Being a homeowner is expensive: fact. However, there are many steps you can take to get the annual costs of home ownership down and put more money in your pocket. Simply assessing your property tax card and creating a home maintenance schedule can make a huge difference. Owning a home may be expensive, but checking out the information below can help relieve some of the pressure.
Check Out Your Property’s Tax Situation
Wait a moment before paying your next property tax bill: you may be paying more than you should be if your tax rating has been incorrectly assessed. It’s relatively easy to find out if you’re being overcharged. Take a look at your most recent property tax bill and compare what you’re paying with the charges being levied on comparable homes in your neighborhood.
If you head to your city or town hall, you’ll be able to get a copy of your property’s tax card. This includes information held about your property that informs the tax rate you’re paying. It’ll include things like the property’s size, the fixtures within the home, and special features. If any of these things are incorrect, then, again, challenging the tax assessment could save you a significant sum. Be aware, though: having your property reassessed can lead to an increase in your bill, so you need to be really sure that the results of a new assessment will go in your favor.
Shop Around for Homeowners Insurance
Perhaps you purchased your homeowner’s insurance years ago when you first moved into your property, and haven’t given those monthly payments to your provider much thought ever since. But this is an area where you could potentially save a significant amount of money just by making a couple of phone calls.
Did you know that the average cost of homeowners in Arizona insurance is $810 a year? But you could save funds by simply shopping around insurance providers to ensure you’re getting the best deal possible. Plus, you can take steps to reduce your homeowners’ insurance premiums by, for example, installing things like fire and burglar alarms. You could also make your home more weather-proof by fitting laminated glass windows or high-quality storm shutters to shave even more money off those premiums. Protecting your property from Arizona’s high temperatures and monsoons really could put more cash in your pocket, as well as safeguard your home.
Boost Your Home’s Energy Efficiency
This is one of the easiest ways to save money as a homeowner. Simply lowering your thermostat by one to two degrees can knock a not-insignificant sum from your annual energy bill. Replacing old incandescent bulbs, as they reach the end of their life, with compact fluorescent bulbs can get your energy costs down even further.
Carry out a DIY home energy audit to identify other ways to save money and live more sustainably. This should include checking for air leaks and drafts, assessing the efficacy of your home’s current insulation, and thinking about combustion appliances such as boilers, water heaters, and furnaces, which tend to become less effective as they age.
Create a Home Maintenance Schedule
It’s easy to ignore those little repairs that need making: a slightly leaking pipe, the hairline crack that’s appeared in a wall, the missing roof tile, or the window seals that have deteriorated. The problem is, though, that these little problems can easily turn into major issues (with major associated costs) if left unresolved.
It’s always best to get property repairs fixed as soon as possible to save money as a homeowner in the long run. To keep on top of things going forward, it’s a great idea to create a home maintenance schedule to stay on top of the tasks that need doing throughout the year to keep your home in tip-top condition.
Your schedule could include jobs that need doing every month, such as unclogging drains, testing smoke detectors, and cleaning the garbage disposal unit, as well as seasonal tasks, like scheduling a chimney sweep in the fall and insulating the hot water tank in the winter.
Getting Started with Cutting the Cost of Home Ownership
When it comes to reducing your costs as a homeowner, it’s a good idea to start small. Make easy changes, such as lowering your thermostat and shopping around various providers to ensure that your annual bills for things like homeowners insurance are as low as possible. Without sacrificing any of the cover you need, of course.
As you continue your savings journey, you’ll likely be surprised at just how quickly these savings add up. Meaning that you’ll have more money in the bank to spend on, for example, making those home improvements you’ve been dreaming of, or even taking that much-deserved vacation.
