Owning a home can be expensive, so it’s a good idea to take advantage of as many savings opportunities as you can. However, if you don’t know where to look, these chances could pass you by and you could end up spending much more money than you have to.
According to Kiplinger, there are number of ways to save as a homeowner. These opportunities can range from home loan refinancing to getting some much needed tax breaks.
Roughly 30 percent of homes have overly high assessed values. When this happens, the amount of taxes you have to pay can increase. However, if you don’t know what you’re looking for, spotting an inflated assessment can be tricky.
Start by researching the value of other properties in your neighborhood that have recently sold. Concentrate on homes that are similar to your own in both size and amenities. The information on these transactions is often available in the public domain, and it can give you a good idea on the real value of your home. If you think the value is too high, speak to your local assessor’s office.
If you are thinking of ways to remodel your home, you know a major project can come with a major price tag. Instead, completing simple projects, such as painting a room, can make the old look new with minimal effort.
In addition, if you already have hardwood floors in place underneath those outdated carpets, let them show. Hardwood floors are a major selling point that never goes out of style.
By refinancing your home loan, you have the potential of lowering your mortgage into a more affordable rate. This can create significant savings that could amount to thousands of dollars every year. In addition, when refinancing, you could have the option of taking out cash from the home’s equity to put toward other things, such as a car or student loan.
Additionally, when refinancing your mortgage, you could have the option to change the type of loan you have on the property. If you are going to be in your home for many years, and you currently have an adjustable-rate mortgage, you could apply for a 30-fixed-rate mortgage to lock in stable payments and maybe save more money. A 30-year FRM will have a longer lifespan, so monthly payments are also much more affordable each month.
Freedom Mortgage knows that owning a home is a huge undertaking and you may find yourself getting a little overwhelmed once in a while. Staying current on mortgage loan rates and tips for improving your home value is the best defense against an ever-changing housing market.
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