Your search results

4 Simple Strategies to Help Future Homeowners Save Money

Posted by Jayson Ang on July 15, 2023

| 0

TLDR

When it comes to being a new homeowner, it’s essential to prioritize regular maintenance to avoid costly repairs down the road. Keeping an eye on plumbing, electrical systems, walls, ceilings, flooring, and doors can help preserve your home’s value. Additionally, being thrifty with home decor by considering DIY projects, second-hand items, and upcycling can save you money while adding a personal touch to your space. Creating and sticking to a budget is crucial for financial stability and boosting your credit score. Controlling lifestyle costs by cutting back on unnecessary expenses can free up funds for essential needs and building an emergency fund. Lastly, seeking strategic real estate advice and making informed decisions can guide you through your property journey effectively.

Owning a home is a tremendous accomplishment and the excitement of being a new homeowner can be exhilarating – but the reality of maintaining and caring for your new home can put a damper on your joy.

To avoid becoming a first-time homeowner horror story, we’ve gathered some money-saving tips that are perfect for upcoming and new homeowners.

Discovering ways to cut energy costs and uncovering the top deals on home improvement projects can make owning a home that much more affordable and enjoyable – so why not read on and start saving today!

1) Repairs

The cost-saving potential of addressing even minor repairs right away can’t be overstated. Delaying simple fixes can quickly spiral into major, costly problems – and that’s a bill you don’t want to see!

Maintaining your home with the proper upkeep helps to preserve its value, and can be a critical factor when it comes to selling your home down the road.

Don’t let repairs turn into regrets – stay on top of maintenance and protect your investment!

Check out this handy list of potential repairs to keep in mind when viewing a home :

Plumbing: Be on the lookout for any drips or leaks in faucets, toilets, and pipes! Not taking care of these problems quickly can lead to extensive water damage and even mold growth, so keep a vigilant eye!

Electrical: Inspect all cables for fraying or loosening, and be on the lookout for any sparks or indications of an electrical short circuit. These can be hazardous and could cause a potential fire hazard.

Walls and ceilings: Beware of any cracks, holes, or indications of water damage. These might signify structural difficulties or leaks, so be sure to take care of them quickly.

Flooring: Beware of any warped, cracked, or loose flooring! It could signal a problem with the foundation or moisture damage, and should be taken care of immediately.

Doors: Inspect all doors, windows, and sliding doors–entry and exit doors in particular–for any visible signs of warping, cracking, or difficulty in their opening and closing functions.

As a new homeowner, you can safeguard your wallet and bank account, as well as maintain the value of your home for the future, by regularly inspecting these essential elements of a home – swiftly diagnosing any issues before they become expensive and extensive repairs.

2) Get Thrifty With Home Decor

Furnishing your home can be quite the challenge, but it can also be a really enjoyable experience! Although it’s often more convenient to go with the major furniture franchises, their prices may be higher than anticipated.

To get around this, you could look into furnished or semi-furnished homes.

That way, you can get the most bang for your buck while still customizing the home to your own liking!

Why not try going the DIY route for some of your home improvement projects? Adding something as simple as a vintage lamp can bring a unique touch to your living space.

Here are a few ideas to get you started with DIY home decor:

Adding greenery to your space: Bring some extra life into your living space with plants – delve into a fascinating new realm of exploration if you’re passionate about this domain.

Flowers: Adding flowers to your space is a fantastic way to inject colour and texture without spending a fortune, although taking care of them can be challenging. Real flowers don’t last forever, so you’ll need to replace them regularly. (Fake ones are a good alternative to be honest).

Arts & crafts: Forgo pricey home decor and let creativity shine! New homeowners can craft their own decor, such as a polaroid photo wall, rustic pallet furniture, macrame art, wall art, chalkboard walls, and driftwood pieces.

Second-hand or vintage items: Decorating your new home doesn’t have to break the bank – savvy shoppers can discover unique, stylish furniture and decor pieces by opting for second-hand or vintage items, allowing them to achieve their dream aesthetic at a fraction of the cost!

Renting or borrowing: Forgo the expense of acquiring brand-new items and try out different styles without having to commit – why not rent or borrow from family and friends instead? It’s a win-win situation!

Upcycling: New homeowners can discover the joys of upcycling by giving old items a new lease on life. From glass and plastic bottles to curtains and furniture covers, or even mason jars, the possibilities are endless!

Take advantage of sales and discounts! Investing in decor items that are currently on sale can give you the opportunity to find truly attractive prices for beautiful options!

3) Create (And Stick) To A Budget

Keeping an eye out for discounts is an important part of becoming a new homeowner, but budgeting is even more important!

With a budget, you can get a clear understanding of your financial situation, allowing you to make more informed decisions on how to use your money.

Making sure to stay within your budget can help prevent the mistake of overspending – making budgeting one of the most valuable tools for new homeowners!

The key to making a budget really work is having clear objectives, or ‘buckets’ such as saving for an investment, renovating, paying a deposit on a second house or paying off a mortgage. It also gives you the insight to recognize where you can economize and put your money to better use.

Creating a budget and adhering to it can be a great way for new homeowners to boost their credit scores! By exhibiting fiscal responsibility, new homeowners can show lenders that they are trustworthy and have the ability to handle their money, thus qualifying them for more favorable interest rates on future loans.

4) Control Your Lifestyle Costs

Over time, small expenses like that morning latte or frappe, cakes or pastries, and ordering food deliveries can all take a toll on your wallet come the end of the month. By replacing these lifestyle expenditures with more cost-effective alternatives such as home-cooking, instant coffee, or even homebrewing, you can still get the same result without sacrificing your lifestyle – plus, your wallet will thank you for it!

Buying a new home requires a lot of hard work and dedication, not to mention all of the associated costs. Mortgage payments, property taxes and upkeep can all quickly add up and put a strain on your budget.

By reducing spending on dining out and clothes shopping, you can free up more funds for essential things.

It is also highly advisable to put away money for an emergency fund, as unanticipated expenses like major home repairs or medical bills can be more easily handled when you have a financial safety net.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

All Blog Posts Buying Tips

What is a Tenancy Agreement (TA)

Jayson Ang – July 21, 2023 –

TLDR When it comes to understanding property jargon, it's crucial to familiarize yourself with the specifics of a Tenancy Agreement...

All Opinion Selling Tips

Great Reasons for Condo Owners to Sell upon Reaching TOP – A Guide to Sub-Sale Transactions

Jayson Ang – August 17, 2023 –

TLDR A recent sub-sale transaction in Midtown Modern set a new record with a 2-bedroom home selling at $3,150 psf....

Mandarin Top 5

Top 5 Tips : Spot These Warning Signs Before Making a Home Purchase!

Jayson Ang – November 23, 2024 –

Purchasing a home is one of the most significant financial decisions you will make in your lifetime. It's essential to...

Mandarin Top 5

Top 5 : Nationalities Of Prime Property Buyers in Singapore

Jayson Ang – November 29, 2024 –

Singapore, a thriving city-state known for its stable political climate, excellent infrastructure, and strong economic fundamentals, has long been an...

All Blog Posts Buying Tips

Discover How The CPF Accrued Interest Can Impact Your Property Sale Proceeds

Jayson Ang – April 12, 2023 –

Singaporeans are renowned for being smart and savvy - especially when it comes to selling their homes, whether it's an...

Mandarin Top 5

Top 5 Overlooked Features that Buyers are Looking for in Singapore Property

Jayson Ang – May 17, 2023 –

The top 5 overlooked features that buyers are looking for in the Singapore real estate market. These are the overlooked...

All Blog Posts Buying Tips Opinion

I Decided to Pay the Additional Buyer’s Stamp Duty to Purchase a Condominium While Retaining My HDB: My Reasons

Jayson Ang – October 15, 2024 –

TLDR Despite a 20% Additional Buyer’s Stamp Duty (ABSD) for second properties in Singapore, Yang chose to hold onto his...

All Blog Posts Opinion

Singapore Property Price Set to Explode Upwards in 2024?

Jayson Ang – March 10, 2023 –

TLDR Understanding the factors influencing property prices in Singapore for 2024 can help in making informed decisions. Despite high rental...

Mandarin Top 5

5 Tips To Spot Winning Investment Properties In Singapore

Jayson Ang – September 6, 2024 –

Investing in real estate is an exciting and potentially lucrative venture. In Singapore, a thriving property market attracts both local...

Buying Tips Mandarin Top 5

Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons

Jayson Ang – June 26, 2023 –

Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons Here are the top 5 reasons why Chinese investors...

All Buying Tips Opinion Selling Tips

Is Lifelong Renting a Viable Option in Singapore?

Jayson Ang – March 6, 2025 –

TLDR In Singapore, while the majority aspire to own homes, a small segment opts for lifelong renting, driven by personal...

All Blog Posts Opinion

Discover the 7 Unique Attributes of Real Estate Investing

Jayson Ang – January 16, 2023 –

TLDR The post highlights the benefits of investing in real estate, such as high leverage, capital appreciation, income generation, usability,...

Mandarin Top 5

Top 5 Scenic Drives in Singapore

Jayson Ang – June 4, 2024 –

Singapore, a small yet bustling city-state, is well-known for its impressive skyline, diverse culture, and delicious food. However, not many...

Mandarin Top 5

5 Top Primary Schools in Singapore Popular with Expat Chinese Community

Jayson Ang – May 25, 2023 –

5 Top Primary Schools in Singapore Popular with Expat Chinese Community When it comes to education, Singapore is a top...

Mandarin Top 5

5 Reasons Why Districts 9 and 10 are the Next Big Thing in Singapore Real Estate

Jayson Ang – March 2, 2024 –

Singapore is renowned for its thriving real estate market, with many desirable neighborhoods and top-notch properties. However, when it comes...

All Opinion

What’s Needed For Singapore To Lift Those Cooling Measures?

Jayson Ang – February 2, 2024 –

TLDR The blog post discusses the recent relaxation of real estate restrictions in Hong Kong, contrasting with Singapore's stricter regulations....

Mandarin Top 5

Top 5 Reasons : Why Investing in Singapore’s Property Market Is a Smart Move for Expats – Expert Analysis!

Jayson Ang – February 7, 2025 –

Singapore, a thriving city-state in Southeast Asia, has long been a popular destination for expatriates seeking new opportunities and a...

All Blog Posts Buying Tips

Unveiling the Secrets: How Foreigners Can Buy Property in Singapore – 6 Essential Steps to Follow

Jayson Ang – December 19, 2024 –

TLDR Foreign investors find Singapore attractive due to its stable governance and transparent business practices. Foreigners, including Permanent Residents (PRs),...