The following is a post from Jenna Smith. Consideration was received for the editing and publishing of this post.
Being a homeowner is one of the most pivotal aspects of being a responsible adult. That humble house is supposed to represent a sense of security, stability, and family. However, as great as it is to have your own home, that ownership often come with a hefty financial responsibility. The responsibility of paying the mortgage, bills, insurance, taxes and household upkeep, in addition to personal expenses, can seriously put a strain on your wallet.
However, there are many things you can do to help curb the cost of being a homeowner:
Take advantage of your tax deductibles: Many newer homeowners are unaware of the deductibles that are available for them to take advantage of – instead of filing your taxes on your own, this season partner with a qualified tax expert or use a detailed DIY tax return program, and learn how take advantage of available tax breaks. You may be eligible for deductions on your mortgage, closing costs, property taxes and home equity loans.
Be more energy efficient: Being energy efficient is not only a way to save the environment, it can also help you keep some green in your wallet. You can take steps to being more energy efficient by upgrading your appliances to energy efficient options and by properly insulating your home to repair any open cracks. Additionally, you can purchase energy efficient power strips, switch to LED bulbs, hang energy saving blackout curtains, insulate your water pipes, use solar powered chargers, and do laundry less often.
Consider a reverse mortgage: Home financing through a reverse mortgage is an option for homeowners who are 62 years or older. This option will allow you to turn part of your home’s equity into cash to help cover monthly living expenses.
Brush up on your DIY skills: It goes without saying that it costs money to outsource home repairs and upgrades. However, it doesn’t do very much for the value of the home if you don’t properly maintain it. Therefore, the best option is to do it yourself. Now, it is still highly recommended that you save the massive projects for the experts, however, you are well able to tackle the moderate household repairs yourself – such as painting, replacing windows and doors, upgrading toiletries, insulating and landscaping. Learning how to become a home DIYer can save you a lot of money, and doing so will give you that sense of satisfaction and pride that you learned new skills and tackled projects on your own.
Make extra money: There is no better way to avoid the sting of financial struggle than to make extra money so that you can comfortably live in the home that you love. This current age of technology has made it possible for anyone to make a few extra bucks every week. To begin, you have to determine your skills and think of ways through which you can capitalize on them. For example, if you are a good writer or web designer, you can freelance on the side. You can even become a product flipper – buy inexpensive/valuable items from thrift shops and yard sales and sell them for a little more on auction sites. Or, you can complete surveys, sell your handmade crafts or homegrown veggies at fairs, or build your own website or use social media to be an affiliate marketer for a few companies.
The worst scenario for any homeowner is to struggle to make payments every month or to lose their home entirely. This isn’t the dream of homeownership. Therefore, is up to you to find ways to save money so that you can live the peaceful, secure life that you deserve.