Many people use the turn of the new year as a good chance to take stock of some element of their lives and tighten their belt just a bit, and the world of homeownership is a perfect example. Whether it’s something related to your home loan or a separate area, there are a few things you can do this time of year to save some money and get more out of your overall investment.
At Primary Residential Mortgage, you can find a mortgage broker who can help with this and numerous other financial areas. Let’s take a look at a few smart New Year’s resolutions for homeowners in 2018.
Powering the home, including heating and cooling, is not inexpensive. If your home wastes energy, it’s going to be even more pricy. Luckily, there are ways to limit this sort of thing, such as an energy audit.
This is a procedure that uses blower door tests and infrared cameras to measure air leaks and identify any missing insulation or air infiltration into the home. These tests are performed by utility companies, city governments and certain contractors. This is a simple, cheap way to get information about your energy usage, allowing you to make tweaks and save money.
Homeownership can come with unexpected expenses – there’s no landlord to call if something goes wrong. An emergency fund, ideally one that covers a few months of expenses, is great to have.
Equity refers to how quickly you’re paying off your house relative to its value, and home equity can be a very valuable asset. It can even be used to finance other big needs if you accrue enough. If you have the funds to do so, look for ways to speed up your payments and get great equity.
If you have expensive appliances in your home that are reaching the end of their life cycle, a home warranty is a great way to mitigate the cost of replacement. A home warranty, also called a service contract, is an annual agreement that offsets the repair or replacement cost of major appliances. Think of it as an insurance policy of sorts. Like an insurance policy, though, be sure to read the fine print and steer clear of any scams or gimmicks here.
For more great New Year’s resolutions or to learn about how our mortgage brokers can help in several areas, speak to the pros at Primary Residential Mortgage in Portland today.
*The views and opinions expressed are my own and do not necessarily represent the official policy or position of Primary Residential Mortgage, Inc.