Kelowna Real Estate Experts Suggest New Year’s Resolutions

New Year’s resolutions ~ Our Kelowna real estate specialists recommend switching to LED light bulbs as a way for homeowners to save money.

Eat healthier. Lose weight. Exercise more. These are all common New Year’s resolutions that people make. But rather than focus solely on personal well being, our Kelowna real estate specialists have some suggestions to help you achieve a number of financial and lifestyle goals for 2016. 

Whether you’re a happy homeowner, or you’re searching for Kelowna houses for sale, there are numerous ways for people in all situations to improve their financial outlook, whether it’s:

  • Paying off debt
  • Building up savings
  • Managing spending habits
  • Saving for retirement
  • Saving to buy a home

No matter what stage you’re at, these simple steps will help steer you in the right direction.

If you’re considering buying Kelowna real estate, read our post: Real Estate Advice: Am I Ready to Buy a Home?

1. Double up on a Mortgage Payment

Even with lending rates near all-time lows, a good chunk of your mortgage payments are still going towards paying off interest. Doubling up on a payment is a good way to make extra headway on your principal.

Using this method, the entire amount of the extra lump sum goes towards your principal. Even if you do this once a year, it can take years off the time until your Kelowna real estate investment will be paid in full.

Other options for chipping away at your mortgage include:

  • Increasing payment amount beyond the minimum requirement
  • Making accelerated payments (bi-weekly instead of monthly)
  • Putting ‘found money’ (i.e. company bonus) on your mortgage 

2. Switch to LED Light Bulbs

LED lighting technology has come a long way. While it was always known to be more energy efficient than their traditional incandescent counterparts, there were issues with light quality and durability. These days, LEDs have evolved to a point where they offer:

  • Similar light quality to incandescent bulbs
  • Last 25 times longer than incandescents
  • Use up to 90 per cent less energy than incandescents

According to Natural Resources Canada, the average Canadian home has 30 light bulbs. When you add up the potential power consumption, that makes a considerable difference in your electricity bill.

LEDs cost considerably more than traditional bulbs, so it requires an upfront expense. If you plan on staying in your current home for a while, the return on investment will be worth it.

3. Tackle Household Projects You’ve Been Putting off

Every homeowner has ‘The List.’ It’s all those things you’ve been meaning to do, but never quite get around to. Part of the hesitancy is that, as soon as you scratch one item off the list, another one takes its place.

You have to start somewhere, and New Year’s is a time when many people have a little extra motivation. The sooner you make a point of fixing your run-on toilet or tiling your kitchen backsplash, the sooner you’ll start to enjoy your home even more. 

Are you looking to buy or sell Kelowna real estate? The friendly realtors are Quincy Vrecko & Associates have a thorough understanding of the local market and will take the time to understand your real estate goals. Call us to book an appointment.