Duke Warner Realty

4 Ideas to Offset Homeownership Costs

If you’re running a tight budget, it can be difficult to afford a home. But with these ideas, you might be able to find some extra cash to put toward your mortgage—or even pay off your house early.

Rent Out Part of Your Home

If you have the space and are looking for a way to cut costs, renting out part of your home can be an excellent option. You could rent out one room or even an entire floor. If you do not want to live in close quarters with another person, this is not for you; however, if having a roommate will help offset mortgage costs and make life easier on everyone involved (including pets), then this may be an option worth considering. Renting out rooms can also be beneficial as it gives young people who are looking for their first place away from home a chance at living independently while saving money at the same time!

Avoid late fees with automatic payments

If you’re like many Americans, your mortgage company may be sending you a monthly bill for the current month’s interest. If it’s not paid by the due date, they’ll send another bill with late fees added on top of that interest charge. This can add up quickly! Instead of worrying about remembering to make a payment each month (and then paying extra when it’s late), set up automatic payments from your checking account or credit card to go directly toward this expense every month–no thinking required:

Set up automatic payments for any other bills that come via mail as well–utilities like electricity or cable TV service (if possible), credit cards and student loans are all good examples here too. You’ll never forget again because everything will happen automatically!

Add an ADU or basement apartment to your home

Adding an ADU (accessory dwelling unit) or basement apartment is a great way to offset mortgage costs. ADUs can be used for short term or long term rentals, vacation rentals and even Airbnb rentals if you have the right zoning in your area. The best part about adding an ADU is that it’s often less expensive than purchasing a new home outright!

Keeping Your Home Cool

The beauty of the high desert is that summer nights are often much cooler than the days. A great opportunity to capture the cool air in the mornings and keep your home keep the majority of the day. Relying on appliances often drives the electricity bill.

In Closing

Mortgage and living costs can be overwhelming, but there are ways to offset them. If you’re struggling with high mortgage payments and want some help getting back on track, contact us today! We have lenders who specialize in helping clients find affordable loan options that work for their budget.
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