Are you a homeowner?  If so, you take a lot of pride in your home.  You should.  That is not all you should do.  If you are a homeowner, you should center your New Year’s resolution around your home.  How?  Continuing reading on for a few ideas.

1 – Review Your Mortgage

Whether you bought a home two years ago or twelve years ago, you may have a mortgage.  If so, review yours.  When you applied for a mortgage, how was your credit?  If it was poor, you may have a mortgage with a high interest rate or other money costing restrictions.  If your credit rating has significantly improved since than, see if you can redo your mortgage and get a lower interest rate.

Not only should you make your New Year’s resolution to be lowering your mortgage payment, but making on time payments.  In fact, if you have extra money to contribute to your mortgage, do so.  The more you pay, the less likely you are to fall victim to foreclosure.

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2 – Review Insurance Coverage.

Homes with mortgages must be covered by homeowner’s insurance.  Homeowner’s insurance not only provides you with protection, but your financial lender too.  If your plan was preselected for you or if you haven’t reviewed your insurance coverage in years, now is the time to do so.

In terms of insurance coverage, you should focus less on money spent and more on quality.  Of course you want affordable coverage, but make sure you are protected in the event of a flood, fire, or break in.  If this is your New Year’s resolution, it will only take a few minutes to achieve, but it is an important step for all homeowners.

3 – Make Needed Repairs

Many homeowners put off repairs.  Some do not have the money to spend, while others can’t seem to find the time to make them.  Regardless of your decision for putting off home repairs, don’t.  Make this your year to improve your home.  When making repairs, first fix those that may pose a risk to others, such as a broken step.  Then, focus on those that are costing you money, such as a leaky faucet.  Then, tackle the smaller repairs that are easy to fix, such as a cupboard door that does not close right.

4 – Save Money

As previously stated, many homeowners do not make needed repairs because of costs.  When you own a home, you always need to save money.  All homeowners should have a safety net.  This safety net can not only help with the cost of repairs, but mortgage payments.  If you become injured and miss work, your safety net can help you make the mortgage payment.

While all homeowners are encouraged to save money, some find it harder than others.  It is no secret that owning a home is expensive.  If you need help saving money, trim your expenses.  Don’t get rid of your internet, phone, or cable, but opt for more affordable packages.  Eliminate unnecessary purchases.  By making your coffee at home instead of buying it on the way to work, you could save a $100 or more a year.  Take all money saved and deposit into a high interest savings account.  Hopefully, you will not need to use it, but it is there if you do.

5 – Make Your Home Energy Efficient

Even if your home does not need any repairs, you can and still should make them.  Many homeowners waste money on utility bills.  By taking step to make your home energy efficient, you can not only save money, but help the environment.  If you must, start in small steps.  Replace all light bulbs with energy efficient bulbs, insulate your water heat with an energy saving blanket, and so forth.

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