The new year is the perfect time to establish or reassess your goals and develop an action plan to make them happen. If you’re a homeowner, creating new year’s resolutions specific to your home can make the homeowner journey easier and more enjoyable. Here are some resolutions you can add to your list this year.
1. Plan to Pay Your Mortgage Off Sooner
Depending on how much you still owe on your mortgage, the idea of paying it off may be daunting but don’t be discouraged. Even small steps now can help you become mortgage-free sooner. Start by increasing your regular payments. For example, instead of purchasing a takeout dinner, put that extra $50 towards your mortgage payment for the month. Keep that up for a year and you’ve already put an additional $600 towards your mortgage and over 5 years, an additional $3,000.
Another simple way to pay your mortgage off faster is to put any additional or unexpected income towards your mortgage. That can be anything like funds from a tax return, a bonus from work or an inheritance. Before you make any pre-payments, double-check your mortgage pre-payment options with your mortgage lender so you don’t exceed your allowable limits.
2. Build an Emergency Fund
Owning a home comes with a lot of responsibility and expenses, some that you can plan for in advance like property taxes, and some that just pop up unexpectedly. If you haven’t already started saving for those unexpected expenses in an emergency fund or rainy-day fund, the new year is a great time to start! Saving any amount is beneficial in case of an emergency but about 3 to 6-month’s salary is usually recommended. A high-interest savings account is a good place for your emergency fund. You’ll still be able to earn interest on your savings, and it’s not completely locked away in case you need to access the funds quickly.
For some people, work from home measures are in place indefinitely. The lines between your personal and professional life may be blurred during this time. The best way to keep strong boundaries is by trying to maintain a similar routine as to when you’re in the office. Ensure you set boundaries to limit overtime work, always take a lunch hour and other breaks throughout the day, and log off your work computer at your usual end of workday time.
3. Make Your Home Energy Efficient
For the tech-savvy homeowners, making your home more energy-efficient with gadgets like smart thermostats or programmable LED lights can be a lot of fun! Even if technology isn’t your thing, small fixes around the house can help make your home more energy-efficient and potentially save you money too. Here are a few things to add to your list:
- Seal all air leaks around windows and doors
- Use cold water or energy-saving settings for washing machines and dishwashers
- Unplug devices and appliances when not in use
- Lower your thermostat while you’re away from home or in less used areas of your home
- Install a low-flow showerhead
- Opt for energy-efficient window treatments like honeycomb shades
4. Get Organized & Make Your Space One You Love
Starting off the new year in a clean, organized space is a huge mood booster. Plus, with many people working from home now, an organized space can also help your productivity. While there’s no right or wrong way to declutter and organize your home, one useful method is to work by room to make the task more manageable. Look at everything you have and split the items into three piles: Keep, Donate, and Toss. Once you’ve decided what’s staying, you can make sure everything has a designated place so you can keep things tidy in the long run.
5. Create A Household Maintenance Checklist
As with most new year’s resolutions, it’s easy to start the year off strong but as time goes on it may become more challenging. Set yourself up for success and stick to your home goals by creating a household maintenance checklist. Create a recurring calendar reminder so you never forget to take care of tasks around the house. For example, set a reminder to change your HVAC filter every three months or clean your eavestroughs twice a year. Proper home maintenance is a good way to prevent having to pay for home repairs over time.
We hope these suggestions for your new year’s resolution for your home can help make homeownership easier for you. All the best for the new year, homeowners!