How to Lower Your Homeownership Costs
Once you own a home, you realize that it can be costly: There are maintenance tasks, necessary repairs, homeowners insurance, utility bills, lawn care and more. If you don’t plan ahead and budget properly, it can sometimes be hard to keep up.
Fortunately, there are several strategies that can help you deal with the expenses associated with homeownership. Consider adjusting your practices in these four areas.
- Mortgage Payments: Making your payments biweekly could help you reduce interest costs faster. You may also think about refinancing to a lower interest rate or different term to lower your monthly payment and create more liquidity in your budget.
- Homeowners Insurance: Shopping around for a home insurer can make a notable difference in your premiums. You can also look into your eligibility for discounts, improve your credit score or increase your deductible to lower your premium.
- Energy Bills: Your energy bills can take a big bite out of your budget, especially in the summer and winter. Make sure to compare energy providers (if you can) and consider getting a smart thermostat to help you set a more energy-efficient heating and cooling schedule for your house.
- Home Repairs: Staying on top of maintenance is the best way to prevent costly repairs. Some tasks to keep in mind are clearing out your gutters seasonally, getting an annual HVAC tuneup, cleaning dryer vents and installing a leak monitor that can help you spot small plumbing issues before they become major problems.
If you’re planning to buy a new home this year or have questions about homeownership, please get in touch today.