4 New Homeowner Mistakes and How to Avoid Them

If you’re a homeowner, you know that nothing plows through your bank account faster than the long to-do list of home repairs and projects you want to tackle. Instead, I’d recommend saving the money you would spend on the renovation for unexpected home repair emergencies. Then, live in your house for a few months, get a feel for what you like and don’t like before committing to a renovation. Some renovations offer a better ROI.

Whatever you do, don’t forego the home inspection in the buying process. Hiring a professional to check every nook and cranny of your new castle will save you big headaches in the long run. The inspector checks for plumbing, electrical and structural issues, among other things. The process also covers any leaky windows and doors to keep the cold out and the warmth in. Last, but not least, don’t ignore the condition of your roof—fix shingles or replace the roof before it fails you to save dollars and sense later.

If you’re feeling confident in your abilities to fix that leaky faucet, don’t pay a handyman for a job that is simple enough to do yourself. But if you’re unsure, you can save a lot of time and money by hiring a professional. Sometimes a do-it-yourself approach works, but what usually happens is that you wind up spending the same amount of cash on a project that takes 10 times longer to complete than it should. The lesson here? Call a pro.

If you haven’t made the switch from incandescent light bulbs to LED lighting, you’re losing money with every electric bill. Over its life span, an older bulb can use $180 worth of electricity, but a CFL will only use $41 worth of electricity over the same amount of time. Even better, try an LED bulb, which only uses $30 per bulb. Replacing those out-of-date bulbs could improve your home’s bottom line.