Avoid the Homeowner Money-Pit with these 6 Fixes
Cut down on bills by making these changes to your home. Not only will you save money, but your home will be more desirable for the savvy Green-Buyers out in the market.
1. Lower the temp on your thermometer
Set your thermometer to 120°f to avoid wasting electricity. A temperature higher than 120° could scold a young child, so consider this a win-win change to make.
2. Negotiate a better mortgage rate
Check regularly if you qualify for a better rate on your mortgage. While you’re at it, remember to cancel your PMI (private mortgage insurance) as soon as you can. Once your loan to value ratio reaches 80%, you can kiss the extra PMI payment goodbye. Ask a realtor for a market analysis of your home.
3. Insulate, Insulate, Insulate
Six inches of insulation in the attic is the minimum you should aim for in colder areas. You can do this as soon as you move in to to keep your home cooler in the summer and warmer in the winter. Also fill every crevice in walls and around faucets and windows with expanding foam to ensure no cold air can sneak through.
4. Install a home alarm system
Keep your home safe and save on your home insurance. While you have your insurance broker on the phone, ensure that you are covered adequately for your personal needs. I recommend that all my clients use an insurance broker to seek out the best coverage for you. A one size fits all mentality in insurance could cost you dearly. Expert tip: Your realtor often has exclusive saving offers for alarm systems through their preferred business partners. Ask me about it!
5. Deduct mortgage interest in your tax returns
With the ever changing tax laws, you have to be more savvy than ever to ensure you deduct everything you can from those tax returns. Work with an accountant who can explain the newest laws and how they affect you.
6. Automate your thermostat
You can benefit from the newest technology in home cooling and heating by investing in a Smart Thermostat, like Nest. The Nest Thermostat allows you to control your home temperature from an app on our phone, sense when you are out and turn itself down automatically and guarantees to pay for itself in less than two years. What can be easier?