Spoiler alert – homeownership is expensive. It’s something many of us don’t fully grasp until we’re knee-deep in property taxes and repair bills. Between insurance, maintenance and all the “oh, that’s broken now?” moments, the average cost of owning and maintaining a single-family home in the U.S. tops $21,000 a year.
The good news? There are plenty of ways to keep more of that money in your pocket. Here are some of our favorite homeownership hacks to help you save.
TAKE THE CHILL OUT OF HOME HEATING COSTS
To quote one of our favorite shows: “Winter is coming.” And so are high heating bills. The average household is expected to spend nearly 8% more on home heating this winter, totaling about $976 over the season.
To save, there are small changes you can make, including:
- Close off unused rooms to keep the heat where you need it most.
- Install a programmable thermostat to automatically lower temps while you’re out.
- Seal leaks around windows and doors – you’d be amazed how much warm air escapes (and cold air gets in!).
- Schedule regular HVAC check-ups and replace filters often.
- If it makes financial sense, upgrade to energy-efficient windows. They can cut annual heating and cooling costs by 10-20%.
RENOVATION ON THE HORIZON? TAP YOUR HOME EQUITY
Thinking about upgrading your kitchen or replacing those drafty windows? A home equity line of credit (HELOC) might be your best friend. HELOC rates recently dropped to their lowest levels in years, making this a good time to explore your options if you’re planning a big home project.
CONSIDER A HOME WARRANTY
Nothing ruins a good day like an appliance calling it quits. With inflation driving up repair costs, a broken HVAC, fridge, or garage door could set you back thousands.
If you just moved in and have new appliances, make sure to register them with the manufacturer – it may help extend your warranty. For older ones, consider a home warranty plan. Top-rated options start around $30 a month and cover major systems and appliances, so one breakdown doesn’t blow your budget.
LOWER YOUR HOME INSURANCE PREMIUM
Home insurance premiums are on the rise again. They’re expected to jump 8% by the end of 2025 to an average of $3,520. That’s up $1,000 from a few years ago. Ouch.
If you’re looking to soften the blow, there are a few levers you can pull:
- Bump up your deductible.
- Reassess your coverage.
- Bundle your policies for a discount.
- And the big one – shop around. Prices can vary a lot between insurers, and a little comparison shopping could save you.
MAKE YOUR HOME MORE AGING-FRIENDLY
If you plan to age in place (and 77% of Americans 50+ say they do), consider slowly making your home more aging-friendly before costs climb higher. Start small – slip-resistant flooring, better lighting, or grab bars in the bathroom.
For bigger updates (like converting a tub into a walk-in shower), shop around for deals offered by companies specializing in accessibility renovations.
LOOK INTO PROPERTY TAX RELIEF PROGRAMS
The median U.S. property tax bill is about $3,500, but depending on where you live, you might qualify for a break. For example, New Jersey’s Senior Freeze Program reimburses eligible seniors and people with disabilities for property tax increases.
Check your state’s website for similar programs – you might be leaving money on the table!
THE BOTTOM LINE
Homeownership can drain your wallet, but it’s also one of the best ways to build long-term wealth. With a few smart moves (and yes, maybe an extra layer of insulation), you can keep your home costs down and your financial goals on track.
MORE ON HERMONEY:
- The 5 Most Profitable Home Improvements to Make Before Selling Your Home
- 13 Women On Where They Keep Their Emergency Funds (And Why They Love HYSAs)
- 3 Steps To Lower The Cost Of Your Homeowners Insurance Premiums Right Now
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