Friday, July 12

7 Hidden Home Expenses That Will Drain Your Bank Account

If you have a home, you need to know that you should also take care of it, and this can come with some hidden home expenses that might surprise a few people. These are things not many of us think about, but over time, they can make you pay more money than you ever planned to.

When you notice that something is broken, the best thing you can do is repair it as soon as possible. In this way, you prevent further damage, and in the end, you will also manage to save some money. It is more efficient to repair something right when you notice something is wrong than to wait.

But how can you know what these hidden home expenses are that will drain your bank account? Well, your home is probably unable to answer this question, and this is why we are here. Stop spending more money than you should!

hidden home expenses
Photo by eggeegg from Shutterstock

1. Leaving the lights on

Are you the type of person who always leaves the lights on? You might think that there is no problem with this because you believe that it can’t be that expensive. In the beginning, it is not, but after a few months, when the money keeps adding up, you might start to feel the financial burden.

This is why leaving the lights on is one of the hidden home expenses. If you look at how much you have paid each month individually, you might think that there is no problem, but if you add up all of them, then you realize how much money you have wasted.

One way to combat this is to switch off those lights. But there are also other strategies that might help you consume less electricity. For example, you can try to replace all incandescent lights with LEDs.

2. Leaky windows

Sometimes, when you want to avoid hidden home expenses, you should embrace the new and leave the old behind. That means if you have old, leaky windows, you should change them.

Keeping those old windows can have real effects on the energy bill. This happens because in the winter, old windows can let the heat escape, and in the summer, a standard window will let more than 75% of the sun’s light enter your home, making it hotter.

Most people know about this problem, but they postpone changing the window because it is not cheap at all. On the other hand, replacing the windows can save you between $120 and $465 per year.

Consider the window’s R-value and U-factor if you’re in your search for replacement windows. The U-value is a measurement of a material’s efficacy as an insulator, whereas the R-value represents resistance to heat passage through the window.

3. The faucet drip

One of the most common hidden home expenses was caused by the faulty faucets we all had in our homes at some point. Nobody likes to have a leaky faucet because most people are annoyed by it. That drip-drip sound is not a pleasant thing, but besides this, a faculty faucet that is leaking will also increase your bills.

Although it might not seem like much, the American Water Works Association’s drip calculator puts it in a different light: there would be a daily loss of 4.32 gallons, a monthly loss of 129.6 gallons, and an annual loss of almost 1,576 gallons of water at 30 drops per minute.

Maybe in the beginning you can think that these leaks are not a big deal, but over time this small thing can seriously damage your house! We are talking about damage to the structure, and if you want to repair it, be sure you will spend thousands of dollars.

What you can do is repair the leaks as soon as possible to avoid further damage. Also check for leaks in places you don’t usually go, such as the basement or attic.

4. Crevices and cracks

The chances are that you use the A/C in the summer and the furnace in the winter to make your home comfortable to live in. But what you need to know is that the heat and cool air can easily slip out through cracks and crevices.

And if you have a lot of cracks, add them up, and you will end up with a 3×3 hole that will let the air escape from your home. If you look at one crack, you might think that it is not that much of a problem, but as you can see, if you add them up, you can realize how big of a problem this can be.

So, one good way to avoid these hidden home expenses and lower your energy bill would be to seal the cracks. Along with weatherproofing and door draft seals, caulk the frames of doors and windows. Examine the home’s exterior and plug any openings caused by vents and hose bibs.

5. Ceiling fans that you are not using

Are you aware of how much cell fans can help you save on your bills? This may sound surprising, but ceiling fans can save expenses by up to 40% in the summer and 15% in the winter.

To avoid retaining heat during the summer, the fan’s blades need to spin counterclockwise. Make sure the blades are spinning in a clockwise direction throughout the winter to retain the heat within the space. To ensure that the fan isn’t accidentally turned on when you’re not in the room, you might want to consider getting a timer for it.

A ceiling fan can be a real help for your furnace and can aid it in using less energy. The temperature will remain constant for longer, which means your furnace will not need to start that often.

6. Lack of insulation or no insulation at all

According to the statistics, more than 40% of a house’s heat is lost through the attic. This happens because heat has a natural tendency to rise, and this is how it ends up in the attic.

You can avoid this by covering the attic stairs and installing additional insulation. This is especially effective in the winter when you don’t want to lose heat.

The highest return on investment for home renovation dollars has been shown to be achieved by adding attic insulation. By following these suggestions, you may reduce their winter energy costs by 15% to 20%.

We know that insulating your home might be pretty expensive, but in the long run, this is one of the best decisions you can make. We guarantee that insulation is worth every single penny that you have spent. You will see it when you get your energy bills.

hidden home expenses
Photo byl i g h t p o e t from Shutterstock

7. Long and steamy showers

From time to time, everybody likes to relax by taking a hot shower or a steamy bath. And indeed, they are amazing, but they can take a toll on your house.

When you need that much hot water, your water heater will use tons of energy, and if you have an old heater, it will use even more energy. This is why experts advise you, in the event that you own an old heater, to cover it with an insulated blanket since this can help you save around $20 on the gas bill and $50 on the energy bill per year.

Upgrade to an energy-efficient water heater, if your budget permits, to increase your annual savings by up to 50%. Keep an eye on the overly high temperature setting because this can lead to additional needless expenses.

If you want to keep the heat inside your home, you can try this window insulation kit: Frost King V73H SHRINK FILM WINDOW KIT, 1-Pack, Clear, Transparent

You should also read: Sorry! These 10 Household Bills Might Get Even More Expensive

1 thought on “7 Hidden Home Expenses That Will Drain Your Bank Account”

  1. Anastasia Reynolds

    Thank you, we know all of these things but some times you need to be reminded like our parents when growing up, “Screaming I’m not made of money!”

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