First Time Buyer? How to Reduce the Cost of Homeownership


Buying your first home is a time consuming, expensive, exciting endeavor. Home ownership is an ongoing expense that includes maintenance, taxes and paying one’s bills. Here are some things that you can do to make home ownership less of an expense.

Fix Things on Your Own

A good way to decrease the cost of home ownership is to do things on your own. If something needs to be fixed and you know how to fix it, then fix it. Do not rely on a handyman when you already have the skills to fix things. A lot of people hire lawn services to mow their lawns. If you have the time and strength to mow your own lawn, then you should be mowing your own lawn.

Get a Professional in When It’s Necessary

Sometimes, it is impossible to fix certain things as a result of not having the skills to do so. It may be more worthwhile to call in a handyman than attempt to fix things on your own because you may do more damage to your own home—damage that would require more money to fix. For example, you may need someone to help you, legally. If you have little to no legal knowledge, you may need to consult a real estate tax attorney.

Read Up on the Subject

You should educate yourself about the topic of being a homeowner, as well as the topic of personal finances. You will benefit greatly by having a good knowledge base of those subjects. Having knowledge about those topics gives you more opportunities to make well-informed decisions that end up costing you less money.

Fix Problems

Fixing problems before they get out of hand is a good way to make home ownership less costly. It may seem cheaper to not fix certain things, though over the long term certain problems in your home may snowball. An annoying problem that you have to spend money on to fix might snowball into a tremendous expense in a matter of months or years.

Use Durable, Energy Efficient Appliances

Use appliances that take up less energy, and that need less maintenance. You do not want something unnecessary in your home that requires constant maintenance from professionals. If there is some sort of appliance that needs constant maintenance and takes up a lot of energy, you should replace it.

In conclusion, if you want to make home ownership less of an expensive endeavor, you should fix things yourself, call in professionals when you have no clue about how to fix something, read up on the subjects of home ownership and personal finance and fix problems before they snowball into worse problems.

Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2

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