Your first time buyer budget needs to include plenty of things for your new home you might not have thought of – and it’s tempting to go cheap on everything while you’re getting started.
However, there are some items it can be worth splurging on from the start, to save money in the long-term. This is your quick guide to learning where you can cut corners to save money in your new home, and where it’s important to spend a little extra, either for peace of mind or to avoid buying again in the near future.
House buying save: In-house mortgage brokers
When you’re buying your first home, your estate agent might encourage you to use their in-house mortgage broker. They might try tactics such as suggesting that it will make the process quicker. However, you could end up paying extra fees or not getting the best mortgage for your circumstances.
Much like the offer of in-house conveyancing solicitors, in-house brokers can sometimes offer the best deal. However, it’s important to shop around and look at independent options and advisors first, to make sure it would in fact be the best option for you. Keeping things in-house favours the estate agency, as they benefit from additional commissions and fees, which is why they prefer to insist you use them. But you’re entitled to use any mortgage broker and solicitor, so do your research first.
House buying splurge: An extra room
Every extra bedroom adds roughly £40,000 to a house’s value. It might not be possible to afford that on your budget – but if you can, it gives you longevity in the property. Even if that means stepping up from a studio apartment to a one-bed, you are more likely to stay in your house longer if there is room for you to expand.
It is also worth thinking about an extra bedroom if you want to make money through the Rent a Room scheme – which could help with your mortgage costs. You can earn up to £7500 a year tax-free by taking in a lodger, so that extra bedroom can quickly pay for itself. Just make sure your mortgage agreement and home insurance allows lodgers.
If you can’t afford the extra room, look for alternatives within the houses on offer in your price range. For example, particularly large bedrooms could be split into two rooms, or a walk-in dressing room could be your office to free up the second bedroom. Or, if you need the extra space but there’s nothing in the budget, consider the outside space: is there room for a home office or recreational room in the garden? This can add value to your property and give you expansion room, to keep you there longer.
Furniture save: Storage
Before you buy loads of cardboard boxes for your move, ask around and look on sites like Freecycle and NextDoor. Many people want to get rid of their moving boxes they only used once, and you can pick them up for free or very cheap.
When it comes to more permanent storage, think about practicality over aesthetic. Does it really matter if your under-bed boxes match the décor? You can pick up some inexpensive boxes at shops like B&M, Wilco, and Dunelm to keep things organised in your cupboards. There’s no need to go influencer-style with matching colours and chalkboard printed labels.
You’ll also often find old bookcases, cabinets, and shelving units available for free or next-to-nothing on Gumtree, Facebook Marketplace, and NextDoor. While you need transport to collect them, it can be a good way to kit out the spare room you use for storage, your garage, or shed with cheap storage options.
Furniture spend: Sofas and mattresses
Buying cheap mattresses will not only impact your health with poor sleep but also mean you need to replace them much sooner than you’d expected, making a cheap purchase a false economy. Shop around for mid-range or luxury mattresses that will last many years. If you’re a memory foam fan, consider a top-end Simba mattress, for a firm yet comfortable sleep for years.
Or, look for something like a Standen Wool Mattress from Woolroom – made with British wool and sustainable materials, the Artisan collection is handmade for precision support and will last many, many years. Sofas and armchairs are the other item that it’s worth splurging on. They’re high-traffic items which need to stay comfortable for many years. If you have children or pets, investing in living room furniture with hard-wearing finishes is worth the extra cost.
Interior décor save: Accessories
It’s a wonderful treat to have a cashmere blanket or one-of-a-kind artisan vases on the shelves, but they’re the kind of things you can collect over time or request as gifts for birthdays and Christmasses. Accessories like pillows, curtains, and even lamps and decorative items reflect your personality and taste – which is why it’s not worth spending loads of cash on them when you’re starting out in your first home.
Having a new home that you can decorate properly for the first time means it can take a while to really find your style – so starting off with inexpensive items means you can swap things out without much guilt later on down the line.
Interior décor spend: High quality paint
Cheap paint looks, well, cheap. It won’t last as long as high-quality paint, and is a false economy when you need twice as much to get good coverage on your walls. There are times when you can use cheaper paint, such as for occasional-use rooms, but most of the time it is worth spending the extra.
This is particularly true if you have children and pets, as the paint should be wipe-down and easy to remove scuffs and marks, without it coming off the walls! Another ‘splurge’ for interior décor is time. Make sure you don’t rush your painting. Spend plenty of time masking off edges, sanding down skirting boards or any glossed surfaces, and filling and sanding holes properly. It will make a huge difference to the finished look, and doesn’t cost you anything other than a day or two more time on your decorating schedule (if you’re doing it yourself).
Adaptation save: Home adaptations
Buying a home when you need adaptations can be very difficult. You might need wider doors, an extra room for storing medical kit, or other adaptations like a wet room instead of a bath. Your local authority can make these changes for you, and there are grants to help. Before you spend a lot of money adapting your home with renovations like ramps and wet rooms, speak to your council to see how they can help. The waiting lists can be long, though, so it’s important to get these conversations in as early as possible.
Adaptation splurge: Health and wellness items
There are other ways you can adapt your home to improve your health and wellbeing if you have a long-term condition. For example, a heated rise and recliner chair by Fenetic Wellbeing could improve your aches and pains, elevate your feet above your head for a weightless feeling (and comes with a VAT exemption if you’re buying to aid a long-term condition or disability).
Other items can be well worth the money to improve your health, too. For example, BON CHARGE products like their Infrared Sauna Blanket or Infrared PEMF Sauna Dome use red light therapy to reduce the pain experienced by those with conditions like rheumatoid arthritis and fibromyalgia. According to BON CHARGE, “PEMF is Pulsed Electromagnetic Field Therapy, a wellness technology that uses magnetic energy waves to improve sleep, boost creativity and focus, or to ground and balance its users”, which could be just the thing you need to turn your home into a relaxation sanctuary.
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