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4 Ways Your Home Costs
You More Than It Needs To

home equity articles and tips

 

It is never a bad idea to take a fresh look at your home to see where you could be saving some money. For many homeowners, all it takes is a few minor changes and upgrades to really cut back on their monthly expenses and potentially save thousands of dollars a year. Here is a quick look at four ways your home might be costing you more than it should.

Insurance Coverage

While insurance for your home will be invaluable if a major disaster takes place, many people overspend on their policies by hundreds of dollars a year. At the very least, you should speak with your insurance provider to see if you could reduce your premiums by altering your total coverage or deductible. Many insurance providers also cut premiums if the policyholder is able to make their home more resistant to natural disasters, theft, and vandalism.

Wasting Warm Water

Few people realize just how much warm water they waste throughout the day until they begin making changes and upgrades to their homes. Tankless water heaters are an excellent way to cut back on energy consumption, but you should also consider insulating your pipes so that you can turn down the temperature on your current water heater.

An Outdated Electrical System

Even minor changes to your electrical system can have a major impact on your home's efficiency. Anyone who lives in a home that is more than 10-years-old should speak with a local electrical contractor like All American Air & Electric, inc. to see if their wires, breakers, outlets, or fixtures need to be upgraded. An experienced electrician can also help you find and install high-efficiency appliances to further reduce your energy consumption.

Air Escaping

Depending on where you live, heating and cooling your home could be one of your largest monthly expenses. While some people suggest making sweeping changes to a home such as replacing old doors and windows, you might be able to save hundreds of dollars a year by simply replacing old caulking and weather stripping. Homeowners should also double-check their insulation to make sure that it has not been damaged and is the correct R-value for the local climate.

Even if your home is newer, it probably is not quite as efficient as you would like to think. If you are tired of overpaying on your monthly bills, then you should try addressing these four issues to see if you can save a little money throughout the year.