Money-Saving Tips For Homeowners
Owning a home is one of the best ways to build long-term wealth, providing both equity accumulation and tax benefits over time. In fact, according to www.realtor.org, 60% of the average homeowner’s wealth comes from the home’s equity.
At Options Financial it is our job to make sure we can get you the interest rate that works for you, and help keep your monthly payment as low as we can, but there are also several things you can do, as a homeowner, it may lower your monthly costs!
Energy – There are countless ways that homeowners can save money by reducing their energy bill! Some require an initial investment, such as purchasing energy efficient appliances and light bulbs. Other methods only require changing a setting or general recurring maintenance on an appliance.
One free way to save is to lower the temperature on your hot water heater to 120°F degrees (to make your heater more efficient, of course). This is the optimum temperature for your hot water heater. Most people do not use water that’s hotter than that, so the energy used to heat that water is a waste! It’s also very affordable to purchase a hot water heater blanket over your water heater, especially if it’s located in a garage or a basement.
You can also save money on your electric bill by: turning your dishwasher to air dry! Make sure to replace the air filters in your furnace every 3-5 months, reducing the energy your furnace puts out, and make sure all the weather stripping on windows and doors is not letting cold air in, or warm air out! If you have several gas fireplaces in your home that you do not use, make sure that the pilot lights are turned off so that you are not wasting money there either!
Water – Just like with energy, there are things that every homeowner should be aware of when it comes to being efficient with your water usage. This will save money on a monthly basis, and will add up over time.
Check your faucets and toilets to see if they are running! If they are, it’s a very affordable and DIY repair – here’s how. Then, after making sure the faucets are not costing you, put a small kitchen timer in your bathrooms near the shower so you can cut your water usage by reducing shower length. Some people swear by water-conserving shower heads and kitchen faucets that reduce water output.
Lastly, develop a home maintenance checklist. This list should include regular home maintenance tasks that you’d want to do on a monthly, quarterly or annual basis. Then, make it a habit to run through the items on this list each month. Interestingly, many unexpected, and expensive, home repairs can be prevented over time by making sure that you are aware of what needs to be done on a regular basis. And, when it comes time to sell your property, you will also get a huge return on your money-saving investments!
Stay tuned for even more tips on what you can do to save on: home owners insurance, when to refinance, winterizing your home, and other fun DIY projects for your home!