Without question, purchasing a new home is one of the most expensive actions that many people make in their lifetime. Between down payments and working to build credit, there are several reasons why buying a new home can make quite the dent in a couple’s savings accounts and cash funds. So, how can a new couple save money with their new home? Budgeting for a new home is simple with a few tips.
1. DIY Options
Learn how to complete home renovations on your own. From YouTube to blog posts, there are ample resources for how to best fix different issues in your home. From properly taping a wall before applying a fresh coat of paint to finding the right way to patch a hole in the wall, there are many different home repair projects that can be fixed simply without a contractor. Use the internet and even social media to learn how to best fix any issues in your new home. Use caution though if you don’t have a lot of experience.
2. Insurance Plans
Talk to a licensed insurance agent for home insurance coverage. From protecting your assets in the event of a natural disaster like a flood or tornado to covering your liability in the event that a friend gets injured at your home, having homeowners’ insurance is crucial to saving money. Only 4% to 5% of personal injury cases go to trial. At least 95% of personal injury claims are settled pre-trial in the United States. Because of the potential personal injury issues, having homeowners’ insurance can prevent future legal fees and save you from having to pay out of pocket to repair damages and replace lost items in the event of a natural disaster or robbery.
3. Make Investments
Another way to save money with a new home is to invest in the home early. A stylish new roof can add 15 to 40 percent more value to your house. Specialty roof types like true slate and Ludowici tile can have lifespans from 75 to 125 years. This significantly helps solidify quality curb appeal for many years to come. By taking advantage of today’s prices on home repairs, you can get ahead of any future changes in inflation for home repairs. Besides being able to save money, invest in your home before you need a repair or before you decide to get an appraisal. Adding value to your home is incredibly important and doing so when you buy can help protect you from future inflation issues.
4. Repair Quickly
Find repairs before you need them. From a leaky faucet to a faulty HVAC, there are many different issues in your home that might not seem major but could affect your monthly bills and utility costs. According to the EPA, a leaky faucet dripping one drip per second can waste more than 3,000 gallons of water a year. This can have a major effect on the cost of your monthly water bill. Make sure before you purchase your home to have a home inspection. Many realtors partner with home inspection companies to provide a thorough inspection of the current health of your home. By doing this ahead of time, you can save on utility bills and future home repairs that can cause major damage.
5. Start Landscaping
Save money by learning how to do it yourself with home landscaping. Having quality landscaping not only makes your home look beautiful from the curbside but can also improve the value of your home. From purchasing plants at a local nursery to learning how to mow to get crisp rows of grass, you can save money by learning how to do it all on your own. With a little time on YouTube and a little bit of money spent at the local nursery, you can maintain your home with great landscaping and save money on regular maintenance.
Overall, these were some of the things you should do if you have a home. By following this guide, you and your partner can save money in the long run.