Top Cost-Saving Strategies for Homeowners
Did you know that the average American house costs over $1100 a month to maintain? And that’s without factoring in your mortgage payment! While the expenses associated with home ownership can vary significantly depending on what type of home you own and where you live, this average monthly amount underscores the importance of estimating your costs ahead of time so you’re well-prepared to meet your obligations. If you buy a house with realistic expectations and your eyes wide open, it truly can be home sweet home for years to come.
While most people do factor in the cost of more obvious expenses like insurance, property taxes and the like, it’s easy to overlook smaller items that can quickly add up like lawn maintenance, pest control, a security system and HVAC maintenance. But it’s not all bad news, because there are a lot of ways to save on household expenses. We’ve created this helpful infographic to show you a variety of clever ways to help keep your dream home from turning into a nightmare.
- 5 million Americans owe more than their homes are worth. A biweekly payment plan can help you build equity.
- An energy audit can reduce your energy costs by 5% – 30%.
- You can save $1200 on lawn service per year by doing your own yard work.
- Research flood risk before you buy. Flood insurance rates increase an average of 8% per year.
- Save more than $27,000 on a $250,000 30-year mortgage at 4% with AutoPayPlus and pay it off more than 4 years sooner.
- A 700+ credit score can qualify you for utility deposit discounts.
- Consider the size and age of the home before purchasing. The average cost of a remodel on a 3,000 sq. ft. home is $36,121.
- 24% of US homes are in neighborhoods governed by an HOA. Be sure to factor HOA fees into your monthly costs.
- In 1 year, you could save over $100 by choosing an ENERGY STAR appliance over the standard equivalent.
- Avoid big repairs with regular maintenance. The price of a tube of caulk is $4. The average cost of mold remediation is $500-$6,000.
- Installing monitored security devices in your home can reduce your insurance by up to 20%.
- Bundling insurance policies like automotive with your home insurance can save you as much as 20%.