Buying a new home is one of the most exciting experiences in life. If you’re like most homebuyers, you’ll be planning your furniture placement and decor before the ink dries on your offer. But before you run to the nearest home goods store, let’s pause right here. 

Delay any major purchases before you close on your new home!

A large outlay or additional line of credit could affect your credit rating and impact your mortgage terms.¹ Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget. But don’t worry! There are plenty of ways to save on home essentials, and I’ve rounded up some favourites to share with you. 

1. PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING

According to the nonprofit Furniture Bank, you could spend around $8,300 to outfit a 1-bedroom apartment, and the costs only go up from there for larger homes and higher-end items.² I recommend starting with a thorough assessment of what you already have, and what you actually need. Here are some steps to help you prioritize purchasing and to keep spending in check. 

• Make a list of everything you need. Going room by room, for example, you might list items ranging from a mattress to blackout curtains for your new bedroom. 
• Inventory what you already have. Cross big items (dining table) to the small items (kitchen knives) off your list as you go. 
• Divide the remaining items into three groups: things you need right away (a mattress), items you’d like to have in the near future (a coffee table) and pieces that can wait (an area rug). 
• Calculate your budget. Figure out how much money you’ll have available for immediate purchases after the sale has closed. Then research the items on your priority list to understand how they’ll fit into your budget.
• Don’t rush the process. Bringing older items to your new space doesn’t mean you must keep them forever. Hang onto pieces that can tide you over for a year or two until your bank account has recovered from the home purchase.
• Know which appliances and fixtures are included with your home purchase, before you start shopping!

2. TIME YOUR PURCHASES TO MAKE THE MOST OF SEASONAL SALES

Did you know that some home items predictably go on sale at certain times of the year? If you can wait to buy these pieces when prices are lower, you could save significantly. Here are some of the best times to buy household essentials:³

• Carpeting: January
• Indoor furniture: January and July
• Linens: January
• Appliances: May, September and January
• Office furniture: May
• Mattresses: May 
• Tools: June (Father’s Day)
• Flatware and dishes: June (wedding season)
• Outdoor furniture: September (end of summer)
• TVs, Home Theatres, Electronics: June (Father’s Day), Aug/Sep (Back to School), November (Black Friday) to January (Boxing Week)

Generally speaking, All Holiday Weekends, Black Friday (Nov 24th, 2023) and Cyber Monday (Nov 27th, 2023) are the best times to find deals. If the item you’re looking for is seasonal, like patio furniture or holiday decorations, then waiting until the end of season will pay off.

3. FIND ALTERNATIVE SHOPPING SOURCES

Can’t wait for a sale? There are plenty of surprising places to find great furniture and houseware deals!

• Check out overstock and liquidation stores. These stores purchase items other retailers haven’t sold and offer them at a steep discount. The inventory can be hit or miss, but you can often get a great deal if you find what you’re looking for.⁴
• Try private membership/warehouse stores.  Retailers like Costco, often have great deals on home goods. If you’re not already a member, ask family or friends if they are willing to take you to look around before you commit.
• Consider open-box items.  When buyers return items like furniture or electronics, retailers can’t always sell them as new, even if they haven’t truly been used. Look online for open-box deals from retailers like Best Buy, Wayfair and Amazon to see what they have in stock.
• Give scratch-and-dent appliances a chance. These appliances are new but sold at deep discounts because their external packaging was damaged. Typically, this means that flaws are purely cosmetic, but it’s possible that the merchandise has suffered more serious damage. Be sure to check the appliances carefully and ask about warranties.⁵
• Expand your window treatment search. Window treatments can be quite expensive, but it’s possible to save by buying “off-the-shelf” in standard sizes. If you need a custom size or material, consider ordering online from a discount supplier and installing them yourself. 
• Shop secondhand. In addition to thrift stores and garage sales, Facebook Marketplace, NextDoor, and Kijiji are great places to find local deals. Or try shopping at my personal favourites, Of Things Past in North York and Green’s Antiques in Cabbagetown.

Are alternative shopping sources still a stretch for your budget? Check out local Freecycle or “Buy Nothing” groups, which are often hosted on Facebook. Participants offer big and small items they no longer need, everything from furniture to clothing hangers, for free to other members.^6,7

4. DON’T BE AFRAID TO NEGOTIATE FOR A BETTER DEAL

Many people don’t realize that prices for home goods are often negotiable. While asking for a discount can be intimidating, it’s common practice in many industries, and more so at independently-owned stores than chains. Here are a few tips:^8,9

• Comparison shop before you walk into a store. If you can find a lower price for the same item elsewhere, many retailers will match it.
• Ask the store associate or manager for the best price available. They may be able to offer additional discounts or coupons. 
• If you can pay in cash, ask if you can get a discount for doing so. The seller may be happy to offer a small price reduction to avoid paying processor fees. 
• Call ahead to ask about applicable discounts. Some retailers offer price reductions for active military, veterans, teachers, first responders, or seniors, on certain days or times of the year.
• Point out scratches or dings to the sales associate. They may be willing to offer a discount to compensate for the imperfection. 
• Ask about floor models. Many stores offer these pieces at a lower price, even if they’re in like-new condition. 

After you’ve negotiated a killer deal, don’t forget to ask for free or discounted delivery! Some furniture and appliance stores will offer free delivery or installation if you spend a certain amount or buy multiple items.

5. MAKE THE MOST OF REWARD PROGRAMS AND COUPONS

Every penny counts when you’re on a budget, and spending a little extra time maximizing reward programs and discounts is worthwhile.

• Make sure you never miss a sale. Sign up for your favourite retailers’ email lists and follow them on social media for discounts and sale alerts.
• Take advantage of loyalty programs. If you’re making a big purchase or getting multiple items from one store, ask about free loyalty programs. Signing up often comes with an introductory coupon.
• Consider store credit cards (but very, very carefully). Store credit cards can offer significant discounts, but only charge items you can pay off right away to avoid interest, and NEVER open new lines of credit until your home purchase is complete, since it can affect your credit score.
• Enroll in coupon and cashback programs. When you’re shopping online, programs like Rakuten and Great Canadian Rebates can help you find coupon codes and give you cash back on purchases.

While you’re at it, why not set up a housewarming registry?¹⁰  Share the link with family & friends if they ask what you need. Many stores also offer a discount to help you buy unpurchased items on your registry. 

6. GET CREATIVE

To avoid a cookie-cutter home aesthetic and save a few dollars, try re-imagining your existing furniture and how it could fit into your new space. Here are my best tips: 

• Repurpose what you have. Instead of buying a new item for a specific purpose, ask yourself if you can use what you have in a different way. For example, repurpose an old dresser as a television stand or use a dining chair in your home office.
• Upgrade existing items. Sometimes a new coat of paint or varnish, or swapping out drawer pulls and handles, can lend a new lease on life to an old piece of furniture. (Last week I spray painted an old foyer light fixture – turned out amazing!) Keep this strategy in mind for second-hand items that would be just right if they were a different colour or had nicer fixtures.
• Reupholster instead of buying new. If you have a tired-looking sofa or chair that’s still comfortable and stable, have it reupholstered in new fabric instead of replacing it. Slipcovers are an even better money-saver.
• Get handy. Building furniture is not for everyone, but with some basic tools and internet help, you may find that simple items like headboards are within your grasp. Even better, repair pieces you already have and avoid shopping altogether!

Do-it-yourself projects can be fun, but they aren’t for everyone. If you’d like some professional help, reach out for a list of my recommended service providers.

I’M HERE TO HELP

Budgeting for a new home can be overwhelming and I want to make the process easier for you. If you’re considering a home purchase, I can advise on a realistic budget and help you review your options. I can also offer insights on other financial considerations, and programs/incentives that can help make homeownership more attainable. Reach out to me anytime to discuss, I am happy to help.  

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/