It’s no secret that the cost of living has been on the rise, particularly the last few years as the cost of living and inflation increases. From income to savings strategies and the expenses you’re paying, you’ll want to have a pulse on what’s coming in and going out at all times. Managing high monthly housing costs may seem like a daunting task that you’re unable to easily fix or combat, but that’s what I’m here to help with!
Here are some tips on how you may be able to reduce your monthly housing costs.
Re-evaluate Your Homeowners Insurance
Since you initially got your policy in force, have you shopped around to see if you could get a lower monthly insurance payment? Home insurance policies vary in price and differ in types of coverage including protection on the property, your personal belongings, liability for injuries, and much more. You may now need modified coverages that are different from the policy’s inception. You could even qualify for new discounts for claims free or bundling your insurance, which would be a way to lower your monthly costs.
Refinance Your Mortgage
When refinancing your mortgage, you may be able to change the terms of the loan, such as the interest rate itself, type of interest rate or time to repay. The main objective in refinancing would be to reduce your rate and could result in less interest paid over the course of the loan, as well as decreased monthly obligations, depending on the terms of your loan. Consult your favourite mortgage broker or connect with me if you’d like a referral to a trusted mortgage professional.
Generate Income Through Airbnb or a Rental
Renting out a portion of your property is a great source of income, especially in the beautiful Shuswap! Renting short term generates a stream of income to put towards your annual housing expenses, a savings account or even funds for a home renovation.
Consider Downsizing Perks
It’s true that larger expenses generally align with a property of more square footage. Beyond square footage, you may also have higher mortgage payments (or rent payments) too. These expenses to review include property taxes, utilities, and overall maintenance bills. Downsizing doesn’t always have to mean a small bungalow or a tiny home but reducing your square footage along with property size can help tremendously with associated expenses.
When you’re ready to start the process of listing your home, for downsizing or new needs, or if have any questions about putting your home for sale, I would be honored to be your chosen REALTOR®. Give me a call at 250-832-7051 today, so we can explore if we’d be a perfect match to work together!