How can Long Islanders make their homes more affordable?
New York is infamous for its high housing costs. So whether you are looking for a way to buy a home on Long Island or just need to reduce your costs so you can keep the one you’ve got here are five tips for making it happen…
1. Get a Lower Interest Rate
If you already have a home mortgage now may be a great time to refinance while interest rates are so low. It could really pay off with great monthly and overall savings if you do it right. For those looking to purchase a property ask about paying points or weighting your closing costs so that you have the lowest ongoing payments.
2. Make Your Home More Efficient
There are lots of ways to improve efficiency in your home which could reduce your bills. Insulation, new windows, solar power, more efficient water heaters and washers and dryers can all help. New smart home technology can also help optimize your usage of water and power. This includes irrigation, lighting controls, air flow control, and other options are just a few of the advances we’re seeing now. Google Home is being launched this November and could bring even more efficiency to your day.
3. Rent It
Where legal you may offer a spare room on Airbnb to bring in money and offset your housing costs. If you are a seasonal resident and enjoy heading off to warmer weather for the summer months or half of the year then you may wish to rent out your entire home or apartment for that period. Not only can it bring in income, but having someone in your property may keep things running smoothly and help prevent crime.
4. Optimize Your Insurance
Insurance can be a big area of loss for homeowners. Many are either paying more in insurance premiums than they need to, or are leaving themselves exposed. There are many discounts available to owners including for security features and having multiple types of policies with the same provider. If your home has gone down significantly in value you may be paying too much in insurance too. Though you don’t want to be under covered and have to come up with too much cash to cover the difference when you do need to make a claim. Warranties may also help to prevent big bills for maintaining and replacing major appliances. Look for the optimal balance of monthly costs and long term costs.
5. Reduce Your Property Taxes
One of the biggest expenses all Long Island homeowners face each year is property taxes. Sadly most aren’t aware that they have the right, and are even expected to challenge their annual bills to get them appropriately reduced. If you aren’t doing this the odds are that you are grossly overpaying. Property Tax Adjusters, Ltd. can help you with this.