moving van for the day. Once you know the items that are too heavy for you to move yourself, you can hire a moving company to take care of the rest.
Moving companies may offer to help you box your belongings before moving them. Avoid this service add-on at all costs because they’ll charge you hundreds of dollars on top of moving costs. While it may take time, purchasing your own boxes and packing up your own things can save you tons of money.
2. Install a Smart Thermostat
Utility bills can be expensive, especially if you’re heating up or cooling down an entire house all day, every day. Smart thermostats can help you keep your climate control costs down. They let you program your desired temperatures for different times of day, and they learn your habits and adjust themselves.
For example, if you’re someone who likes to keep their house warm during the day in the winter and cool at night, your thermostat will learn this and start setting your temperature for you.
3. Install a Security System
A security system can help protect your family and your valuables, helping save you money. If your house is robbed when you’re not there, you can expect to lose thousands of dollars in electronics and jewelry, not to mention sentimental items that are priceless to you.
A security system can alert the police when your house has been broken into and send an alert to your phone so that you know. Many security systems are equipped with cameras that allow you to record the thieves in your home to use later in a criminal investigation so that you have a better chance of getting your valuables back.
4. Save on Furniture
There are tons of ways to save on home furniture for your new house, including bringing your old furniture with you if it’s still in good condition. You can also shop online or look for deals at your local furniture stores. Furnishing your new home can be expensive if you’re not looking at it and considering your budget. Make sure that you and your spouse set a budget for furniture for the new house and agree not to go over.
5. Purchase a New Furnace
Did the old homeowners tell you when was the last time they repaired or replaced their furnace? If it’s an old furnace, they likely didn’t advertise the fact. Replacing your furnace as soon as possible can help you save money in the long run.
An old furnace requires more energy to work property and heat the entire house. A new electric furnace, on the other hand, is more energy efficient and cost-efficient so that your home will be heated in less time and without a massive energy bill.
6. Insulate the Attic
If your furnace is new or working properly and doesn’t need to be replaced, make sure that your home is well insulated. One area that many new homeowners tend to overlook is the attic. An attic that isn’t well insulated will let cold air into your home, making your furnace work harder than necessary to keep the home heated.
7. Start an Emergency Repair Fund
You may not be able to address all of the issues of your new house at once. Homeowners are always burdened with choosing which items in their home need to be repaired or replaced first. The best thing you can do is start a repair fund as soon as possible so that you can continue to save for expensive home repairs.
By having some money stashed away for a rainy day, you can ensure less stress on yourself and your finances when the day arises that an appliance breaks or there’s a leak in your roof.
8. Upgrade Appliances
If you purchased a home with older appliances, you could replace them with energy-efficient appliances that save you money over time. Appliances with the Energy Star label are certified to do a better job than other appliances while using less energy.
The upfront costs of purchasing these appliances may seem intimidating, but you’ll be saving thousands of dollars on your utility bills over time to offset the cost of upgrading.
9. Upgrade Lighting
While you may not upgrade the lighting just because you don’t like the mood it sets in the room, you can and should upgrade lighting to save money. Check the home to see what types of lightbulbs are currently being used. If the home doesn’t have LEDs, consider making the switch for better energy efficiency.
As you know, using less energy means a lower monthly electricity bill. LEDs are available in a variety of shades and tones depending on the room so that you can choose between a yellow shade or white for your kitchen, bedroom, bathroom, and more. LED bulbs also last longer, which means you’ll be saving a small amount of money when you’re not replacing lightbulbs as often.
10. Save Your Family Money by Updating Your Will
Once you move into your new home, make sure that you spend some time making a will so that your children or any heirs will inherit the home after you pass away. Any time you move, it’s important to take stock and update your will accordingly. A will can ensure that you pass on your home to your family instead of making them fight for it in an expensive legal battle.
Purchasing your first home is a major milestone. At first, it can be overwhelming, especially when it comes to the logistics of moving, decorating, and finding new furniture for your space. On top of that, you need to keep your finances in mind. Buying a home will most likely be the most expensive purchase you’ll make in your lifetime, which is why every penny counts. With these money-saving tips, you’ll be able to keep your dollars in your wallet while still making your new house a home.
Matt Casadona has a Bachelor of Science in Business Administration, with a concentration in Marketing and a minor in Psychology. He is currently a contributing editor for 365 Business Tips. Matt is passionate about marketing and business strategy and enjoys the San Diego life, traveling and music.