You’ve bought your first house — a major step toward building wealth (congrats!). But with everything from property taxes and utilities to maintenance and upkeep, a home can quickly drain what’s left of your savings. To keep you solvent, we’ve compiled a list of eight money-saving tips for first-time homeowners, all of which come from savvy, budget-minded Redditors.
Related: Watch Out for These Added Costs When Buying a House
Slowly Furnish Your Home
You might be tempted to rush out to Ikea as soon as you’ve signed the closing papers, but Redditors say it pays to be patient. Start with the basics and slowly furnish your home with secondhand furniture from thrift stores, estate sales, and friends and family. Not only will taking your time save you money, but it will also give you more space to be deliberate with your furnishings.
Related: What to Know When Buying a House After 50
Check For Toilet Leaks
The average household’s leaks can amount to nearly 10,000 gallons of water every year, according to the Environmental Protection Agency. Save money and water by checking your toilet for leaks when you move in. While you may be able to hear some toilet leaks, you might have to use dye tablets to detect others.
Related: DIY Disasters: 20 Repairs to Leave to the Pros
Insulate Your House
If it isn’t properly insulated, your home can also leak air and heat. On average, you can save up to 20% on your heating and cooling bill by properly insulating your basement, attic, floors, and crawl spaces, according to the Department of Energy.
Related: 21 Ways to Reduce Your Monthly Bills When Money Is Tight
Use Mistint Paint
Does your new home need a new coat of paint? If so, the cheapest option is likely purchasing “mistint” paint. These unwanted paints — often returned by a customer because the color is off — are perfectly good and come at a steep discount. If you need more, you can either color match the mistint paint or mix your own paint colors at home.
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Watch YouTube
Before you call a technician to fix a broken dishwasher or pipe, browse YouTube to see if you can do it yourself. “I’ve had so much success fixing little things around the house with a quick Google search or YouTube video,” one Redditor shares.
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Install a Tankless Water Heater
With a tankless water heater, you’ll never run out of hot water — and you’ll save money on your energy bill. That said, they are a significant upfront investment, as the units can cost between $500 and $1,500.
Check For Local Incentives and Programs
Some utilities and cities incentivize home improvements that conserve resources. In Los Angeles, for instance, the Department of Water gives customers a rebate for replacing their lawns with sustainable landscaping.
Install LED Lights
Chances are your home is already equipped with LED lights. But if you find a few incandescent bulbs lying around, replace them to save money on electricity. The Department of Energy says that LED bulbs use up to 90% less energy than incandescent models — and last up to 25 times longer.
