Buying a home can be one of your biggest investments, so making a few considerations before proceeding is necessary. But once you settle in, thinking through the projects and new obligations that come with homeownership is normal.
Even if you have lived in your home for a while, exploring ways to save money is always useful. A minor upgrade can save you money by preventing home emergencies and significant repair costs. Here are a few ways to save money as a homeowner.
1.) Monitor your energy bills
You can do a few simple things to reduce your spending on utilities like gas and electricity. This may include looking around for the best utility plan and being efficient with your usage. Consider making your home more energy efficient by boosting your insulation, switching to renewable energy like solar, or updating your appliances.
While some of these may require making some investment upfront, the little spending can pay back quickly, and it is just a matter of time before you begin saving money. You can also consider investing in a smart meter to track your energy usage.
2.) Window treatment
Your windows are one area you should pay attention to if you want to save money on energy. They are outlets and inlets for heat. Therefore, improper installation may put extra pressure on your heating and cooling system, costing you more. A good way to resolve such problems is by using curtains.
Consider making your curtains long, hanging them to touch both sides of the wall, or closing the curtains in empty rooms. However, if that is not enough, hiring professionals to install new windows will be best. You can also use window films to maintain privacy. You can consider investing in some hurricane window protectors if you live in a disaster-prone area.
3.) Consider tax benefits
When you own a home, you can earn some tax benefits, including mortgage interest tax deduction. Unfortunately, some homeowners may overlook or are unaware of this. If you itemize deductions on your federal tax return, you can usually deduct the annual interest you pay on a mortgage.
However, your mortgage size and date of purchase may determine your eligibility. You may also be allowed a deduction on your state and local property taxes paid on your house. Additionally, first-time homeowners and those who invest in energy-saving upgrades can benefit from some tax credits.
4.) DIY some home repairs and improvements
You can save thousands of dollars by DIY some simple home repairs and improvements. Small projects like fencing, painting, simple carpentry, plumbing, or electrical may save you a lot of money if you do it yourself.
However, it is essential to recognize your limitations and call in professionals when necessary. With a recent study suggesting that 30% of homeowners can’t cover their repair costs, DIY can be a blessing, especially if you are on a budget.
Owning a property can be one of your finest accomplishments, but it can easily be one of the most expensive. You can consider the above tips to reduce the costs associated with homeownership.
KT is a digital nomad who quit her job, bought a ticket somewhere, got a tan, fell in love with mother nature and she would never return to the normal life that society dictates. You can also connect with her on YouTube, Facebook, Twitter, and Instagram: @pinaynomad