Whether it’s high gas prices, interest paid on debt, or overpriced food, no one likes to waste money. Of all the things you spend money on, though, one of your biggest money wasters could be one you least expect: your home. Given its multi-faceted nature, there are many components of your home that could be costing you money unnecessarily. To help make you more aware of these issues, here are four ways your house can be costing you money.
Air Leaks
Air leaks are nasty little money-wasters because they cost you money all-year-round. Whether it’s allowing cold air in during the winter or warm air in during the summer, air leaks of all types cost you money by forcing your HVAC system to run more often to maintain a comfortable temperature. A good tube of caulk and a lot of patience can go a long way toward solving this problem.
Water Leaks
Depending on whether you pay for city water or not, water leaks may or may not cost you money as they’re happening, but you can be sure that when they’re discovered, they’ll make up for lost time. In addition to causing damage to your home, water leaks can cost you money by growing mold that can make you and your family sick, leading to higher medical bills.
There are a variety of different types of water leaks including high-pressure leaks in your water service, low-pressure leaky drains, leaky foundations causing wet basements, and leaky roofs and gutters. Each one may require a professional to correct the problem whether you require a roofing company take a look at your roof, or a plumber to look at your pipes it is important to get it fixed quickly and properly before it causes rot, mold or other more significant damage.
Wasted Electricity
Another way your home can waste your money is through wasted electricity. Especially if you have a larger home, there are numerous lights, chargers, appliances, and other devices that are using more electricity than they should. Every few months, it’s a good idea to walk around your home and look for items that use electricity that could be either unplugged or used more efficiently. For items that need to stay plugged in, a timer that controls when the item turns on and off may help reduce energy consumption.
Inflated Insurance Rates
One indirect way that your home may be wasting money is through inflated insurance rates. Different insurance companies utilize different criteria to determine their insurance rates, meaning you could receive widely varying quotes depending on where you shop. Unfortuantely, insurance companies tend to give their best rates to new customers and then raise rates regularly on customers who have been around a while. That means it can pay to shop around when you initially purchase homeowners’ insurance and that it’s important to compare rates every few years thereafter to ensure you’re still receiving the best rate.
Staying Informed
When it comes to problems your home has that can cost you money, most of these problems don’t happen overnight. Instead, small issues accumulate over the months and years until you’re wasting money without realizing it. That’s why it’s so important to stay informed as to what’s happening in your home, whether it be an aging foundation or a stale insurance rate, to ensure your home is operating as efficiently as possible.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan
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