As a homeowner, you know how important upgrades and renovations can be to your overall quality of life and home’s value. You likely know how expensive they can get, too. If you’re a homeowner looking to do some renovations, considering taking out a home equity loan for home improvements, or hoping to lower your monthly payments for heating costs, here are a few things to consider that will save you money in the long run.
Maintaining Heating and Cooling Systems
Maintaining heating and cooling systems is the best way to keep costs low when it comes to your home. Many people wait too long to clean their furnaces, change their filters, and unclog their air ducts. This leaves them in the position of using space heaters or alternative methods of heating the home that can lead to higher costs. Like it or not, space heaters require high operation and maintenance costs, so pushing off a furnace cleaning could mean higher expenses by using a temporary electric heater.
To save money on your heating and cooling systems, consider putting your home systems on an annual rotation. By timing regular maintenance right, you’ll be able to get discounts, too. Instead of waiting until that busy time of year at the end of spring to have your central air looked at, consider having your air conditioning checked in winter. Do your heating maintenance in the hot summer months to save money, too. Whether your home is a fixer-upper or a new home, staying on top of these regular maintenance tasks in the off-season will add up to big savings.
Timing Your Financing
If you’re considering financing a home renovation through a home equity loan or personal loan, you’ll want to pay attention to interest rates. There’s no reason to pay a higher rate when you could secure the lowest rate in watching the market. A great way to save money is to have your ideas for any remodeling project lined up and ready to go but to hold off on applying for a loan until interest rates are low.
Start with making a list of priorities. Put money away each month for any renovations you’ll need for your home. You can even begin buying the tools and supplies you’ll need for any home improvement project ahead of time. When interest rates are low, look for online lenders who can give you the best rate for your project. Even if this means a wait between financing and when the work can begin, you’ll be glad your new loan is at a lower rate and that the money you save can go back into a savings account for future projects.
Affordable DIY Projects
Many people have great luck saving money on home improvement projects by doing them themselves. If you’re handy or have friends or family members capable of tackling a home renovation or home improvement project, it could be worth doing a little research on YouTube, blogs, and other online platforms to get ideas of ways you could tackle your next project yourself. The average contractor charges upwards of $40 an hour for a basic job. By making those easier improvements and changes yourself, you’ll save bundles on labor.
If considering taking on a DIY project, it’s important to look into the prices of lumber and other supplies. Due to the global pandemic, much of the building industry has been impacted by shutdowns in the United States. For this reason, lumber and many other construction supplies are up by as much as fifty percent in some places. Factoring this in now could help you time your project.
At the end of the day, your home is likely your biggest investment. By taking time to research ways to save money to make improvements, you’ll be doing more than adding value to your home. Giving yourself peace of mind, improving your quality of life, and finding creative ways to personalize your space is just a few of the perks the right improvement plan can buy.
