The Costs Of Your Home Are Too Darn High!
Owning a home is an expensive change compared to when you used to rent a place. One example of the difference in cost would be maintenance. When you rent a place to live, all issues with maintenance are completely handled and totally covered by your landlord. When you buy, that’s just not true anymore. You have to be ready to pay for maintenance on your property, and this can be incredibly expensive.
Let’s say that your boiler breaks down and stops working altogether. Now, you definitely need it either fixed or replaced but the cost of that can be as much as ten grand! You probably don’t have that to spend in your accounts, and that’s why you’ll have to borrow or pay for it on credit. I’m sure you’ll agree that neither of those are particularly pleasant options. You never want a bill that large looming over your head.
The good news is that you can take a note from your landlord here. You might remember when renting a property that your boiler was checked once a year for any issues. Well, that’s exactly what you should be doing in your home. That way, you can make sure that you stay on top of any issues and catch them before they become a major problem. Ideally, you want a full inspection of systems in your home annually. It might seem like a waste of money, but in the long run, it could save you a fortune.
Let’s look at some of the other costs of running your own home and figure out how to handle them.
Cutting Energy Costs
Why are energy costs more expensive when you own a home compared with renting? Well, the starting factor is that you’ll have to set it all up yourself. And, if you want things like smart meters, you’ll have to get them installed. All this will be sorted before you move into a property that you’re going to rent.
Then, there’s the trouble with the size of the property. When you buy a home, you’re typically thinking about starting a family, and that means buying a larger place. You’re not just thinking about whether it’s big enough for you but for people who might live there in the future. So, you definitely need to look at how many rooms it’s going to have. That’s great, but it is always going to lead to energy bills being a lot higher. You need to think about things like heating and air conditioning. They could both be double what you were used to paying in a rented property.
Although, there are some benefits when you buy a property that you don’t get renting. First, you can choose your energy provider. You don’t have to rely on the one that your landlord as chosen and that’s useful if there’s another company offering cheaper rates. As such, it is better to search the market for the best deal.
As well as this, you can choose to set up the home with the right kit. If you want AC in your home, you can select an energy efficient eco-friendly option for the HVAC options that you use in your home. You can even make the smart choice, literally. These days, you can buy smart tech for your home that will allow you to control all your energy usage down to a specific number. That way, you can make sure that you never go over a budget that you have set for the month.
You’ll also be able to tell what’s costing you more in energy and either get rid of it or replace it. For instance, these days, you can get smart tech for entertainment rooms, for the kitchen and even the bedroom. As such, it’s possible to ensure that every room in your home has the lowest energy grade possible.
We’ve already talked briefly about the issue of maintenance but you also have to think about potential damage to your property. There are a lot of ways your home might get damaged. It could happen in a storm with heavy winds knocking some of the tiles on your roof. It might be due to a breakin with someone smashing the window of your property. Or, it could just be wear and tear with a cabinet accidentally getting damaged in the kitchen.
To avoid expensive issues here, you should ensure you have the broadest insurance coverage possible. Ideally, you want to make sure you’re covered for everything from storm damage to a potential break in. Again, you should search the market for the best deal and the right coverage here, rather than settling for the first that you might find.
Of course, if you want to protect your home from the potential threat of a break-in, you should consider increasing the security. One of the ways to do this would be to think about buying reinforced windows. A large percentage of break-ins start with a window being smashed. If you can cut out this possibility, you can protect your home and avoid heavy costs that you’ll need to pay.
You need to make sure you’re saving when you own a home and ideally, you want to save around a quarter of your monthly paycheck. Though the more you save, the better off you’ll be. Essentially, it’s all about making sure you have the money to cover what could be considered disaster scenarios. Whether that’s an appliance breaking that needs replacing or an expensive problem with your home.
It is true that insurance coverage can help you a lot here, but they might not give you the full assistance to completely pay for the cost. And, in many cases, you may not want them too. Don’t forget that the more you claim on your insurance, the higher your premium will rise. Eventually, it could reach the point where it costs more for the insurance than to pay for the repairs!
I hope this advice helps you deal with some of the costs of owning a home. It’s certainly always going to be a lot more expensive than renting.