Nine Money-Saving Tips For Your Home

March 26, 2010

Many people dream of owning their own home, but there's more to property ownership than putting down the cash and moving in the furniture. Without proper care your perfect home can become a money pit. Follow these top money-saving tips for your home, and take the first steps toward caring for a great investment.

1. Pay attention to maintenance: By keeping your house in top condition with regular maintenance, you can prevent home-related disasters such as masonry collapse or a leaking roof, which can be costly to repair.

2. Go classic in decorating: While it can be tempting to follow home fashion trends, many hot new decorating looks quickly become dated. Choose a neutral, timeless theme and make statements with dashes of color in drapes and decorative items. These can be replaced inexpensively and frequently to keep your decor fresh.

3. Buy quality: Don't be tempted by the latest do-it-yourself bargains or "sale" to buy for your home. Frequently low-quality purchases end up costing more in the long run. Cheap furniture can break or stain, and cheap paints provide less coverage and result in a patchy, nonprofessional finish.

4. Minimize replacements: There are many long-life essentials on the market, such as compact fluorescent light bulbs and good smoke and carbon monoxide alarms. They might cost a little more than conventional products, but they don't need replacing nearly as often, helping you to save money (and electricity) over time.

5. Go for energy efficiency: Double-glazed windows and home insulation are the first steps to cutting hundreds off your energy bills. This is good for the planet as well as your wallet. Appliances use electricity even when they are not turned on. Remove cell phone chargers from the wall when you are not charging your phone. Keep hair dryers or other occasional-use bathroom and kitchen appliances unplugged.

6. Save water: Check for leaks in plumbing. A shower uses 100 less gallons a week than a bath. Install a low-flow showerhead. Run only full loads of your dishwasher and clothes washing machine. Buy a reduced-water toilet or put a brick in the toilet tank. Install a rain barrel to collect rainwater to use for watering plants. Consider your climate when planting grass or shrubs, and choose less-thirsty varieties to save on your water bill.

7. Find tax deductions and benefits: Many governments offer incentives and tax deductions to people who own property. Consult your local tax office, state government, or a financial adviser to make sure you're claiming the money you can for owning your home.

8. Manage your mortgage: Check your mortgage at least yearly and make sure you're getting the best deal possible at the time. Check your interest rates, and don't be afraid to refinance if it makes sense. If you're lucky enough to get a windfall, consider paying off a chunk of your debt. It could save you thousands in mortgage interest over the years.

9. Buy (and keep) good homeowners insurance: Don't pretend that the worst won't happen to you. Make sure that your dwelling and contents are fully insured and that your coverage is adequate for your needs. That way, if something should happen, you'll probably be compensated for what you have lost.

You don't have to deprive yourself of the home you want in order to save money. By making smart choices, you can be sure that whatever you spend is invested in your home, rather than wasted because of neglect or lack of knowledge.