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08 Aug 2018

Homeowners 101: Simple tips to cut back on housing costs

It’s a simple fact that owning a home is expensive. For most people, their home is the single biggest purchase they’ll ever make, and unfortunately, the expenses don’t stop there. Utility bills, insurance, property taxes and potential repairs are all additional expenses that you’ll continue to have to pay long after you’ve signed the contract and have the deed to your home in hand. Luckily, the following tips should allow you to lessen these additional housing expenses so you’ll have more money to spend on your various other wants and needs.

Regular Inspections Can Prevent Expensive Repairs

A modern home is an incredibly complex structure full of many different interdependent parts and systems. As a result, a minor problem in one area could have far-reaching consequences for the rest of the home and potentially even your family’s health. A crack or other problem in your home’s foundation could lead to cracked walls, burst pipes and other major issues. Similarly, if you don't fix your leaky roof or those plumbing issues, you might soon find yourself facing cause serious water damage and toxic mold growth. All of these possible problems make it essential that you pay attention and stay on the lookout for any issues. Unfortunately, the average homeowner usually doesn’t have the knowledge or skills to spot every possible problem, and this is precisely why it is vital that you regularly bring in a professional to inspect your roof, plumbing, foundation, HVAC system and the various other components of your home. Although you’ll obviously have to pay for these inspections, they could still potentially save you thousands of dollars in repairs by allowing you to identify minor issues before they can cause major damage.

Make Sure You’re Getting a Good Deal on Your Home Insurance

Depending on the cause of the damage, homeowner’s insurance can help to lessen the financial burden you face because of these necessary home repairs. However, this obviously won’t be the case if your policy doesn’t end up covering the damage. This is why it is essential that you take your time to choose the right insurance instead of simply going with whichever policy you find first. Finding a site that lets you compare home insurance quotes is a good place to start, but you still need to research each policy you’re considering to make sure it provides adequate coverage. Still, the odds are fairly good that you can find a policy that offers lower monthly premiums and at least the same level of coverage as your current insurance if you’re willing to put a bit of time into searching.

Minimize Waste and Save on Your Utility Bills

Although modern homes and building materials are far more efficient than they used to be, the fact is that the vast majority of homes still end up wasting quite a bit of energy for one reason or another. This is especially true of older homes, in which case the amount of energy wasted could account for as much as half of its total consumption. Installing energy efficient appliances, windows and doors is definitely a good place to start, but even simple things like sealing any cracks around the windows and having your HVAC system regularly serviced can also be a huge help. In fact, there are actually hundreds of small things you can do to cut back on waste, all of which can add up to have a huge effect when it comes to lowering your energy bills.

No matter what you do, owning a home will always be somewhat expensive. Still, the good news is that you’re no longer forced to rent, which means that every small amount you invest in your home now could provide much greater returns in the future. For this reason, it is well worth doing what you can to cut down on your expenses in the long term—even if it means spending a bit more money now.

Category: Blog

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