The Must-Know Money Tips for Homeowners Everywhere

Feb 28, 2021 | Lifestyle

Owning your own home is a major achievement and something that many people aspire to. Once you’ve purchased a property, however, it’s more important than ever to manage your finances effectively. To ensure you’re a step ahead, take a look at these must-know money tips for homeowners everywhere:

1. add value to your home

Every time you think about making changes to your property, consider whether they will add value to your home. If you’re unsure, talk to a realtor about what impact any proposed home improvements will have. Creating more space, adding an extra bedroom, or even improving your home’s curb appeal could be a savvy way to increase the value of your property, for example.

2.  you can remortgage your property

Most people take out a mortgage in order to purchase a property, but this doesn’t mean you’re stuck with the same interest rate forever. In fact, most fixed-rate mortgage deals only last for a limited period of time anyway. Following this, you’ll need to shop around if you want to get the best rate. In some instances, it can be more cost-effective to switch to a different lender, which means remortgaging your home. Although this can sound daunting, it can be an easy way to reduce your monthly repayments and cut the amount of interest you’re paying.

3.  make your home more energy efficient

Increasing the energy efficiency of your home can reduce your carbon footprint and enable you to enjoy a more sustainable lifestyle. When you upgrade the insulation in your property or add a thermal coating to window glass, for example, you’ll lose less heat in the winter and retain the cool air from your AC units in the summer. 

This means you’ll rely less on your HVAC system and, therefore, use less fuel. As well as being less damaging to the environment, this is also a great way to reduce your running costs and save money in the long-term.

4.  generate income from you home

If you have any extra space in your property, it could be a good idea to consider renting out a room. You can either take in a lodger on a full-time basis or rent a room out on an ad hoc basis for just one or two nights depending on your needs and how you feel about having someone around. Alternatively, if you have extra garage space, you might want to generate a little income by renting it out as storage. By making your property work for you, you can supplement your income by a surprising amount over the course of a year.

5.  managing your money as a homeowner

Investing in a property can be a great way to safeguard your future but there’s no doubt that owning a home can be expensive. By taking a proactive approach to your finances, however, you can ensure that you stay on top of your financial obligations. By sticking to a well-planned budget and making savvy home improvements, for example, you can maximize the value of your home and use your income wisely.


– a contributed post

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