While the state of NJ is providing property tax relief, Jersey City is increasing property taxes. At the same time insurance premiums are increasing for both flood and liability. If you're part of a HOA, its time to start looking at way to cut costs.
Here are a few areas to look at for savings:
Switch to LED lightbulbs. Perhaps one of the easiest, environmentally friendly, and ROI positive ideas.
Preventative maintenance. Don't wait for costly repairs, check things like your roof now. How is the exterior holding up? Do water heaters have pans underneath?
Shop around for liability insurance. Is your coverage optimized? Are you comfortable with the deductible? But don't skimp out on coverage like sewer backup.
Property management fees. Take a look at costs charged by your property manager that may be 'hidden' like supplies or tax filing charges. Do they charge for closing assistance?
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