Trim Your Fat for the New Year- The Home Edition – Part III

So now that you have worked on the energy efficiency (Trim the Fat – Home Edition) and improved the health of your home (Your Healthy Home), let’s take a look at the health of your wallet in our, Trim Your Fat for the New Year- The Home Edition- Part III.

Who knew your trusted NH Home Inspector might be able to help you sleep better at night?  Isn’t it amazing how all of these things are interconnected to help create a happier, healthier new you in 2016? Disclaimer: We are in no way, shape, or form, a substitute for your financial adviser! 

Get out of debt– Most people vow to work on their credit card debt, but what about your mortgage?

• Make extra payments.  Even just one extra payment each year can dramatically decrease the interest you pay and the time until your mortgage is paid off.  Consider redirecting some of the dough you saved with our previous tips towards your mortgage payments.
  • Just make sure your extra payments are applied to the principal balance rather than the next payment! Also, make sure there are not any prepayment penalties.
  • Having a hard time finding a little extra money?  Consider scheduling bi-weekly payments instead of monthly payments (check with your lender).
  • A plethora of mortgage calculators  are available to help you assess each possible scenario – play out some different options on Bankrate.com
• Consider re-financing your mortgage to decrease your payment or lock in a lower interest rate.
• If your house has lost value in recent years you may be able to contest your property tax assessment in order to decrease your tax burden. 
• Check with your insurance company for discounts that might be available for some of the repairs and improvements you have made.  These may include a new roof, updated electrical system, alarm system, and updated plumbing which can all help prevent problems and damage to your property.
  • Want another reason to quit smoking this year?  How about a discount on home-owner’s insurance!  Check with your insurance company but it may offer as much as a 5-15% savings.
  • Explore this article on 10 hidden home insurance credits

• Keep insurance premiums low by taking care of your insurance score.  Avoid letting credit card debt build up, don’t file a bunch of minor insurance claims, and stay current on all your loan payments.
• Don’t forget to create a budget for this year’s home improvements and maintenance needs. Plan on spending 1-3% of the value of your home for annual maintenance.  You can read more in our previous post, Home Maintenance Budget Tips. Performing gradual improvements over time can make each task less daunting and easier on the wallet!

Not sure what your home needs? We can help! Premier Home Inspection Services offers home maintenance inspections to help you prioritize repairs and maintenance around your home. Contact us to learn more.