3 Important Things First-Time Homebuyers Should Do

There are lots of expenses facing first-time homebuyers, and the costs don’t stop after closing. That’s why a new home owner needs to put practices in place that help avoid wasting money on certain aspects of the new digs.

Here are three important things first-time homebuyers should do.

Stay Warm

“I love high electric bills” said no one, ever. Energy bills can wreck a first-time homebuyer’s budget if they aren’t careful. Heat accounts for a whopping 27% of a home’s entire electric bill. One of the first things to do is check out the house top to bottom and address the places heat is escaping.

  • Check insulation. Old or lack of proper insulation can cause the bills to be much higher than they need to be. Tackle this by making sure there’s enough insulation in the attic and walls to keep the heat in and your home toasty.
  • Test windows and doors. Check around every window and door because air easily escapes around them. These are also places that sometimes don’t fit well in their casings. Add caulking and weather strips if necessary. For doors you don’t use often, purchase a fitted strip to go underneath the door frame to eliminate chilly drafts. A few dollars on the front end can save you significant bucks every month.
  • Tame the water heaterDirectenergy.com says water heaters consume 14% of a home’s electricity! The home’s water heater is an energy-sucking beast. Invest in foam to put around the water lines. Consider turning your water temperature down, as even a couple of degrees adds savings. Also purchase a water heater jacket to conserve as much heat as possible.

Speaking of water…

Manage Water

Water issues can end up causing enormously expensive problems for homeowners. Minimize those chances:

  • Get to know your water lines. Busted lines can flood a house and cost thousands of dollars in damage. Even if insurance covers it, you’re still on the hook for the deductible. Learn how to turn off water lines, and do so when you go out of town or are away from home for an extended period.
  • Ditch your ice maker. Sure, it’s convenient to tap your fridge and have ice, but is it worth the risk? Ice maker lines can bust without your knowledge and cause major damage to your kitchen cabinets and floors. Consider using ice trays to avoid the chance of dealing with these expensive repairs.
  • Tackle leaks. Small leaks, over time, can add significant money to your water bill. They can also damage the floor and drywall. According to homeadvisor.com, a 120-square-foot bathroom can cost up to $3,000 to repair. Test your faucets and toilets for leaking and repair or replace any offenders. Think about replacing old toilets with new, water-saving models. Over time the savings will pay for the initial investment.

When first-time homebuyers move in, they need to…

Practice Energy Efficiency

Commit to overall energy savings and it’s a win-win: You save money and you also do your part to reduce waste in an earth-friendly way.

  • Install LED lighting. Old bulbs burn out faster and use tons more energy than LED. According to energy.gov , LED lighting uses 75% less energy and lasts 25 times longer than regular bulbs. Grab a step ladder and change all overhead lighting. Replace all your lamp bulbs as well. Rest easy knowing you won’t have to deal with changing light bulbs for many months to come.
  • Buy energy-efficient appliances. If your new home has outdated, energy-sucking appliances, splurge on new ones that offer energy savings. They are easy to find and install. While this can be a large investment, the appliances will last for years and will chop a noticeable amount off your electric bill every month.
  • Purchase an automated thermostat. There’s little use in heating your home full force if you’re at work. With a programmable thermostat, you can set it so your heat turns down when you leave, and heats back up a few minutes before you return home. You can also program it to turn down while you’re sleeping. This saves you several dollars a month, and won’t inconvenience your comfort at all!
  • It’s important that first-time homebuyers start out on the right foot with their new home and save money on expenses. By making a small investment upfront and implementing these changes immediately, you can enjoy an energy-efficient home and a bit more money in your pocket every month.
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