Buying a home for the first time is a big, exciting investment – probably the biggest one you will make. So, it’s only natural to wonder about the financial costs of owning a house after that mortgage is signed. Not to worry – here are some new homeowner tips to keep your money management on the right track.
Budget for Home Décor & Furniture
Get creative with home décor and furniture, as this is one of the biggest expenses and adds up quickly. Look at purchasing like new items, shop sales, or seek out free items from friends/family to help save.
Utility Costs
Utilize equal billing for your utility bills. Equal billing will allow you to budget your monthly expenses knowing exactly what will be coming out each without any surprises. So you won’t have to worry about those steep increases during the warmest and coldest months. Home
Maintenance Costs
Keep up with your regular maintenance of major appliances. Whether you have a newly constructed home or a home that is 100 years old, there will always be maintenance and repairs needed. There’s no affordable way to replace these bigger items but you can make them last longer by keeping them in good shape.
Renovation Expenses
When it comes to renovations, budgets are key. Prioritize your renovations and make sure you can afford them before starting. Look around for seasonal renovation sales, or lower priced but still good quality items. Don’t take the cheap way out but you also don’t need top of the line everything.
Minimize Energy Costs
Consider using LED light bulbs for interior and dusk to dawn exterior lights. These bulbs will help reduce the amount of energy used. Adding timers to living room lights will contribute to lowering your monthly utility bills as well.
Pay attention to your time-of-use rates for electricity, as the cost fluctuates based on time and season. Doing things like laundry, reducing the number of lights on, and running your dishwasher during off peak times or weekends will help reduce your overall electricity costs.
Rinse & Repeat
By keeping these simple tips in mind, you will be able to begin your new life on the right path forward financially. Contact us today to get in control of your expenses.
