Last updated on June 18th, 2023 at 12:58 am
Owning a home is a goal for many. It’s the biggest purchase most of us will ever make. After saving for a down payment and then committing to mortgage payments, for perhaps, decades to come, how can you protect your investment and save some money as a homeowner? Let’s look at a few ideas.
Money-Saving Tips for Homeowners
Homeownership is a major financial goal for most working adults. There are pros and cons, but in nearly every case, the former outnumbers the latter. One of the best things about ownership, as opposed to renting, is that your home is an investment in your future. And, you can protect that investment in a number of creative, but simple ways.
Here are just a few ideas. First, take the time to look for high-value homeowner’s insurance that’s reasonably priced. You’ll also want to make sure you’re getting regular inspections of the basic systems and structure of your home. You’ll want to work on keeping utility bills low, and stay on top of basic chores and maintenance, including taking good care of your home’s roof.
Let’s dig into the details to see how to lower the cost of owning a home while protecting this important investment.
Spend Less on Home Insurance
There are many expenses that come with homeownership, and one of them is often overlooked by eager new home buyers. We’re talking about homeowner’s insurance.
Since you will either pay a larger bill directly to the insurance company or pay your mortgage company (into an escrow account) every month, this is an expense you’ll want to reduce if you can. Shopping around to find the right priced insurance for your structure can drastically reduce costs over time.
So, how do you find cheaper home insurance that still provides good coverage if and when it’s needed? Many people search online. Look for an online insurance marketplace where all of the top-rated providers are listed in a single location.
There’s no easier way to see every important data point in one place, making it easier to compare, and then, buy the lowest cost home insurance for your particular situation.
One thing to remember though: make sure you’re comparing apples to apples in terms of coverage and deductibles. You’ll also want to check out each insurer’s rating and reviews.
Have Your Home Inspected Regularly
Regular home inspections are worth the modest price because they can reveal so much valuable information. How can an inspection by a licensed professional save you money? Like regular medical checkups, inspections can give you an early warning about small problems before they become larger.
An inspector thoroughly analyze the physical structure and mechanical systems of your home, looking at your heating and cooling systems, electrical and plumbing systems, windows and doors, your attic and basement or crawl space, and more.
People think nothing of investing in vehicle inspections and annual physicals. Do the same thing for your house, and you’ll gain the advantage of knowing early what needs attention before it turns into a more expensive issue.
Minimize Utility Bills
In today’s digital world, there are several approaches to cutting your home’s energy expenses. The top choices include installing programmable thermostats, adding or replacing insulation, and sealing cracks around windows.
The main goal is to stop energy leaks and monitor the interior temperature via a smart device. All of these steps are cost-efficient and involve little or no professional help.
Pick up a smart thermostat at any major retailer that sells household goods. Seal up drafty windows with weatherstripping, and, if needed, hire a professional for a quick insulation check.
And, don’t forget to maintain your plumbing. You’ll keep your water bill in check by making sure you repair leaky faucets and running toilets. And, keeping drains clear can save you from a costly visit from the plumber later.
Do Basic Chores Yourself
Unless you’re physically unable to do routine tasks like lawn maintenance and touch-up painting, consider cutting your own grass, trimming bushes, and performing minor repairs whenever needed.
The price of simple jobs, like lawn mowing and maintenance, has risen substantially in the past decade, so consider investing in a good lawnmower and standard landscaping tools.
In the long run, homeowners can save a bundle by getting their hands a little dirty and spending every other Saturday morning taking care of their yards and doing simple home maintenance.
Protect Your Roof
It pays to pay attention to the condition of your roof. Unlike some other home components, roof repair and replacement costs are rather high. However, anyone can reduce damage to their roof by doing a visual check once per month, trimming tree limbs that hang over the roof, and cleaning debris from the top of the house whenever you see it.
Consider repairing or replacing gutters, too, as they are an essential component of total roof maintenance.
Once you buy a house, you’ll want to protect that investment. These money-saving tips for homeowners are a great start to doing just that!