Whether you’re moving into your first home or you’re ten years into your third home, there’s something all homeowners can agree on: it’s expensive. There seem to be endless bills no matter what you try to do. Unfortunately, it’s hard to cut down on which accounts you have to pay: but you can make those bills a little more wallet-friendly.
Here are the top tips to help homeowners save some money in the long term.
Budget Out What You’re Spending On
Although cable has been a large part of the American household since it became widely available: consider if it’s worth it. The average cable bill is around eighty dollars, and that’s before you tack on the essential cost of the internet. If you want to save money, look at how much you use your cable subscription, and consider if it’s worth the high cost you pay. Services like Youtube TV offer many options for live tv watching, while you can also share the account between different household accounts with friends to save money. Finally, consider cutting out cable altogether.
Reduce Property Taxes
If you’ve lived somewhere for a few years and haven’t had your property taxes evaluated, look into it. Although this is one of the most significant steps to buy a house, many people drop it after making the purchase. Ask your neighbors how much their property taxes are, and look for exemptions your property might be viable for. Although nobody wants to drop the value of their home: it’s a good idea to consider if the high price in taxes you’re paying is worth it. We all want to pay no more than we should!
Rent Out Extra Space or Rooms
How many rooms in your home are put to use? Sure, a guest room sounds nice: but how often do you have people over? If your answer is four times a year or less: don’t waste this space. Renting a room to a reliable renter can mean you gain a significant amount back on your property. Research how many rooms for rent go in your area, and try to price competitively. Of course, you’ll have to include this income in your taxes, but as long as you find someone reliable that you can trust, you’ll have no trouble gaining an extra boost to help with monthly bills.
Refinance Your Mortgage
Mortgages are often the most significant payment we have to make every month. Don’t keep going on the same mortgage you qualified for ten years ago if your credit score has changed or you’re in a better financial spot. It’s easier than you would think to refinance, and as long as you do so intelligently, you’ll save a lot of money in the long run. A good refinancing can reduce how long you’ll have to pay and how much you have to pay every month. Don’t be shy about looking around for help, especially if it can take a lot of money off your monthly mortgage payments.