Four Ways To Save Money As A New Homeowner

*This is a collaborative post

Purchasing your first home can be an exciting, stressful and rewarding experience. Once you’ve moved in, most of the major stresses and worries will be in the past – but there are still big considerations to make in the coming weeks, months and years. 

Homeownership isn’t cheap; besides the thousands of pounds in added fees, taxes and duties associated with the purchase, there will undoubtedly be a variety of maintenance and utility costs that will exist for the duration of your ownership.

Given that homeownership can be expensive, let’s take a look at four meaningful ways to save money as a new homeowner.

Install Smart & Energy Efficient Devices

Many homes are fitted with older devices and appliances that simply do not utilise energy efficiently. From thermostats that can’t tell when you’re home, to lighting options that operate poorly, making initial investments to replace these ageing elements can save a lot of money in the long term. 

Smart thermostats will improve energy consumption during winter and summer months, altering the temperature of the home to reflect your day-to-day use. Investing in LED lightbulbs can reduce lighting costs substantially; incandescent bulbs are preferred (but currently phased out in many parts of the UK), but LED bulbs provide energy savings that best even fluorescent bulbs. 

A variety of similar changes utilising smart devices and energy-efficient appliances can quickly save thousands on utility costs. 

Shop for Furnishings Online

If you’re in need of new furniture for your new home, then your first impulse may be to visit a local furniture shop. However, many local shops are expensive compared to their online counterparts (even when factoring in shipping costs). As such, shopping for furnishings online generally is a better option from a cost-saving perspective.

You can find many discounts and coupons available online for top-tier furnishing and décor brands, including codes for Argos and Sainsbury’s, as well as John Lewis discount codes. Whether you choose to take advantage of options like these or scour the internet for specialised sales at your favourite retailers, buying furnishings online can help you save big compared to traditional local shopping.

Optimise Your Heating and Cooling

During warmer and cooler months, homeowners naturally experience greater energy use (and therefore utility costs). Ultimately, new homeowners should make a variety of smaller investments to maximise savings in these areas.

Checking how much insulation is in the loft or attic (and adding more if necessary) is a prime consideration. Lowering the temperature on your electric or gas water heater is another cost-saving measure. The addition of ceiling fans or even standing fans in rooms can help keep room temperatures more equalised, increasing overall comfort. For a full list of ideas on how to improve heating and cooling experiences, click here.

Rent Out the Extra Space

Last but not least, your new home may have one or more rooms that aren’t needed by you or your family. Rather than turning these rooms into proverbial storage areas, why not rent them out for a bit of extra cash?

Through the Rent a Room Scheme, homeowners can earn up to £7,500 per year from rent income tax-free. A single bedroom can in many areas be rented out for a price that offsets a significant share of your monthly mortgage.

These four tips can be employed in a variety of ways to save major money in your new home. From renting extra space to replacing ageing appliances, a bit of investment upfront can generate a lot of savings in the months and years that follow.