Saving Money On Your Top Expenses in BC – Expense #1: Housing

With the cost of housing sitting at number 1 on the list of top expenses in British Columbia, chances are you are eager to find ways to save on your housing costs. We’ve gathered our top tips to help you save money on your highest expense whether you’re an owner or a renter.

Homeowners

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  1. Compare Home Insurance Prices
  2. Chances are, you are paying too much money for your home insurance. At Harbord- The Home Insurance People, we shop the market for you and provide several home insurance quotes to make sure you are getting the best policy at the best price. We save our clients hundreds, sometimes even thousands of dollars on their home insurance policies. You can save money by switching, and you don’t have to wait until your renewal date. Give us a call, and we can make it easy.

  3. Consider Airbnb
  4. When you go away on holidays, your house is likely sitting empty. Take advantage of this opportunity to list your house on Airbnb and make some extra money while you’re away. This is especially useful if you live close to any popular tourist attractions.

  5. Check If You Qualify For First-Time Homebuyers Discounts
  6. The government of BC offers a program for first time homebuyers, which can eliminate or reduce the amount of property transfer taxes you’ll pay when purchasing your first home. Check here to see if you qualify.

  7. Check If You Qualify For Any Home Insurance Discounts
  8. One of the reasons it pays to get multiple home insurance quotes from a variety of insurers is that they all offer different discounts for different things. At Harbord- The Home Insurance People you can expect your broker to check which discounts you may qualify for.Some of these may include age discounts, credit status discounts, alarm system discounts, and more.

Renters

  1. Live With A Roommate
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    Living with at least one roommate can significantly cut down on some of your highest expenses such as rent and utilities.

  3. Start Your Search Early
  4. Give yourself enough time to look at multiple places, allowing you to compare important aspects such as monthly rent price.

  5. Be Flexible With Location
  6. Some neighborhoods are more expensive than others, so if you’re flexible with location, then your chances of saving money on monthly rent are much higher! We know, it’s tempting to want to be close to the hustle and bustle of the city, but neighboring areas tend to be cheaper while still being reasonably close to the city centre.

  7. Consider Purchasing Tenant Insurance
  8. We are often asked if tenant insurance is necessary, and while it’s not mandatory in B.C., many reputable landlords may require it as part of their rental agreement. You will rarely be covered under your landlord’s insurance if something devastating were to happen such as a flood or fire. Tenant insurance can be as low as $20/month, and at Harbord- The Home Insurance People we offer a variety of discounts. Just complete our online questionnaire and all the discounts you qualify for will be worked into the competing quotes.

  9. Negotiate When You Sign Your Lease
  10. Landlords like stability, so consider offering to sign a longer lease for a lower price, especially if you’ve been their tenant for some time and are re-signing. Or, if you have enough money saved up, you could also negotiate a lower price by offering to pay for several months up front. It never hurts to ask!

That concludes our tips on keeping costs as low as possible for the number 1 expense in British Columbia, housing.
Contact us to speak with one of our knowledgeable brokers about home, condo, or tenant insurance today, and stay tuned for more saving tips to come!