Saving on the Costs of Home Ownership
Written by: Financial Haze
Owning a home is a huge responsibility, mostly because you’re in charge. It’s your duty to fix whatever breaks down. The costs of owning a home include that maintenance, but also cover escrow items like taxes and insurance. There are also hidden costs that pile up when things break down, so it’s important to save money wherever you can.
An easy way to save on your mortgage is to take out a fifteen year loan, which often has lower interest rates than the standard 30. Not everyone can afford those monthlies, but it is usually manageable to add $100 to your current mortgage payment and shave off some years from your loan. If you add a small portion to your payment, you can rollover that balance directly to your principle.
The biggest way to save money around the house is to do things for yourself. Faucet replacements, for instance, give a big aesthetic boost to your kitchen and are fairly easy to install. You can also reface cabinets, or install window dressings to give your home a face lift on a budget. Painting is another DIY project you can do in phases.
Basic maintenance around the house, like replacing air filters every three months, will have a huge impact on your repair tabs. Air filters, for instance, clog and force your HVAC to break down faster. There is also runoff drains in your home that drain moisture to the outside. If these pipes are covered, moisture stays in your home and ruins your walls and foundation.