Owning a home can be extremely expensive. However, if you know a few money management tips, it can get much more affordable to take care of. Home maintenance is one of those things you’ll constantly be doing as a homeowner. On average, a homeowner spends one to four percent of their home’s value each year on repairs and maintenance. These numbers increase as the house gets older. So, if you want to save money in the long run, make sure you take care of your house. Here are some tips to help you get started.
Get an Energy Audit
Ask your power company if they do energy audits. Most will do so for free. An energy audit involves a professional inspecting your house for places where you could be more energy efficient. This might involve getting more insulation installed, newer appliances, or anything else they find. These audits can often also get you discounts when you purchase the suggested improvements. With an energy audit, you know exactly where your problem spots are, as well as how to handle them. This gives you a roadmap for repairs that will result in major savings.
Keep Up with Maintenance
One of the big money management tips is to avoid unnecessary expenses. If you keep your home well-maintained, you won’t need to worry about damage due to neglect. You’ll also be able to catch small problems before they become major issues. The hardwood flooring industry sells approximately 1.58 billion square feet per year! But you don’t have to purchase an all-new floor if you take care of your existing one.
So set yourself a schedule for yearly maintenance. Find out what needs to be done and when you should do it. If you stick to this schedule, you can keep your home’s systems running well for a long time. Then you can avoid having to do major repairs or purchasing replacements before your current system’s expected lifespan.
Make Energy-Efficient Changes
The more energy-efficient your home is, the less money you’ll need in order to heat or cool it. One major change you can make is purchasing a new roof. While this is an expensive investment, most homes require an upgrade every couple decades. So, if you own your home, you’ll eventually need to replace the roof. In a consumer survey, 65% of homeowners said that weather damage was their main motivator for buying a new roof. If you find yourself in that situation or if it is just time for a replacement, look into your options. A well-sealed, energy-efficient roof can save you a lot of money in the long run.
Start a Savings Fund
You know you’re going to need to pay for repairs on your house. And among the most popular money management tips is to avoid going into debt as much as you can. Start a savings account specifically for home maintenance. That way, you know you have the money put away for when you need it. Save as much as you can when your home isn’t in need of repairs. Then, when you need to purchase something expensive for your home maintenance, you can use that money. You won’t need to worry about pulling money from your usual budget or having to use a credit card. If you avoid putting a balance on your credit card, you won’t need to worry about interest building as you try to pay it off.
Saving money as a homeowner can make a major difference. If you want to save money in the long run, there are certain things you can do now in order to set yourself up for success. Look at this list and choose one or two to get you started. Then move on to the others. All of them will benefit your family in the future.