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5 Top Tips To Save Money As A Homeowner

5 Top Tips To Save Money As A Homeowner

Monday, May 16, 2022/Categories: Bank News, Saving & Planning

Buying a home is probably the most expensive purchase you'll ever make, so you'll want to try and save as much money as possible as a homeowner. Owning property can come with all kinds of extra expenses such as utilities, maintenance costs, furniture, and home improvements. However, you can save money on all of these home expenses if you're smart about it.

Making a few small changes can have a big impact on your bank balance. You can reduce your running costs, save money on potential repairs, and even increase the value of your home in the process. So where exactly should you start? Here are 5 top tips to save money as a homeowner.

1. Check If You Can Save On Your Utility Bills
If you're a homeowner trying to save money, the first thing you should do is check all of your utility bills to see if you can make any savings. Even if you previously got the cheapest deal you could find, utility costs creep up over time and cheaper providers emerge. You might even be paying hundreds more than you need to.

Luckily, there are plenty of comparison sites that can help you check prices for all your utilities. Don't just stop at your electricity, heating, and water bills, either. Don't forget to also look for cheaper deals on your internet, home insurance, and any other monthly or yearly bills you have to pay.

You can also consider cutting certain monthly costs. For example, cable TV services are often extremely overpriced and you can save tons of money by cutting these out and using online streaming services instead. It's also not worth paying for a landline phone bill when you can simply use your mobile phone. An unlimited mobile data plan can even help you eliminate your WiFi costs if you use your smartphone as an internet hotspot.

2. Install Energy-Efficient Light Bulbs And Appliances
While finding the cheapest deals on your electricity bill can help, it also helps to reduce your energy use as much as possible. Many people end up spending far more than they need to on their energy bills purely due to a lack of knowledge when it comes to energy savings. A few energy-efficient upgrades can help you save a good chunk of money every month. You may even consider a home improvement loan with Andover Bank to make energy-saving long-term improvements to your home.

One of the best and easiest ways to reduce your energy bills is to install energy-efficient light bulbs. Use these throughout your house and you'll notice a difference. You can also install energy-efficient appliances. Efficient washing machines and dishwashers can save you money on your water bills as well as your electricity bills, so they're worth the cost.

You should also try to naturally reduce how much energy you use in your home. Remember to switch outlets off when you're away and turn off electronics at night. You should also avoid anything that uses too much electricity, such as an extra fridge/freezer or any unnecessary electronics.

3. Add Some Smart Security Features
Many homeowners are neglectful when it comes to home security. You can make all kinds of cost-saving upgrades to your home but still end up losing valuables due to burglars. As such, you'll want to add a few cost-efficient security upgrades to protect your investment.

Of course, a good alarm system is a great choice. You can also consider adding secure fencing to your gate and motion-detecting lights to the exterior of your house to deter would-be thieves. Adding a simple security camera system or even just a video doorbell can also help you catch any malicious behavior and porch pirates in the act.

While these features can all help you deter burglars, you should also make sure that you have a good level of home insurance coverage. Although insurance might seem like an unnecessary cost, it can help cover any lost or stolen items in your home as well as any damage done to your property.

4. Use Cost-Efficient Ways To Control The Temperature
Temperature control in your home can quickly end up costing you a lot. During the summer, you'll probably notice your energy bills go up a great deal if you use the air conditioning. These costs can become even higher in the winter if you heat your home using an electric heating system.

Fortunately, it's very easy to save on these costs with a few cost-efficient changes. During the summer, you might want to install a ceiling fan or attic fan to use instead of an air conditioning unit. If it doesn't get too hot where you live, you could even use a simple electric fan and crack open the windows to let some fresh air in.

When winter strikes, there are also many cost-efficient ways to keep your home warm. Blackout curtains can keep the heat trapped in your home and efficient down bed covers can keep you warm at night. Adding features like insulation and double glazed windows can also keep your home warm while simultaneously boosting your property value.

5. Make Extra Money From Your Home
There are many good ways to cut costs in your home, but one of the greatest ways to get a good return on your investment is to use your property to make extra money. Your home can be a consistent source of passive income if you use the space you have to your advantage.

One of the most obvious ways to make money from your home is to rent it out with sites like Airbnb and Vrbo. If you're not comfortable renting out your entire house, you can even make money simply by renting out a spare room in your home.

You can also rent out parts of your home for other purposes. For example, film crews spend good money using homes for shoots. Some companies pay to use homes for events. Some will even pay for some gardening or storage space in your home or garage. Look at apps and platforms like Neighbor and you can instantly start making extra money to cover your property costs.

While buying a home is bound to be expensive, maintaining it doesn't have to be. You can save money on all your living costs with a few smart tricks and even make some extra money from your property investment. These tips may help save you financial stress and can even end up boosting the value of your property.