Last updated on August 18th, 2015 at 07:15 pm
First-time homeowners are often surprised by just how much they have to spend to get their houses up and running. Besides the expected colossal cost of the home itself, new homeowners must invest additional sums of money in appliances, furniture, and other necessary items required for a functioning home.
Vacuums, mattresses, washers, and dryers are only a handful of the items new homeowners might not have needed before their big purchase, and these necessities often don’t come cheap. Luckily, there are a few unconventional methods homeowners can use to procure these needed items without wholly depleting their savings.
1. Buy Used
Just like cars, computers, and other expensive technology, new household appliances depreciate significantly after purchase. While this is unfortunate for those who invest in brand-new gadgets, it is excellent for budget-minded homeowners looking for cheaper alternatives for the appliances they need.
Depreciation for appliances is typically the purchase price divided by the repair-free life of the item; for example, a dishwasher purchased for $300 and expected to run for 10 years will depreciate in value roughly $30 every year. This can spell real savings for savvy buyers.
2. Buy Off-Brand
Name awareness is big business. Billions of dollars are spent every year by global companies looking to make their brand known by American consumers — and it definitely works. Countless numbers of shoppers purchase all types of items solely because they recognize the name on the tag. However, homeowners who want to save money on expensive and indispensible household items must set aside brand bias in favor of the best deal. From appliance to décor, every big-name brand has unknown competitors offering comparable products. For example, when comparing to Sleep Number, various off- brand adjustable mattresses provide the exact same benefits at just a fraction of the cost. Though brand-name items may be more fashionable and therefore more appealing, homeowners will save more by ignoring the name.
3. Buy Sale and Clearance
Stores are looking for income wherever they can get it, which means they are totally willing to cut costs moderately to make a sale. Sometimes, with expensive items like household essentials, they can slash prices quite a bit while still raking in quite a profit. Budget-conscious buyers can watch the ads and pounce when the price is right.
However, many shoppers may not realize that certain products reliably go on sale certain periods of the year. Manufacturers tend to announce new styles and standards for their products the same month every year. Threatened by the impending release of updated models, stores attempt to liquidate their current stock by discounting prices. While this cycle is true of almost every item available for purchase. expensive appliances and household necessities are especially impacted. For example, furniture is best purchased in January, after the holiday rush, while September and October are the best months for clothes washers and dryers. With a bit of research and a bunch of patience, homeowners can take advantage of incredible store markdowns.
Though the exchange of goods is not nearly as popular in Western culture as exchanging goods for standard currency, some individuals are still willing to barter items for items. Homeowners who are moving to a location that cannot use old furniture or appliances are the best candidates for this money-saving technique.
Though this method will not work with established vendors like stores, individual sellers may be more than interested in swapping a gas stove for an electric one, for example. A handful of websites offer services to aid in trade, which makes the process of finding potential partners significantly easier.
This is obviously not the most desirable outcome for homeowners eager to become independent. Still, renting big household items can be less expensive in the short-term than purchasing those items outright. Furniture and appliance rental companies are common in every city around the country, and they usually offer a wide range of furniture styles, appliance models, and even electronics like televisions and stereos. However, renting should only be used as a temporary solution to a lack of household necessities, and homeowners should not grow lax in their continued hunt for a good deal.
Otherwise, this cheap alternative will turn into an expensive mistake that depletes any savings toward owning property.