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Top 4 Ways to Save Money on a New Home

Without a doubt, buying a new home is expensive, right? Not only is there the down payment to think about and furniture and dishware to buy, but there are also countless other things to pay for including landscaping and home repairs. And when all of these expenses start piling up and you have no way to pay for them, what do you do? You think outside the box; that is what you do. There are plenty of ways to save money on a new home, they just require a little bit of hard work and creativity.

Use Salvaged Materials

If you are building a new home (or simply fixing up an older home you just purchased) using salvage materials can help you save money and be kind to the environment at the same time. Items such as doors, windows, electrical and plumbing fixtures and cabinets can be purchased from salvage shops. Salvage shops recycle building materials, reclaim them and then sell them at discounted rates. These items don’t always look brand new, but they are usually refinished and re-purposed to look presentable. And if you happen to be going for an antique or a vintage look in your home, salvage materials are the way to go.

Do the Landscaping Yourself

Landscaping a new home can cost hundreds, if not thousands of dollars. There are flowers to buy, fences to paint, waterfalls to install and, of course, grass to fertilize. All of these little details can really add up and can end up draining your bank account very quickly, especially if you hire a contractor to do the work for you. Instead of hiring a professional landscaper, why not just do the work yourself? Spread your own seed and mulch. Build a simple wood fence (or gate) yourself instead of hiring a company to install a pricey stone fence. Pay a young neighbor a couple of bucks an hour to help you pull weeds, plant flowers and mow the lawn. The work will go faster and you will save money.

Cut Your Mortgage Payment in Half

The average household in the U.S makes a monthly mortgage payment of about $1300. This is quite a hefty sum when you consider that you still have to pay for your utilities and your television, internet and telephone service on top of that. To bring your mortgage payments down, why not rent out your basement or spare bedroom? Rent out an extra bedroom to a local college student and take in an extra $400 a month. Rent out the entire basement to a young couple and take in about $800 a month, depending on the square footage of course. However, while renting out your house can be a great way to make extra money, it does come with its fair share of complications. Depending on the state you live in, there are laws that you must abide by and permits that you may have to obtain. Also, be prepared to share some of your living space with your tenants and make regular maintenance calls.

Minimize Moving Costs

While there are certainly many expenses that you will incur once you move into your new home, simply the act of moving into a new house can be an expensive task in and of itself. Instead of hiring a moving company, vow to do the work yourself and you could end up saving hundred of dollars. Recruit a bunch of friends to help you pack up your boxes and load them into a couple of borrowed trucks. Worried that none of your friends will show up on moving day? Promise pizza and beer to all helpers and you are sure to have more movers that you know what to do with. Photo by Images Money.

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