3 Surprising Ways Costco Can Help First-Time Home Buyers
Costco is full of surprises, even for first-time home buyers. Check out what it can offer you.
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Being a first-time home buyer is an absolute minefield. There's so much you don't know that you don't know yet, and so many different things you're going to need help with as a homeowner, that it can be pretty overwhelming. Your real estate agent will have your back for as much as they can, but they can't do everything for you.
Amazingly, for a lot of the help you'll need getting your first home up and running, there's Costco. Yes, you read that right.
Here are a few surprising ways that Costco can help first-time home buyers navigate the buying process, that tricky first year, and beyond.
1. Costco offers discounts on homeowners insurance
Unless you're buying a home in California or Florida, your Costco membership can do way more than just get you discounts on pies the diameter of a basketball. You can also save on homeowners insurance through Costco's relationship with American Family Insurance.
According to its website, 89% of Costco members who choose CONNECT, powered by American Family Insurance, homeowners policies are highly satisfied with the product, giving it a rating of four or five on a five-point scale in a 2022 internal survey.
Buying homeowners insurance can be a real drag, and although it's a good idea to price more than one insurer, choosing the dream team of Costco and AmFam to cover your first home is one more task you can check off your long pre-closing to-do list.
2. Need a moving truck? Costco's got that covered
I am incredibly embarrassed to learn that I threw money away on moving truck rentals in the past. I don't move often, but when I do, I like to not spend any more than necessary, given just how much moving can cost. According to Angi, renting a 22' long moving truck can cost $40 to $130 per day, not including packing materials, insurance, mileage fees, or the gas you'll need to top the truck off before taking it back.
Costco apparently has considered all of this and partnered with Budget to secure up to 26' trucks for members at a discount of 25% off of retail rates, including the rental fee and mileage fee. That also includes 24/7 roadside assistance in case your rented truck develops a mechanical issue.
3. Finding contractors can be hard, but Costco makes it easy
You may not be ready to dive right into dumping a ton of money into your new house right away, but when you are, Costco has contractors to help with a range of home improvement projects. Although they can't do everything, Costco's partners have a range of offerings, from installing garage doors and openers to remodeling bathrooms and even installing solar panels.
Even if you're not looking for any big changes to your home, Costco can help with hanging window treatments, organizing your closets, and installing water purification systems. Members earn 10% to 15% back in the form of a Costco Shop Card for qualifying purchases.
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Plan on taking advantage of Costco discounts for your first home
When I think of Costco, I don't think of saving money on insurance, truck rentals, or home services, but who does? You will need a pretty detailed budget to make it through your first home purchase and that big move into your first house -- and Costco is there to help.
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Don't forget while you're there that the Costco hot dog is one of the most affordable meals on this Earth, and you might as well grab a Costco pizza to go for later. You're going to need to eat to keep up your strength for the sheer marathon that is to come.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Kristi Waterworth has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and JPMorgan Chase. The Motley Fool has a disclosure policy.
