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How to Get Your Home to Save You Money

Jan 31, 2013

There are many ways in which your home can end up saving you money this year; from creating long term savings by making important renovations to your home, through to cutting down on your day to day energy and water use, your property can help to generate some financial flexibility. At the same time, selling old and unused items, making small repairs, and considering a refinanced mortgage, can also create the potential for short and long term savings.


Cost Saving Renovations 


A good option if you want to take a long term approach to making savings through your home, some select renovations can result in an increased valuation for your home, and reduced energy bills; these approaches can include re-insulating windows and doors to trap heat, as well as replacing older appliances with more eco friendly versions. Moreover, it’s possible to boost energy retention through high tech window blinds, and by adapting spare bathrooms into waterproof wet rooms.


Cutting Down on Energy and Water Use 


The New Year can be an excellent time to compare your energy providers, and to work out if you’re getting the best deal for your money. Some providers will offer cash back schemes that will allow you to maintain your home’s usual energy usage, but with the bonus of generating some short term cash, and the prospect of better rates. Making use of energy and water meters to break down your costs for the year can also encourage a more efficient approach to heating and supplying your property with power.
 

Selling Items 


The start of the year is also a good time to be ruthless about what you need to hang onto around your home, and what can be sold on to make a profit; this means de-cluttering rooms, and seeing whether or not old mobile phones and other electronic items can be sold for their precious metals. Other options include selling bulk loads of books and DVDs online, pawnbroking jewelry, and exchanging foreign currency from holidays.


Making Repairs 


A series of small changes around your home can add up to significant costs over time, making your home more energy efficient and less likely to incur damages. Some typical changes and repairs that you can make to your property include checking for leaking taps and for problems with the structure of your roof. Wiring fixtures should also be inspected, while cracks around window frames and doors should be tested to see whether you need to make major renovations.

Refinancing Your Mortgage 


The equity you’ve built up in your home can be tapped into by exploring options for refinancing your mortgage; in most cases, this means gaining a better set of repayment terms that offer long term, fixed rate interest, or options for cash back. Getting onto a good mortgage rate will save you money in the short term by spreading the cost of your home over a much greater period of time. Shop around for the best options for your property, and be careful not to refinance without getting some major incentives from a lender.

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