How to Cut Costs Associated with Homeownership

There are two costs associated with Real Estate. The cost to acquire and the cost to keep it. In this blog, we will discuss how to cut costs associated with homeownership. You’ve saved up, put down the down payment, and signed the paperwork—you’re finally a homeowner. Owning a home can be a very rewarding experience, especially if you’ve been saving for one for a long time. However, the costs of owning a home don’t end when you shell out the down payment. There are tons of other costs that come with owning and maintaining a home. Thankfully, there are a few things you can do to cut these costs.

Cut Costs Associated with Homeownership: Lower Your Mortgage Interest Payments

As a homeowner, one of your largest expenses is most likely your mortgage interest payment. Luckily there are some things you can do to lower these interest payments. For example, you can lower these payments by choosing a shorter term, putting more money down, or refinancing when rates are lower.

Short-term mortgages result in lower interest rates but require larger monthly payments. In the end, a shorter term means you pay a lower total interest cost because you will pay off the mortgage sooner, resulting in much less interest over the lifetime of the loan.

In order to refinance and take advantage of lower rates, you’ll need to meet certain requirements, including having sufficient home equity. You will also have to pay refinance closing costs. Refinancing is generally considered worth it if you are able to lower your rate by 1 percentage point.

Cut Your Utilities

Utilities can run up a huge bill, especially in the summer. However, there are many ways to cut these costs. It can be easy—adjust your thermostat, replace your light bulbs to make your home more energy efficient, and run your washing machine on a colder cycle. Consider letting your clothes air dry. Practice conserving energy by turning off lights and ceiling fans and unplugging electronics when they are not in use. Turn down the hot water heater.

You can also make bigger improvements to your home in order to reduce your electric bills. For example, solar panels can reduce your electric bills by as much as 50 percent. You might also try insulating your electrical outlets in order to keep cold air out and maximize your indoor heating. Switching to a tankless water heater can also help you to save money.

Cut Costs Associated with Homeownership: Reduce Your Home Insurance Costs

Home insurance is vital for any homeowner, but do you really need all the things in your current policy? Are you getting the best deal? If you’re looking to save money, it’s a good idea to look at other options for home insurance. Get quotes from multiple insurers and shop around for policies every few years; this can help you find the most cost-effective avenue for you. Raising your deductible, as long as you can still afford it, is an additional way to lower your insurance premiums. Then, make your home as disaster resistant as possible.Talk to your insurance agent annually to make sure you are getting every possible discount.

Owning a home can be difficult due to the expense. However, there are many ways to reduce the overall costs of your home.Doing some things to cut the costs of your insurance, utilities, and mortgage can greatly decrease the amount of money it takes to own and maintain your home.

Looking to buy a home? Find one in our latest listings!

 Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

 



 

$5,600,000
Single Family Home For Sale
Pending
5
BEDS
6
TOTAL BATHS
7,000
SQFT
3336 West Riverside Dr
Fort Myers, FL 33901
Riverside Subdivision
New Listing - a week online
$1,795,000
Land For Sale
Active
0.4175
ACRES
LEE
COUNTY
3508 Stuart Ct
Fort Myers, FL 33901
York Manor Subdivision
$5,800,000
Land For Sale
Active
1.3945
ACRES
LEE
COUNTY
1215 & 1233 Braman Ave
Fort Myers, FL 33901
Fort Myers Subdivision
$15,950,000
Single Family Home For Sale
Active
4
BEDS
9
TOTAL BATHS
10,033
SQFT
1240 Coconut Dr
Fort Myers, FL 33901
Palm Gardens Subdivision
New Listing - 2 weeks online
$890,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
3,467
SQFT
1249 Osceola Dr
Fort Myers, FL 33901
Riverside Subdivision
$750,000
Single Family Home For Sale
Pending With Contingencies
4
BEDS
2
TOTAL BATHS
2,173
SQFT
1250 Braman Ave
Fort Myers, FL 33901
Becklers Riverside Add Subdivision
$2,450,000
Single Family Home For Sale
Pending With Contingencies
3
BEDS
4
TOTAL BATHS
3,138
SQFT
1209 Coconut Dr
Fort Myers, FL 33901
Fort Myers Subdivision
New Listing - 2 weeks online
$1,595,000
Single Family Home For Sale
Active
4
BEDS
5
TOTAL BATHS
3,848
SQFT
1266 Gasparilla Dr
Fort Myers, FL 33901
York Manor Subdivision
Price Change - 17 hours ago
$620,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,503
SQFT
1362 Braman Avenue
Fort Myers, FL 33901
Becklers Riverside Add Subdivision
$1,995,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
4,684
SQFT
3232 Mcgregor Blvd
Fort Myers, FL 33901
Riverside Subdivision
New Listing - 3 days online
$1,377,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
3,589
SQFT
1344 Shadow Ln
Fort Myers, FL 33901
Country Club Estates Subdivision
$475,000
Single Family Home For Sale
Pending
4
BEDS
2
TOTAL BATHS
2,542
SQFT
1377 Coconut Dr
Fort Myers, FL 33901
Palm Gardens Subdivision
Price Change - 3 days ago
$650,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
1,950
SQFT
1250 Sunbury Dr
Fort Myers, FL 33901
La Chelle Manor Subdivision
$6,000,000
Single Family Home For Sale
Active
5
BEDS
5
TOTAL BATHS
7,719
SQFT
2844 Valencia Way
Fort Myers, FL 33901
Lynns Add Subdivision
New Listing - 6 hours online
$989,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,829
SQFT
1388 Shadow Ln
Fort Myers, FL 33901
Country Club Estates Subdivision
Price Change - 2 weeks ago
$499,000
Single Family Home For Sale
Active
3
BEDS
4
TOTAL BATHS
1,784
SQFT
1414 Alhambra Dr
Fort Myers, FL 33901
Fort Myers Subdivision
New Listing - 3 weeks online
$5,900,000
Single Family Home For Sale
Active
5
BEDS
6
TOTAL BATHS
5,093
SQFT
3914 W Riverside Dr
Fort Myers, FL 33901
Fort Myers Subdivision
Price Change - 4 days ago
$1,385,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
4,848
SQFT
1434 Alhambra Dr
Fort Myers, FL 33901
Palm Gardens Subdivision
New Listing - 4 weeks online
$3,500,000
Single Family Home For Sale
Pending With Contingencies
5
BEDS
6
TOTAL BATHS
3,470
SQFT
3954 W Riverside Dr
Fort Myers, FL 33901
Seminole Estates Subdivision

 

RE: Cut Costs Associated with Homeownership

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