Buying a new home might be one of the biggest purchases you ever make in your life. It is also a great investment in your future, one that takes nurturing, maintenance, and smart financial planning.
After your move in, unpack all your boxes, organize your furniture and start to feel at home, there is an opportunity to look at ways to save money so that you can enjoy your new home even more!
We’ve rounded up five ways new homeowners can save money, and you might think of a few more after reading our shortlist.
1. Roll Up Your Sleeves and DIY Home Projects
This is a no-brainer and can actually be very fun! By rolling up your sleeves and doing some small home projects yourself, you can save money by not paying someone else to do them. If DIY isn’t exactly your thing, but learning new skills is, you can often sign up for short courses at local hardware and home stores to get familiar with what tools you will need and how to do the job properly.
Some easy projects you can do yourself are:
– paint one or more rooms in the house to give them a fresh and personalized feel;
– install a backsplash in your kitchen or bathroom;
– partner with neighbors to put up fencing or construct a back deck;
– install window coverings;
– change light fixtures;
– switch out the handles and hardware on cabinetry and doors around your home
2. Energy Audit Your Home
You might not realize it, but you could be spending way more than you should be to heat and cool your home. There are some simple ways to ensure your home insulation is working as well as it should be and some tools you can use to improve your home’s performance.
More common in older homes, drafty windows can drain your savings and they can be fixed with weather stripping found at most hardware stores. Doors can be drafty too and it doesn’t make you have to replace the door or the frame, it just means you have to reduce the gap.
When it’s hot outside and you want your house to stay cool, window coverings can help to reduce the heat in your home. If your air conditioner isn’t over-worked, you won’t have to spend as much to keep your house cool in the summer
Another big energy eater is the lightbulb – so easy to replace. LED and CFL lighting can save you a bundle and they outlast regular incandescent bulbs. They might be pricier to purchase but they will save you money in the long run. Try installing them in places where lights are left on, such as the front porch, hallway, and living rooms.
3. Bundles Your Services
Do you have more than one type of insurance? Home, car, life insurance? Please speak to your financial experts about bundling them to find some savings.
What about phones, TV, and the internet? Bundling these services should also come with a discount, saving you money every month.
Another example of bundling is to speak with your mortgage broker or financial advisory about refinancing or consolidating loans. This can save you money in the short and long term and is definitely worth looking into.
4. Smarten Up Your Home
Many new construction homes will have integrated smart home technology ready when you move in. This is a great way to save money from Day 1 and according to Energy Star, a smart thermometer can save new homeowners about 8 percent per year on their utility bills.
If your home doesn’t have smart technology, here are a few ways to install tools that can help monitor energy use and save you money by minimizing your utility bills. Installing a smart thermometer is a great first step. You can control the climate in your home and make it cost-effective by programming the optimal desired temperature for different seasons, times of the day, and week, as well as when you are in the home or not.
A smart water monitor and security system is another way to save money. While a security system is known to alert homeowners to theft, a smart water monitor security system can protect your home from water damage and leaks that cost you money on your water bill and your homeowner’s insurance.
Lastly, smart lighting technology such as motion sensors and installing water conservation fixtures around the home, such as low-flow toilets, faucets, and showerheads will save you money on items you use every day.
5. Save Some Money For A Rainy Day
It might sound strange, but putting aside some money every month is a great way new homeowners can save money in the long term. Owning a home is a big responsibility and maintaining your investment is important to ensure its longevity. Seasonal maintenance is part of homeownership, and much of it can be DIY’ed to save money, but sometimes things pop up that are unexpected.
For example, after a long, hard winter, you may need to replace some roof shingles or fix a leak that appears in a rainy spring season. At any time, there could be appliances that need to be replaced or new furniture that needs to be purchased as your family grows.
Saving for a rainy day really means planning for the unexpected so that when you do need it, the money is there. This will save you borrowing costs, not to mention some stress!
Many Ways to Save
As a new homeowner, there are many ways to save money so that you can relax and enjoy your new home, and all you have to do is tackle one or two and you will start to see some savings soon enough!