Why Your Home Is Costing You So Much Money

The average person spends around 1 to 2% of their home’s value on their property every year. That’s about the same as most property taxes. 

But what if you’re spending more than that? Why might that be? 

That’s the topic of this post. We look at some of the reasons why your home might be draining your bank account and how you can fix it. 

Note: Some links in this post are affiliate links, which means I receive a commission if you click a link and then make a purchase.

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Water Waste

One issue that might be affecting your budget could be water waste. Many homes have leaking pipes, faucets, and even irrigation systems that wind up costing a fortune. 

You can tell if your house has a leak if the water meter is moving, even if all the faucets and washing appliances are off. If it is ticking up, it suggests that you’re losing water somewhere else. 

Usually, this will be obvious because there will be damp or pooling. However, sometimes, it can be hidden, requiring the help of a plumber. 

Rising Property Taxes

You might also be bearing the brunt of rising property taxes. Many states are using these to prop up their budgets. 

Unfortunately, you can’t always do much about this problem. Looking for reductions or rebate opportunities might be possible in some situations, but not all. 

Energy Inefficiency

Costs could also be rising because of energy inefficiency. Poor insulation, old windows, and even issues with your HVAC could all be leading to chaos. When was the last time you invested in proper air duct cleaning that’s thorough enough to get into all of those nooks and crannies? You need to be breathing good air which means that you should be doing this cleaning every year at the minimum.

You can solve energy efficiency issues by investing in energy-efficient appliances. You can also do things like service your heating and cooling systems, improve your insulation, and use double or triple-glazed windows. LED lighting and smart TVs are often the cherry on top of the energy puzzle. 

Poor Maintenance

At the same time, poor maintenance could also be raising costs. Almost always, it is cheaper to get the jump on servicing issues instead of waiting for things to fail.

The ultimate example of this is your boiler. Paying an engineer to fix it upfront is often considerably less expensive than waiting for things to go wrong first. If you can replace one small part, that’s better than the entire thing. 

This same approach applies to your roofing, too. Often, homeowners will ignore problems with flashing or pointing, believing them to be mild. However, they can quickly develop throughout a season into a situation that requires the replacement of the entire roof. 

Poor Use Of Space

Using space poorly can also lead to higher costs. Your house might be full of clutter, forcing you to rent out external storage units. 

The solution is to make more effective use of the space you have. Instead of renting out extra lockups, you could add a basement or just have an epic clear-out session. You could also add a home office to reduce the need to commute  and set up a new enterprise from your property. 
So there you have it: some of the reasons why your home is costing you so much money. Which of these apply to your situation?

This is a contributed post.

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