Homeowners Insurance Checklist

Posted on: March 20th, 2012 by jenmatt No Comments

Homeowners Insurance Checklist

A  home is the single biggest investment most Americans will ever make.  Protecting that investment is not just a legal responsibility, but the smartest move you can make.  Here are several tips for getting the most out of your homeowners insurance for the smallest premium.

Research Early and Often

Shop around.  Too many homebuyers treat insurance as an afterthought and go with the first policy they find.  They might get lucky, but chances are, they’re paying too much or covering too little.

Combine your policies

When you’re shopping for policies, be sure to start with your existing car, boat, or other vehicle insurance provider.  The insurance business is competitive, and most insurers will offer package deals, particularly if you’re a long-standing customer.

Consider your deductible

Raising your deductible is a great way to lower your monthly payment.  It reduces risk to the insurer, shows them you’re not going to pester them with frivolous claims, and can save a conscientious homeowner a lot of money in the long run.  Just be sure that you can absorb the costs.

Improve your Credit Rating

Many insurers will factor your credit score into your rate, so be sure to check your scores frequently and address any blemishes.

 

Final Inspection Checklist for Madison Homebuyers

Posted on: March 19th, 2012 by jenmatt No Comments

Madison, WI Homebuyers Final Inspection Checklist

 

The final inspection prior to closing is to verify that all items for which you have contracted to buy are there, and items that you have not contracted to buy have been removed. When you do your walk through, pay particular attention to attics, crawl spaces or basements, and garages.

Take your time when you are doing your walk through inspection. Try to be as calm as possible. Have a copy of your Sales Contract with you so that you can review any items that should be included with the house.

Here are a few points to review:

  • Check the house from bottom to top.
  • Watch for areas where furniture or rugs may have been when you originally looked at the house. Many times defects in carpeting or floors that were covered are now visible.
  • If an item is missing, or if there is trash or discarded items left behind, deal with it now. Assume that if it is gone, the sellers intend for it to be gone, or if it is still there, they do not intend to remove it.
  • Leave your emotions outside the door. You will have plenty of time to swoon over your new home–now is the time to make sure the house is as you expected it to be.
  • This is the time to deal with any potential problems. If you see an item that needs to be addressed, let your Realtor know so that they can get it handled before closing.

Do You Qualify for a Moving Expense Deduction?

Posted on: December 8th, 2011 by jenmatt No Comments

                                                                                                                                                                                                                                                                                                                                              Tax season is just around the corner and if you have  recently moved into a new home or relocated as a result of a new job or a job transfer you might qualify for a deduction. Some of the costs associated with this type of a move may allow you to receive a moving expense deduction on your income taxes. A few of things to keep in mind that help in determining if you would qualify for a moving expense deduction include:

  • The distance between the old home and the new job must be at least 50 miles
     
  • If you move within a year of taking the job at the new location
     
  • If you work full-time for at least 39 weeks (the total is 78 weeks if you are self-employed)

Keep in mind that both homeowners or renters are eligible to deduct the cost of moving household goods and the direct cost of moving you and your family if you meet the criteria. You can also deduct expenses for lodging during the move but not meals.

It is important to keep detailed records of all expenses during a move and consult a tax expert to make sure that you take all the lawful tax deductions allowed by the IRS criteria for expenses related to selling your old home or buying your new one. For additional reading regarding moving expenses, the IRS publication No. 521 entitled “Tax Information on Moving Expenses” is also a great resource.

 

 

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Buyers: Making the Right Choice

Posted on: December 1st, 2011 by jenmatt No Comments
by Carla Hill of Realty Times

There are so many different homes to choose from during the buying process. How can you be sure to make the right choice?

From condos, downtown neighborhoods, suburbs, and country homes, there’s a perfect fit for every buyer.

To make the best decision you need to be sure to really give time to your decision making process. Yes, your gut can take you in the right direction, but don’t be one of the many buyers that falls prey to listening only to their hearts, ending up biting off more than they can chew.

Some homes take more work than others. This goes double for older homes. The same can be said for many foreclosed houses. The price tag might be appealing or you might love the styling of the home, but keep in mind that much of a home’s value is actually in its condition.

This is why it is imperative to have an inspection done on any home you are considering buying. Additionally, you should have a clause in your contract that states if the inspection comes back unsatisfactorily that you, the buyer, have the right to end the contract to buy.

Different homes also comes with different lifestyle factors. Some buyers love the idea of having everything within walking distance. They like spending their extra time meeting friends for dinner and drinks or perusing the latest art exhibit. Could a condo be a good fit? It’s a definite possibility.

Homeownership comes with its share of time intensive responsibilities. Lawns need upkeeping. Repairs need made. A condo can give you the location you desire without all the extra maintenance you’d find with a single-family home. That means extra time for the things that really matter to you!

Condos, while low maintenance, however, can also have their downsides. You will share walls, common areas, and amenities with neighbors. If you are an extremely private person, then condo living may not be for you.

Do you prefer a more isolated setting? Many people love the idea of country life. Just keep in mind that the further you are from people, the further you are from grocery stores, hospitals, and restaurants.

A suburban lifestyle has gained popularity over the last 20 years. Cities expanded to welcome their growing populations that wanted, and could afford, newer homes with their own nearby shopping centers. School systems can be very good and most areas boast lovely street designs thanks to urban planning.

The real key is to decide what lifestyle is best for you and your family. Once you’ve decided this, you’ll be able to zero on the best location. Next, be sure to consider more than just the price tag of a home. Consider upkeep costs, area taxes, needed repairs, and even future salability. Do your due diligence and you’re sure to make the right choice!

http://realtytimes.com/rtpages/20111130_rightchoice.htm

Are You Pre-Qualified?

Posted on: November 30th, 2011 by jenmatt No Comments

If you are ready to buy a home in Madison, WI you may have already started looking but before you hit the open houses, be sure to know how much you can afford first!

With foreclosures and home loan defaults at an all time high it is vital that before you set out on your new home search, you know exactly what you are able to afford. This is referred to as being pre-qualified, which is different than being pre-approved.  It this difficult economy it is very important to know what monthly amount you can afford before making the purchase.

During the pre-qualification process you will learn a number of different things about your finances such as:

•How much home you can afford
•The amount of down payment you will need 
•The minimum down payment and the advantages of higher down payments
•What the bank feels you can afford for a monthly payment
Mortgage pre-qualification will give you an idea of how much of a home you can afford based on your annual income. However, mortgage pre-qualification amounts can surpass the amount you can actually afford on a monthly basis – especially when you take closing costs, and all the extras outside of the pure purchase price of your home into account

Determining this information ahead of time will also assist your agent in finding the right properties for you to look at that fall within your budget. Need help with this step in the home buying process? Contact us, we would be happy to help!

 

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