Avoid These Homeowner Spending Mistakes

Avoid These Homeowner Spending Mistakes

No one plans to waste money purposely… but sometimes it happens, especially when it comes to our homes.   If you have lived in your home for a while it is a good idea to reevaluate how and where your money is being spent. I have put together a few tips that seem small, but month after month could make a big impact.

Remember, unexpected repairs will pop up at any point in time, so make sure you always have enough savings on hand. However, read on to avoid these common spending mistakes.  

Bypassing Do-It-Yourself attempts.  You may have a yard now that needs to be mowed or raked, or a larger home with more bathrooms to clean. Try to see if you can manage some of these new chores yourself before you hire a lawn care service or a cleaning service.

Some fix-it tasks don’t necessarily need a handyman or a plumber. Learn to handle some DIY skills on your own. You can check out YouTube videos, get step-by-step instructions from home improvements websites, or attend free in-store workshops in your community. Both of these things attempts could save you hundreds of dollars each month.

Paying for that extended warranty.  Most of us look for sales and good deals before we buy a refrigerator, washer, dryer and other appliances. That’s why you should think twice before you agree to an extended warranty. That extra money could be better used or saved for your own cash flow purposes.

If something does break, it can cost less than what you put into the warranty OR that particular problem might not be covered at all. You should also check your credit card to see if it offers a year of extended warranty on purchases. 

Last piece of advice about home warranties—you could pay annually for one and it will cover all appliances and more!

Not shopping around for homeowner’s insurance. Don’t get into a rut when it comes to insurance. Look for a policy that better protects your home and your pocketbook. Many new buyers stick with their previous renters or auto insurance company. That’s great, but make sure you really know what’s being covered and the cost for their homeowner’s policies AND then compare this to other companies. 

Keep in mind that having more than one policy with the same company might get you a discount. So ask about any savings if you purchase both your auto and homeowners insurance policies from a company.

Not taking your home’s energy efficiency seriously enough. Maintaining your home’s systems, like servicing your AC’s on an annual basis, examine light fixtures and wiring in your electrical systems, and updating windows is a great way to ensure your home is working at the highest efficiency.  This is also a great way to save hundreds of dollars.  

I hope these tips help you save some money and help you be a confident homeowner.

Your home is likely your biggest investment, and I am your go-to resource for all things real estate related, so don’t hesitate to call or email me!