Sara Wallace - Financial Planner
How to Keep Costs Low in Your New Home
When my husband and I purchased our first home this past May, we were beyond excited to move in and make it our own. As we left the closing, we couldn’t stop talking about all the new things we wanted to do to the interior and exterior of the home.
Some of our plans were practical - the house needed a good cleaning and as we would find out later, a thick treatment of spider spray. Others were merely superfluous.
Regardless, through all the planning we began to realize the hidden costs associated with our new home. immediately we began to revise our plan to make it as cost efficient as possible. This meant some sacrifice, but mostly, just a little bit of creativity.
Here are my tips for keeping costs as low as possible.
Say “No” to the Hired Help:
Sigh. I know, moving day is tough. But doing it yourself can save you hundreds of dollars in expenses. Professional movers love to take advantage of the lazy. They will charge you for the labor, the moving van, gas, boxes, tape, bubble wrap, and anything else they can get away with.
Instead, borrow trucks and vans, or if needed, rent a U-Haul for the day (this is still cheaper than hiring movers). Call in those favors and ask friends and family to help load and unload boxes into the house. Buy them lunch and drinks and be sure to return the favor when they are in need.
Also, save any receipts associated with your move in day. If a company is not paying you to relocate, and if you are moving more that 100 miles away, you may be able to deduct moving expenses from your taxes at the end of the year.
Say “Yes” to Painting:
One of the least expensive ways to make a big change to the interior of your home is to paint. You can easily change the entire look of a room with just a few gallons of your favorite color.
Again, try doing this on your own. My husband and I work full time and still managed to paint on our own. it took a few nights and weekends, but it was well worth the effort. unless your have cathedral ceiling that require professional painters, this is one of the easiest projects to conquer by yourself.
When buying paint, take advantage of buying in bulk. It is much cheaper to buy a gallon of one color than many small quartz of various shades. However, make sure you purchase something you will like for years regardless of the cost.
If you fall in love with a pricier, designer shade of paint (as I did with Ralph Lauren’s selections) consider taking those color swatches and having them made with a less expensive paint, such as Bear. You can get the exact color and quality you want, without paying the designer price tag.
Reuse, Redo, Reward:
This is where it’s time to get creative. This is also where you can save a lot of money if you put in some effort.
We moved from a one bedroom apartment into a three bedroom house and could have gotten carried away with the expenses of new furniture and accessories. But instead of buying all the new things, we worked with what we have and it looks great,
We were given two old dressers that my grandparents purchased when they first got married. They were old, dirty and in major need of repair. We sanded them to their bare wood and stained them a deep mahogany. While once old and dirty, they now look as if we bought them from the Haverty’s catalog.
For in the living room furniture, we painted the tables we had that were looking rough. One can of black paint and we saved hundreds of dollars in furniture.
Go to yard sales, consignment shops, or www.freecycle.org. Freecycle is an online community which people give and receive items for free. Things are not always in perfect condition, but they can be with a little TLC.
We used the same strategy with the outside of our house. Instead of hiring someone to do the landscaping, we did it ourselves. We used what the previous owner had left, but rearranged it to fit out style. It is actually very easy to transplant small bushes and shrubs from one area to another.
Buy Quality:
We had never owned a home before, so there were many first time expenses involved for us. These big ticket items included lawn mower, weed eater, refrigerator and some tools. Here, the trick is to spend a little more money for quality items that will last for years. it may seem expensive in the beginning, but it will pay off in the long run.
Buying a first home or upgrading can be such an exciting time for buyers! If, you are feeling overwhelmed with all the associated costs involved, try doing things yourself and getting creative. After all, if I can do it…you can to!
Sara Wallace is a Financial Advisor for Stock Yrads Bank & Trust and can be reached at sara.wallace@syb.com
