How to Save Money on Your Monthly Home Costs

Dated: December 23 2021

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How to Save Money on Your Monthly Home Costs

Did you know that the average American homestead spends just over $17,000 a year on home-related costs? That breaks down to around $1400-$1500 per month. If you’re looking at that number and wondering if you could get it to go lower, you’re not alone. In actuality, when it comes to your home there are very few fixed costs that you won’t be able to budge. Here are a few things you can try to chip away at your monthly home cost.

Shop Around for a Better Interest Rate

Just because your go-to bank is quoting you at a given interest rate doesn’t mean that’s the only option. Interest on a mortgage adds up over time, so it’s definitely worth your while to shop around. You can also get a general ballpark of your mortgage and interest rates using online calculators. This may help you when it comes to negotiating. Even if you get a good offer the first time you approach the banks, it is still a good idea to shop around and make sure you’re getting the best deal available.

Reduce Your Utility Expenses

Utility bills, fees, and miscellaneous expenses can eat up a lot of your monthly home cost homestead budget. It can be hard to keep track of slowly rising internet rates or extra fees being added on to the power bill. For services such as internet, cable, and phone carriers you may have a lot of variety out there to choose from. But for other utilities, such as electricity and natural gas, there may be only one option in your area. Why not try installing solar panels and claiming a yearly tax credit? You can claim solar tax credits that recover a significant amount of the cost of your system.

Shop Around for Insurance

When it comes to lowering your monthly housing costs, insurance is another major expense to look at. As with interest rates, you can shop around for homeowner’s insurance. Many companies will offer discounts when you bundle insurances together, such as homeowners and auto insurance. So it’s definitely worth a look to see if this is an area where you could save a lot of money. When it comes to saving money each month on housing and house-related bills, there’s often more than one way to trim the fat. Keep in mind that this may be a process, not a quick fix. Starting small and then growing into it can help you be successful. Read this next: How to Make Your Home a Great Place for Parties https://listingwithted.com/crucial-steps-to-complete-before-closing-on-a-home/ https://listingwithted.com/a-checklist-for-moving/

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Ted Daigle

About Ted Daigle – Realtor Growing up in Church Point, LA instilled values of hard work and dedication, which has carried over into every aspect of his life, including real estate. This Lafayette r....

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