This is How Homeowners Can Save Money
Investing in real estate can be one of the most rewarding ways to build personal equity. As a homeowner it’s important to understand all the ways which you can maximize your investment and save more money. A home can be a very valuable asset that keeps on giving or it can be a liability. If you are a looking to purchase a new mortgage and currently own a home, the more money you can save for down payment the better off you will be. Putting more money up front can save you tens of thousands of dollars in mortgage payments. Building equity by making smart choices will save money giving you more out of your home.
Sweat EquityWhat is sweat equity? Sweat equity is hard work that you put into a home, which will increase its value. There are tons of DIY projects that you can do yourself to save money or add value to your home. Increasing the curb appeal will not only make your home look better, it can get you a better closing price. When you buy a new home there are 7 simple things you can do right away to start saving money.
Energy AuditGetting an energy audit as specified by the Energy Star Program will not only give you a list of ways to increase energy savings, it can help you obtain funding and incentives for certain projects. A licensed professional will inspect your home and assess its energy efficiency. After the audit you will receive actions you can take to increase your energy efficiency. If you don’t want to shell out the money for an audit, you can do some research online and look at some simple projects that improve energy efficiency in your home.
Install a Storm DoorYou can cut down on drafts and save on heating by installing a storm door. If you live an area with a colder climate you can also install storm windows.
FireproofingFireproofing is a preventative measure that can give you piece of mind and protect your home. Install fire alarms in every room and make sure that you are not overloading any of your electrical outlets. Electrical short circuits are one of the leading causes of fires in the home.
Ceiling FansPutting ceiling fans in as many rooms as possible can increase air flow and cut down on heating costs as well.
LandscapingThere are tons of ways to add equity to your home by landscaping. Clean up your yard, plant some flowers or add a tree. A tree is a great long term investment if you can put one on your property. For only a couple hundred dollars you can plant a tree and add a few thousand dollars your home’s value.
Install Energy Efficient LightingInstall LED (light emitting diode) and CFL (compact fluorescent lighting) bulbs to save up to 25% on your lighting bill annually.
Sealing the HomeSealing your home and making sure that there is adequate insulation can save hundreds of dollars a year on heating and cooling. Start with checking windows and doors, the attic or any other places where air seeps through. Stuff large gaps with insulation and use caulk to fill any small holes.
By following this advice, not only will you save money, but you'll actually be able to set some aside, and sell your home for more than you originally paid for it. The benefits are immediate and will carry forward to the day when you finally sell your home.
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