Being a homeowner is certainly a great accomplishment. It symbolizes independence, security and having a piece of the American Dream. It also means that when it comes to the maintenance, repairs and renovations required for your house, being that you’re responsible for all of its needs, we’re sure you’re constantly in search for ways to take care of your home without breaking your budget in the process.
If so, you’re in luck. We have provided you with five of our favorite home repair budgeting tips for first-time buyers below:
Conduct an energy audit. One reason why a lot of people find themselves spending more money on house repairs than they would like to is because they aren’t aware that something is wrong in their house until it is too late. Take their plumbing, for example. If there is a pipe that’s leaking in their basement that they aren’t aware of, it might take an electrical short or even flooding for them to realize it. One way to stay abreast of what’s going on in your house is to conduct an energy audit. That will show you how to test your appliances, check for water and air leaks and even inspect your insulation. For tips on how to do your own energy audit, visit Energy.gov and put “DIY energy audit in the search field”.
Put a plan in place. When you’re a homeowner, there is always something in your house that could be improved upon (especially if you purchased a resale). So if there are several things that you need to do, put them in order of importance and then write down an estimate for what each repair would cost. Our recommendation? Repair the least expensive thing first and work your way up. That gives you time to save money for the really costly projects.
Know what to repair and what to replace. Sometimes people think that it will actually save them more money if they continue to repair something rather than replace it; however, it actually could be smarter to buy a new item altogether. Say that you have a leaky toilet. If you have called the plumber to fix it several times over the past few months, you’re probably better off getting a new one. And if it’s a low-flow toilet, you can save gallons of water daily, which means lower water bills.
Use coupons. Whether you need some shingles or flashing replaced or it’s time for a bit of furnace cleaning , rather than paying full price, how about using some coupons? Home improvement stores and websites like Coupons and Retail Me Not usually have coupons and promo codes that can save you a significant amount on home repair purchases.
Pay with cash. Even if you have a couple of credit cards, it’s still better to pay with cash. Remember that credit cards are loans that come with interest, which means that you’re actually paying more for things than the price that is on the price tag. However, when you use cash, once you purchase an item, you’re done. And not having to worry about getting a credit card bill in the mail is definitely a part of what it means to be a smart spender and a good budgeter.