6 Tips for Cutting Costs as A Homeowner

Homeownership is a dream that many renters have, but be sure you’re aware of all the associated costs. Ask any homeowner you know about unexpected expenses, and you’ll get a laundry list of tips to think about before buying. Homeownership can be an enjoyable but expensive experience. If you’re looking to save money as a homeowner, consider these tips as measures to cut costs.

Tax Breaks

Whether you’re a new homeowner or considering your first home purchase, you should always understand your tax obligation. Property taxes are owed each year, but the government offers incentives and tax breaks for specific homes. Research any tax incentives your home may qualify to receive before you purchase it.


Home insurance costs more per month than renter’s insurance, so new homeowners should budget for that. While you will pay more to insure a whole home than an apartment, you can still save a bundle by shopping around. Getting multiple home insurance quotes is the best way to find the lowest price for home insurance. Shop around and speak with several agents to get a quote for home insurance. It may be tempting to go with the lowest quote you receive, but make sure everything you want is covered. Be aware of hazard insurance requirements which could also add extra cost to your monthly insurance bill.

Credit Score

Did you know your credit score can directly impact the price of your mortgage and insurance? Lenders periodically check your credit score during risk assessment to see how likely it is that you will continue to make payments on your loan. If your credit score drops because of high credit card usage, you could see the price of your mortgage and insurance increase. To avoid a situation like this happening, keep your credit card usage consistent. Avoid using more credit than you can reasonably afford to pay back in a reasonable amount of time.


Regular preventative maintenance will go a long way to keeping your home in prime condition. While many renters are shocked at maintenance costs once they become homeowners, routine home maintenance is required to keep insurance and mortgage prices low.


No matter if it’s a major or minor home improvement, you can often cut costs by doing it yourself. The prevalence of YouTube means you can find a video teaching you how to do just about anything around the home. Need to patch the driveway or replace a garbage disposal? There’s always a video for that. It can be tempting to try and DIY all of your home projects, but some things should be left to the professionals. Plumbing, electricity, and foundation work should all have a professional involved.

Buyer Demands

This last item is something current homeowners don’t think about when they are happy with their home. But when it comes time to sell your home, your buyer may have demands that require monetary concessions from you. If you’ve performed routine maintenance on your home and kept it in good shape, these demands will be much less than if you haven’t. For example, buying a set of appliances is always cheaper than needing to replace the roof or fix the foundation. Save your future self-money by taking care of your home today.

photo credit: Spencer Means Ironwork canopy, 16-18 Charles Street, Greenwich Village, New York via photopin (license)

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