If you’re a new homeowner, first of all, a big congratulations. The whole process of searching, putting in an offer, getting rejected, then finally accepted, and closing is such a daunting process.
There’s nothing like the feeling of your realtor handing you the keys to your new house, and the onset of pride that comes with it.
This is your house — where you’ll raise your kids, have barbecues in the backyard, plant herbs, and make so many cherished memories.
However, with that comes expenses you may not have foreshadowed, and now is not the time to waste money on unnecessary purchases. On the other hand, some resources that require spending can save your wallet over time.
Here are some tips for new homeowners that can help your wallet and peace of mind at the same time.
Pay an extra month or two on your rental if your house needs renovations
Those who have gone through a closing know that it always takes longer than expected. If you’re a renter and told your landlord you’d be moving out by the end of the month, that might not give you enough time to tie up loose ends.
Your house may need some major work, like refinishing floors or repairing cracked ceilings, and it’s always better to do so before moving in. Otherwise, you’ll have to move your furniture again, which is a huge headache and costly as well if you’re hiring movers.
Focus on the bare necessities at first
Are you moving from an apartment to a bigger living space? If so, you’ll likely have rooms that need to be furnished. Don’t worry about areas like the guest room or basement just yet. Focus first on rooms that you and the kids will be regularly using, such as the main bedrooms. Bed frames, mattresses, and dressers are essentials that are a top priority.
However, don’t skimp on these items only to replace them a year later. A cheap $300 mattress is going to wreak havoc on your back and start to deteriorate quickly. Save yourself the hassle and money, and splurge on a good one that will last you at least a decade.
The dining room and living room can afford to wait if you don’t yet have a table and sofa. A long-term item can take days or weeks to decide on, so in the meantime, just use a folding table and temporary seating.
Address all plumbing and electrical issues before moving in
Unless you’re moving into a newly-built house, chances are, the plumbing and wiring are going need updating. You’ve probably already had an inspection done prior to closing, so you know the areas that need to be addressed.
Don’t wait until after you’ve moved in to do so. You don’t want an emergency happening on the weekend at 7 p.m. and can’t get anyone until the following Monday. A clogged basement pipe is never fun and can cause an overflow in the bathroom. Trust me, been there, done that.
Programs worth investing in and ones that are not
When you’re a new homeowner, expect to be bombarded with all kinds of offers from companies. The one plan that was highly suggested to me was PSE&G Worry Free, which acts as a warranty for your appliances. You can pick and choose which you want covered, and you pay a monthly fee for the year. The water heater and boiler are a must, as they’re big-ticket items to repair. You can also opt for your refrigerator, dishwasher, and laundry machines, but those aren’t as costly to replace or fix.
When I moved in, I got an offer for a home warranty, which is separate from my home insurance. For a monthly fee, they would cover everything from my HVAC (which I didn’t have) to broken appliances (I could use PSE&G Worry Free for that).
The way they sold it was that anything could break down in an old house, so I should be protected. I was tempted, but after doing the math, I would be spending an extra $4,000 a year. I doubt that my repair bill would regularly be that amount, so I decided to forego it. Still, others found their home warranties useful, so be sure to use your own judgment and do some research before making the plunge.
Don’t discount used furniture
You may be tempted to buy all Ikea furniture to save money, but before you do so, scour your local estate sales for sturdier pieces. Many have good, solid antiques that are well-made and will last decades, if not centuries. And, the owners will probably sell them for a fraction of what they’re worth.
Additionally, look on Facebook Marketplace and your local pages to see if anyone is giving away furniture. If you’re handy, a good refinishing can make something look brand new.
Small upgrades can make all the difference
Don’t have the money to refinish your cabinets? The Strategist suggests getting a cabinet painting kit that takes all the guesswork out of reviving them.
Additionally, replace the knobs and handles for an instant makeover. The same goes for light switches and outlet covers. Many homeowners rarely change them out, and new ones will freshen up all your rooms.
If you have a walkway, solar-powered stakes will give your front yard a homey feel and provide light at nighttime.
Painting all the walls can be a chore (and expensive), but peel-and-stick wallpaper is a non-messy way to upgrade your rooms or even provide decoration for an accent wall. Peel-and-stick backsplashes are also available to instantly modernize your kitchen or bathroom without extensive repair.
Toilets are a few hundred dollars to replace, but you can get a new seat, and it’s easy to DIY. If you’re handy, replace your bathroom cabinet as well.
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