homeowner: Different Types of Homeowners Insurance
- 04/30/25 08:33 AM
As a homeowner you need to have either homeowner’s and/or dwelling fire insurance policy. What is the difference between the two types of policies? Homeowner policy is a package policy that covers physical damage to property and legal responsibility for injury that occurs on the property. This type of policy offers three levels of coverage: actual cash value, replacement cost, and guarantee/extended replacement cost. These policies do not include coverage for flooding, earthquakes and poor maintenance. A dwelling fire policy covers the structure of a property against damage from specific perils, like fire, wind, or hail, but typically not contents. Homeowners … (0 comments)
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homeowner: When is The Proper Time to Buy a House
- 03/19/25 07:33 AM
Many people are trying to determine when the proper time is to purchase their first house, downsize or upgrade to a new home. Before making the decision need to determine how much your current home is worth, understand interest rates are not going to drop below 5.5%, and can I afford the down payment. If you can afford the down payment, this will help you to build equity. If not true, you probably need to wait, pay off debt and improve credit score. Homeowners who are waiting for prices and mortgages to drop will probably be disappointed. In the long-term prices … (2 comments)
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homeowner: Rent or Buy a Home
- 11/18/24 07:10 AM
Many people will make the decision whether it is best for them to rent or buy a home. Each option has advantages and challenges depending on the person’s circumstances and their long-term goals. Now let’s highlight some of the key factors:
Cost factor – In some areas renting may be less expensive for the short term. Renting allows you to pay a fix amount each month, and the landlord is responsible for maintenance and repairs. This can be appealing for the short term, especially if you need flexibility or will be moving in the short term. Housing costs when renting are monthly … (1 comments)
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homeowner: Suggestions How to Save Money with Home Weatherization
- 10/22/24 06:38 AM
Weatherproofing helps to protect the interior of your home from elements such as extreme temperatures and moisture. Weatherization is known as weatherproofing that protects the home from weather elements. First step in weatherization is to do a home energy assessment to identify the efficiencies, the lack of efficiencies and identify upgrades to improve energy use. When doing energy assessment here is what to do and expect: First, need to hire a professional that can advise you what improvements he recommends based on current home status and the homeowner’s energy goals. Some states offer energy assessment at no cost to the homeowner. … (1 comments)
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homeowner: Things to Know About Buying and Selling a Home
- 09/24/24 06:15 AM
Having the knowledge how to buy and sell real estate will help you make the right decision. Remember knowledge is power for buyers and sellers to maximize their success in this type of transaction. Following is a list of things that will help you in the process:
Understand the selling and buying process – Buyers and sellers should have a pre-buyers or sellers meeting with a real estate agent prior to deciding to use that agent. It is important to understand the process before buying or selling property and reviewing some of the real estate forms required for the transaction. In … (0 comments)
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homeowner: Home Maintenance Cost
- 07/15/24 07:05 AM
Home maintenance cost may be the reason why home buyers are hesitant to buy a home. The following is some information that may help you move forward purchasing either a new or existing home. Newly built homes likely will reduce your worries about maintenance cost. Everything in a new home is brand new and has not experienced the wear and tear that you would experience in an existing home, which means less repairs. Buyers will have new systems, appliances, roofs, foundation, etc. which will be very helpful to them when adjusting to home ownership. In addition, most new home builders offer … (0 comments)
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homeowner: Handling Scammers, Squatters and Trespassers
- 06/18/24 06:20 AM
It is important to know your legal rights to protect your property when people have no rights to your property. In today's world you need to be aware of red flags such as fake documentation, false property listings and counterfeit deeds. If your gut tells you a client is too easy to work with or their actions are out of the ordinary, such as demanding or needing immediate money from a sale. This is the time you need to trust your gut and take appropriate action. Scammers tend to seek out properties that have no mortgage, have an ID that does … (2 comments)
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homeowner: New Home Inspections
- 05/15/24 06:21 AM
If you are a home buyer that is having a new home built you might want to consider hiring your own inspector to inspect the home. Sometime the builders’ sales personnel will discourage you from hiring your personnel inspector by stating the builder has several inspections during the building cycle. This is true, but these inspectors may be more willing to give the builder a favorable report. A home buyer who hires an independent inspector to do phase inspections has a better chance of solving problems earlier. Recommend the buyer do the following 3 inspections: just prior pouring the foundation, just … (0 comments)
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homeowner: Strategies for Maintaining a Home
- 07/11/23 06:29 AM
Recent bank failures should be a wakeup call to all homeowners and people who have deposits in their bank that are above $250,000. The Federal Deposit Insurance Corporation (FDIC) does not insure amounts that are above this amount. Homeowners must maintain all their assets which includes maintenance of their hard assets such as their home and investment property and financial assets they have deposited in financial institutions. For most people homeownership represents their largest asset, and they need to manage these assets to maintain long-term sustainability. Homeowners should follow the following risk mitigation strategies that are normally followed by banks to … (1 comments)
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homeowner: Difference Between Inspection and Appraisal on Home
- 06/07/23 06:11 AM
One important step that should be included when purchasing a new home is to request an inspection be done on the property. This should be scheduled no later than immediately after a contract has been accepted by both the buyer and seller. Normally, the contract allows a short period of time when this task can be accomplished. The short period of time should be sufficient to inspect and negotiate repair costs if necessary. Inspection identifies the condition of the property prior to finalizing the transaction. Appraisal requires a professional to determine the market value of the property which the buyer desires … (4 comments)
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homeowner: Tips to Determine How Much Mortgage
- 05/16/23 06:30 AM
Before committing to a home mortgage be sure to calculate how much mortgage you can safely fit into your budget. Homeownership should make you feel secure and safe. This means not taking the largest mortgage that your lender will permit. As a buyer, look ahead to anticipate life event desires and how that might influence the budget. These could include going back to school and/or having a child. Factor these lifestyle issues into the budget. Remember many lenders will not understand or consider your current and future financial personal goals. Lenders base their loan approval on a formula. Following are tips … (4 comments)
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homeowner: Home Improvements
- 04/11/23 06:14 AM
When you decide to do a home improvement many times you ask yourself whether I should do it yourself (DIY) or hire a pro. Doing it yourself usually brings a sense of self-accomplishment and saves money. Sometimes it is wise to have a professional contractor handle the job especially when it is complicated, lack of experience, and/or when you do not have proper tools. Following tips when to DIY improvements:
Small projects – If not experience at home improvement projects only consider small projects at first. Before starting the project, do research on how to successfully do and complete the project. … (4 comments)
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homeowner: Lesser-Known Fees That Factor into Buying a Home
- 02/15/23 06:32 AM
Many home buyers are not aware of all fees charged that makeup the total cost of purchasing a home. Some of these fees are normally paid prior to closing while others are paid at closing. Fees paid at closing will be itemize on your closing statement which you should receive a copy to review prior to closing. The fees that are lesser known to the general public will be reviewed below:
Inspections of property – As a home buyer who is hiring an inspector to perform an inspection on property that you recently signed a written contract to purchase, you need … (2 comments)
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homeowner: Possible Calmer Housing Market in The Future
- 05/17/22 07:02 AM
The housing market is beginning to show signs of getting back to normal. This is indicated by fewer contract signings and decrease in pending home sales recently. The only area that has seen an increased number of sales is the northeast. With fewer contract signings this is an indication that the market may be calming and moving towards a more normal market condition. Now that interest rates are increasing this reduces the number of potential buyers, therefore slowing the number of homes being sold. The desire to purchase a new home remains strong, but the financial ability has become a limiting … (2 comments)
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homeowner: Competition of Faster Rising Home Prices Versus Seller Power and Wages
- 04/26/22 06:25 AM
Income required to meet the new home affordability standard is growing at a faster rate. This is resulting in less potential home buyers being able to afford higher median home prices and high mortgage rates. At same time, there are sellers that are recognizing some buyers are being priced out and their listing price is too high therefore are dropping their price. Affordability is determined by the amount income needed to cover homeowner expenses which includes mortgage, property taxes, maintenance, and insurance for median-priced single-family house. The past few years low mortgage rates and increase wages helped to offset rising home … (2 comments)
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homeowner: Real Estate Trends for Year 2022
- 04/06/22 06:21 AM
This coming year home sellers will hold the upper hand, especially through the spring. As we go into the year buyers will be more sensitive to home price increases. This is caused by higher home prices, mortgage rates and cost of other products which will cause potential buyers to tighten their budget. If this happens buyers will take a step back from the market and focus more on their daily needs which may lead to moderating home prices. Too a degree we have already seen this happen last year due to double-digit home price increase. Going forward there will be a … (1 comments)
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homeowner: Home Bidding Wars Are Rising in January 2022
- 03/10/22 06:18 AM
Competition for buying a home has been unseasonably hot this past year. Buyers faced bidding wars with low inventories. NAR reported that January 2022 had the fewest number of homes available for sale on record with most of these homes sold under a month. Mortgage rates are anticipated to rise in the coming months which may cause home buyers to lock-in at earliest date to avoid further increases. Since there are few homes on the market and townhomes appear to be creating the most competition in some areas. Current buyers desiring to buy a home are trying to locate a home … (2 comments)
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homeowner: Controlling Weeds in Your Lawn
- 03/24/21 06:24 AM
Homeowners have a year around job fighting weeds in their yard. In addition, they sometimes have beautiful flowers that are present in the yard, but most people prefer the flowers to grow only in their designated areas. Controlling weeds is best done in the fall and early spring. This allows the homeowner to take advantage of the growing season for turf grass. Having thick lawn is the best defense against weeds. When there are many weeds, this is an indication there are problems with the soil. If the lawn is free of weeds, then focus on making sure the grass is … (2 comments)
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homeowner: Expert Thoughts When Shopping for Mortgage
- 02/26/21 12:31 PM
Currently mortgage rates are low, this is providing savings to people who are shopping for a new home or wanting to refinance their current home. The mortgage process is not well understood by many borrowers. Borrowers should take some time to understand the mortgage process. This could save the buyer thousands of dollars. Before making a loan decision the annual percentage rate (APR) needs to be understood. This rate includes fees that are charged by the lender and added to the quoted loan interest rate. For example, the quoted loan rate may be 2.5% but your actual APR is 2.8%. The … (1 comments)
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homeowner: Pros and Cons Mortgage Escrow
- 02/09/21 06:57 AM
Many times, buyers who are purchasing a home need to decide whether they need or should setup a mortgage escrow account when they close on their new home. The purpose of a mortgage escrow account is to allow the mortgage company to pay the homeowners property taxes and homeowners insurance premiums when due. These premium amounts are included in the homeowners’ monthly mortgage payments. A buyer who is putting down less than 20% usually has no choice but to have an escrow account due to lender requirement. Most lenders require a buyer to have an escrow account until buyer has at … (0 comments)
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As a homeowner you need to have either homeowner’s and/or dwelling fire insurance policy. What is the difference between the two types of policies? Homeowner policy is a package policy that covers physical damage to property and legal responsibility for injury that occurs on the property. This type of policy offers three levels of coverage: actual cash value, replacement cost, and guarantee/extended replacement cost. These policies do not include coverage for flooding, earthquakes and poor maintenance. A dwelling fire policy covers the structure of a property against damage from specific perils, like fire, wind, or hail, but typically not contents. Homeowners … (0 comments)
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