Furnishing Your Home on a Budget

By Mike Stotz, Mortgage Loan Officer

For many first-time homebuyers, the thought of furnishing a new home often gets lost in the excitement of the homebuying process. They have saved and budgeted for years to be able to come up with enough money for their dream home. A good loan officer will discourage the homebuyer from making any major purchases until after the loan closes, as to not jeopardize the mortgage approval. So how do you furnish your new home with depleted funds without going into debt? Here are a few tips:

Rank Purchase by Priority

Assess your current inventory to see what can still be used. It’s important to have the essentials when you move into a new home, including a bed, dresser, couch and a dining table. The rest can be purchased over time. After assessing your inventory, determine what items are most important to purchase next and rank them in order of importance so you can budget accordingly.

Shop Secondhand

There are a lot of options for furnishing your home if you look into secondhand and resale items. Thrift shops and consignment stores, as well as Facebook Marketplace, are great places to start looking for items you can use. Be sure to check regularly since the inventory changes frequently. Also, keep an eye out for garage sales and estate sales that pop up in your community. There are plenty of bargain finds just waiting for you!

End-Of-Season Sales

If you are in the market for new electronics, wait for seasonal sales. Black Friday and Cyber Monday, which occur after Thanksgiving, are great ways to purchase electronics and other household items that are marked down. January sales right after Christmas are also an excellent time of the year for furniture specials, as companies want to stimulate spending in January.

Figuring out how to furnish your home for the first time can be exciting and stressful. That’s why it’s important to create a budget and bargain hunt when you can. There are plenty of good deals out there, you just have to be patient and persistent. Happy shopping!