5 Tips for Saving Money as a New Homeowner

Owning a home is an exciting, rewarding, and expensive process. It doesn’t end with the purchase of your home. As there is no landlord involved, you and the members of your household are the lone maintenance crew. Neglecting to partake in preventative maintenance can lead to costly renovations. 

Upon buying your dream house, you may want to consider following these 5 tips for saving money along the way. 

1)      Find a Cheap Energy Provider

If you live in an area where energy is deregulated, compare ESCOs and their rates to find the best deals on electricity or gas. You’ll need a reliable provider to keep your energy bills as low as possible. Don’t just settle with your local utility company - explore the wider options available to you. Check your energy bills every once in a while to determine if switching providers is worthwhile.

2)      Set Aside an Emergency Budget

As a homeowner, you may find yourself facing unforeseen challenges at one point. Prepare for the unknown by setting aside a sum of money to be used in emergencies.

Experts suggest beginning your emergency fund at $3,000 and building it from there. Make small contributions every month to increase both your fund and your peace of mind. With an emergency fund at your side, you’ll be prepared to fix your roof or cracks in your home’s foundation.

3)      Test Fire Alarms

This step should be taken by owners of old and new homes alike. Don’t rely on previous owners to have left your home’s fire alarms in working order. Newly-built residences should also have their fire alarms inspected. An adequate inspection of your new place’s fire alarms includes:

·         Testing all fire alarms present.
·         Replacing batteries where necessary.
·         Installing additional alarms if needed.
·         Purchasing a carbon monoxide detector.

Be sure to establish a fire safety plan with members of your household. It’s best to be over-prepared in the event of a fire-related emergency. You’ll be able to protect your household members as well as your property.

4)      Deep Clean Your Appliances

Upon moving in, you should:

·         Clean your refrigerator coils: Refrigerator condenser coils accumulate pet hair and dust over the years. When they become clogged, they can’t work efficiently. This results in a decrease in the lifespan of your refrigerator. Extend the life of your refrigerator for as long as possible by cleaning its condenser coils with a vacuum and a coil-cleaning brush, which can be found online at a low cost.
·         Clean your dryer: Clean out your dryer’s exhaust duct to increase its efficiency and lower your energy costs. Keep up with this practice by doing it annually. Also, be sure to establish good habits in the laundry room: clean out your dryer’s lint screen after every single use to further increase its efficiency.
·         Address your air conditioning units: Clean your air conditioning condenser’s outside fins and get rid of invasive shrubs. This allows it to operate at its prime. Indoors, you can replace the evaporator unit’s furnace filter and wipe the condensation drain to get the most out of your AC unit.

5)      Inspect Hidden Spaces

It can be easy to get caught up with the more pleasant parts of owning a home, like interior decorating and lounging in your own backyard. However, you should set time aside to inspect areas like the garage, attic, and basement. Be on the lookout for any bugs, mold, or leaks present. Take note if there are issues with the structural integrity of these spaces.

Get in contact with a professional to quickly remedy these issues. Doing so will save you money on expensive repairs and feelings of stress down the line!

Take the initiative as a new homeowner by implementing these 5 tips!

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