Buying a new home can be expensive, especially if you intend to renovate or upgrade the existing structure. Learning and utilizing cost-cutting tips early on in your home ownership journey is a fantastic way to maximize your long-term savings. Here is a short list of common ways a new homeowner wastes money after purchasing.
Utility Payments
Especially important if buying an older home, receiving an energy audit from a utility company can help reduce various monthly utility bills by a significant amount. Florida heat can cause houses to heat up quickly, and poorly insulated walls or drafty windows can lead to the precious cool air of your AC escaping outside. People selling their homes are probably not very interested in the long-term energy efficiency of the house, so new homebuyers should take the initiative and reduce their recurring monthly energy and utility bill costs.
Costly Renovations
Renovations are often at the forefront of a new homebuyer’s mind; you can rarely find the perfect house for your needs. Mandatory renovations or renovations that significantly add to the home’s value are perfectly acceptable first steps to make after moving in. However, many renovations have a meager return on investment. Most commonly, homeowners who upscale their bathrooms or kitchens with fancy and unique upgrades, such as heated flooring, struggle to later find buyers who also want their specific upgrades included in a house. This is not to say these renovations shouldn’t be completed! Spending money on renovations should help to bring the house up to your imagined standards. Simply put, certain renovations will not help in the long-term value of a home.
Maintenance Services
Having a pool or lawn maintenance service might be helpful for large properties, but homeowners can save money by completing these often simple tasks themselves. Pool and lawn services can be finished in a short period of time on the weekends, allowing you to get out into the beautiful Florida Sun. Most supplies can be purchased from local stores or online for a much lower price compared to a service provider.
Overspending Your Budget
Purchasing a new home and factoring into your budget new monthly payments leaves many new homebuyers with limited amounts of disposable cash. Overspending your preplanned budget on new furnishings or renovations can cause that reserve cash to quickly deplete to zero, complicating other aspects of life and risking financial hardships should payments be missed. Keeping a ‘rainy day fund’ is handy to protect you and your family from any unforeseen financial difficulties in the future.
Calling A Handyman For Every Issue
If you are a new homeowner and are experiencing issues, it might be wise to make a list and call a handyman to fix all of the issues in one visit. However, as time goes on and more issues pop up, you should take the time to investigate how easily how owners can solve these issues by themselves. You will be surprised how much information can be found online to help solve simple occurrences like clogged drains or broken toilets. You will gain more knowledge in the process and save money that can be put toward new projects or renovations in your house.
Another way to save money on renovations is to hire local professionals who can both design and install your new kitchen or bathroom. Contractors who focus on a specific type of renovation can save you time and money and offer suggestions on how to cut costs without sacrificing the aesthetics you are hoping for. West Coast Design Build Florida has worked with hundreds of Sarasota area residents to transform their homes and not waste money – how can we help you?
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