Buying a home can be costly, but it doesn’t always have to break the bank. New homeowners sometimes tend to spend money in areas that don’t need to be addressed right away. Here are six things that new homeowners tend to waste money on.
Too much space. Homebuyers who are used to renting smaller spaces sometimes overestimate the amount of room they’ll need when they buy a home. If you’re a family of three, for example, you probably don’t need a 4-bedroom, 3-bath home. Assess your needs and set a realistic goal for square footage and number of rooms.
Landscaping. Yes, curb appeal is very important, but don’t jump into renovating your outdoor space just yet. Take your time with it. Compare estimates from landscaping companies and
Insurance. Maybe you’ve had the same insurance company for ages. Maybe you even get a little bit of a break for being loyal and for holding auto and renter’s insurance policies with them. Even if you’ve been with that same company since you bought your first car, it’s important to shop around for insurance quotes. Homeowner’s insurance can cost a pretty penny, so you’re going to want to find the best deal possible.
Furniture. Even if you’ve upgraded in size, there’s no rule that says you have to fill your new home with “stuff” as soon as you move in. Take some time to get acquainted with your new space. You’ll realize pretty soon that you can get along just fine without that 10-piece dining set.
What other unnecessary expenditures do you think new homeowners tend to spring for?