Home Buying
While You’re Spending all of this Money, Why Not Save a Little?
There are many ways to cut the expenses of home buying as well. From buying, to remodeling, to repairs, being a sensible consumer pays.
Buying a home, as you can imagine, is expensive. As with any financial venture, education is the key. Before you consider starting the house hunting process, be sure to sit down and review your financial situation thoroughly. While owning will result in equity and money well-spent, you need to make sure you have the money first. It is always a good idea to sit down with a trusted financial planner as well so you have a second pair of eyes looking at your situation.
After you have made the leap into home ownership, you will have many new responsibilities that you should consider.
Home Repairs
Home repairs are unavoidable even if you build a brand new home. Ensure that you understand your home warranty when you are purchasing and building your home. With a new home, many builders ask that you keep a list of anything that goes wrong with the house with the promise that they will return to fix issues within the first year of so. They WILL NOT come knocking on your door offering to fix anything that may be wrong. Make sure that you keep a thorough list of problems like nail pops, cracks, leaks, etc. Use tape to mark anything that you may forget the location of later. Contact your builder periodically to let them know that you are expecting them to follow through on their promise. They already have your money so make sure you continue to motivate them. You are the customer.
Decorating
Although this is one of the most fun parts of owning a new home, it can also be the most expensive! There are, however, many ways to decorate on a sensible budget and still have a great looking home! Painting is one of the most inexpensive ways to make your house look beautiful. It is a great way to put your personal touch in each room without spending a fortune.
Buy your paint at a home-improvement store like Rona or Home Depot and don’t be fooled by name brand paint. The store brands usually have a wide variety of colors and look just as great on your walls. Sticking with neutral colors may be your best bet if you are someone who often likes to change the look of a room. With neutral walls, you can change the lighting or the accessories in a room when you are looking for an update. Updating furniture can be costly as well, so take the time to look into slipcovers or re-upholstering furniture yourself. A great rule of thumb is to stick with neutral when you are spending a lot (like furniture), and go bold when you are spending a little (like vases or candles). Again, home improvement stores offer books with clear and easy instructions on many do-it-yourself projects. Replacing throw pillows can also add a lot to a room without spending the money on new furniture. Yard sales and flea markets are also great ways to find unique ways to decorate. It can be a lot of fun negotiating too! Never pay full price for something second hand. Another great way to decorate is with photographs.
Traditional framed pictures of family are beautiful. If you are more of a non-traditional person, take pictures of abstract things and use websites like http://www.shutterfly.com or http://www.kodak.com to enlarge and edit pictures to get even more creative. Look for frames on sale at discount stores and make your home into a story!
Heating and Cooling
One of the best proven ways to cut down on heating and cooling costs is to purchase and install a programmable thermostat. This allows you to adjust the temperature of your home automatically throughout the day. Many homeowners program the house to be cooler an hour after going to bed and to start heating up again an hour before they wake up. Also if you are at work during the day, it’s a good idea to keep your home cooler in the winter and warmer in the summer while you are away. Programmable thermostats can be found at stores like Rona and The Home Depot and are fairly simple to install.
Simple things like using blankets and slippers in the winter can also save money on heating your home. Lower your thermostat by a couple degrees and snuggle up on the couch!
Electric
Make sure you turn your lights off as well. Make it a habit of turning lights off when you leave a room and try not to use accent lighting. It may look pretty but the cost is not worth it. If you enjoy decorating during the holidays, invest in LED lights. They use significantly less energy and they still look beautiful. Be sure to put your holiday lights on timers as well since they can’t be seen during the day anyway!
Phone
Every one carries a cell phone now, so make sure you are not spending a fortune on both your home phone and your cell phone. If you are an avid cell phone user, make sure that you have a plan that suits you. It doesn’t make sense to have unlimited text messaging if you don’t use the option on your phone. Also, call your residential phone company and find out what the most inexpensive service package is. This way, you are only paying for options on one phone instead of both. If you are not much of a cell phone user, cut back on what you are spending on your mobile plan.
Cable/Satellite
It is very tempting to have premium channels and sports packages included with your cable service, but it comes with a price tag. Before you commit to paying more for premium channels, make sure you really monitor how much you are watching them. Call your cable company and see if they have any free trials available. If so, record how much time you spend watching each premium channel during the trial period and decide whether you watch them enough to make it worth the price.
Home ownership is something to really be proud of. Being a smart homeowner comes with experience and education. Make sure you take advantage of all of your resources as a homeowner so you are enjoying your investment while maintaining it wisely! The following websites are fantastic resources for homeowners:
Canada Mortgage and Housing Corporation
http://www.cmhc-schl.gc.ca/en/co/buho/
Canadian Consumer Information Gateway
Canadian Home Builders’ Association
