Ways You Can Save Money as New Homeowners
Ways You Can Save Money as New Homeowners
One of the biggest accomplishments and investments you can make in your adult life is buying a home. Ownership is a great feeling and being able to provide a place to raise a family is priceless.
There is no denying that it can be a daunting task.
Nevertheless, it is something that most of us look forward to doing. Though, sometimes we forget that not only does our new home come with a hefty mortgage, it also brings a lot more expenses we often overlook.
I remember buying our first home like it was yesterday. We have been in our second home for 6 years now. Time flies but we have learned so much since then.
Honestly speaking, as many good decisions we’ve made, we’ve also made mistakes. Especially when it comes to making investments, renovations, and maintenance.
Let our mistakes be your triumphs. Read on for a few tips that will help you make the leap from renter to owner and help you succeed in new homeownership.
Take Your Time in Decorating
You’ll notice that over the years, your home’s style will change. Not only according to your taste but, also according to what you’re able to afford.
One of the biggest mistakes you can make is to rush out and buy everything new and of the highest quality. If you’re moving from an apartment into a family home, the odds are you may not have enough things to fill it up.
After all, you’ve most likely surrendered your life savings for a down payment and money is tight. Saving can definitely be a challenge at this time. Which means that you won’t have extra cash to get everything you want at the moment.
Give yourself some time to start saving again and in the meantime, take those hand-me-downs your family offers. You can transform your old pieces with a little DIY and elbow grease too.
Try adding an inexpensive accent wall that adds character. Maybe buy new bathroom and kitchen hardware from the local antique shop.
You’ll find that improving the lighting in your home can make a big difference. You can find nice pieces at Costco.ca, along with LED bulbs that are brighter and more economical.
Once you start to save again, make a budget and stick to it. You can definitely decorate your home on a budget and soon enough, you can start making your dream home.
Shopping smart can be easy, it just takes a little planning and researching. You can clip coupons or you can buy in bulk. I prefer the latter. That’s why I love my Costco membership, it pays for itself over the long run.
It is inevitable that you will have to make some purchases.
Whether it’s stocking up on all your everyday home essentials and a few key pieces of furniture or appliances that you absolutely need.
They have a variety of merchandise from home furniture, outdoor living, appliances and more. Plus, you can get all the essentials like cleaning products, kitchen supplies, and food. You can find some amazing throw blankets, pyjamas, and let’s not forget those delicious rotisserie chickens and so much more.
For us, it’s a great place to stock up on snacks for the kids for both school and home and for ingredients to make wholesome meals. Not to mention, we love buying them socks and clothes there too since the kids go through both incessantly.
Truth be told though, it’s all about the variety and when I can get everything in one place, I’m a happy gal.
Besides, the kids love the samples!
I recently helped my brother move into his new home and the first place I took him was to Costco. A year later and he still hasn’t had to stock up on home essentials and he makes regular trips to save on groceries there.
If you work from home like me or have a small business, you can take advantage of their business services. That alone can save you tons!
You can even pick up prescription medications or get a nice set of glasses if you need them.
All under one roof.
Consider a Credit Card That Works for You
There’s nothing more frustrating than having a credit card that costs you money when you are trying to save. The Capital One Costco Mastercard is a cashback credit card that doubles as a Costco membership.
There is no annual fee so, it isn’t costing you money to have it.
Even if you rather shop elsewhere or don’t find a benefit of buying bulk at Costco, you can earn cashback virtually EVERYWHERE. Not just Costco, though with all the specialty departments, it’s hard not to see a benefit there.
So whenever you go out to eat you’re earning 3% and 2% when you grab gas. You also get 0.5% on the first $3000 you spend that year on other purchases, and 1% after that! A great way to put that cashback to use is by putting it in a savings account as an emergency fund. As new homeowners, you’ll find that they may come up when you least expect. A good number to aim for is between $2000 to $3000.
If you are all set on that homefront, you can use your cashback to travel. The Capital One Costco Card gives you perks for this too! You can save on car rental insurance, travel accident insurance, baggage delay and get travel assistance.
Plus, you can always rest easy knowing that you are covered.
The Capital One Costco Mastercard offers price protection service, purchase assurance, and extended warranty.
Make sure you head to Costco to sign up today to get Capital One Costco Mastercard or sign up on Costco.ca.
Apply and get $10 just for using your card
Apply between October 28 and November 10, 2019. If you’re approved, spend $50 by December 10, 2019 and get a $10 statement credit. See Capital One for more details.
Knock out two birds with one stone, cashback and a Costco membership in one.
Hire the Pros
If you’ve picked up a fixer-upper, that’s okay. Putting in some sweat and a whole lotta love into your home is fulfilling.
While re-painting the place yourself is easy enough and small repairs are easily done, it’s always best to leave anything electrical or structural to the pros.
Even if you’ve watched a zillion YouTube videos, those jobs are best left to the pros. Not only for safety issues but, what we think may be an easy DIY project could end up costing big money in the long run.
You’ll want to hang shelves or pictures frames and that’s all good, just make sure you grab yourself a $25 stud finder before drilling into walls. The last thing you want is to drill into air ducts, plumbing or anything electrical.
This is where you will want to spend a bit, especially if something goes wrong and believe me, it often does. Take it from us!
Have the Proper Insurance
This is another area where doing research can do you lots of good! Find an insurance company that can cover your new investment.
In case anything happens, you, your family, and your belongings are safe.
Most banks that offer mortgages will do so with the expectation that you purchase home insurance. Again, this is another cost of being a homeowner but, one that is super necessary.
Costco also offers home insurance! As a Costco member, you have access to a variety of services. Visit Costco.ca to find out more.
Maintain Your Home
As a homeowner, you’ll find that it’s a ritual to continuously check your home for things that need to be maintained. It’s always worth it to look into fixing them before they become bigger problems.
For example, keep an eye on your air conditioner/furnace. Changing your filters regularly can help your monthly bill and keep it running smoothly. Another important one is checking your carbon monoxide detector. Visit a Costco near you for all your appliance needs!
Other things to check are your windows, inspect the caulking around sinks or tubs, and check for any leaks or drips.
Another big one is to clean the lint in your dryer. When it is full, it can cause fires or make your dryer work less efficiently. This means it takes longer to dry your clothes and makes your electricity bill higher.
Making sure things work is a must but, also making sure things are secure is very important. Check locks, outdoor hinges, windows, and consider adding some security cameras. This can help you maintain a safe and kept up home!
Plan for Improvements That Increase Value
They call it a “starter home” for a reason. The odds are that unless you’ve found THE perfect home, you are eventually going to sell your first home.
Or if your first home is your dream home, you’ll eventually want to improve it.
Focus on improving the exterior of the home to improve curb appeal. If you’re going to update the kitchen, do it in a way that works the best structurally. Sometimes you can invest in a kitchen and spend good money and still have a kitchen that buyers may not want.
Buyers like open spaces and sightlines, so consider that. With all your cashback you earn with your smart purchases, you’ll have saved enough to do this in no time.
Taking on home improvement projects can be stressful, allow Costco to help with installations! Visit Costco.ca to read more about the services that are available.
Rock Your New Home Ownership
Now that you are armed with a few tips that can help you save money, you are ready to start the journey. Remember, what makes a house a home is those you love!
You May Also Like:
- Design Tips for Forgotten Areas of the Home
- Things To Consider When Building Your Home
- Tips for Buying Your First Home
With a little hard work, love, smart planning, useful tools and making money-wise decisions–you’ll create your dream home sooner than later!
Do you have any ways to save money as new homeowners?
Let me know, til then–cheers m’deres!
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Nancy Polanco is a freelance journalist, lifestyle content creator, and editor of Whispered Inspirations. She is a proud Mom to Gabby and Michaela. Having worked as part of a health care team for almost a decade, Nancy is happy to be back to her passion. She is a contributor to the Huffington Post, TODAY’s Parents, and an Oprah Magazine Brand Ambassador.
This is some valuable info for people who are looking into buying their first home. Some people rush right in before really thinking about what it all takes to own a home.
Thank you so happy it can help. It can be daunting.
We moved into our second home 2 years ago and I still have only painted one wall. It surely does take time.
We moved in over 6 years ago and we are still making changes and updates.
We are hoping to buy a home early next year and will need so many tips to save money! This came at the perfect time.
Yay! So happy this can help you while you transition.
I love shopping at Costco! Quality products every single day. I have researched how they make determination and selection of their product lines and product categories. They are simply the top of the crop in retail. They offer a ton of cash back: from daily purchases to travel to air conditioning to flooring and everything in between.
Yes, you are right! I love Costco!
I think these are great tips. Taking your time and finding people that really know what they’re doing when it comes to something you may not have the skills to do, is important.
Yes, leaving it to the pros is so important. Especially when it comes to bigger things like electric.
I think these are some wonderful tips. I still remember when I became a first time homeowner. It’s only been three years for me. I’m still always working on saving. I personally love to save when I can.
Me too, every little bit adds up.
I like credit card rewards. I pay my credit card in full every month so I like the benefits of the rewards
Nothing like cash back though! Right?
These are amazing tips to save! Having a new home can be a pleasure or pain. I am sure these suggestions are effective
Awesome, so happy they can help.
These are really helpful tips! Thank you so much for sharing!
My pleasure, hope they can help.
Saving some money is fundamental especially when you are a new homeowners. Thanks for these tips!
My pleasure, you are absolutely right!
I love Costco, but had no idea that they offer Home Insurance. Will definitely be looking into that. And your tips are great. We’ve owned many homes over the years and not only do your tastes change, but if you end up moving, the furniture and decor you have may not match your new home and you’ll be forced to start over again. It’s not worth it to spend a fortune on stuff that will end up changing!
That is very, very true! Yes, they do, hope you can find something that works for you. Costco rocks!
These are some really great tips! My family really struggles with this!
I think we can all fall in a rut sometimes and think we can get to things later, do not feel bad about it. Good thing is, it is never too late to get started.
We are always making improvements to our home that will increase the value of our home. These are great recommendations.
Thanks, glad they can help! That is always a good idea, for sure.
These are some great ideas, some of which we can all do at anytime. I definitely need to get better at shopping smarter that is something I often forget to do and end up paying more than I should.
I think we all have that tendency. I always reel myself in!
I always love when I can save money. I’ll try these out. I wish they’d build a Costco closer to our house. I’d go more often! One day they might get smart and do that!
Aww, that would be nice.
Great tips for new homeowners. It is so important to spend money wisely and not go into debt when you buy a house. Especially in decorating it. We love COSTCO too!
Yes, it can be overwhelming for sure.
There are so many things that you are now responsible for that you need to save money anywhere possible. Taxes, insurance, utilities it all adds up to a lot of money not even including the payment.
Yes, it is a smart thing to do to think about and plan for.
I wish that I had a Costco membership but I just don’t have the need to buy everything in bulk even though it saves money in the long run. Homeownership is expensive and most people don’t think twice about maintaining their home throughout the years.
For sure, it can definitely be expensive.
I really enjoyed reading this post. I can’t wait to implement your tips, they’re really helpful.
Awesome, so happy it can help.
Great tips! We just bought our first home together about 8 months ago and of course right after purchasing I had to have ever new and get all the projects done asap. Wish I handled things differently lol.
We learn from it, so no worries.
Love your tips! Always looking for new ways to save!
I really like your idea of taking your time decorating. You don’t have to have a perfectly decorated house as soon as you move in, right?!
I know there is a pressure to do it but, ultimately, you are living in it. You can definitely take your time doing it!
Having your own home where your family will reside is really a great achievement. Thank you for these wonderful tips. I will keep them in mind.
Awesome, thanks for checking them out Dennis.
Nice blog..! These tips are so great and helpful, I will definitely share this. Thanks..!
Awesome, thanks for sharing!
These are all great tips for sure. Shopping during sales is a great way to save some money. Shopping at wholesale clubs is another good way to save money on groceries and household essentials.
I completely agree!
Hi Nancy! Just going to say it again. I love the layout of your site. Who did this one? It looks so clean. Anyways, Costco is my go to for so many things. This time of year it’s not just food of course, but beauty items and clothing and household and tech too. Over the years we have spent a lot there and it’s worth the money spent on a membership.
Yes, so true. You can find so many things!
Great tips! We love Costco and use their credit card every day. We don’t buy anything before checking Costco first. They have amazing deals!
They really do and bulk can save money over time.
Your very first statement: take your time in decorating. That is a must. We changed styles a million times because we never sat down and really looked at what we really liked. Great tip.
Thank you! You can definitely spend a lot if you do not put some thought behind it.
Being a homeowner means a never-ending list of to-do’s. We are learning what we can do ourselves, and when we should get help. Thankfully, we are also learning how to save. Costco is a big help on everything from snacks to appliances.
Yes, I love Costco for savings.
Fantastic tips! These are sure to be helpful to anybody thinking of buying their first home. Who doesn’t love saving money?
I know I do!
There is a lot to consider when buying a home. Thanks for the tips you mentioned.
There definitely is. My pleasure, I hope it helps.