Saving money as a homeowner in 2024 is a way for you to put money aside for unexpected and unintended expenses in the future. The more aware you are of upcoming renovations you need to tend to, the less likely you are to feel overwhelmed or financially strained once the time comes. Knowing how to save money as a homeowner will make your experience as a real estate investor much more pleasant and, ultimately, satisfying.
1. Plan Renovations Ahead of Time
It’s estimated that homeowners’ median spending increased a total of 20% from $15,000 in 2020 to $18,000 in 2021, according to Architectural Digest. Whether you are thinking of investing in a new roof or simply installing new cupboards and countertops, planning renovations ahead of time can go a long way in helping you save money in advance. When you plan renovations ahead of time, you can also mitigate potential delays and setbacks that are often associated with planning renovations at the last minute.
2. Invest in a Swimming Pool Cover
The right pool cover can help significantly, as they can save more than 90% of water evaporation, especially in hot and dry climates and regions, including Arizona. If you own a home with a swimming pool, regardless of its size, it may be time for you to consider investing in a new swimming pool cover. Finding the ideal swimming pool cover with optimal energy efficiency can be done by taking the time to research and compare product manufacturers, brands, and local swimming pool suppliers near you before making a decision.
3. Upgrade Appliances
Another way to save money as a homeowner in 2024 is to invest in upgraded appliances around the home. While you may need to make an initial investment in upgraded energy-efficient appliances, you will ultimately save money by cutting back on water and energy usage each time they are in use. Finding the right energy-efficient appliances can be done by visiting local home improvement stores or by researching the top-performing and most efficient models ahead of time online before making a purchase.
4. Invest in an Energy-Efficient Roof
If you are looking for a way to save money over time as a homeowner while adding value and appeal to your investment, consider investing in an energy-efficient roof or a solar panel system, depending on where you live and your current budget. While the roof of a home is often one of the most expensive investments, it also provides the biggest ROI and can significantly add to your home’s curbside appeal, which is essential if you are planning to sell your home in a buyer’s market. Taking the time to invest in an energy-efficient roof will also allow you to live more sustainably while reducing your carbon footprint.
Working with a professional roofing company is always recommended. A professional roofer or roofing company will walk you through the process of selecting the ideal energy-efficient roof for your needs and plans.
5. Expand the Potential of Your Business
It’s estimated that approximately 73% of all marketers find that social media marketing is at least ‘somewhat effective’ to ‘very effective’ when it comes to establishing and growing their businesses, according to Pro Counsel Marketing. If you own a business and run it out of your home, you may want to consider investing in social media marketing to expand your reach and potential. The right online presence will help attract loyal followers while allowing you to spread the word locally, regionally, and even internationally.
Understanding the importance of saving money as a homeowner, especially in 2024, cannot be understated. The more cognizant you remain of the global economy, housing prices, and renovation costs, the easier it will be for you to determine when the best time for you to get started on your next remodeling project without a second thought.
