From taxes and insurance to maintenance and repairs, homeownership comes with a variety of costs. 

But don’t worry: These expenses don’t have to break the bank.

With a strategy (and maybe a few key home updates), you can reduce your costs in the long run. You may even make your home safer and less prone to damage.

Want to cut the costs of homeownership? Try these five approaches:

• Homeowners Insurance: Want to reduce your insurance premiums? You could bundle your home and auto policies, upgrade older systems in your home, or add safety devices (like burglar alarms and smoke and carbon monoxide detectors).
  
  
• Utilities: To reduce your monthly utility bills, invest in Energy Star-certified appliances, and consider getting a smart thermostat. Other things that may help include seasonal weatherproofing, updating your windows, adding more insulation and installing LED lighting.
  
  
• Taxes: If your property taxes increase, you can challenge them with your local appraisal board. You might also be able to file for a homestead exemption for a primary residence, which puts a cap on how much your taxes can increase each year.
  
  
• Repairs: Contractor costs and building material prices are still rising. Shop around for the parts you need, and consider doing any projects you’re qualified for on your own rather than outsourcing. You can also shop secondhand for lower-cost supplies.
  
  
• Mortgage: Refinancing for a lower rate could lower your monthly mortgage payment and help your financial situation overall. Even if you refinance to a shorter term (raising your monthly payments), you can typically reduce your long-term interest costs.

If you have questions about homebuying and homeownership, reach out today.