Home & Garden

When to Splurge and when to Save as a New Homeowner

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Are you getting ready to close on your very first home? If so, your mind can easily go wild with wondering what to buy for your new place. From furniture to small home improvements, your DIY list can quickly grow and your bank account can rapidly dwindle. Because you’re young and this is your first home, you may be asking, what should you splurge on and when should you conserve your funds? Here are just a few examples of what you should consider as you think about making a few purchases for your new home.

Investment Returns

One way to decide if you should purchase something shortly after you buy a new home is to ask yourself if it would be a good investment return or not. Certain things such as home improvements can actually cause your home’s property value to increase. Here are a few examples:

  • *Going from a gravel driveway to finished concrete or paver bricks.
  • *Investing in landscaping and new plants in your front yard.
  • *Replacing your old vinyl siding and roof.
  • *Waterproofing your basement.
  • *Upgrading electrical and plumbing as well as HVAC.

Looking for ways to make upgrades that will help improve your home can be documented in your home’s insurance policy, future appraisals, and home inspections. If you decide to list your home for sale in the future, this will help increase the value and allow you to get a better asking price. In addition to things for the home, now may be the time to talk about your personal future. Exquisite moissanite engagement rings are gorgeous pieces of jewelry that are worth the long-term investment in your future.

Set Up a Budget

One of the very first things you should do before you make any large-scale purchases before or after closing on your home is to set up a budget. Start by:

  • *Listing how much money you have left over after paying bills and setting funds aside for savings.
  • *What your projected bills will be after moving in and ongoing.
  • *How much your project will cost.
  • *Add funds for overages such as unexpected errors or additional labor costs.

From there, make a list of priorities that you really need to accomplish which may include paying off additional fees or deposits that are required for utilities or other house-related bills. Once you have your budget set up and laid out in front of you, you’ll know exactly how much money you have to deal with. From there, you can make a reasonable decision on what extra things you can splurge on such as accent rugs or new furniture.

Important Upgrades

Trying to decide if you really need to install a new in-ground pool or hot tub? While they are not a necessity, they can accent your daily living and entertaining plans. What about any important home upgrades? Shouldn’t you get those done first? If your home passed inspection, but there were recommendations for certain things like a new energy-efficient HVAC system or on-demand hot water heater, focus your attention on those upgrades first. While your old hot water tank and furnace may still work fine, if they’re over five years old, there is a good chance that their warranties may be outdated and they may not be as energy efficient as newer models would be. Therefore, you should consider speaking to a contractor about replacing any outdated appliances, HVAC equipment, and other related items in your home to make it as cost efficient as possible. Don’t forget about a home security system. This will give you peace of mind and help protect your home and family.

Bad Buys

Are there some things that you truly shouldn’t invest in or spend money on when you first move into a home? There are, especially if it’s an impulse buy. This could be a new bedroom set, expensive kitchen appliances and specialty flooring that is way over your budget. The goal is to not overspend. Going over your budget can quickly lead to getting into debt and ruining your overall credit score. If this happens you will put your financial future in jeopardy. Be careful with buying things for the home. Ask yourself if you really need it? Can you get it cheaper somewhere else? Or wait until it goes on sale? If it’s an impulse buy, there is a good chance that it is way over your budget. Try to avoid buying things you don’t need with credit cards as well. If there is something you really want, create a separate savings account for it. When you save up enough money, if you feel you still need it, then you can make the purchase.

There is no right or wrong way to spend money on your home. Just keep in mind your overall budget and if it will really improve your home’s overall value or not.



Welcome to the Night Helper Blog. The Night Helper Blog was created in 2008. Since then we have been blessed to partner with many well-known Brands like Best Buy, Fisher Price, Toys "R" US., Hasbro, Disney, Teleflora, ClearCorrect, Radio Shack, VTech, KIA Motor, MAZDA and many other great brands. We have three awesome children, plus four adorable very active grandkids. From time to time they too are contributors to the Night Helper Blog. We enjoy reading, listening to music, entertaining, travel, movies, and of course blogging.

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