If you’ve just purchased your first home, you are likely in the same position as the vast majority of buyers – asset rich and cash poor. After having just plopped down a sum of money for your down payment, the last thing that you are going to want to do is spend more money on furniture, repairs, and home improvements. Let’s talk about our budget-savvy tips for first time home buyers.
Furniture Shop Smartly
It can be easy to want to furnish your entire house after just purchasing it. What’s more fun than decorating a spare bedroom with your favorite sports decor or planning that future nursery, but the reality is if you don’t need to use the space on day one, you don’t need to furnish it immediately. Start by just furnishing the rooms of the house that you’ll use every day – your bedroom, the living room, the kitchen, and maybe a kid’s room if needed. For the rest of the home, take a pause and wait because your needs, tastes, and desires may change by the time you are ready to use that space.
Save, Save, Save!
Even if you’ve bought a new construction home, unexpected repairs are going to happen. Start a home improvement savings fund or an account for general maintenance so that when the water heater fails, or you decide you want a patio, you’ll have the funds available to save. The last thing you want to do is be caught flat-footed when you need to make an expensive purchase.
Don’t Forget Homeowners Insurance
The vast majority of mortgages require homeowners to have insurance, but the coverage limits are often left to the policy holder’s discretion. If you are in the Connecticut area, it can be tempting to skimp on liability coverage or loss of use to save a few dollars, but that peace of mind will pay dividends if you ever have a major issue. Give Koverage Insurance Group in Enfield, CT a call to learn about how we can help you.