When all is said and done, you will end up spending tens of thousands of dollars out of pocket on your new home and incur quite a few new or larger monthly expenses. Needless to say, cutting out unnecessary costs until your finances stabilize is a good way to ensure you have money for the things you need. Here are two things you can skimp out on after you purchase your first home.
Landscaping and Outdoor Decor
Your home's exterior plays a big part in its curb appeal, so you may feel compelled to hire a landscaper or pay hundreds of dollars for outdoor furniture to keep it looking great. Unless you plan on flipping the home within the next week or month, you can hold off on doing anything more than the basic maintenance required for the time of year.
The only time you need to make landscaping and outdoor decorating a priority is if there's a problem that must taken care of immediately (e.g. a dying tree) or the HOA has rules about how your home's exterior must look. Otherwise, make a wish list of the improvements you want to make (or discuss the issue with a landscaper) and slowly make those changes in stages as your budget allows.
Warranties for New Appliances
If you have to purchase new appliances because the seller took all of theirs with them when they moved out, you may be tempted to purchase extended warranties the sales' associates helpfully offer. At first glance, this may seem smart. After all, there is the possibility the appliance may break and need repair. However, the chance of that occurring within the service window provided by the extended warranty is pretty slim.
While it's true 20 percent of dishwashers and 31 percent of refrigerators needed repairs within the first four years of purchase, whether this will happen in your case depends on how much you use the machine and how often you perform routine maintenance on it. You can prevent a lot of issues with your appliances just by taking care of them, and any problems caused by manufacturer defects are already covered by the manufacturers' warranties.
It's better to save your money now by declining extended warranties. Instead, purchase service plans when the appliances are older and more likely to break down because of age-related deterioration.
For more tips on saving money after purchasing real estate for sale, or help finding the house for you, contact a real estate agent.Share
24 April 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.