Purchasing a home is a significant long-term financial commitment. Period.
Most loans can range from 15 to 30 years, having an impact on both your savings as well your monthly budget.
New homeowners can save money and reduce their overall expenses in a number of ways. Here are some tips for new homeowners:
Create a home maintenance checklist
One of the first things to do is to create a home inspection checklist as it will act as a guideline to help you maintain your home.
Regular maintenance and prompt repairs will extend the lifespan of all your fixtures and installations, helping you avoid major expenses. Once you’ve created a checklist, it will aid in visual inspections to stay on top of issues.
Trust us, it helps save a lot of money in the long run.
Look at the insulation in your property
Many new homeowners underestimate just how much of a difference insulation can make.
So, WTF is insulation?
Insulation, when installed properly, will reduce heating and cooling costs by keeping cool weather inside your home and reducing heat losses.
For example, if a new home has an unfinished attic without proper insulation, it can create a domino effect of condensation, damp and mold growth, causing tons of allergens to flood the air. Thus, causing frequent doc visits and issues. It’s best to nip this in the bud immediately.
Switch to LED
LED technology has advanced considerably over the years. As a relatively affordable (higher initial investment) alternative to incandescent lighting, and very energy-efficient, you can get better performance, cooler light, and lower energy bills.
Energy-efficient LED lighting can help new homeowners save money and reduce the burden on the environment as well.
Our Favorite: Energy Saving LED Light Bulbs
Search for appliances with high Energy Star ratings because they consume less electricity to run. While these appliances might be a bit more expensive than regular devices, they help you save more money in the long run and reduce your monthly financial burden.
Lower the water temperature
Lower the temperature of the water to less than 120°F. It’s the ideal temperature for bathing and won’t scald your skin.
There’s no need to waste energy for maintaining the water temperature over 120°F as setting your heater to a lower temperature won’t have an impact on your bathing experience.
Install ceiling fans
Ceiling fans are a great way to keep the air circulating in your room. It will allow you to lower the temperature on your thermostat in order to save some energy and reduce the monthly energy costs.
A programmable thermostat can help
Programmable thermostats allow you to schedule temperature control and help reduce energy bills. For example, you can lower the heating temperature during winter time when you’re not at home and set the thermostat to a higher temperature for a time before your return without having to manually adjust the temperature.
Our Favorite: Nest Learning Thermostat
Air seal your home
Look for any gaps and holes in the walls, check the windows and doors, and make sure there are no gaps in the insulation.
If you find gaps, you can seal them with the help of weather stripping, putty or plaster and added insulation. That will ensure the indoor air doesn’t slip out and the outdoor air doesn’t slip in, which increases the energy-efficiency of your HVAC system and can save you some cash.
Clean and maintain vents
If the vents are dirty and dusty, they’ll not only disrupt airflow, but also compromise the indoor air quality. If you clean the vents and filters regularly, you’ll have better air circulation, better heating and cooling, and a more energy efficient HVAC system.
Consider having a clothes rack
The clothes dryer consumes a considerable amount of energy and can add to your expenses.
You can add a cloth drying rack in your laundry room or a clothesline in your backyard to dry your clothes naturally. This can be one of the most beneficial ways to save on home expenses.
As a new homeowner, you’re eligible for a number of tax benefits and concessions, especially if it’s your first home. You’ll have even more tax benefits if you have an energy efficient home.
For example, you can get 30% tax credit if you have a solar energy system, geothermal heat pump or residential wind turbines. Explore these options carefully to get the best savings possible.
If you follow these tips, you should be able to save enough money to have some financial security and comfort.
If you have chosen the right loan amount and balance your finances well, your financial situation will be relatively secure.