There are better ways to spend your money. Here are seven common money mistakes homeowners make — and now you won't.
1. Contractor House Calls
Think you need a pro to fix that leaky toilet? You'd be surprised how easy it can be to fix it yourself — and save the typical $45 to $200 per hour plumbers can charge (and don't forget the boost in your can-do attitude). You can often find home remedies for small jobs like a leaky faucet or a broken garbage disposal on YouTube. Just make sure the source is reputable. And check out several videos on the same repair. That'll help make sure you don't miss a crucial step.
For those who prefer an expert, try smaller, local retail appliance stores or your Realtor, Greutman suggests. "It's a little-known secret that they usually have repair people who are very inexpensive."
2. Extended Warranties
It's tempting to insure your new, big purchase, but according to "Consumer Reports," you're probably already as covered as you need to be.
How's that? Most major appliances come with at least a 90-day manufacturer's warranty. If you buy an appliance with a major credit card (Visa, Mastercard, Discover, or American Express), it may extend that standard warranty by as much as 24 months.
Combine that with the fact that "Consumer Reports" found most products don't break during the standard two- or three-year service contract period. When they do, the repair cost is a median amount of $26 more than the warranty, according to CR.
Instead of paying for an extended warranty, stash the cash in a savings account earmarked for home repairs. When you need it, it'll be there.
3. Flashy Feature Appliances
The newest appliances come with super fun features. Who wouldn't want a high-tech refrigerator that allows you to adjust settings for specific sections or styles that range from retro to ultra-contemporary touch screens? Still, it may not be financially wise to replace a fully functioning older model just to gain modern perks.
Yup. That's even true for some energy-efficient appliances that boast cost savings. "Spend $1,000 on a new, energy-efficient stove, and it could take 10 years of energy savings to offset the cost of the new stove," he says. "Unless you have a really old appliance, it's probably efficient enough for your needs.
4. Energy Vampires
A money waster that’s easy to overlook is an energy vampire — an appliance or appliances in your home that are always on, but don’t need to be. For example, your coffee maker and computer use energy even in standby mode, according to CNET. Duke Energy warns about wall wart power adapters and brick AC/DC adapters on laptops, TVs, and cable TV cords. They often take up several positions on a power outlet strip and use energy continuously.
These vampires can account for as much as 20% of your total energy costs, Duke says.
Energy.gov offers tips to defang the energy vampires: If your home has a smart meter that lets you see your hourly consumption, check it at 3 a.m. and 7 p.m. It should be significantly less at 3 a.m., and if it isn’t, you likely have vampire loads. In addition, look for electronics you don’t use (hello, DVD player) or maybe get rid of that extra refrigerator.
5. Commercial Cleaning Supplies
Even if you're buying off-brand products to save costs, you're still wasting money. You don't have to spend anywhere near the cost of commercial products.
"Vinegar will clean a lot of things, and it's a heck of a lot cheaper than buying pricey cleaning supplies," says Prettelt. She also likes baking soda and hydrogen peroxide, each of which can be found for just a fraction of the cost of their popular store-bought equivalents.
"You can use these natural products in your dishwasher, in your garbage disposal, in your wash," Prettelt adds. Easy peasy. And it's super cheap.
That's right. You can make dishwasher soap from a cup each of borax and washing soda, a half-cup of kosher salt, and five packets of unsweetened lemonade mix. Or whip up your own window cleaner with these simple ingredients:
A quarter-cup white vinegar
A quarter cup rubbing alcohol
Two cups of water
One tablespoon of cornstarch
All those ingredients are inexpensive. And to think you were paying so much more for the commercial kind.
6. A Storage Unit
If it doesn't fit in your home, is it really worth keeping? Ditch nostalgia and think with your bank account: At a cost of $100 to $450 per month, it may be time to purge the junk.
If you can't bear to part with something you don't use regularly — say, Great-Grandma's heirloom china — rethink your home's organizational storage. Clean out the closet, craft shelves beneath the stairs, or build window seats with drawer storage. You'll be investing in your home instead of giving money to a storage vendor.
7. Private Mortgage Insurance (PMI)
Bought your house with less than 20% down? You're probably paying for private mortgage insurance, or PMI (a type of insurance that guarantees your mortgage lender will be covered if you default). On a $300,000 mortgage loan, you'd pay between $1,500 and $3,000 each year, depending on the premium you're required to pay for PMI. You'll have to pay for PMI until your loan balance drops to 78% of the original appraised value of your home. You can also request an end to paying PMI premiums once your loan balance has dropped to 80% of your home's value. The request to your lender needs to be in writing.
That 2% difference could cost you hundreds, even thousands of dollars, depending on your home's mortgage balance. So, keep an eye on your statement and whip out that calculator when you're getting close. Then, if you're feeling really savvy, keep paying that amount every month — but apply it to your mortgage principal instead. Do that, and you could recoup your PMI fees. Because as you pay down your principal, you'll pay less in interest, potentially saving thousands. Now how savvy is that?
When you work with a Weichert agent who is a REALTOR®, you are working with a professional guided by ethical duties under the REALTOR® Code of Ethics, including the pledge to protect and promote the interests of their clients. Your agent will work with you to weigh your options, give you advice, answer questions, and develop a strategy you are confident in.
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