When you start shopping for a house, you have these big dreams in your eyes of finding the perfect one with a white picket fence, a porch that could be made cozy with some furniture… the whole American dream with 2.5 children and a dog. You can have all this and more, only if you control your spending.
Let’s assume that you finally bought a house. During the entire process, all you were thinking about what you needed to buy to furnish the house. A 7-seater sofa set, a cute table you liked, 50″ LCD screen, dining table, fireplace seating chairs your heart just couldn’t resist, study table (even though you don’t have an office) and more. You see where we are going with this? While some of these are needs, others are pure wants and empty spending. You just made a huge investment when you bought the house. Depleting your savings account furthermore might bankrupt you.
So, to stop you from making frivolous purchases, we have come up with a few tips that will help you curb your spending:
Make a Wish List: Necessities vs. Luxury
This wish list has a different spin on it. Instead of writing the things you wish you could buy, write those that are an absolute necessity.
Let’s say that your house has a few repairs that amount to $1,200. You are out shopping for grocery and you see this really fancy dining table in a furniture shop. You go in and find out it’s quite affordable. You buy it outright. A few days later, there’s a leak in your bathroom and you call the plumber. You are quoted $800 for the repair. After much calculation, you can’t figure out how come you don’t have enough money for the repair. Remember that fancy dining table you bought? Yeah, that is where all your money went.
Ask any Orlando buyers agent and they will tell you that the first order of business when you move into the house is to take stalk of everything. Change the front door lock, install alarms (house code, fire, carbon monoxide, etc), check out the plumbing system and have a look in the basement and attic for any signs of infestation.
Prioritize Your Needs
Now that you have made your list, it’s time to further narrow it down by picking the “top 10”. Here’s an example:
Trying to decide between painting the house and getting the roof shingles repaired.
Painting is a DIY job that you can do anytime, whereas the roof shingles need more attention because there are dozens of natural disasters that can destroy the house such as rainwater, which will weaken the foundation.
Keep the List with You at All Times
When you are out shopping, thousands of things will distract you. Now is not the time to give in to your wants. You just bought a new house. Are you willing to spend thousands of dollars in roof repairs? So put that 50″ LCD screen down! Focus on the things that you need right now, which if not bought will cost you a lot.
Follow these tips and you will do just fine. It can be a little overwhelming when you move into a new house and we understand that you want to make it your haven but there’s plenty of time. First, make your house structurally sound and then you can spend on the luxury items. If you want to buy a home that falls under your budget, then visit Megan Dowdy Realty to get in touch with a qualified Orlando buyer’s agent. The company’s mission is to provide their clients with the best house buying experience possible. To get in touch with them, call at 407-509-9279.
