Here at Zen Appraisals, we’re all about empowering homeowners, and that includes helping you keep more money in your pocket.
In this blog post, we’ll explore five ways you can save money on your home.
We’re passionate about helping homeowners make informed decisions about their property.
Here are 5 Expert Tips to help homeowners save money.
After you learn about all of these ways to be an empowered homeowner you are going to be a pro at keeping more money in your pocket!
This post is all about five ways you can save money on your home.
5 Expert Tips to Save Money
As a homeowner, you know there are always costs associated with your property.
But with a little planning and know-how, you can save some serious cash on your biggest investment.
#1 – Fight the Tax Man (Legally)
Property taxes are a significant expense for homeowners.
But before you resign yourself to a hefty tax bill, consider this: the accuracy of county assessed square footage.
In many cases, square footage is inaccurately measured, and you may be paying taxes on more space than you actually have.
By having a professional appraisal done, you can ensure you’re not overpaying.
How to Challenge Your Property Taxes:
- Gather Evidence: The first step in challenging your property taxes is to gather evidence to support your claim that your home’s value has been overassessed. This evidence can include recent appraisals of comparable homes in your neighborhood and/or accurate measurements of your home which reflect a smaller gross living area than the tax records.
- File an Appeal: Once you have gathered your evidence, you will need to file a formal appeal with your local tax assessor’s office. The deadline for filing an appeal will vary depending on your location, so be sure to check with your assessor’s office for specific instructions.
- Be Prepared to Present Your Case: At your appeal hearing, you will have the opportunity to present your evidence to a board of review. Be prepared to answer questions about your evidence and to explain why you believe your home’s value has been overassessed.
#2 – Be Energy Efficient and You’ll Save Money
Your energy bill can add up quickly, but there are steps you can take to conserve energy and save money.
A home energy audit can reveal areas where your home is losing energy, and can recommend cost-effective improvements to make your home more energy-efficient.
These improvements can range from simple fixes like sealing air leaks to larger upgrades like installing new insulation or a more efficient HVAC system.
Benefits of a Home Energy Audit
- Save money on your energy bills
- Improve the comfort of your home
- Possibly increase the value of your home
- Reduce your environmental impact
How to Conduct a Home Energy Audit
There are a number of ways to conduct a home energy audit. You can hire a professional home energy auditor, or you can do a DIY home energy audit.
If you decide to hire a professional home energy auditor, be sure to get quotes from several different auditors before making a decision.
If you decide to do a DIY home energy audit, there are a number of resources available to help you get started.
The Department of Energy offers a free home energy assessment guide that can help you identify areas where your home is losing energy and also receive a tax rebate.
#3 – PMI? Say Goodbye and Save Money!
Private mortgage insurance (PMI) is a monthly fee that is added to your mortgage payment on a conventional loan if your down payment was less than 20% of the home’s purchase price.
Once your home equity reaches 20%, you can typically cancel PMI.
This can save you hundreds of dollars each year.
Be sure to consult with your lender about the process for canceling PMI. Every lender has a different process.
#4 – Maintain Your Home Regularly
Regular maintenance is essential for keeping your home in good condition and preventing costly repairs down the road.
Here are some tips for maintaining your home:
- Schedule regular inspections of your home’s major systems, such as the heating and cooling system, plumbing, and electrical system.
- Address minor repairs as soon as they arise. Small problems can quickly become bigger and more expensive to fix if left unattended.
- Keep up with preventative maintenance tasks, such as cleaning your gutters and sealing your driveway.
Benefits of Regular Home Maintenance
>> Save money on repairs
>> Extend the life of your home’s major systems
>> Improve the comfort and safety of your home
>> Increase the value of your home
#5 – Shop Around for Homeowners Insurance
Don’t automatically renew your homeowners insurance policy every year.
Taking some time to shop around and compare rates from different insurers can save you significant money.
Be sure to compare apples to apples when considering different policies, focusing on the following:
- Coverage: Make sure each policy you consider offers the coverage you need for your home and its contents. There may be exclusions or limitations on coverage for certain events. Be sure to understand what is and is not covered by each policy you consider.
- Deductible: The deductible is the amount you are responsible for paying out of pocket before your insurance company begins to cover the cost of a claim. A higher deductible will typically result in a lower premium, but you will need to be prepared to pay more out of pocket if you need to file a claim.
- Discounts: Many insurance companies offer discounts for things like having a security system, being a loyal customer, or having multiple policies with the same company. Be sure to ask about any discounts that may be available.
>> Bonus Tip: File a Homestead Exemption
Many homeowners forget to file a homestead exemption.
This is a tax break that can significantly reduce your property tax burden.
The homestead exemption essentially reduces the assessed value of your property for tax purposes, lowering your tax bill.
How to file for a Homestead Exemption:
- Check your eligibility: The requirements for filing a homestead exemption will vary depending on your location. In most cases, the property must be your primary residence and you must occupy it on the first day of the tax year. There may also be additional requirements based on age or disability. Be sure to check with your local assessor’s office to see if you qualify.
- Gather your documents: The documents you’ll need to file for a homestead exemption will also vary depending on your location. Typically, you’ll need to provide proof of ownership, residency, and any other documentation required by your local assessor’s office.
- Submit your application: You can usually file for a homestead exemption online, by mail, or in person at your local assessor’s office.
By filing for a homestead exemption, you can save yourself a significant amount of money on your property taxes each year.
Here at Zen Appraisals, we’re passionate about helping homeowners make informed decisions about their property. If you have any questions about how to save money on your home, or if you’re interested in getting a professional appraisal, contact us today.
