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5 Money-Saving Tips For New Homeowners

5 Money-Saving Tips For New Homeowners

Between a mortgage, moving costs, insurance, and more, buying a home can get quite expensive. As a new homeowner, the buying experience will be new and stressful to you.

The good news is that there are money saving tips for new homeowners that can help you save money and put it towards things that really matter. Keep reading to learn 5 easy ways you can save money as a new homeowner.

1. Replace Air Filters

Chances are that when the previous owners moved out of your new home, their top priority wasn't replacing the air filters. While it might seem counterintuitive to buy and replace air filters when you're trying to save money, this will save you some cash in the long run.

Old and dirty air filters make your heating and/or cooling system work harder than it needs to. This will significantly increase your energy costs.

The good thing is new filters aren't expensive and it's easy to replace them on your own. You won't need a professional to do it for you.

2. Hold Back on New Furnishings

As a new homeowner, it's tempting to deck out your new digs to make it look like a page out of Better Homes and Gardens.

Resist this temptation. You have a brand new mortgage, moving costs, and other more pressing obligations that come before buying a 2,000 dollar couch and an antique grandfather clock.

Take your time. Fill your new home with furniture and things you can afford.

3. Get Energy Efficient Appliances

While the up-front cost might be higher when you choose energy efficient appliances, the money you'll save is worth it. Old appliances use more electricity and water, making your energy bills skyrocket.

Energy efficient appliances will reduce your energy bills and your water consumption to save you money.

4. Skip the Appliance Insurance

Be wary when buying these new appliances. Many places will try and get you to purchase appliance insurance to go along with them. Because of hidden fees, this insurance is usually more expensive than if you had a separate savings account dedicated to covering appliance maintenance.

5. Taxes

Owning a home changes how you deal with and file taxes. It's often worth going to an accountant to make sure you're getting all you can on your return.

You can also take advantage of specific tax credits for homeowners, like ones for energy efficiency and solar power.

These Tips for New Homeowners Will Save You Money

While some of these tips for new homeowners require you to actually spend money, it will be well worth it.

Energy efficient appliances and new air filters will save you money on energy bills. You're going to pay more in utilities because you'll be living in a larger space; why not minimize the damage? Resisting expensive furnishings might be hard, but think about those looming mortgage payments and be smart with your money.

Have other homeowner questions? Check out our blog for other informative articles.


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