Your expenses on your Lakeland Fl home takes up a sizeable portion of your income. Whether it’s paying the monthly mortgage and insurance, home repairs, paying bills, or upgrading and decorating the home, you might be spending more than you should be on your home.
Here are some tips on how to cut on your Lakeland Fl home expenses:
1. Find out if you can lower your homeowner’s insurance rates. When your policy is due for renewal, don’t sign the contract right away. Ask your insurance broker if the coverage amounts are right and how much you could save if you raise your deductible, or if you qualify for new discounts. Usually, substantial discounts are offered to homeowners who have added a home security system, stopped smoking, or at least 55 years old or retired.
2. Check if you can refinance your mortgage. Since you got your mortgage, check if interest rates have dropped or if your credit score has improved since you might be qualified for a mortgage with lower interest rates and better terms. Be aware, though, that there may be some upfront costs associated with refinancing your mortgage.
3. Get rid of your PMI insurance by increasing your home equity. PMI insurance is paid by homeowners who have put down less than 20% when they bought their Lakeland Fl home. If you have enough cash already to increase your equity, then you could have your PMI canceled.
4. Check if you are eligible for any home-related tax breaks. These tax breaks change every year so check with your Lakeland Fl agent on any updates regarding tax breaks you may be qualified for.
5. Reduce your energy bill. Simple energy-saving actions like switching off lights when not in use or hanging laundry instead of using a dryer will save you a substantial amount of money in energy bills in the long run.
6. Attend to minor home defects and damages while they are small. Make a regular check on your home for termites. Check the attic, basement, foundation, and roof. Nip the problem in the bud before they turn into larger and costlier repairs.
Authored by Petra Norris
Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.