How to Save Money on Furniture for a New Home

1. Review Your Budget Before You Buy

Before you buy a single piece of furniture, it's wise to figure out how much you can reasonably afford to spend on furnishing your new home. You can do this by checking your household budget or creating one if need be.

A household budget offers an overview of your income and expenses, and can help you figure out how much money you have available to set aside for home furnishings. You certainly want to avoid going into extreme debt to buy tables, beds, chairs, sofas and other items for your home.

Depending on your timeline and budget, you may be able to save up enough money to furnish your entire home by the time you close on the sale. Calculate your furniture costs and divide that by the number of months until your planned move-in date to figure out how much cash to send to your savings account every month.

2. Pay With a Credit Card

If you're considering paying with a credit card when furnishing your new home, here are some things to keep in mind.

• Look for low or 0% APR. A credit card with a 0% introductory annual percentage rate (APR) on purchases can help you spread the cost of furniture over time. Divide the cost of the furniture by the number of months in your promotional period; pay that much each month to pay off the balance before the 0% intro APR ends. At that point, interest begins to accrue on any remaining balance at the card's standard APR.
• Take advantage of rewards. Some credit cards combine a low or 0% intro APR with the ability to earn rewards, such as travel miles or cash back, or an introductory bonus. For example, a card might offer $300 cash back if you spend $1,000 on the card in the first three months after opening your account. You could spend $1,000 on furniture and effectively get $300 off.
• Use retail store cards with caution. Retail store credit cards often offer tempting no-interest payment plans, but read the fine print. Many cards charge deferred interest, where if you miss a payment or don't pay off the balance before the promotional offer ends, you're charged retroactive interest on the full purchase amount. This can get expensive, especially since retail store cards often charge higher APRs than traditional credit cards.

Be aware: It's important to wait until the mortgage approval process is completed before applying for a credit card or any other form of debt. The hard inquiry associated with the application and the appearance of a new credit account on your credit report could disrupt your loan approval.

3. Shop During Sale Seasons

Shopping during the right seasons is a great way to snag deals on furniture. Here's a bargain-hunting rundown for specific types of furniture:

• Indoor furniture: For this category, aim to buy items in late winter (January through February) and late summer (July through August). Furniture prices generally fall at these times as stores prepare to stock new styles that arrive in the fall and spring.
• Mattresses: You'll often come across mattress bargains around major holidays, such as Thanksgiving, Presidents Day, Memorial Day and Labor Day.
• Outdoor furniture: You can unearth some sweet deals on outdoor furniture between Independence Day and Labor Day. Steeper discounts may be available on outdoor merchandise that remains unsold after Labor Day.
• Office furniture: Need to furnish your new home office? If so, the ideal time to buy office furniture usually is around back-to-school time, when retailers slash prices on desks, office chairs and the like.

Also keep your eyes open for retail-specific special sale days such as Amazon Prime Day, Target Circle Deal Days and similar events.

4. Buy Used Furniture

In some cases, secondhand furniture may be practically as nice and functional as brand-new furniture—but without the hefty price tag. Here are some cost-conscious options for purchasing used furniture:

• Online marketplaces such as Craigslist, eBay, Etsy, Facebook Marketplace and OfferUp
• Furniture consignment shops
• Thrift stores
• Antique shops
• Flea markets
• Habitat for Humanity ReStore locations
• Goodwill retail stores
• Estate sales
• Garage sales

You might even ask relatives, friends or colleagues if they've got any furniture they'd be willing to part with—perhaps at little to no cost to you.

When making a major furniture purchase, a little bit of haggling may save you big as well. You might be able to talk your way into a lower price. But if you and the seller can't agree on a price, you may walk away to find a better deal elsewhere or return later and find that the seller is more eager to make a deal.

When you're shopping for used furniture, be sure to closely examine any piece you want to purchase, look carefully at tags and labels, and buy only what you need. Also, you may want to shy away from buying used mattresses or used upholstered furniture, as bugs and dirt may be lurking where it can't be seen by the naked eye.

5. Create a Registry

You've heard of wedding registries and baby registries. Well, don't overlook the ability to set up a housewarming registry you can use to ask relatives, friends and colleagues to buy furnishings you've picked out for your new place. Some retailers even offer "completion discounts"—such as 15% at Crate & Barrel or 20% at Amazon—off your purchases of items remaining on your registry after your housewarming event date.

The Bottom Line

Furnishing a new home can be a pricey proposition. If you plan to buy furniture with a credit card or loan, Experian can show you personal loan and low-interest credit card offers matched to your unique credit profile.