So you’ve found a new home to move into. Congratulations! Moving in is a big milestone, and often a costly one at that. That said, it isn’t always the case that buying a home cleans out the budget you’ve created for your home. So what should you do with the money you have left over?

Put It in Your Home Repair Fund

If you’ve spent much time at all as a homeowner, or just paid attention to the places you’ve lived in general, you’re probably aware that homes take a fair amount of maintenance. Home maintenance and repairs require a decent amount of money. In fact, according to UpNest, it’s generally recommended to plan to spend 1 percent of your home’s purchase price on maintenance each year. Putting leftover money into that fund can give you a head start on making sure you have the funds to maintain your home.

Give Your Home a Makeover

Just because you bought the home doesn’t mean you’re totally in love with it the way it is. Sometimes people buy homes because they see potential in the house and intend to make it over after the sale is complete. This takes a decent amount of time, effort, and money, especially when you get into changing the interior design of a home. According to Complete Dezign, interior design can require a lot more planning and logistics to pull off well. Sometimes hiring an interior designer can be a good move to make.

Save It for a Rainy Day

When you chose your home, you figured out how much you could afford to spend on the house. Hopefully, you remembered to factor in things like property taxes, insurance, and the cost of utilities. Things change, though, and what you can afford now may not be something you can afford later, even if only temporarily. According to Clever Girl Finance, putting leftover money in a rainy day fund can help you build up an emergency fund you can use to cover expenses if you find yourself with a reduced level of income. 

Figuring out what the best thing to do with any money you have left over in your home budget can be a little tricky. You can put it in an account for funding home repairs, spend it on a home makeover, or save it for a rainy day. The option that will work best for you will depend on your situation and your needs, so give it some careful thought before making your decision.

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