If you are the proud new owner of a condo in downtown San Diego, you have purchased a residential property in one of the most attractive housing markets in the United States. There’s also a chance the closing costs and moving expenses have left you with a pretty tight budget. If this is the case, your best course of action should be to focus on rebuilding your savings as soon as possible. Here are seven ideas to help you save money soon after moving in.
1. Use Energy-Efficient Light Bulbs
The best time to install LED light bulbs is right after you move in. Depending on your electricity usage patterns and the number of light fixtures, you could see savings between $2 and $4 per month on your monthly power bill.
2. Lower the Temperature of Your Water Heater
Set your hot water tank to 115 degrees Fahrenheit in the summer and 120 degrees the rest of the year. You will be able to save about $50 per year with these settings.
3. Save Your Spare Change Efficiently
Shoppers who constantly use their debit cards for purchase transactions should check with their banks about options to automatically collect and deposit their spare change. Look into mobile apps such as Acorns and Digit, which can also turn spare change into investments.
4. Avoid Redundant Expenses
Some condominiums offer residents amenities, services, and perks that can eliminate certain monthly expenses. For example, a gym membership may not be needed if the condo tower has a fitness center. A similar situation would be residential broadband service covered by the homeowners association fee, which should allow you to reduce your smartphone data plan.
5. Draft a Budget and Stick to It
If your household expenses take up more than 45 percent of your net income, building up your savings account may prove to be difficult. The ideal way to adjust your spending is to create and follow a budget that allows you to see where your money is going.
6. Keep an Eye on the Real Estate and Mortgage Markets
Even if you are locked into a conventional 30-year fixed-rate mortgage, there may be a chance of a better financing deal down the line. If the sellers’ market conditions continue for downtown San Diego condos, you may be able to refinance into an interest-only mortgage for less than two years before you sell your unit, which will reduce your monthly payments as the value of your property appreciates.
6. Minimize Air Conditioning Usage
Take advantage of San Diego’s mild climate to minimize the use of your central air conditioning unit. The first step is to install a smart thermostat and make sure the A/C unit is in good shape. Next, you may want to invest in ceiling fans that circulate fresh air coming from open windows. The idea is to avoid having to turn on the cooling unit all the time.
Another way to save money on downtown San Diego real estate is to ensure you don’t purchase a home that’s going to cost you more than you bargained for. A trusted agent from 92101 Urban Living can help you find the perfect home within your budget in one of the downtown districts. Give us a call today at 619-649-368 to schedule an appointment.