Owning a home is a significant milestone for Canadians across the country. Whether you’re in a metropolitan city like Toronto or a small town on the west coast like Tofino, British Columbia — homeownership comes with unique rewards and challenges.
The financial aspect of owning a home presents several obstacles for working professionals from coast-to-coast. Thankfully, you can access several financial solutions if you find yourself struggling to build a robust budget.
Become Energy Efficient
Many homeowners are unaware of the benefits of energy-efficiency beyond its environmental impact. In addition to those benefits, Transforming your home into a higher-functioning and low-energy household can significantly impact your monthly budget.
The cost of running inefficient appliances and lights throughout your home is likely taking up a large number of your expenses. Though replacing your fridge may be a higher cost up-front, you’ll see significant savings in the long-run. When it comes to lighting your home, LED bulbs reduce your home’s monthly hydro costs and environmental impact.
Look for a Lender
Canada’s traditional lending standards can be complicated and cumbersome, especially for homeowners and working professionals.
Rather than waste time and resources negotiating, reaching out to an alternative lender like FlexMoney could be precisely what you need to get on your feet swiftly. Their data-driven automated process is available exclusively online, so you can avoid unnecessary interviews or meetings — simply filling out a simple application with your current financial needs.
Online lenders offer borrowers the opportunity to access fast capital without jumping through hoops. Whether you’re looking to get ahead on your payments or you need an emergency loan to take care of unexpected home repairs, it’s essential to consider all of your lending options.
Find the Right Insurance Plans
Homeowners insurance is just one of the safety nets you should have in place, no matter where in Canada you reside. If you’re living in your home with a spouse, children, or both, you’ll want to ensure you have an adequate life insurance policy in place — this will provide them with the financial relief they may need if you’re no longer with them.
If you or your spouse owns a vehicle, make sure your car insurance is up-to-date in case of any future accidents. This will simultaneously protect your home in case of any liability issues. If your insurance company offers an umbrella-style plan, you may wish to look into their rates for more efficient coverage.
Tackle Home Renovations Yourself
One of the simplest ways to ease financial burdens is to turn as many household renovations into DIY projects as possible. While it can be challenging balancing projects at-home with full-time employment, the costs you’ll save will outweigh the inconvenience in the long-term.
For some homeowners, this means spending the weekend painting rather than hiring an expensive professional. Consider taking on a more significant project like cabinet installation or plumbing and electrical to save money on contractors and their crew. However, this is only recommended if you have more experience with renovations.