Buying a home is a very big expense—and once you’ve kicked off all that spending, it’s easy to find yourself caught up in rampant lifestyle inflation. After all, you’ve got an enormous, shiny new house just waiting to be filled with all sorts of nice stuff, right?
Well, take some quick advice: Don’t keep spending.
Buying a home comes with its fair share of unique costs—property taxes and urgent repairs and energy bills, oh my. There’s no need to add to their cost by shelling out for unnecessary expenses.
Related: How to Minimize Expenses as a New Homeowner
Here are six major cash outlays that buyers can avoid.
Too much house
This one requires some thought before you actually nail the deal: How much house do you really need? Just because you’re pre-approved for a hefty purchase price doesn’t mean you should go as big as you can.
The house that you can afford with the money you’re lent can make the budget go out of whack.
Not sure where to trim? Consider having less closet space, buying fewer bedrooms, or—especially—eliminating a formal dining room.
You don’t use the dining room nearly as often as you think. It’s kind of wasted space.
Fixing up your outdoor space ASAP
Once you close on buying a home and move in, you might be itching to host. Or maybe you’ve been dreaming about a kitchen garden. But hold on: Updating your outdoor space shouldn’t be your first priority, especially if you’re tight on cash. Unlike couches and beds, which are essential to a functioning house, landscaping and decor can be put on pause.
That goes double if you’re building new: Building your backyard at the same time as your home can cost a lot more than if you did it after the fact.
So exercise some caution before committing: Try pricing out your plans with a landscape contractor, and consider rolling them out in phases.
Old, outdated insurance
You now need insurance and using the same insurance company that insures your other possessions may not be wise.
It might be time for a change. Shop around.
You may stay with the same company, but you may find something that’s a little better price for the same thing. Sometimes, people may not want to shop around or may be married to a particular company.
Just because the same company had a good deal on other insurance doesn’t mean it’s the best fit to protect your home. Go through all your options with a fine-toothed comb, looking for a deal that won’t crush you financially but also leaves your house and its belongings secure.
After all, now it’s not just your stuff—it’s your roof, compound, and foundation you have to protect, too.
Space-filling stuff
If you’re moving from an apartment, chances are good you’re astounded by how much space you have. There’s another bedroom and a dining room and … yet another bedroom!
Don’t feel like you have to fill it all at once. Give yourself—and your home—time for personality to emerge.
A lot of people will go out and say, ‘Oh my gosh, I’ve got to fill this space and buy stuff’. But you should reconsider.
Instead of immediately stuffing the livingroom with a generic, new couch and coffee table, wait it out. See what you really need and what you really like. In the meantime, stick the money you save into a renovation fund.
Get Appliances Warranties
Many homes don’t come with appliances installed, so first-time homeowners might find themselves making large purchases (like a cooker or refrigerator).
Here’s a tip: You need to ensure all your appliances have more than a year-long warranty.
Compound maintenance
Having your own compound is definitely exciting, and while it’s important to keep it healthy and watered, you don’t need to go overboard. Resist the pressure to hire additional help for your compound.
You can still be part of an estate and cut your own grass. You don’t have to pay someone an extreme amount of money to come out and cut your grass.
Don’t be tempted by the sales pitches you’ll inevitably receive after your purchase goes through. A gorgeous lawn is achievable—and it can be done all on your own. Really.