1. Avoiding a Mortgage
For a lot of people, mortgages seem like the only realistic way into the inflated property market, which now seems like a realm reserved for the rich and their offspring. There are ways around the mortgage trap though. And by avoiding a mortgage you’ll make major savings in the long-term.
One way to buy a home without a mortgage is to lower your aims and buy a more modest home after saving up your money for a while beforehand. Alternatively, you could group together with some friends or like-minded people and spread the costs of home ownership between you.
2. Smart Upgrades
There are some upgrades to your home that are of more value than others. When you’re making changes, you should make sure that the changes benefit your home in the long-term. This has lots of practical implications. Firstly, you should make sure each change you make to your home adds value, such as making the bathroom and kitchen more modern.
You can also think about making changes that will save you money on a month to month basis. Keeping heat in your home is a big concern in the winter, so add new insulation to your home and make sure your doors and windows aren’t letting warm air escape.
3. Insurance Policies
Yes, insurance policies do cost you money in the short-term, but they could earn you big savings in the long-term. You should make sure you have both home and contents insurance. Because if anything does happen to your home, you need to make sure you can repair it and replace your possessions as quickly as possible.
Different policies offer you different levels of cover, so you should make sure that you get the cover you want and need. There are lots of great home insurance brokers to choose from, so you won’t be short of brokers to choose from. Just make sure you compare all your options and think it over before reaching a decision.
4. Solar Panels
Energy bills drop through our letterbox every month, and they’re never much fun to open and read, are they? That’s why you need to do everything you can to cut down your bills as much as possible. Using new, more efficient appliances can help, but using renewable energy sources is an even better option.
Wind turbines can be good, but they rely on the strength of the wind, which can vary drastically. So, for me, the best option are solar panels. There’s usually a bit of sun to power your panels, whether it’s summer or winter. This’ll allow you to cut down your reliance on energy companies and slash your bills.
Short-term thinking will only get you so far when it comes to home ownership. So, consider these ideas if you want to save money in the long-term!