Buying a new home is exciting, and making the most of it is a combination of choosing well in
the first place and then allocating the resources you have wisely, whether you are creating a calm refuge, a welcoming place to raise children or a dazzling domestic space for entertaining friends.
Home improvements and maintenance projects in your new home need to be chosen carefully to ensure the time and energy being invested are going to yield the biggest dividends.
1. Al fresco ambitions
Finally, it seems you have space to install that fancy gas-fired barbecue and build a pit for it – maybe even a pizza oven made of bricks, an outdoor cooker and all kinds of appliances. But consider carefully before you get carried away. Weigh up the cost of all this against how often you are likely to use it, especially in a temperate climate. A few briquettes, a rack and some outdoor chairs may be enough if there are only going to be two barbecues each summer.
2. Ineffective insulation
If your windows are not insulated properly, then you will be throwing money out the window each month when inflated energy bills arrive. The attic or roof is another area where heat can escape, along with doors and any cracks or leaks in the building. Do a thorough inspection of your home, and assess where insulation needs to be bolstered – make this a priority, especially if winter is coming.
3. A place in the sun
A conservatory or sunroom may seem like a bright addition to your home, but think carefully about whether it will create the kind of space that will add value to your home. Sometimes the conservatory adds less value than you anticipate and may not even pay for itself when it comes time to put the home on the market.
4. Plan B
Getting all nesty and stockpiling baked beans in the larder for a crisis that may never arrive can get some new homeowners thinking that what you really need next is your own power generator to make sure the lights stay on during an emergency. It may be reassuring to have one of these, but they are expensive to install and it is not likely to be appreciated by potential buyers when it comes time to sell the property
5. Take a careful dip: Invest in a submersible pumps
Everyone wants a pool in their garden for swimming, sun tanning or sipping cocktails. That is until they realise how much work it is to maintain a pool and the expenses of buying all that pool cleaning equipment and chemicals to stop the water turning green with algae. They also can only be used for a limited part of the year unless you want to pay the cost of heating. The pool will probably need draining at some point, and this will require knowledge of submersible pumps along with various other bits of kit. Not everyone sees a pool as an advantage either. When it comes to selling your home, it may not add much value, and potential buyers could even see it as a liability that is going to take up all of their weekends to keep clean.
6. Cost of private mortgage insurance
Depending on your provider, they may expect you to take out added insurance on your mortgage if your down payment is deemed as being a little on the low side. Paying this is money down the drain, and in the long run you will be glad of the savings you can make if you manage a few extra payments on the mortgage and get the equity up to a level where insurance is not necessary. A few extra payments always make sense early on if you can manage them to decrease the capital owed and get more of your regular payments working to decrease the sum owed instead of going to the lender.
7. Warranty panic
When you are purchasing new appliances, some salespeople really pile on the pressure to buy an extended warranty. It may provide some peace of mind, but most reputable brands are designed to keep on performing during the extra warranty period, so in the end it is probably not expenditure that will provide much of a return on investment. If you are the anxious sort, check the conditions of your credit card, as sometimes warranties are part of the benefits they offer to customers.
While you’re on the money saving train, try our 1-hour home energy audit that can save you money.
