As a homeowner, there are a lot of bills and expenses to keep up with. If you want to save money in your new home, here are some tips for cutting costs for more sustainable living.
1. Negotiate Mortgage Fees
There are a lot of fees associated with buying a home, so one of the best things you can do is negotiate some of the fees to try to bring them down a bit. Things like real estate broker’s fees and commissions as well as loan origination fees can often be negotiated to a lower amount, which means negotiating is a great way to cut costs in your new home.
2. Bundle Insurance Premiums
Paying for insurance can be a drag, especially if you feel like you never use your coverage. One great way to save a nice chunk of change on your insurance is to bundle your policies together into one monthly premium. Not only does this reduce your monthly insurance bill, but it also makes it easier to pay your premium. Many companies will offer the same amount of coverage at a lower rate if all your products are with that provider.
3. Consolidate Your Debt
If you owe money to a few different lenders, your best bet is often to consolidate that debt into one single debt with one lender. This makes it easier to pay your debt off, plus debt consolidation lenders will generally give you lower interest rates so you can pay your debt off without the interest charges piling up time after time. You might also consider a secured loan, although make sure you understand the risk of this tactic.
4. Rent Out Extra Space
Although it may not be ideal for some people, renting out part of your home is a great way to save some money. If you’ve got a friend who needs a place to stay, that’s the ideal situation. However, you can even post a bedroom or portion of your home for rent online to see if you can find anybody who’s interested.
5. Invest in Energy-Efficient Upgrades
Energy use can be a big factor in how much money you have to spend or save each month. If you’ve got old windows, a poorly insulated home or appliances that use too much energy, you can easily cut costs by making a few simple upgrades. Your first step should be having a professional perform an energy audit on your home to figure out what needs to be upgraded, then you can start thinking about which upgrades you want.
Keeping up with a new home is difficult enough, but it’s even worse if you don’t love the home you’re in. If you want to find the home of your dreams, the home building experts at Grand Homes can help. To find out more about our home building services and floor plans or to get an estimate, contact Grand Homes today.