Owning a home is a fantastic investment, but it often comes with some unexpected and significant expenses that can happen out of nowhere. Here are fifteen ways to own a home without breaking the bank.
Embrace DIY
Some things that need fixing, like electrical or plumbing, require professional help. But you can save yourself a serious scratch by teaching yourself how to do quick fixes around the house through a quick YouTube search.
Invest in Energy Efficiency
Energy-efficient options, like newer HVACs and programmable thermostats, seem like money sinks. However, considering how much they can save you over time, they’re often worth the investment.
Make Additional Mortgage Payments
Making additional mortgage payments doesn’t sound like an excellent way to save money until you realize that doing so now will mean you pay off your mortgage faster!
Revisit Your Homeowner’s Insurance
Are you sure you’re getting the best rate for your homeowner’s insurance? Shop around and see if you can save with a different insurance company.
Appeal Your Property Tax
You don’t necessarily have to pay your astronomically high property taxes. See if your local government will reassess your home’s value and make adjustments; just remember to do your research to back up the reason for your appeal.
Reduce Water Waste
Water waste is costly. Save yourself money by making plumbing repairs promptly and consciously reducing water waste by taking shorter showers and turning the water off when you aren’t using it.
Do Your Research
Know how much each home improvement task costs before you shell out money. Contractors can and will charge you whatever they can if they think you don’t know what you’re talking about.
Refinance
Refinancing your loan to a longer loan term or lower interest rate is an excellent way to save yourself some money every month.
Put More Money Down
If you’re still shopping for a home, consider spending more now to save yourself from overly expensive monthly payments later.
Rent Your Property
Renting a room or even your entire property can significantly lift the burden of owning a home by providing an additional income source.
Get an Energy Assessment
Before you fully commit to upgrading or updating your home, get an energy assessment or audit your energy use to see where you can improve.
Keep Up With Maintenance
Have a professional come and maintain things like your HVAC, plumbing, and electrical; the more you stay up-to-date on this, the less you’ll have to spend on repairs should something break down.
Buy Home Improvement Project Materials Yourself
Even if you have a contractor helping you with a project, it might be less expensive to shop around and buy the materials yourself.
Always Ask About Programs and Discounts
Whether you’re chatting with your insurance provider or mortgage broker, it never hurts to ask them what steps you could take to save some money.
Get Creative
Dry your clothes outside with the sunlight. Insulate your hot water pipes. There are countless ways to save on random expenses if you do some brainstorming.
