When you first move into a new home, it probably won’t have the look you want right away. You may need to add furniture, appliances or decor to make your home feel complete. Unless you have unlimited funds to spend, you’ll have to take your time filling your house with items you love. The key to furnishing a home on a budget is prioritizing and getting the most important pieces first. It also helps to practice patience.
This chapter provides an overview of what you might expect when setting up your new house. We also offer a few tips for decorating your home on a budget.
Before you shop for furniture, assess what you already have. Go into every room of your new home and create a list of what you have and still need. This step will help you organize your thoughts and focus on priorities. Ultimately, you’ll want to concentrate on furnishing rooms you’ll use the most and purchase essential pieces. For example, you’ll likely spend a lot of time in your bedroom, so it’s worth making this room comfortable before splurging on patio furniture.
To help you get started with your shopping list, here is basic furniture to buy right away:
Once you have the essentials, you can slowly add to each room to fill it in and give it more style.
The cost to furnish your home depends on what you need and how many rooms you have to furnish. Your personal preferences and where you shop also play a role in the cost.
To understand how much homebuyers typically spend on furniture, consider a study from the National Association of Home Builders. According to the study, people buying a home spend around $3,500 on furniture within the first year. The most expensive item is a sofa, which exceeds $700 on average.
In general, homeowners are allowed to take appliances with them when they sell their house, but this doesn’t mean they will. Leaving behind basic appliances, like the stove, can help a house sell since many new homebuyers don’t have their own appliances. You’ll want to make sure you know what comes with the house before you close the deal. With that said, essential appliances include:
You may already have a few of the above appliances, or perhaps you’re starting from scratch. If you can’t equip your new home with all the appliances you need, start with the ones you can’t live without.
According to HomeAdvisor, you can expect to pay $2,175 on average for each new appliance. However, you can spend much less if you choose more budget-friendly models. For example, the price of a refrigerator typically ranges from $430 to $10,600. If you’re on a budget, carefully consider what sizes and features you need with your appliances and how you can save.
Before you set money aside for furniture, you need to know how much to save. Research prices from different companies and get an idea of how much furniture costs. For example, if you want to buy a new sofa, see what’s available in local stores and compare prices. Consider what you feel comfortable spending and can realistically save up for.
Set a deadline to meet your savings goal, which will help you determine how much to save each week. If you can’t save enough each week to meet your goal within a chosen time frame, consider cutting back on other expenses. For instance, you might buy clothes less often or give up restaurant food until you save enough. You might also work extra hours, get a part-time job or sell items you no longer want or need.
As a new homeowner, you probably can’t wait for every room to be completely furnished and decorated in your personal style. It’s exciting to decorate your own home, so it’s understandable if you want to buy everything at once and see it all come together. Still, if you’re on a budget, you’ll want to be patient. It’s best to take your time furnishing your home anyway, so you can only buy things you love or need.
You can still purchase items for your home on a budget, but it helps to know how to save. Here are some tips:
Yes, most standard homeowners insurance policies cover personal belongings, such as furniture, clothes, appliances and other items. If personal belongings are stolen or destroyed in a fire, your insurance company will pay the cost to replace your items or give you the value of your belongings. An insurance agent can explain all the details of homeowners insurance and help you find a policy that fits your needs. If you have any questions about your current policy or want to find a more affordable plan, contact us today at David Pope Insurance.