{"id":1471,"date":"2021-07-26T16:38:55","date_gmt":"2021-07-26T20:38:55","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=1471"},"modified":"2021-09-08T15:10:41","modified_gmt":"2021-09-08T19:10:41","slug":"you-got-the-house-now-how-do-you-afford-to-furnish-it","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/you-got-the-house-now-how-do-you-afford-to-furnish-it\/","title":{"rendered":"You Got the House! Now, How Do You Afford to Furnish It?"},"content":{"rendered":"\n

Congrats on saving up for that down payment! And hats off for committing to mortgage payments, homeowners insurance and property taxes. Now for your reward: home sweet, sparsely furnished home.<\/p>\n\n\n\n

Furniture shopping may be the last thing you want to do, but it may be necessary if you moved into a bigger space or parted with unwanted goods in that process. Avoid overspending with these strategies.<\/p>\n\n\n\n

Stick to cash<\/strong><\/p>\n\n\n\n

Earmarking savings for furniture can help homeowners pay for it in cash. And that\u2019s the \u201cabsolute best way\u201d to buy, says Justin Nichols, certified financial planner and director of operations at Garrett Planning Network. How much to save for furniture depends on your needs. (More on that later.)<\/p>\n\n\n\n

If you already bought the house and didn\u2019t budget for furniture, do what you can to stick to cash \u2014 and live with some open space while you save. \u201cIn the big scheme of things, it\u2019s OK for a room to be sparsely appointed or even sit empty for a while as you save to pay cash,\u201d Nichols says.<\/p>\n\n\n\n

If you can get a credit card with a no-interest promotional period, and you know you can pay off your purchases in that time, that\u2019s the next best option, Nichols says. The worst choice? Renting-to-own<\/a> furniture, he says. The Federal Trade Commission warns against it, too. From the FTC website<\/a>: \u201d[B]uying on a rent-to-own plan can cost double or triple what you would pay for the item with cash, on layaway, or on an installment plan.\u201d<\/p>\n\n\n\n

Prioritize purchases<\/strong><\/p>\n\n\n\n

Identify and buy whatever essentials are missing from your new home first. \u201cFormulate your strategy around your most urgent family needs,\u201d says Dan DiClerico, home expert at HomeAdvisor, a digital marketplace for home services. Those needs could include a kitchen table if you never had one in your small apartment, for example, or a crib if you\u2019re expecting a baby.<\/p>\n\n\n\n

Next, shop for a few big, functional pieces. \u201cEven if you can\u2019t afford to fill the space with furniture, adding a large rug will help the space look full,\u201d says Betsy Helmuth, interior designer and owner of the Affordable Interior Design firm. Rugs also protect your floors and serve as a \u201cdecorative statement,\u201d she says. Helmuth recommends the websites RugsUSA and Wayfair for affordable rugs and suggests saving money by choosing synthetic fibers rather than wool.<\/p>\n\n\n\n

A sofa, preferably a sectional, will also make your home feel fuller \u2014 and cozier, Helmuth says. She adds that for her, \u201cIt\u2019s all about Macy\u2019s\u201d for sofa shopping.<\/p>\n\n\n\n

Indulge in affordable extras<\/strong><\/p>\n\n\n\n

If you have cash to spare, buy a few items that are both practical and decorative. These can make an unfamiliar house feel like home and show off your style. For example, Helmuth says, lamps are like \u201csculptures for the room,\u201d and, unlike overhead lights, they \u201ccreate cozy pools of light on a human level.\u201d She recommends LampsPlus.com for inexpensive options.<\/p>\n\n\n\n

Drapes are an \u201caffordable way to add visual interest to your walls\u201d and \u201csoften up a space,\u201d Helmuth says. She also suggests hanging a few prints, even if they\u2019re placeholders until you can afford nicer, more expensive art. Consider painting the walls, too, which \u201cimmediately infuses personality,\u201d Helmuth says. \u201cYou will not want to paint later when you have furniture in the space.\u201d<\/p>\n\n\n\n

Don\u2019t pay full price<\/strong><\/p>\n\n\n\n

You can sometimes save a few hundred dollars by negotiating furniture prices, DeClerico says, particularly on \u201cbig-ticket items\u201d like sofas and tables. At independent retailers, he suggests mentioning your interest in supporting local businesses when you haggle. At big-box stores, you\u2019ll have better luck requesting discounts on floor models with wear and tear, he says. Take advantage of price-matching, coupons and seasonal sales in January, July and holiday weekends, too, he adds.<\/p>\n\n\n\n

Warehouse clubs like Costco have some \u201cpretty amazing deals,\u201d DiClerico says, although selection may be limited. Furniture from thrift stores, as well as Facebook Marketplace, Craigslist and Nextdoor, can also be inexpensive. And, of course, you can\u2019t get any cheaper than hand-me-downs from family and friends.<\/p>\n\n\n\n

While paying little for furniture may be financially responsible, Helmuth warns against filling your new home with stuff you don\u2019t love just because it\u2019s cheap or free. \u201cYou start creating a space you\u2019re not crazy about,\u201d she says, adding that getting rid of furniture once you own it can be tough. Whatever you buy, she says, \u201ckeep in mind it\u2019s going to stay longer than you think.\u201d<\/p>\n\n\n\n

This article was written by NerdWallet and was originally published by The Associated Press.<\/em><\/p>\n\n\n\n

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