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Freedom When Frugal | 5 Ways to Lower Your Housing Costs

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As house prices in Melbourne continue to rise, many people are starting to look for ways in which they can keep the cost of living to a minimum. If you’re currently looking at Alphington town houses for sale, or similar properties in other desirable areas of Melbourne, then getting to know ways of keeping your housing costs down can be a great advantage. Below are 5 simple ways to lower your housing costs, and save you a pretty penny in the process.

 

01. Get a housemate

If you have the benefit of having a spare room in your house, then getting a roommate can be a really easy way of keeping your housing costs down. Although this may not be an ideal situation for some people, it is definitely one way to reduce your rent or mortgage payments without having to sacrifice too much. This tip is especially useful for people who have bought a home and do not have the option of moving into a more cost effective property like those people who choose to rent.

Getting a roommate could help you save on groceries and other utility bills, and you may also get on with your newfound companion. There are a number of sites online that make finding the perfect roommate a simple task.

Just remember when looking for a housemate not to rush into anything. Try to find someone you feel you will enjoy being around and get on with, and sharing similar interests is always a bonus.

 

02. Refinance your Mortgage

Refinancing your home loan can often be a great solution to saving some serious money if you’re doing your research to find the best deal. This is an excellent option if you have other debts that are making paying your mortgage an extra struggle, as some of these debts could be consolidated with your new home loan.

Remember when refinancing that there is often a fee involved, so it’s always a good idea to research every option available to you before jumping in.

 

 

 

03. Downsize

If you’re currently renting, then downsizing is an excellent way of decreasing your housing costs. Whether it’s getting the kids to share a room, or letting go of your office that currently serving as more of a storage room, these are both simple and easy ways of making downsizing a little simpler.

If you’re set on the area you currently live in, but your rent is getting unaffordable, then moving to a smaller place in the same area is a good way of saving money, whilst staying close to those all important local amenities. If the area isn’t a top priority, you could save even more by downsizing and moving into a more affordable area.

 

04. Reassess your Home Insurance

It’s always wise to reassess what you’re paying for home insurance, to make sure you’re getting the best deal possible. Providers always offer different packages or deals, especially if you’ve been lucky enough not to have claimed in the past couple of years. Getting into the habit of checking out what’s on offer in terms of home insurance every few years can be a simple way of ensuring you’re not paying too much.

 

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05. Move to the suburbs

If you’re a city dweller then considering a house in the outer suburbs could save you big bucks. Generally, properties further away from the city are considerably cheaper, which means you could get more for your money if you live further out.

If you’re looking to buy, then considering a suburb takes time and there are many different things to think about such as transport and other nearby amenities. However, if you’re looking to rent a property this tends to be quite a bit easier.
If you’re thinking of ways to save money long term, this move could be a permanent solution to keeping your housing costs on the more affordable side, but remember this option does not need to be a permanent move. Renting a property in more affordable outer suburbs can always be a short term solution until you are more financially stable.

Implementing even one of the above points could make paying for your home that much more affordable. Being frugal when it comes to housing costs can often take a bit of practice, but we can assure you that it will pay off in the long run.

 

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