Whether you own your home or rent it, there are costs of living we all end up paying — loans, utility bills, furnishings, and more. While keeping up the home can be costly, it doesn't have to drain your wallet! Certain costs you may think you can't avoid you actually can, and should, according to "Shark Tank" investor Barbara Corcoran and consumer reporter Heather Herzog. Here are five money traps that any home owner or renter should never fall into.

Overpaying for Appliances

Whether it's a fridge or washing machine you need, there are several ways to pay less for them. Herzog says to avoid buying the latest model.

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