All the Things a Nest Egg Cover
After you’ve found your forever home, that nest egg which you’ve been saving up will be ready to come into play. Everyone always seems to tell you that you need a nest egg, but no one says precisely what it is and isn’t supposed to cover. At Lincoln Savings Bank we’ve found there are some key elements that new homeowners tend to gravitate toward when it comes to spending their nest egg. We’ve whittled those insights down to what key purchases we think may help you best.
- Fix-up projects, updates and home repairs.
These projects are often expected and part of the negotiation process. Maybe you were able to keep the existing washer and dryer but perhaps the outdated bathroom will need some fresh grout along with a new coat of paint. Often, first-time homeowners find odds and ends around their home to customize or update during their first few months. Your nest egg can cover some of these repairs, with long-term savings geared toward any major remodels or other extensive updates.
- Seasonal yard and other outdoor work.
For those purchasing their home in the spring, there is a unique opportunity to lay the foundation of your outdoor living. This may be in the form of planting perennials, ripping out the overgrowth, or adding some much-needed curb appeal to the front of your home. If you take pride in your lawn, your nest egg is a good place to turn to in order to cover some of the supplies you’ll need to make it shine.
- Tools you didn’t know you needed.
It may sound silly but things like a lawnmower, ladder, power drill, are all items that as a renter you may or may not have needed. Becoming a homeowner means if something breaks, it's on you to find a solution to fix it. More often then not there will be small things around the house that take a few minutes to finagle. For serious repairs always contact a licensed contractor and consult your personal savings. We always recommend having a tape measure, it may become your best friend!
- First month of monthly utilities and internet.
Your first month may be a test drive for what to budget for your home’s utilities. Find out if your electric or gas providers offer budget billing as an alternative to paying spikes during the summer and winter seasons. Depending on your budgeting method, this option may work to your advantage. Either way, utilizing your nest egg for this initial month’s utilities helps become better prepared for the upcoming months, ensuring that you’re financially primed for the next utility payment.
- Home décor to make it feel like home.
Fresh paint, new furniture, blooming flowers – whatever makes you feel at home is going to make that sense of belonging even stronger. It can be as simple as cutting flowers from your new outdoor garden, or bringing in a colorful piece of refurbished furniture, however you see your home, your nest egg is there to help you make it come to life.
If you’re ready to make the leap into homeownership our dedicated Mortgage Lenders at Lincoln Savings Bank are here to help. No matter if you’re looking for vendor recommendations, local insurance providers to work with, or the perfect financing solution to help you make it all happen – we’re here for you. Get started today by reaching out to one of our local lenders and let us help you make your home buying dream a reality.
Lincoln Savings Bank. Member FDIC. Equal Housing Lender. NMLS #480330