4 New Year's Resolutions for your home
With the month of January come and gone, how are you doing with your New Year's Resolutions? Common goals include getting in better shape, being more positive, and paying down debt. While it’s normal to set resolutions for yourself, have you ever considered setting resolutions for your home? Whether you’re a homeowner or a soon-to-be-homeowner, here are four resolutions to start the new year off right.
Pay down your mortgage
A common New Year's Resolution is pay down debt. As one of the resolutions for your home, what better debt to tackle than the biggest one of your lifetime, your mortgage? Paying down your mortgage may seem daunting, but it doesn’t have to be.
The most painless way to save big on your mortgage is to switch your mortgage payments to accelerated. With accelerated mortgage payments, you’re paying the equivalent of an extra month’s mortgage payment each year. To make it even easier, switch to an accelerated biweekly pay schedule that matches your payday. You’ll be paying a slightly higher mortgage payment without even realizing it.
Another way to pay down your mortgage sooner is to take advantage of prepayments. Prepayment are different from regular mortgage payments. Unlike a regular mortgage payment, which is split between principal and interest, with prepayments your money goes entirely to principal. This can help you save thousands in interest and pay off your mortgage years earlier.
Lower your utility bills
Homeownership comes with a lot more expenses than just the mortgage. You’ll also have to pay utilities—water, heat and energy.
Another of the resolutions for your home is to save on utilities. There are plenty of simple ways to save on your utility bills. When it comes to heating, regularly service your furnace and close your curtains and blinds at night to keep the warmth in. In terms of energy savings, use your dishwasher and washing machine during off-peak times.
Even if you can only save $20 per month, that’s an extra $240 in your pocket each year that you can use to pay down your mortgage.
Take better care of your home
Your home is likely your most valuable asset, so give it the attention it deserves. As the saying goes, “a stich in time saves nine.” Perform regular home maintenance. Something as simple as cleaning the eaves troughs or changing the furnace filter can make all the difference. By failing to clean the eaves trough, it could end up costing you more money in the end if it causes your roof to flood from a rainstorm.
Prepare your home for the season
Canada is a country with four seasons. Although each season has its own beauty, there’s work around the house that needs to be done.
For example, if you own a house, you’ll need to mow the lawn during the spring, summer and fall. During the fall, you’ll also need to rake the leaves. During wintertime, you’ll need to shovel the snow to ensure your sidewalk and driveway are clean.
The last thing you want is to be held legally responsible if someone slips and falls on your property. Make a list of chores that need to be done, so it’s less overwhelming or hire someone to help you.