You probably just moved into a new house, or should we say, your new home. Now, you have to add the new mortgage, property taxes, and insurance to your budget. Of course, you want to save money. (Every penny counts, literally.) There are different ways that you can save money as a homeowner. You might have to pay a little extra now, but you will be saving yourself later on. This article will let you know how you can save money as a homeowner and where to start. (Your renting days are over and the real responsibility starts now. Are you ready?)
How Can You Save Money As a New Homeowner?
Make Sure to Install a Smart Water Monitoring & Security System
If you want to protect your home, then you should consider your home’s biggest enemy: water damage. Water damage is a very common housing issue that could lead to mold or faulty foundation. (And, those are just headaches in the making.) The solution to this impending problem would be installing a smart water monitoring and security system. If you have any leaks that have slipped your inspection, then your smart water monitoring system will let you know. Once you know about the leak, you or a specialized professional can fix it right away. That way, you can save money and protect your home at the same time. (Smart water monitoring and security system is a mouthful, but it is a blessing.)
Install a Smart Thermostat To Heat Up Your Home
One of the main aspects that take up a lot of time and money is your energy bills. It can be one of the biggest concerns you might have as a homeowner. But, the truth is, you need your utilities. (You do not want to freeze into a Popsicle or melt into string cheese.) Thankfully, there is a way around your utility bill problem. If you spend too much money on utility bills, then you should consider installing a smart thermostat. A smart thermostat will work to keep your home the perfect temperature you want. Once your smart thermostat understands your ideal temperature, it adjusts itself automatically. That way, it will not cost you a huge slice out of your budget.
Make Sure Your Attic is Insulated Well and Not Stepping On Your Heating Bill
If your attic is not well insulated, then the heat will escape and plague your home. That would not be a problem, if it did not affect your heating bill. You should always inspect your home and make sure that your attic is well-insulated. This is very important to consider before winter comes and the temperature drops. According to Flo, you need at least 8 inches of insulation to ensure efficient performance of your heat. You might need to purchase an insulation system, which can be expensive. But, it is worth the investment. You should pay a lot now, rather than constantly pay extra on your heating bill every winter.
Establish a Home Emergency Repair Fund
You are a homeowner now, which means you are completely responsible for your home and what happens to it. This would include maintenance and repair of the home. Back when you were renting, it was not your problem. But, now? You need to handle the maintenance and home repair expenses carefully and consistently. In order to prepare yourself on this matter, you should consider establishing a home emergency repair fund. Once pay day arrives, just keep a little on the side for any emergencies that could take place in your home. That way, if you need to repair anything, then you can dip into your emergency fund and not go into your primary income.
Regularly Check Up on Your Water Heater
One of the most neglected, yet most important, utilities in your home is your water heater. You probably forget about it, most times. (It would be weird not showering with warm water on a winter day.) But, your water heater is one of the most hardworking appliances in your home. It is mostly maintenance-free, but that does not mean that you should not constantly check on it. Also, if you find that it is over ten years old, then maybe it is time to replace it with a new one. You can find out its manufacturing date and its manufacturer on the little sticker on the side of the heater.
Look Through Your Roof and Gutters
Your roof and your gutters can gather dirt and other nasty things that would stay there for a very long time. (Don’t be one of those homeowners who find three Frisbees on their roof because they have not cleaned it in years.) You should take care of your roof in the same way it takes care of you. After all, it keeps the rain and the snow from falling on your lap. So, do your roof a favour and check up on your roof and gutters. If you neglect your roof or the gutters, you might face water leaks and mold. (Worst case scenario, clogged gutters could cause water to build up on your sturdy roof and weaken it.)
Do Not Rush With Home Improvement Projects
With a new home, there are endless possibilities to turn it into your dream home. You might want to repaint the walls or tear down a wall. But, you should probably slow down. This home is going to stay with you for a long while. This means that you do not have to rush through all of your home improvement projects right now. You should also consider what you can afford, since you have to pay your mortgage and property taxes on the house. (As a renter, those expenses were not there before.) Write down a list of all that you want to improve and find out and prioritize them. That way, you can work on them accordingly.
Replace Your Old Smoke Detectors and Carbon Monoxide Detectors
Your smoke detectors and carbon monoxide detectors exist to protect you and your home. They let you know when there is a fire or if there are high levels of carbon monoxide. (Both are very harmful to you, obviously.) You should consider staying on the safe side when it comes to these things. To stay safe, you should think about replacing your smoke and carbon monoxide detectors as soon as you move in. It is recommended that you change your smoke and carbon monoxide detectors every ten years.
Upgrade Your Appliances With Newer and Better Models
If you move into your new home, then you might find that the home comes with older appliances. It would be best that you upgrade your appliances to newer models. You might not think that now, but you are actually saving a lot of money. There are appliances that are designed with efficient structures that use less electricity. If you upgrade your appliances, then you can save up to 30% on your utility bills.
Consider Going from Standard Lighting to LED Lighting
If you have standard lighting in your home, then you should think about LED light bulbs. LED light bulbs are more efficient in energy than standard light bulbs. This will save you money and significantly reduce your energy bill each month. As an added bonus, LED light bulbs last longer than standard lighting. If that does not convince you, you have a lot of lighting options with LED light bulbs. There are yellow shades of white or bright white LED light bulbs that fit every mood you can think of.
Change Your Locks Right Away (Do Not Even Go To Sleep Before Doing That)
When you get into your new home, the first thing you need to do is change your new locks. It might be an obvious tip, but some homeowners tend to forget or postpone it. You should think about how many other people who have your keys. Some of them might be the previous owners or strangers; you never know. If you want to really stay on the safe side, then you should consider installing a home security system, too.
Create a Maintenance and Repair Plan
If you feel like you do not know where to start, when it comes to maintenance, then you should create a plan. The plan would include all of the repairs and maintenance that are needed in your home. It is hard to keep track of all of them and when you need maintenance on your home. You should consider performing annual maintenance on your home, but you should keep track of what needs fixing.
Adjust Your Budget To Include Home Repair Expenses
Make sure not to forget about home repair expenses; they are an essential part of your budget. You might have to adjust your budget to include home repair expenses or what you need to pay a professional to repair your home. Most homeowners who are new to the “owning a home” concept tend to forget that they are responsible for their home’s repair. (Do not be one of them and always keep in mind that your home needs help too.)
Highlight On Your Immediate Needs
Before you do anything in your home at all, you need to find out what you need right now. You see, you cannot move forward or start any project on your home without finding out your home’s priority. If you have a water leak, then that is more important than repainting your living room. Also, you should make sure to inspect the home before you are purchasing it. This will help you identify the concerns of the home that you might need to repair later on.
In conclusion, you can always save money on your home, even if you are the homeowner. You can switch to LED light bulbs and upgrade your appliances to ensure maximum performance; they will also reduce your energy bill. You can change the locks in your house and replace all of your smoke and carbon monoxide detectors to stay safe in your house. Or, you can adjust your budget to include home-repair expenses and take it slow on the home improvement projects. Either way, any of these tips will save you a lot of money and every penny counts!