7 Household Expenses You’re Probably Wasting Your Money on

by admin | Jan 10, 2017 | Homes, Villas and Condos, Investment Property in Florida, News, Real Estate News

1. Contractor House Calls: It’s 2017. Instructions on how to fix a leaky toilet are as simple to obtain as a Google or YouTube search. Save your money by doing research on the problem, and driving over to Home Depot to buy the part yourself. In doing this, you will spend half the money you would spend on having a plumber come out to diagnose the problem, that doesn’t include what it costs to fix it.
2. Extended Warranties: Whatever standard warranty your new fridge comes with is sufficient enough. Consumer reports have discovered that most extended warranties cost double the amount of standard ones and by the time something does start acting up on the appliance, the warranty has already expired. Instead of investing in the extended warranty, put the money aside and if something goes wrong, the money to fix it will be there for you.
3. Fancy Appliances: Especially when purchasing a brand new home, a new washer with voice activated technology and a remote control accessible A/C unit may sound nice, but it still does the same job as an appliance without the modern technological perks, except those cost an average of $1,000 less.
4. Budget Bulbs: Cheap light bulbs may be easy on your everyday household budget, but they are tough on your electric bill. Buying LED Lights are a little more expensive, but they literally can last up to a decade, and will also cut back your monthly utility bill.
5. Cleaning Supplies: This may sound silly, but most of your typical $8 cleaning supplies have a vinegar and baking soda base. You can simply mix these two ingredients together and make your own cleaning supplies. Doing this will allow you to take that $100 a month in your budget for household items, and stick it into a savings account, which adds up quickly!
6. Storage Units: If it doesn’t fit in your home, do you really need it? Renting a storage unit costs anywhere between $50-$300 monthly! With that being said, just let it go. I know it is much easier said than done, but just think about all the money you will be saving!
7. PMI: If you have bought your home without putting the typical 20% down, you are required to pay for private mortgage insurance (PMI). Once your loan-to-value drops to 80%, you are no longer required to pay mortgage insurance. Once you have reached the point of being dismissed from paying renters insurance, continue paying the same amount, only now, the extra money will go towards your mortgage principal, which will help ensure you will pay less in interest, potentially saving you thousands!

These are just a few recommendations from our Real Estate Professionals at Bardell. We have plenty of advice that will set you up for success in your adventure of home ownership! Contact our office today to speak with our agents, you will be glad you did!!