Quantcast tag
Synchrony Financial
Questions?Contact Us

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.

Additional Reading:

Lifehacker: What's the Best Way to Finance My Home Improvement Projects?

Fox Business: Five Unique Ways to Finance Your Home Improvement Project

Credit.com: Can I Get a Loan to Redecorate My House?

Sources:

1. The Family Handyman: How to Save Money on Insurance

2. Insurance Information Institute: How to Save Money on Your Homeowners Insurance

3. This Old House: Here's How to Finance Your Remodel

4. Angie's List: Is it Smart to Finance a Home Remodel?

Disclaimer:

We include links to other websites in this article for your convenience.  We do not endorse any content on these sites.

All product names, logos, and brands are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, logos, and brands does not imply endorsement.

This content is subject to change without notice and offered for informational use only.  You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented.  Synchrony Financial and any of its affiliates (collectively, “Synchrony”) make no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.

© 2017 Synchrony Financial. All rights reserved. No reuse without prior written consent from Synchrony Financial.