Owning a home comes with so many hidden costs, and those costs just seem to rise as time goes on and issues become problems. Add onto the fact that mortgage repayments everywhere are going up with inflation, and you can easily go from having a home you can afford, to debt you are struggling to stay on top of.
Owning a home should be the smart choice. It should be how you establish great generational wealth and help set yourself up and even your family throughout your life. This should apply for those who want to remain in the same home throughout their life, and those who buy, fix up, then sell on – and it can.
The secret to keeping your home ownerships costs down is to constantly be flexible. Being flexible is how you continue to get the best rates on everything, from your utilities all the way to your mortgage repayments. Not sure how to lower those costs? You use this guide:
- Refinance Your Mortgage
With mortgage repayments going through the roof thanks to increasing repayments, it’s only natural to wonder if you can do anything to stop it. The answer is, yes! Rather than accept the new rates from your current lender, shop around. There are mortgage options from private lenders that can end up being far more favorable than your current option. When you choose such a private loan, you will end up getting a hard money loan you can use to pay off your existing mortgage entirely. You will then get started on the new loan with a more favorable rate.
- Shop Around Utilities Providers
The same tip applies to your utilities providers. There are sign on bonuses, better rates, and more to be had by shopping around utility providers. You may not actually have to switch at all. When you call to cancel your existing service, you can let them know the deal that you are switching to. In many cases the provider may offer to match that sign-on offer or lower rate to keep you. This means that you can get a better rate, without the extra hassle of canceling and setting up a new account. If your current providers do not play ball, don’t worry – you can always make the switch itself.
- Make Your Home Efficient
If your home does not leak out heat or cold air and uses electricity as efficiently as possible, you’ll need to use less energy overall. This, in turn, means less cost without changing your habits. While doing things like swapping out your door for something thicker, replacing your windows, and beefing up your insulation are all essential first steps to take, they are not the only ones. You can also upgrade your home to a smart system to use energy more meaningfully. Rather than a second spent wasted with a system powered on when it does not need to be, your smart system can turn it off on your behalf.