Tips for Newlyweds: What to Know When Owning Your First Home
After spending money on wedding expenses and a honeymoon, newlyweds don't usually have much spare cash to pay for home improvement projects and furniture. Determine which of your projects are the top two or three and plan how to get them done over time. And, consider how financing can help you get started.
Increase your home equity
You might be thinking you have zero equity in your home if you are newlyweds and recent home buyers. However, even if you just bought your residence, you may already have some equity if the value of the property has increased. To determine how much equity you have, you will need an appraisal. Your equity equals the current value of your home minus the amount you owe on your mortgage.
Making home improvements such as new flooring can increase the equity in your home. Consider financing your home improvement projects to make adding equity to your home budget-friendly.
Lower your insurance rates and energy bills
Making necessary home improvements could reduce your insurance rates by as much as 20 percent.1 By updating various safety features in your house, like adding fire resistant siding, installing storm shutters, putting in better washing machine hoses, installing a more durable and fire retardant roof, and bringing your home up to speed with regard to modern building code requirements, you might be surprised at how drastically you reduce your insurance costs. You could also increase the energy efficiency of your home with new upgrades to your roof insulation, windows, doors and walls to lower your energy bills. It might make financial sense to consider taking out a loan to complete these projects.
You can purchase high quality furniture with promotional financing offers on some credit cards
Quality furniture keeps its value and lasts for several decades. That is because quality furniture is made with better and stronger materials that are more resistant to wear and tear. Without quality furniture, you may need to replace it sooner and more often. Ultimately, you may spend more than you would have on an initial purchase of good furniture, but you will still be left with the "cheap stuff."
Every newly married couple should be proud of their homes. While you do need to stay within your budget, home improvement promotional financing offers available at many home improvement and furniture retailers could be the perfect way for you to balance must-haves and luxury in the new life you are creating with your partner.
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