With the new year right around the corner, you may be planning your personal resolutions for 2023. Most of these resolutions are about self-improvement—learning new skills, starting a hobby, eating healthier, and even hitting the gym.
But what about Home Ownership Resolutions?
Your living space and how it is maintained will also have a major impact on the quality of your life too. So make the effort to ensure these things are a priority in 2023 and see how you’ll reap the benefits of an improved lifestyle!
- Set up an emergency fund
- Make an inventory of your home
- Review your current homeowners insurance policy
- Try to be more energy efficient in your home
- Keep on top of cleaning
- Address home repairs sooner than later
Let’s dive into each of these one by one:
1. Set up an emergency fund
As we’ve learned over the last couple of years, life can be unpredictable. These days, one never knows when some random situation will arise affecting you or your home.
If you were to face a sudden expensive repair today, would you be able to afford it? Whether it’s a leaky roof, a broken water heater or furnace that needs to be replaced, an emergency fund can help save you from the stress of going over your monthly budget, and help you plan your next steps accordingly.
Save 3 to 6 months worth of living expenses
To offset the next emergency (house-related or not), experts recommend putting aside three to six months’ worth of living expenses. Yes – that DOES sound daunting. So start small by tucking away any extra money you can get in 2023. Any sized emergency fund is better than nothing at all. We all know that unexpected expenses are not a matter of “if they’ll happen” but “when they’ll happen” – especially when it comes to home.
A little preparation will go a long way to easing your mind in these stressful situations.
2. Make an inventory of your home belongings
A home inventory is a record of all the valuable belongings that you own, along with their approximate value and the receipt if you still have it. While it may seem strange to document these items, it can be very important in an unfortunate event like a natural disaster or burglary.
Having a file of photos and the approximate values of your items you’d want replaced after an emergency will also help get insurance claims settled quicker and more accurately.
Here are some personal belongings that a homeowner should take inventory of in case of theft or damage::
- Electronics: This can include laptops, tablets, smartphones, TVs, and other devices.
- Furniture: This can include couches, chairs, tables, beds, and other pieces of furniture.
- Clothing: This can include all the clothes in the home, including shoes, coats, and other accessories.
- Heirlooms: Heirlooms are sentimental items that have been passed down and can be of significant value.
- Appliances: This can include refrigerators, ovens, washing machines, and other large appliances.
- Jewelry: This can include all types of jewelry, including rings, necklaces, and earrings.
- Art: This can include paintings, sculptures, and other pieces of art.
- Collectibles: This can include stamps, coins, sports memorabilia, and other collectible items.
- Musical instruments: This can include guitars, pianos, and other instruments.
- Tools and Equipment; This includes power tools, hand tools, equipment, and anything used around the home
It’s a good idea to keep a detailed inventory of the above items, and take photographs or receipts if possible. If you already have a home inventory, just make sure that it’s up to date by removing items you no longer possess and add any new items as you acquire them.
3. Review your homeowners insurance policy
The new year is a great time to get look over your current finances and see where you can save. It may be time to look over your homeowners insurance policy and see if you’re still getting the best rate possible.
If you’ve made certain improvements to your home within the last year, you’ll want to check with your insurance agent to see if your current policy is still adequate, and if you qualify for some discounts. Remember: the company you’ve been with for several years may not always be the most cost-effective anymore, so it never hurts to shop around and make sure you’re getting the best deal.
4. Be more energy aware in your home
These days we are all feeling the pinch with increased energy bills. As energy costs rise, it’s important to look for ways to save at home.
Making small adjustments to your lifestyle is a great place to start saving money.
- Reduce energy consumption: One of the biggest expenses for homeowners is energy, so reducing energy consumption can lead to significant savings. This can be done by using energy-efficient appliances, sealing air leaks and insulating the home, and using energy-saving light bulbs.
- Use water efficiently: Another significant expense for homeowners is water, so using water efficiently can also lead to savings. This can be done by fixing any leaks, installing low-flow showerheads and faucets, and watering plants and lawns wisely.
- Grow your own food: Growing your own food, whether it’s fruits and vegetables or herbs and spices, can be a fun and rewarding way to save money on groceries. Even a small home garden can produce a significant amount of fresh produce, and it can also provide an opportunity to connect with nature and the environment.
- Reduce, reuse, and recycle: Reducing waste, reusing items instead of buying new ones, and recycling can all help homeowners save money. This can be as simple as using a refillable water bottle instead of buying single-use plastic bottles, or repurposing old furniture and other items instead of buying new ones.
- Do it yourself: Many homeowners are surprised by how much money they can save by doing home repairs and maintenance themselves, instead of hiring a professional. With the right tools and some basic knowledge, homeowners can tackle a wide range of projects around the home, from fixing a leaky faucet to painting a room.
There’s no need to think about big-ticket items such as solar panels or hybrid cars to make a difference (although that’s great if you can!). Simply staying committed to a practical list and being mindful can go a long way to lowering your energy bills.
5. Stay on top of cleaning chores
We all know house cleaning is annoying, and the never-ending list of chores like repairs and home maintenance can seem daunting. But leaving these tasks on the back-burner for too long can create an overwhelming build up of work that no one will want to face.
In 2023, you should devise a realistic cleaning plan—depending on your habits and lifestyle. Do the weekends work best for getting all these things done? Or will you take some time on select nights to tidy up and make small repairs? Once you’ve set up a schedule, mark the days you’ll clean and what you’ll clean in a day planner. That way you’ll always have it done and you’ll feel the satisfaction of getting the chore out of the way.
By breaking your cleaning tasks and chores up into small manageable activities, and can also enlist the help of your family so you all can get the job done quickly. Whatever schedule works best for you, just remember to stick with it as part of your new year’s resolution for your home.
6. Address home repairs sooner than later
Similar to maintaining your housecleaning schedule, it’s important to keep on top of home repairs.
When you neglect things like clogged gutters, cracking caulking, leaky faucets and electrical issue, they can turn into worse problems for your property and become more costly to fix as time goes by. A properly maintained home means that more costly repairs won’t be necessary in the future.
You can start by making a list of things you notice that need to be fixed. By devoting a couple hours on a weekend, you may be able to knock off a few items from the list each month in 2023. You can read our article on Getting To Know The Mechanical System Of Your New Home.
Make this the new year when your home “to-do” list is kept up and taken care of with dedication to success!
2023 is going to be great!
Home ownership takes time, patience and often a substantial financial commitment. It’s important to remember your house is constantly a work in progress and your efforts do make a difference over time.
By sticking to these new years resolutions in 2023, you can protect your family’s largest investment for many many years to come!
No matter where you are in your home owner’s journey, The Kate Broddick Team of REALTORS® can lead you in the right direction.
