As a new homeowner the excitement level you feel is palpable. After many years of renting, you now have a place that you call home and are now excited to make this a lifelong journey. Whether you plan to stay at your new home just a few years or establish long held roots, one thing is certain – smart cost cutting strategies are key to making all your dreams a reality.
This article covers a few of these cost cutting strategies and best part is, anyone can implement them. As a new homeowner having a sound financial plan is vital to turning your house into an investment property that perhaps years down the line will pay off handsomely. Let’s take a look at a few now and feel free to add your own below in the comment area.
1. Go Green, To Save Green –
There’s this long held myth that using or trying eco friendly products and services is expensive. However this couldn’t be farther from the truth, fact is that many times going green can actually save you green. And potentially lots of it. The key is to seek out items and or services which net a return in the long run. For example, a water efficient toilet for your bathrooms might cost more out right however your water bill will be significantly reduced over an annual basis. Same with energy efficient light bulbs, water efficient boiler, water efficient sinks and so on. Basically anything that nets you a savings in your monthly energy bills is a good investment.
2. Try Re Using When Doing Any Home Improvement –
A trick that many savvy homeowners employ is they use materials from a salvage yard or warehouse for various home improvement needs. Such as recycled lumber for their floors or salvaged doors for a table and so on. Many times this will become a DIY project for the homeowner, but one they look forward to and invest happy time and effort in. In bigger cities such as Chicago there are warehouses such as (Rebuilding Exchange) that specialize in recycled lumber and other assorted house materials to build with. They source it locally from abandoned or about-to-be-torn-down buildings and are usually offered up at a steep discount.
3. Start Small, And Build Slowly –
As a new homeowner you probably have an itch to re do or re decorate your entire home. But unless you have quite the budget, this most likely isn’t going to be possible to do all at one time. What you can do instead is to start slowly and build from there. You can begin with the kitchen and re do the cabinets, paint, lay a new floor etc then build from there or move on to another room such as the bathrooms. There’s no rule on a set time period. Maybe this overhaul takes you two months, maybe it takes you seven months or longer. Work at your own pace and keep your budget in mind – you’ll get there soon enough without breaking the bank.
4. Use Local Help –
Sometimes a small local builder or agency is better than a large national company. Shop around and look at rates and services before you commit to any one person or service provider. Also be sure to ask your friends and family for referrals – as this is in fact, how most builders get business and how many new homeowners find a good provider. Feel free to post on your social networks such as Facebook or Twitter or simply send an email out to friends and family. When you do find a good referral, give him or her a try and go back to tip number three – start small.
There you have it. Four good cost cutting tips for new homeowners that anyone can implement. Even though owning a home is an exciting time in your life, if not managed properly – it can balloon into a nightmare of epic proportions. Financial management is key in being a smart homeowner and also in having fun with your new property.
Guest post contributed by Missy Diaz who writes for http://www.ExpertInsuranceReviews.com where she shares home insurance and lifestyle tips to new and seasoned home owners. Find Missy on Twitter to see her many articles on this topic.
