{"id":9653,"date":"2020-03-19T01:28:59","date_gmt":"2020-03-19T01:28:59","guid":{"rendered":"https:\/\/jboitnott.com\/?p=9653"},"modified":"2020-05-05T19:02:10","modified_gmt":"2020-05-05T19:02:10","slug":"the-cost-of-home-ownership-and-where-youre-probably-overspending","status":"publish","type":"post","link":"https:\/\/jboitnott.com\/zh\/the-cost-of-home-ownership-and-where-youre-probably-overspending\/","title":{"rendered":"The Cost of Home Ownership and Where You&#8217;re Probably Overspending"},"content":{"rendered":"<p>Owning a home can have a lot of benefits. There\u2019s the freedom to create exactly what you want, build equity in where you live, and of course added privacy.\u00a0However, home ownership is no walk in the park. Homeowners insurance, property taxes, monthly mortgage payments, home maintenance, HOA fees and so many others can create a constant <a href=\"https:\/\/jboitnott.com\/zh\/how-to-pay-off-debt-and-top-tools-to-help\/\">strain on your pocketbook<\/a>. If you\u2019re unsure about where to allocate your funds appropriately, the cost of home ownership can be intimidating.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Instead of turning your home into a money pit, use these helpful tips. They&#8217;ll make your real estate decisions much more affordable and functional for years to come.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Costs of\u00a0<\/strong>Homeownership<\/h2>\r\n<h3><strong>Utility Bills<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>Utilities are a necessary homeownership cost. And, while it seem hard to pinch your pennies here, there are plenty of viable ways to do so.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Staying conscious of the amount of energy and natural resources you use is key to lowering housing costs in this area. Keep shower times to a minimum. Showering for four minutes or less could save you up to $100 a year in usage costs. Additionally, turning down your hot water heater could also lead to ample saving.<\/p>\r\n\r\n\r\n\r\n<p>The bottom line, though, is to be mindful of the amount of electricity you&#8217;re using. Almost <a href=\"https:\/\/www.treehugger.com\/energy-efficiency\/vampire-power-costs-americans-19-billion-electricity-every-year.html\">$19 million is wasted every year on \u201cvampire electricity\u201d<\/a>, or energy wasted from electronics being plugged in while not in use.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><strong>Mortgage<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>Did you know that you can actually lower your mortgage payments even after signing for certain terms and conditions? <a href=\"https:\/\/www.quickenloans.com\/learn\/should-i-refinance-my-mortgage-loan-what-you-need-to-consider\">Known as refinancing<\/a>, this type of opportunity lets homeowners lessen their monthly payment.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Rate\/term refinancing is most commonly used. With this type of refinancing, home buyers can lower their mortgage rate or payment or even alter their term without changing their existing mortgage balance. By adjusting the term of your loan, you can make the mortgage last either longer or shorter, depending on your specific financial situation and what works best for you in the long run.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Changing your loan\u2019s type can also be a benefit. Two popular types of home loans include adjustable-rate (ARM) and fixed-rate (FRM) mortgages. Fixed-rate loans maintain the same interest rate for the duration of the loan, meaning you continue paying the same monthly cost to your mortgage for the entire term. An adjustable rate mortgage fluctuates based on market conditions over time, meaning some months your interest rate will be less and others it will be more.\u00a0<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><strong>Maintenance and Home Improvements<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>General upkeep is a familiar cost of homeownership. Instead of letting home repairs fall to the wayside, pay attention to the small details so when it\u2019s time to make improvements, you\u2019re not dealing with them all at once.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>If there are any nicks in the paint on the wall, fix them before they grow bigger. Change out knobs and handles when they wear out instead of struggling with expensive cabinet repairs. Update appliances over time so that if you ever consider selling your home, you\u2019re able to do so without making hefty purchases all at once.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Additionally, make sure to maintain the outside of your home so you don\u2019t leave a bad taste in any of your neighbors\u2019 mouth. This is one of the biggest areas of home ownership where people tend to spend more money without knowing the actual, true costs of care. For example, on average, home owners <a href=\"https:\/\/homeguide.com\/costs\/lawn-care-prices\">are charged 115 percent more than the cost of materials and labor<\/a> when hiring a landscaping company to preserve their yards for them.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>You can save maintenance costs here by doing the landscaping yourself. Or, if you lack a green thumb or simply aren\u2019t up for it, consider asking around. There&#8217;s probably a high school or college student who lives nearby who can do groundskeeping work. You can also order <a href=\"https:\/\/www.plowzandmowz.com\/\">on-demand lawn services<\/a> for a one time fix so recurring costs don&#8217;t negatively affect your personal finances.\u00a0<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><strong>Amenities<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>Sure, it\u2019s nice to buy a bunch of shiny, new things. But how many of those do you don&#8217;t truly need?<\/p>\r\n\r\n\r\n\r\n<p>Cable and the Internet may seem like a no brainer. But, you\u2019re potentially losing out big time if you&#8217;re unaware of other options. Getting the Internet from a lesser known provider can save you plenty on your monthly bills. Plus, looking into streaming services instead of entering a contract with a cable provider can also help you curb costs.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>You also have the option to bundle subscriptions, saving money without giving up any of the value. Instead of spending a lot of time browsing different options, try using <a href=\"https:\/\/billcutterz.com\/how\/\">a bill negotiation service<\/a>. That will help you <a href=\"https:\/\/jboitnott.com\/zh\/what-is-the-snowball-strategy-for-paying-off-debt\/\">lower your monthly expenses<\/a> without any risk of losing your hard-earned cash.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>A note for first-time buyers<\/strong> on the cost of home ownership<\/h2>\r\n\r\n\r\n\r\n<p>New home buyers often don&#8217;t think about the cost of home ownership, including closing costs, when they&#8217;re making their first down payment. However, the more you know up front, the more prepared you&#8217;ll be to attack the hidden costs that come with owning a home or condo. You&#8217;ll be ready to maintain your property value long after you&#8217;ve moved in and gotten settled.<\/p>","protected":false},"excerpt":{"rendered":"<p>Owning a home can have a lot of benefits. There\u2019s the freedom to create exactly what you want, build equity in where you live, and of course added privacy.\u00a0However, home ownership is no walk in the park. Homeowners insurance, property taxes, monthly mortgage payments, home maintenance, HOA fees and so many others can create a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[627],"tags":[217,628],"class_list":["post-9653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-business","tag-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Cost of Home Ownership and Where You&#039;re Probably Overspending - John Boitnott<\/title>\n<meta name=\"description\" content=\"The cost of home ownership can have a huge impact on new owners. 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