Buying a home can be pricey, but so can maintaining it. With repairs, remodels and upkeep, owning a house is quite costly. With so many things for everyday living increasing in price these days, make sure you are not overspending when it comes to your home.
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Here are five ways to lower the cost of homeownership.
Try Energy-Efficient Upgrades
“I always tell my new homeowners that one of the simplest ways to keep monthly costs down is by making your home more energy-efficient,” offered Becky Pendergrass, a real estate agent at Benchmark Realty, LLC, noting it’s much more affordable than most people realize. “Adding things like smart thermostats, LED lighting, or extra insulation can really help lower utility bills.”
Pendergrass also recommended that homeowners consider looking into a smart water meter to help cut costs.
“A smart water meter is another good option that keeps an eye on water use and can even spot leaks before they turn into big expenses,” Pendergrass explained. “Plus, there are usually rebates or tax incentives for energy upgrades, so it’s a win-win.”
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Perform Regular Maintenance
Addressing small issues, such as a leaky faucet or gutter cleaning, before they become major problems can help avoid costly repairs down the road in the professional opinion of Matt LaMarsh, a real estate advisor at Engel & Völkers.
“A home maintenance checklist can help you keep track of seasonal tasks,” shared LaMarsh, who stressed the importance of being strategic with renovations.
“Not all home improvements offer a good return on investment,” LaMarsh explained. “Focus on cost-effective improvements that add value to your home, such as updating kitchens and bathrooms, landscaping, or adding insulation.”
Shop Around For Essential Services
“Once you’re moved in, it’s worth shopping around for things like insurance, internet and utilities if you have options,” noted Pendergrass.
Pendergrass described how a lot of homeowners just go with the first provider they find “…but checking rates with a few companies can help you snag some deals. It’s a quick way to keep monthly bills a bit lower, and the savings definitely add up over time.”
Appealing Your Property Tax Assessment
“Property taxes can be a sizable portion of homeownership costs, and they are not always set in stone,” described Nate Johnson, a real estate investment expert and product manager at NeighborWho.
Johnson encouraged homeowners to research comparable property sales in their area. If your home’s assessed value seems too high, you can appeal the assessment to lower the tax burden.
“It can pay off to assemble evidence and formally appeal any increases, as many municipalities allow for this process, and certainly any out-of-line increases with local market trends,” added Johnson.
Set Up An Automatic Savings For Home Repairs
Starting a small automatic savings for home repairs can be a huge help, especially for new homeowners who may already be strapped for cash, according to Pendergrass.
“Even setting aside $25 or $50 a month can build a nice cushion over time,” suggested Pendergrass. “For instance, if your water heater goes out or you need an unexpected repair, having that extra bit set aside can save you from relying on credit cards or loans. It’s a small step that can ease the stress of surprise home expenses.”
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This article originally appeared on GOBankingRates.com: 5 Ways To Lower The Cost Of Homeownership
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