It goes without saying; buying a home is a very big expense—and once you’ve kicked off all that spending, it’s easy to get caught up in lifestyle inflation. In other words, you just bought an enormous, shiny new house and it’s waiting to be filled with all sorts of nice stuff, right?
Here’s some quick advice: don’t keep spending!
Homeownership comes with its fair share of unique costs—property taxes and urgent repairs and energy bills, oh my. Adding unnecessary expenses will only add to the cost of homeownership.
Here are six major cash outlays that buyers can avoid.
Too much house = house poor
This one requires some thought before you actually nail the deal: How much house do you really need? Just because you’re pre-approved for a hefty purchase price doesn’t mean you should go as big as you can.
Not sure where to trim? Consider having less closet space, buying fewer bedrooms, or eliminating a formal dining room. Think of the rooms you do use and the ones you don’t, or otherwise wouldn’t.
Fixing up your outdoor space ASAP
Once you close on your home and move in, you might be itching to host your first barbecue. Or maybe you’ve been dreaming about a koi pond. Stop right there: updating your outdoor space shouldn’t be your first priority, especially if you’re tight on cash. Unlike couches and beds, landscaping and decor can be put on pause.
Exercise some caution before committing and try pricing out your plans with a landscape contractor, and consider rolling them out in phases.
If you’re moving from an apartment, chances are you’re amazed by how much space you have. There’s another bedroom and a dining room and … and another bedroom!
Don’t feel like you have to fill it all at once. Give yourself—and your home—time for personality to emerge.
Instead of immediately stuffing the TV room with any ordinary couch and coffee table, wait it out. See what you really need and what you really like.
Your Real Estate Consultant
REALTOR®, BOLD, EcoBroker, CNE, CHRE, ILHM, KW Luxury
Professional Denver Real Estate for the Urban at Heart