Buying a house is likely the biggest purchase you will ever make, but you’ve got to live somewhere, right? While buying a home is a huge expense, it’s also a great investment. So once you’ve bought it, you can manage it in a way that will save you BIG money over time. Here’s how!
Insulate, Insulate, Insulate!
According to the U.S. Department of Energy, 49 percent of a typical homeowner’s energy expenses are devoted to heating and cooling. So how do you battle this? The starting point is to understand this: the best way to save money is to stop WASTING money. And that’s where home insulation comes in. By adding insulation in attics, crawl spaces, and elsewhere, you’ll typically save AT LEAST 15 percent on heating and cooling costs every year. And don’t forget the rebate of up to $3,000 you can receive for insulating in Maine!
Get Energy-Efficient Appliances
A modern, energy-efficient refrigerator that lasts 20 years is FAR cheaper, long-term, than one that may run 7 years, constantly guzzling electricity. Here in the Pine Tree State, Efficiency Maine offers rebates on everything from energy-efficient washers to heat pumps to boilers. You can check out the entire list here.
Take Advantage of Tax Benefits and Other Incentives
One very powerful way to save money is to utilize the recently-expanded Maine Homestead Exemption to lower your property taxes. As of April 2020, the program now exempts up to $25,000 of the value of your primary residence for tax purposes. To save money using this significant exemption for homeowners, visit here. And for more information about other tax benefits for Maine homeowners, visit here.
Protect That Roof Over Your Head
You probably don’t frequently give much thought to the roof over your head. But you sure will if it becomes severely damaged or needs to be replaced. Aside from the terrible disruption to your home life, you’ll likely be faced with a steep bill. The typical cost of fixing or replacing a roof now is $8,000 to $15,000--an awful lot of money even if your home insurance happens to pick up a significant part of it. Make sure you don’t experience that big-time hassle. Keep your roof in tip-top shape, trim tree branches that hang over or near your roof, and remember to clean your gutters so damaging ice/water won’t back up onto your roof.
Create a Home-Maintenance Checklist
Finally, set aside time to create a Home Maintenance Checklist. Include all home maintenance tasks you’d want to perform on a monthly, quarterly, and annual basis. Then perform each task at a regularly scheduled time. Doing this will extend the life of nearly everything in your home—saving you boat loads of money in the long run!
Do you need friendly, professional advice regarding the value of your home in today’s market, wise money investments to your home, or maintaining a house in the Augusta, Maine area? We’d love to help, and invite you to contact us today.