Furnish Your New Home for Less

Buying a new home is one of the most exciting experiences in life. And if you’re like most homebuyers, you’ll be planning your furniture placement before the ink dries on your offer letter.

But before you run to the nearest home goods store, take a deep breath. First, you’ll need to delay any major purchases before you close on your new home. A large outlay or additional line of credit could lower your credit score and, thus, impact your mortgage.[1] Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget.

But don’t worry! There are plenty of ways to save on home essentials, and we’ve rounded up some of our favorites to share with you.

Note: For a complete list of all 35 tips, visit our blog --> 35 Tips to Furnish Your New Home for Less

PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING

To keep spending in check:

• Make a list of everything you need. Going room by room could help you brainstorm.
• Inventory what you already have. Cross the big to the small off your list as you go.
• Divide the remaining items into three groups: things you need right away, items you’d like to have in the near future, and pieces that can wait.

Before you start shopping, make sure you know which appliances and fixtures are included with your home purchase. We can inform you of the standard contract terms when you’re making an initial offer.

TIME YOUR PURCHASES TO MAKE THE MOST OF SEASONAL SALES

Here are the months that some household essentials predictably go on sale [2,3]:

• Furniture: February and August, as well as Black Friday, Memorial Day, and Labor Day
• Large appliances: Labor Day through October
• Mattresses: Holiday weekends, especially Memorial Day, Labor Day, and 4th of July

Generally speaking, holiday weekends (as well as Black Friday and Cyber Monday) tend to be great times to find deals.

FIND ALTERNATIVE SHOPPING SOURCES

Can’t wait for a sale? It’s time to think outside of the box (the big-box stores, that is).

• Check out overstock and liquidation stores. These stores purchase items other retailers haven’t sold and offer them at a discount.[4]
• Consider open-box items. ?Look online for deals from retailers like Wayfair and Amazon Warehouse or visit local retailers to see what they have in stock.
• Give scratch-and-dent appliances a chance. These are brand new but sold at deep discounts because their external packaging was damaged.[5]

Are alternative shopping sources still a stretch for your budget? Check out local Freecycle or “Buy Nothing” groups. Participants offer items they no longer need for free to other members.[6,7]

DON’T BE AFRAID TO NEGOTIATE FOR A BETTER DEAL

While asking for a discount can be intimidating, it’s common practice in many industries. Here are a few tips [8,9]:

• Comparison shop before you walk into a store. If you can find a lower price for the same item elsewhere, many retailers will match it.
• Point out scratches or dings to the sales associate. They may be willing to offer a discount to compensate for the imperfection.
• Ask about floor models. Many stores offer these pieces at a lower price, even if they’re in like-new condition.

After you’ve negotiated a killer deal, don’t forget to ask for free or discounted delivery!

MAKE THE MOST OF REWARD PROGRAMS AND COUPONS

Spending a little extra time maximizing reward programs and discounts is usually worthwhile.

• Make sure you never miss a sale.? Sign up for your favorite retailers’ email lists and follow them on social media for discounts and sale alerts.
• Take advantage of loyalty programs. If you’re making a big purchase or getting multiple items from one store, ask about free loyalty programs.
• Enroll in coupon and cashback programs. When you’re shopping online, programs like Rakuten can help you find coupons and give you cash back on purchases.

While you’re at it, why not set up a housewarming registry?[10] You can share the link with family and friends—and often score a discount on items you purchase yourself.

GET CREATIVE

Here are a few of our favorite strategies for reimagining your existing furniture and how it could fit into your new space.

• Repurpose what you have. For example, use an old dresser as a television stand or use a mismatched dining chair in your home office.
• Upgrade existing items. Sometimes, a new coat of paint can lend a new lease on life to an old piece of furniture.
• Reupholster instead of buying new. If you have a tired-looking sofa, think about getting it reupholstered in new fabric instead of replacing it.

Do-it-yourself projects can be fun, but they aren’t for everyone. If you’d like some professional help, reach out for a referral.

WE’RE HERE TO HELP

If you’re considering a home purchase, we can advise you on a realistic budget and help you review your options. We can also offer insights on other financial considerations and programs and incentives that can help make homeownership more attainable. Reach out for a free consultation.

The above references an opinion and is for informational purposes only.? It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.???? Bankrate

2.???? US News

3.???? NerdWallet

4.???? Business Insider

5.???? CNET

6.???? Real Simple

7.???? Freecycle

8.???? Consumer Reports

9.???? Realtor.com

10.?? Taste of Home