Five Money-Saving Home Projects to Start the New Year
Money matters can dominate the conversation about New Year’s resolutions. And, of course, there are plenty of paths to consider when hoping to strengthen your finances. For homeowners, a little investment in their property can provide a big pay-off.
If improving your financial stability is part of your 2022 plans, consider these home projects to help support your goal.
Smart Home Upgrades
Advances in technology can put your search for savings on autopilot. For example, smart thermostats learn your temperature preferences and can reduce HVAC costs by preventing unnecessary usage. Similarly, motion-activated lighting and LED bulbs provide a double dose of energy savings. Other upgrades to consider: internet-connected refrigerators might keep your grocery list down to the essentials, streaming-capable TVs can reduce home entertainment costs, and robotic floor cleaners often result in savings if you stop paying for a cleaning service.
Creating Spaces to Enjoy
For many of us, the time spent away from home can hit our wallets pretty hard. If you find that eating out, visiting local bars, or other recreational activities are drawing down your disposable income, create a destination-worthy space at your home. Investing in an area that satisfies your hobbies or makes it easier to host friends can increase equity and lower future expenses.
Focus on Efficiency
It costs money to make the air in your home comfortable, so why let it escape so easily? If your home wasn’t built recently, it might be lacking in insulation and sealing. Adding additional attic insulation can be a cost-effective way to realize long-term savings. And re-caulking your windows and doors is a DIY job that won’t take very long.
Your home insurance is necessary protection, but you’ll probably face a steep deductible and increased premiums if disaster strikes. Identifying ways to protect your home and minimize risks is an excellent way to avoid derailing your money-saving plans. Security systems help monitor homes when you’re away, deterring would-be criminals. Flood detection devices will notify of a leak in high-risk areas before it gets out of control. Even upgrades like better outdoor lighting can reduce the chance of an expensive (and painful) night-time fall by you or someone else.
Hit the Market
A serious approach to saving money may mean taking advantage of your home’s equity. Downsizing or relocating to a more affordable area could fast-track your financial plans. If you think it might be time for a transition, speak with a real estate agent to begin preparing for a peak season listing this spring. Just be sure the cost of finding a new home won’t result in more steps backward than forward.
Explore all of your mortgage saving options with the experts at Open Mortgage. Call today to speak with a professional, or visit OpenMortgage.com to learn more about our offerings.