In more layman’s terms, you need to look out for yourself and watch that bank account!
In more layman’s terms, you need to look out for yourself and watch that bank account! This is especially true for homeowners. You may think that you just set it and forget it, but you could be losing not only hundreds but thousands of dollars per year if you’re not being proactive. I’ve outlined a few of the top areas where folks lose the most money in homeownership that I hope may help put some more money in your pocket in 2026. I guess the saying can then be changed to: “Everyone wants to take your money, but Chris Hallows is trying to put some back in your pocket!”
Homeowner’s Insurance Check
I strongly recommend reviewing your insurance coverage and cost annually. Not only does this keep you adequately insured as your life, build costs and your home all change and evolve, but this helps you keep the cost competitive. Insurance companies’ offers and opportunities change so it’s always good to review and do expert comparisons at least annually.
Mortgage Health Check
If your home is not free and clear, then it’s also a critical consideration to evaluate your mortgage debt strategy annually. A lot of things fit into this category, but a few optimizations here could be (a) Market rates could be lower than when you bought or last refinanced so a loan restructure/refinance could be valuable; (b) You could have increased equity to the point you can remove or reduce mortgage insurance costs if you bought with less than 20% down; (c) Based on current financial goals and ability, you may benefit by accelerating your payoff with a shorter-term mortgage like a 25-, 20- or 15- year; or, (d) Based on an overall debt review, you could benefit from consolidating higher cost consumer debt with the lower cost secured debt of then a cash out refinance. These solutions may seem broad but talking to a local mortgage advisor about your goals and having them evaluate is a great start.
House Health Check
I’d say about 99% of people get a home inspection when they buy a house, but even after years of ownership, not many people get another home inspection until they’re considering selling. You can naturally see the folly in logic here. While I don’t necessarily recommend paying a specific home inspector for a full report, doing a detailed assessment on the condition of your home and having professionals evaluate concerns could save you a massive amount of money to address now vs. later.
I know this seems really elementary, but the bottom line is we get busy and we only fix the squeaky wheel, when in reality that’s simply allowing other issues to arise and become potentially more time urgent and costly. I’ll add another small side note here that doing some energy efficiency evaluations during the house health check is also not a bad way to maintain your home’s condition while also lowering energy costs!
Revisit Your Estate Plan
Calling your property an estate may feel like you are someone who owns a French chateau but if you own real estate here in Northern Arizona, you are a landowner and you have an estate. Many people overlook the fact that this is a serious asset and that if you don’t specify your plan with it then it could be up to the state to decide in probate. I highly recommend that all homeowners educate themselves and seek resources.
Whether it is the simple creation of a living will or seeking the broader benefits of a family trust, take care of this plan and update it regularly so you and your family/heirs don’t have to stress later. FBN
By Chris Hallows
For additional information or to schedule an appointment visit ChrisHallows.Benchmark.us or call 928-707-8572. The Flagstaff location is 824 W Rte 66 Suite A-3.
Chris Hallows is the Branch Manager & Sr. Mortgage Advisor of Benchmark Mortgage Flagstaff.
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