Owning a home can be costly in the best of times, so there’s no reason to waste money on expensive mistakes. Here are a few to avoid.
Using Incandescent Light Bulbs – Replace traditional light bulbs with compact fluorescents (CFLs) or light-emitting diode (LED) bulbs. LEDs especially may be more expensive to purchase, but they’ll save you money in the long run. Incandescent bulbs cost about a dollar per bulb and their average lifespan is about 1,200 hours. CFLs cost about $2 per bulb and go for about 8,000 hours. LEDs cost about $8 per bulb, which seems expensive until you realize their lifespan is about 25,000 hours. Let’s do the math: to get 25,000 hours of light, you’ll spend about $20 on incandescents, but only $6-8 on CFLs or LEDs. When you add in the cost of electricity used, it’s still a no-brainer. For every $100 you spend on light with incandescents, you’ll only spend $24 on CFLs or $19 on LEDs. You also save the hassle of changing bulbs.
In using CFLs and LEDs, you’ll need to figure out how much light you want. These bulbs aren’t sold by wattage (how much energy is used), but rather lumens (how much light is emitted). More lumens equals more brightness. To replace a 100-watt incandescent bulb, choose a bulb with about 1600 lumens. To replace a 75W bulb, choose a bulb with about 1100 lumens. To replace a 60W bulb, choose a bulb with about 800 lumens. To replace a 40W bulb, choose a bulb with about 450 lumens.
Ignoring Leaky Faucets – A leaky faucet that drips one drop per second can waste more than 3,000 gallons per year, which is enough water to take more than 180 showers. I recently had a leaky toilet valve that cost an additional $50 in just a couple months. I figured it out when the excess water caused a pretty green patch on the hillside next to my house where the leach lines for my septic tank drain.
Using the Wrong Air Filters or Forgetting to Replace Filters Regularly – If an air filter doesn’t fit properly or it gets too dirty, it can’t function well. This can not only increase your power bill, it can shorten the life of your furnace.
Not Adjusting Vents – In many offices, some areas are burning up while others are ice cold. Rather than having employees bring space heaters and fans, adjust vents to balance the temperature throughout the office.
Water Heater Temp Set Too High – Most of us have traditional water heaters that keep water hot 24/7. If you set the water temp too high, you’re wasting money (and putting family members at risk of getting scalded). In our rentals, we set the temperature to 120 degrees. You can turn this down in the summer.
Overwatering Your Lawn – Automatic sprinklers that come on early in the morning are great, unless you have a broken sprinkler head that is gushing water or misdirected so you’re watering the fence instead of your lawn. Periodically run your sprinklers during the day so you can see how they are performing when you’re not around.
Hiring a Handyman for Simple Repairs – If you have YouTube, you can probably figure out how to do most of the minor repairs in your house and save a lot of money. However, if you’re like me—not handy with tools—by all means, leave repairs to the experts. If you need a referral to a fix-it professional, from plumbers to electricians, ask your Realtor.
Ignoring Roof Repairs – If you see curled shingles or damaged flashing and mastic around roof penetrations (like chimneys, stove vents, or bathroom vents), do not ignore them. Water is really good at finding small flaws and making them bigger.
Houses are expensive enough without allowing these mistakes to bite into your pocketbook.
If you have questions about getting into real estate, please contact me at firstname.lastname@example.org or call (707) 462-4000. If you’d like to read previous articles, visit my blog at www.richardselzer.com. Dick Selzer is a real estate broker who has been in the business for more than 40 years.