3 Home Features That Could Help You Save Money

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You may want to look for these if you're buying a home.

Key points

  • Owning a home is expensive, but the right features could help you offset some of your other bills.
  • You may want to add certain features to your wish list when buying a home, or invest in certain features if you own a home already.

The higher a mortgage you take out when buying a home, the higher your total bills. But the right home features could help lower your non-housing expenses, making your total bills easier to manage. Here are three such features worth looking for when buying a home or upgrading one you already own.

1. Energy-efficient appliances

Outdated appliances can make life less convenient. If you have an old washing machine that doesn't efficiently launder clothing or takes a really long time to run through a single cycle, that's the sort of thing that could impact your everyday life.

But more so than that, a dated washing machine -- or any other appliance, for that matter -- could cause your utility costs to rise. The less efficient your appliances are, the more you might spend to operate them. It pays to seek out a home with modern appliances and replace some of your older appliances with newer models.

2. Low-flow faucets and toilets

When you own a home, your water bills could get expensive, especially if your fixtures aren't set up to minimize flow and waste. But if you buy a home with low-flow toilets and faucets, or upgrade your existing ones to low-flow, you might enjoy savings in that regard.

Having low-flow faucets doesn't mean water comes out at a mere trickle every time you turn one on. It just means you'll use less water than a non-low-flow faucet, thereby allowing you to enjoy some savings.

3. Having a large fridge

A larger fridge might cost you a little more money to run on an annual basis than a smaller one, assuming both are comparable from an energy efficiency standpoint. But a larger refrigerator could save you money by making it easier to stock up on key grocery items in bulk. This especially holds true today, with food costs having risen so dramatically.

Often, buying in bulk makes sense because you'll pay less on a per-unit basis than you would buying products individually. But many people can't buy in bulk due to storage constraints. A larger fridge might eliminate that problem, making it more feasible for you to score bulk discounts at your local warehouse club.

Even if you don't have a warehouse club nearby (or don't want to pay for a membership), it may be the case that some of your family's go-to supermarket items go on sale at a given point in time. If you have enough room to store those perishables, you can lock in that sale price and avoid spending more.

These are just a few examples of home features that have the potential to result in savings. If you're in the market for a new home, it pays to talk to people who already own properties and see what features they recommend looking out for. If you're a current homeowner, it wouldn't hurt to assess your space and see if a few changes might result in significant long-term savings.

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