Homeownership can be a financial burden. Here are six savvy strategies to help you save money.

Many homeowners underestimate the costs until they're dealing with property taxes and repair bills. On average, maintaining a single-family home in the U.S. costs over $21,000 annually.

Fortunately, there are effective ways to retain more of your earnings. Check out our favorite money-saving tips for homeowners.

EASE WINTER HEATING EXPENSES

As winter approaches, so do higher heating bills. Households are projected to spend about 8% more on heating, averaging around $976 this season.

To cut costs, consider these simple adjustments:

  • Keep unused rooms closed to focus heat where it's needed.
  • Use a programmable thermostat to lower temperatures when you're away.
  • Seal gaps around windows and doors to prevent drafts.
  • Schedule regular HVAC maintenance and change filters regularly.
  • If it makes sense financially, invest in energy-efficient windows that can reduce heating and cooling costs by 10-20%.

USE HOME EQUITY FOR RENOVATIONS

If you're considering a kitchen upgrade or replacing old windows, a home equity line of credit (HELOC) could be very beneficial. Recently, HELOC rates have dropped significantly, making it an ideal time to investigate your options for major home projects.

THINK ABOUT A HOME WARRANTY

Nothing dampens a day like an appliance failure. With rising inflation, repair costs for appliances like HVAC systems or refrigerators can be steep.

If you've just moved in, register your new appliances with the manufacturer to potentially extend warranties. For older models, consider a home warranty. Affordable plans start around $30 per month and cover major systems, preventing one breakdown from derailing your budget.

REDUCE YOUR HOME INSURANCE COSTS

Home insurance premiums are rising again, with projections indicating an 8% increase by the end of 2025 to an average of $3,520, which is an additional $1,000 compared to recent years.

To lessen the impact, you can:

  • Increase your deductible.
  • Reevaluate your coverage.
  • Bundle policies for discounts.
  • Most importantly, shop around. Insurer prices can differ greatly, and comparing rates could save you money.

MAKE YOUR HOME AGE-FRIENDLY

If you plan to age in place (as 77% of Americans 50 and older do), start adapting your home gradually to accommodate this lifestyle. Small changes like installing slip-resistant flooring, improving lighting, and adding grab bars in bathrooms can be beneficial.

For larger projects, like converting a tub into a walk-in shower, check for deals from companies that specialize in accessibility renovations.

EXPLORE PROPERTY TAX RELIEF OPTIONS

The average property tax bill in the U.S. is about $3,500, but you may qualify for relief programs based on your location. For instance, New Jersey offers the Senior Freeze Program to reimburse eligible seniors and individuals with disabilities for property tax increases.

Visit your state's website for similar opportunities—you might be missing out on savings!

FINAL THOUGHTS

While homeownership can stretch your finances, it's also a solid avenue for building wealth. With some smart planning (and perhaps an extra layer of insulation), you can manage your home expenses effectively and achieve your financial objectives.