How To Save Money Owning A Home2/6/2018
3 Things Homeowners Can Do To Save Money
Owning your first home is a great feeling but it can be stressful at times. For one, now you have a new mortgage payment to focus on every month. The good news is that you are not throwing that money out on rent; You are building equity! Here are 5 things you can do to save more money over the long haul!
Re/Insulate Your Home
Most homes that I come across, especially older homes are poorly insulated. Whether its due to poor workmanship, laxed building codes or the insulation may have settled over time: Either way its something that should be addressed as soon as possible. Start with the attic, its easy to access in most cases and you will get the biggest bang for your buck! (Since heat rises) Be aware that too much insulation can be harmful, make sure to consult with a professional. A home without proper ventilation, is like an open invitation for mold.. rent free at that!
Tighten Those leaky Water Faucets
This may seem tedious but it is important to fix those leaky faucets. Especially if your home has an onsite sewage disposal system. (Septic system) The constant flow of water over a long period of time is hard on your septic system, to the point where it can even cause a failure. This is a very expensive problem to fix... Why not avoid it if possible? Even if your not on a septic , why let money literally go down the drain? The only time you want a dripping faucet is during the winter, when temps are well below freezing. Yes, believe it or not, if you keep the water dripping constantly it will lessen the chance of your pipes freezing! (Keep in mind, if you follow step one and your home is well insulated you wont have to worry about frozen pipes.)
A Home Warranty Plan
A home warranty plan covers the main systems of the home, including appliances. Most companies will repair/replace any covered component which malfunctioned due to normal wear and tear. Keep in mind that there are many home warranty providers, along with many different policys. As a consumer, its best to shop around for the best terms and conditions that fit your needs. Since coverage may vary, ask to see a sample policy before commiting. Home warrantys are not always a viable option for some homeowners either. If you have all new appliances/home system components there is a good chance those things are already covered under the manufacturers warranty. Why spend extra money when you dont have to? If you have not bought a home yet and a home warranty is something that interests you then bring it up to your agent. This is something you can pay for with a lump sum at closing, make monthly payments or even have the seller to cover the costs for you!