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How To Save Money On Housing

Part 1 of 2

Save Money On Housing Now
Thrifty consumers are eager to find ways to save money on housing while still living comfortably. Millennials and seniors alike are looking to rewrite the trend of spending over 30% of their monthly income on housing. Whether they want more of their expendable income for travel or whether they have been spooked by fallout of the recession, keeping housing costs in check has become a top priority. What is your plan to save on housing costs?

There are careful, hard-working, efficient community members all around you who are stretching their housing dollars. They are thinking beyond the traditional buy-a-big-house-in-the-suburbs mindset and taking ownership of their lives and dreams.

Your Space
Less space - The minimalists have challenged Americans to re-think the connection between stuff and happiness. While our consumer-driven market still lures us to accumulate things, many consumers are counting the cost of the stuff and the space it takes to store the stuff and determining to live well with less. Throughout American history and across the continents, people have lived well in small spaces with nominal accoutrements.

Consider, for instance, your home office. Ten years ago, you may have had a desktop computer, a printer, a scanner, and a file cabinet. Now, you find that with your smart phone and online banking you can toss half of your old work space.

Small living spaces are a particularly good fit for people with active lifestyles. Do you love the outdoors? Do you spend a lot of time at work? Are your evenings spent with friends or at the gym? If so, consider the perks of saving on housing by choosing accommodations with less space. Whether you rent or own, a large living space carries additional costs in taxes, insurance, heating, cooling, upkeep, and outfitting.

Rented space - Experts say that if you are likely to move in less than 3-4 years, you can save by renting. In the aftermath of the housing burst, rental homes are costly but available in many communities. Depending on your future plans, a decision to rent could save you thousands in closing costs, repairs, upgrades, and maintenance.

Your Mortgage
A home mortgage is the greatest single lifetime expenditure for most home owners. In addition to choosing the right space, you will want to secure the best mortgage. A few percentage points and the decision between a 15-year mortgage and a 30-year mortgage converts to thousands of dollars over the years.

Refinancing when rates are low can drop payment amounts or cut years off your mortgage. Securing the right mortgage is one of the biggest money saving moves to make regarding housing.

Your Insurance
Shop around for insurance that fits your situation. Monthly savings can add up when you opt for a higher deductible, buy your home and auto insurance from the same insurer, stick with the same insurer, and review your policy yearly.