As a new homeowner, you are taking on many new financial responsibilities. However, you can reduce your expenses from the very beginning of ownership if you take advantage of all of your opportunities. Here are just a few of the best ways to save money from day one.
The Homestead Tax Exemption
Texas gives you the ability to save money immediately on your property taxes with a homestead exemption. A homestead exemption removes a part of the value of your home from the tax valuation, automatically reducing the amount of property tax that you owe. You can receive these exemptions for many reasons. Senior citizens, veterans and individuals who install wind and solar power devices all have an opportunity for a homestead tax exemption.
There are many ways to conserve energy and lower your monthly power bill, including LED lights. LED light bulbs last longer and use much less energy than traditional light bulbs, and their durability makes them cheaper over the long term. You may also invest in special filters to place over bathroom sinks and shower heads to increase water pressure for more comfort while reducing the actual amount of water that is used during a shower or a bath.
Wind and solar energy installments also help new homeowners to conserve energy. Houses with these installations save anywhere from 40% to 60% on their monthly power bills over time. The initial cost of installing these upgrades is sometimes a barrier to entry, but if you can afford it, it is a great investment to save money.
One of the biggest expenses for new homeowners is theft. The initial investment in a security system helps to reduce the possibility of theft, a risk management technique that saves money over the long term. You also save money on the insurance costs of dealing with a robbery, and you may be able to negotiate a lower rate on your home insurance if you have a security system installed.
An updated infrastructure is one of the best ways to save money in a new home. If the insulation and roofing are sound, air conditioning and heating will circulate inside the home with a higher frequency, saving money on power bills. Changing the filter in your air conditioning and heating system is also a great way to keep your HVAC system from overworking.