2022 New Year’s Resolutions for Homeowners

Housing affordability in India was likely at its high in 2021, thanks to historically low housing interest charges and government-sponsored housing ownership subsidies.

Being part of their Christmas promotion for 2021, developers offered exemptions in the form of stamp duty or GST reductions, significantly boosting affordability. Many prospective purchasers were also motivated to take the plunge and close the deal for their future houses in 2021, thanks to monetary incentives and a shift in mood toward home ownership during the year. What does the future hold for these first-time home purchasers in 2022?

To those that have recently acquired a home, this is only the start of a new period in which your wealth management abilities will be tested. We examine how to manage the costs of a new home without causing undue stress.

Organize home’s repair

Taking care of one’s house is a huge responsibility. If you put off house repair, issues that may have been discovered earlier and fixed for a minimal price can turn into large, expensive ones.

For a little forethought and the correct equipment, maintaining a house may be made a little easier. Repairing your home’s outdoor and indoor systems (such as roofing, air – conditioning, drainage, and wiring) will help you avoid problems, save cash, and maintain it looking fresh.

Control your power consumption

By adopting just these few easy strategies to lower your home’s energy use without trying too hard, you can save money and help the environment at the same time.

As a homeowner’s New Year’s resolve, there are a plethora of options for increasing energy efficiency. All for a few bucks and with very little work. Take a walk around your house and think of ways to save energy, such as:

• LED light bulbs are being used to replace incandescent light bulbs.
• Setting up a smart thermostat
• Purchasing appliances that have the Energy Star label
• Low-flow showerheads are being replaced.

Still unsure where to begin when it comes to improving your home’s energy efficiency? Contact your utility company. The majority of them provide free expert home energy audits to determine where your home consumes the most energy.

Reorganize your monthly budget

Having a home entail taking care of it and guaranteeing that it has all of the necessities. Numerous additional expenditures might appear in the form of EMIs, service charges, electricity bills, repairs, and maintenance bills, among other things. Renting has become highly popular among millennials for this reason. However, for new homeowners, the altered financial situation will need rearranging your spending so that your payments are paid on time without putting too much burden on your monthly budget.

Take time furnishing your new house

Although a new house may necessitate new furnishings, fixtures, draperies, drapes, lights, and other items, purchasing them all at once could be extremely costly. As a result, a precise strategy must be drawn up in order to proceed with the re-modelling progressively. While the first year’s savings may be utilized to replace furniture, the next year’s savings could be used to upgrade lighting fixtures. Make do with your old furniture and other belongings until you have enough money to buy something new.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.