How to Save Money as a Homeowner in Arizona

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Buying a house in 2024 is a huge investment. Although the housing market has calmed a little since mid-2023, there were a few years when prices and rates skyrocketed, and it will take a while for equalization to occur if it ever does.

So you’re probably wondering how to save money as a homeowner.

Even when the market favors buyers, purchasing a home in Arizona is still likely to cost hundreds of thousands of dollars unless you are investing in a total fixer-upper.

The result of these realities? Purchasing a home can deplete a lot of your savings and impact your monthly debt. Between the new mortgage payments, utilities, and all your other bills, money could get tight after buying a home even as you enjoy the benefits of homeownership.

How to Save Money as a Homeowner

The key to keeping up with your payments is focusing on money-saving activities. There are many ways to save money as an Arizona homeowner, so let’s dive into these strategies to help you cover your bills and prepare for the future.

Keep Up With Maintenance

One primary difference between renters and owners; owners have a lot more responsibility to take care of the property. This usually manifests in the form of ongoing maintenance.

To protect your investment and ensure the home is safe for everyone, you have to engage in maintenance tasks to prevent malfunctions. This means changing the air filter in your furnace from time to time and cleaning out the gutters to maintain drainage.

There is also a major financial incentive to keep up with maintenance. The more you take care of your home and its systems, the less those systems will need expensive repairs and replacements.

Research the important maintenance tasks homeowners should understand to take better care of the home so it will last longer.

Upcycle Old Furniture

a sofa on pallets in a living room with a biophilic feel, lots of light and plants and natural materials

Buying new furniture or decor can be expensive. What if you simply took your old pieces and repurposed them to perform new functions?

This process is known as upcycling. Perhaps you have an old wooden ladder that is no longer in use. Rather than throwing it away or burning it, you could turn it into a rustic bookshelf.

Learning to upcycle wooden furniture will save you money while also reducing your impact on the environment. Plus, these aging wooden pieces can be used to add more personality and style to your home.

Invest in Renewable Energy

a home with large windows and a neutral decor in the living room

Perhaps you recently spent a lot of money purchasing a home and don’t want to think about another major expense. However, the sooner you invest in something like renewable energy, the longer it will pay off.

The most common forms of this energy are solar and wind. You can install solar panels on your roof to reduce the home’s electrical consumption from the grid. A wind turbine in the yard can accomplish a similar effect.

Before you make these decisions, look into the tax benefits of these installations. In many cases, you can get a tax break for investing in green energy for your home, so the actual cost of the investment is not as large as it seems.

Plus, you will save money each month on your energy costs while making the home more appealing to potential buyers in the future.

Learn DIY Skills

When a repair or upgrade is needed in your home, you can either do it yourself or pay a professional. The problem is that labor can be expensive. It could double the cost of the repair or improvement project.

To avoid spending all that money, you may want to learn some trade skills yourself. If you study long enough and hard enough, you could even use that knowledge for a side gig as a contractor, though you will need to consider the Arizona contractor license and exam preparation process before you can accept clients.

However, when you are armed with this knowledge, you can save a ton of money by doing most home repairs and improvements yourself, only paying for material costs.

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Rent Out Part of the Home

If saving money is your goal, then consider becoming a landlord for your own home. This is possible if you have some extra space in the house that is unused.

For example, a finished basement with a separate entrance could be turned into a studio apartment for a student at a nearby university. A spare room could be rented to an adult child for a low rate as they save up money from their first real job.

This rental income will make your mortgage payments far more affordable, helping you put aside more money for the future.

Water Conservation

a water butt in a garden

Water is a precious resource for an Arizona homeowner, and conserving it can also save you money.

  • Low-Flow Fixtures: Install low-flow toilets, showerheads, and faucets to reduce water usage.
  • Xeriscaping: Embrace xeriscaping by landscaping with native and drought-tolerant plants that require minimal watering. This not only saves water but also reduces gardening expenses.
  • Rainwater Harvesting: Consider setting up a rainwater harvesting system to collect and use rainwater for landscaping needs.

Let Your Arizona Home Be an Asset Rather Than a Burden

It is easy to look at all the expenses associated with purchasing a home and maintaining it and becoming overwhelmed. However, this home can become a significant asset in addition to providing a living space for you and your family.

Learning to keep up with maintenance, upcycle old furniture, discover DIY skills to handle repairs, and consider renting out part of your home to reduce the impact of your monthly mortgage payment are all great ways to save money as a homeowner.

Disclosure: Some of the links above are affiliate links, meaning that at no additional cost to you, I will receive a very small commission if you click through and make a purchase. These links help to pay the editorial costs of writing a blog. For more information, please read my full affiliate disclosure here

I also use Artificial Intelligence Image generators to create some of my images. These are to show you examples of my ideas and inspiration when I cannot produce the real images myself.

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