We have always been told that homeownership is an investment. While this can definitely be true, home ownership comes with a variety of costs that may or may not be reasonable, based on a person’s living situation.
The costs of home ownership can truly add up over time, easily reaching thousands of dollars within the first few years alone. From general maintenance to unexpected disasters, owning a home isn’t cheap.
Because of this, saving as much money as possible in homeownership costs is a common goal for many homeowners. If you’re ready to cut costs without sacrificing the value of your investment, then keep reading to find out how you can save big money through just a few actions.
Home Protection Plans and Warranties
Life’s little mishaps have a way of showing up right when we need them the least. As a homeowner, this threat becomes even greater, as the number of potential accidents, disasters, and malfunctions increases exponentially.
Home protection plans and warranties designed to cover your home, appliances and other major fixtures can be a godsend in case disaster strikes – review home warranty companies for a better idea of what they cover. By having the peace of mind that you’re covered in the event of an electrical surge, house fire or some other mishap, you’ll rest easier – and you’ll save big when and if one or more major elements of the home are destroyed.
Automated Heating and Cooling
Roughly 50% of a home’s energy usage is vested in heating and cooling the interior; when you consider the cost of your monthly utility bills, that’s quite a lot of money. Homeowners who are willing to make a small, one-time investment can ultimately save thousands of dollars over the long-term. That small investment? Automated heating and cooling solutions.
With a variety of options such as Nest, Honeywell, and Ecobee, these smart thermostats can be programmed to extract maximum efficiency from your heating and cooling needs. By learning your schedule and only running when needed, the savings add up quite quickly. Best of all, these systems are available for just a couple of hundred dollars – and will save you at least that much each year.
Sealing the Holes in Your Home
Many people don’t think about it, but there are likely many holes throughout the home that are draining you of your money. Some common examples include gaps under doors, leaky ductwork, standard outlets and the cracks around windows. In fact, these elements combined in an average home are enough to essentially equate to an entire exterior wall of a room not being there!
By correcting these four problems listed above, you can further reduce your energy costs by 20 to 30 percent per year. For the average home, this can save more than $500 per year.
These three simple changes and investments – while seemingly small – can save the average homeowner $1,000 or more per year in ownership costs. While they may require a bit of elbow grease and patience, shaving thousands of dollars off of the true cost of homeownership should be appealing enough for anybody to feel compelled to act now.