Embarking on the journey of purchasing a new home is undeniably one of life's most thrilling experiences. Like many prospective homeowners, you're probably envisioning the perfect furniture arrangement and decor long before the ink dries on your offer letter.

However, before you rush off to the nearest home goods store, take a moment to breathe. It's crucial to postpone any significant purchases until after the closing of your new home. Why? Well, a substantial expenditure or acquiring new lines of credit might have implications for your credit rating, potentially affecting your mortgage terms.¹ Additionally, keep in mind that moving and closing costs can accumulate rapidly, demanding a thoughtful approach to managing the remainder of your budget.

Fear not! There are numerous ways to economize on essential home items, and we've compiled some of our favourites to share with you.

Smart Strategies to Streamline Your Shopping: Prioritize Essentials for a Purposeful Home Furnishing Journey

As per the Furniture Bank, the estimated cost to furnish a one-bedroom apartment with essentials is around $8,300, with expenses escalating for larger homes and upscale items.² To manage costs effectively, we recommend commencing with a comprehensive evaluation of your existing possessions and determining the necessities for starting a new chapter in your residence. Follow these steps to prioritize your purchases and maintain budgetary control:

• Create a comprehensive list of all your needs, considering each room separately. This could range from a mattress to blackout curtains for your primary bedroom.
• Conduct an inventory of your current belongings, checking off items from significant (dining table) to minor (kitchen knives) as you go.
• Categorize the remaining items into three groups: immediate necessities (e.g., a mattress), desired items for the near future (e.g., a living room coffee table), and items that can be delayed (e.g., an area rug).
• Establish a budget by determining the funds available for immediate purchases post-closing. Research the prioritized items to align them with your financial plan.
• Take your time with the process. Retaining older items in your new space doesn't mean a long-term commitment. Keep items that can serve you for a year or two until your finances recover from the home purchase expenses.

Before embarking on your shopping journey, be well-informed about the appliances and fixtures included with your home purchase. We can guide you on standard contract terms during the initial offer and help identify any additional items you may wish to request.

Strategic Shopping: Unlocking Savings by Timing Your Purchases with Seasonal Sales

Did you know that certain home items consistently go on sale during specific times of the year? If you can exercise patience and purchase these items when prices are at their lowest, you stand to make significant savings. Here's a guide to the optimal times for purchasing household essentials:³

• Carpeting: January
• Indoor furniture: January and July
• Linens: January
• TVs and home theatres: February and November
• Appliances: May and September
• Office furniture: May
• Mattresses: May
• Tools: June
• Flatware and dishes: June
• Outdoor furniture: September
• Electronics: November

In general, holiday weekends, including Black Friday and Cyber Monday, are opportune moments to snag great deals. If the item you're eyeing is seasonal, like patio furniture or holiday decorations, waiting until the end of that season often yields the best savings.

Explore Thrifty Treasures: Uncover Alternative Shopping Sources for Stylish and Affordable Home Furnishings

Eager for a deal? It's time to break free from the conventional sale hunt, steering away from the typical big-box stores. Surprising avenues await, offering fantastic furniture and houseware deals.

• Explore overstock and liquidation stores, where items rejected by other retailers are offered at steep discounts. The inventory may vary, but the potential for a great deal is high if you spot what you need.⁴
• Venture into private membership or warehouse stores, often housing excellent deals on home goods. If you're not a member, consider seeking the help of family or friends to explore before committing.
• Embrace open-box items. When buyers return furniture or electronics, retailers, like Wayfair and Amazon Warehouse, sell them at a discount. Visit local retailers or scour online platforms for these deals.
• Give scratch-and-dent appliances a chance. These brand-new appliances carry deep discounts due to external packaging damage. Scrutinize them and inquire about warranties.
• Broaden your window treatment search. Save on often-expensive window treatments by opting for off-the-shelf offerings in standard sizes. For custom needs, order from discount suppliers online and handle the installation yourself.
• Delve into the world of second-hand shopping. Beyond thrift stores and garage sales, platforms like Facebook Marketplace, NextDoor, and Kijiji can be goldmines for local deals.

If alternative shopping still feels like a stretch for your budget, explore local Freecycle or “Buy Nothing” groups on platforms like Facebook. Members offer items they no longer need, from furniture to clothing hangers, for free to other members.^6,7

Mastering the Art of Bargaining: Secure Your Dream Decor Without Breaking the Bank – Don't Hesitate to Negotiate for the Best Deals!

It's a well-kept secret that prices for home goods, spanning from furniture to appliances, often come with room for negotiation. Though asking for a discount might seem daunting, it's a widespread practice, especially in independently owned stores. Here are some savvy tips to guide you through the process:^8,9

• Do your research: Compare prices before entering a store. If you find a better deal elsewhere, many retailers will match it.
• Engage with the staff: Don't hesitate to ask the store associate or manager for their best price. They might have additional discounts or coupons at their disposal.
• Consider cash payments: If you can pay in cash, inquire about potential discounts. Sellers may offer a slight reduction to avoid processor fees.
• Check for applicable discounts: Reach out in advance to inquire about any available discounts. Some retailers extend price reductions to specific groups, such as active military, veterans, teachers, first responders, or senior citizens, on particular days or times of the year.
• Highlight imperfections: If you notice scratches or dings, bring them to the attention of the sales associate. They might be open to offering a discount to compensate for the imperfections.
• Explore floor models: Inquire about floor models, often available at a lower price even if they are in like-new condition.

Once you've successfully negotiated a favourable deal, don't forget to inquire about free or discounted delivery. Some furniture and appliance stores may offer complimentary delivery or installation for qualifying purchases. It's the icing on the cake for your savvy shopping experience!

Unlocking Home Comfort: Maximize Savings with Reward Programs and Coupons for Your Furnishing Journey

In a budget-conscious journey, every penny becomes significant, and investing a bit of extra time in maximizing reward programs and discounts is often a worthwhile endeavour.

• Stay in the loop with sales by subscribing to your favourite retailers' email lists and following them on social media for timely discounts and sale alerts.
• Explore the benefits of loyalty programs, especially when making substantial purchases or acquiring multiple items from a single store. Enrolling often comes with an introductory coupon.
• Approach store credit cards thoughtfully. While they may provide substantial discounts, ensure you only charge items you can promptly pay off to avoid interest. Also, refrain from opening new lines of credit until after your home purchase is complete, as it can impact your credit score.
• Engage in coupon and cashback programs, especially when shopping online. Platforms like Rakuten and Great Canadian Rebates can help you discover coupon codes and provide cash back on your purchases.

As an additional savvy move, consider setting up a housewarming registry.¹⁰ Not only does it serve as a convenient way to communicate your needs to family and friends, but it can also be a source of discounts. Many stores offer a percentage off for unpurchased registry items, helping you acquire what you need at a more affordable price.

GET CREATIVE

For a distinctive home aesthetic that won't break the bank, consider reimagining your existing furniture to seamlessly integrate with your new space. Here are some tried-and-true strategies we adore:

• Repurpose Your Possessions: Instead of purchasing new items for specific purposes, explore alternative uses for what you already have. Transform an old dresser into a unique television stand or repurpose a mismatched dining chair for your home office.
• Elevate Existing Pieces: A fresh coat of paint, a new varnish, or a simple swap of drawer pulls and handles can breathe new life into ageing furniture. Keep this approach in mind when considering second-hand items—sometimes all they need is a different colour or upgraded fixtures.
• Reupholster Instead of Replace: If you have a comfortable and sturdy but tired-looking sofa or chair, think about giving it a facelift with new upholstery rather than replacing it entirely.
• Embrace Your DIY Skills: While building furniture may not be everyone's cup of tea, basic tools and online resources can empower you to tackle simple projects like crafting headboards. You might even discover that repairing existing pieces is a viable option, sparing you from additional shopping.

DIY projects can be both enjoyable and rewarding, but they're not everyone's preference. If you prefer professional assistance, don't hesitate to reach out for a list of our recommended service providers.

ASSISTANCE IS JUST A CALL AWAY

Understanding the financial aspects of a new home can be daunting, but we're here to simplify the process for you. Whether you're in the early stages of contemplating a home purchase or need assistance reviewing your budget, we're ready to guide you. Our expertise extends beyond mere budgeting; we can provide valuable insights into various financial considerations, as well as introduce you to programs and incentives that can make homeownership more achievable. Take the first step towards your dream home—contact us for a complimentary consultation.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1. Financial Consumer Agency of Canada -
   https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/improve-credit-score.html
2. Furniture Bank -
   https://www.furniturebank.org/how-much-does-it-cost-to-furnish-an-apartment/ 
3. Global News -
   https://globalnews.ca/news/3973885/buy-stuff-on-sale-canada/ 
4. Business Insider -
   https://www.businessinsider.com/personal-finance/strategies-to-save-money-on-furniture-for-my-new-home?r=US&IR=T
5. CNET -
   https://www.cnet.com/home/kitchen-and-household/buy-scratch-and-dent-appliances/
6. Global News -
   https://globalnews.ca/news/9298486/buy-nothing-groups-canada/
7. Freecycle -
   https://www.freecycle.org/
8. Consumer Reports -
   https://www.consumerreports.org/cro/magazine/2013/08/how-to-bargain/index.htm
9. Realtor.com -
   https://www.realtor.com/advice/home-improvement/furniture-stores-money-saving-tricks/
10. Taste of Home -
    https://www.tasteofhome.com/article/housewarming-registry/