Owning a house is a dream come true. It is not only one of your most significant investments, but it is also probably the largest purchase you’ve ever made so far. While homeownership is a huge accomplishment, it also involves a great deal of work and comes with many responsibilities—and costs. Hence, it is crucial to determine how it will affect your monthly budget and how to not overspend at the outset. Here are some practical tips to help you save money while still safeguarding your home from expensive damage.
1. Keep your home well-maintained
Undoubtedly, maintenance takes some money, dedication, and hard work. But keeping up with small repairs now is much cheaper than having to deal with a problem that has worsened over time. For example, ignoring a hole in your roof now may force you to replace it wholly in the months to come. Remember the old proverb, “A stitch, in time, saves nine”? That’s particularly true regarding home maintenance projects because a thousand pesos worth of repair now saves ten thousand pesos later.
2. Be creative with decorating your home
Because of the downpayment, closing costs, and moving expenses, it is no surprise if money is tight for first-time homeowners. Yet the financial strain doesn’t even stop there — you still need to decide how you want to furnish your home. Unless you have a boatload of cash, achieving the inspirations you found on Pinterest or Instagram might be unrealistic. Instead, plan to fill in your space with a style that matches your personality, needs, and budget. Then, get and compare quotes from different suppliers and see what areas are eating up a lot of your budget and where you can make adjustments.
3. Keep energy bills low
Monthly energy costs often come as a surprise for new settlers. That’s why it’s important to know early into your homeownership how to cut down unnecessary energy use. One way to do this is to update or change the way you use your home electronics, such as unplugging unused chargers or finding the right temperature for your refrigerator. You can also change your light bulbs to LED and buy appliances with energy-saving settings. If you have spare money, you might also want to invest in solar panels. Although they are not exactly cheap, they can help you save money on energy bills in the long run.
4. Have your home insured
You might be focused on the aesthetic and location of your new house, but don’t forget that shopping for a home insurance policy is also part of homeownership. Finding cost-effective insurance that will sufficiently protect you from unexpected expenses following a loss or damage to your property will keep you from digging a hole in your savings. Aside from safeguarding your abode from natural disasters, a reliable insurance policy for your home will also cover you in case of burglary and family personal accidents within your premises.
Don’t have one yet? Get MICI’s home insurance today and email [email protected] to find out how it can further protect you from life’s uncertainties.