Resources for the Home Shopper

There are so many online tools and resources for today’s home shopper, there is no reason to be surprised or unprepared during your search.  The more information you have the better you are able to make a good decision for your family and negotiate your position when necessary.   Here are some of our recommendations on home buyer resources.

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National Association of Home Builders

Understanding Homeowners Insurance

 

Understanding Homeowners Insurance

Purchasing homeowners insurance is a necessary part of buying a new home.  While it may seem tedious, this insurance protects your largest financial investment – your new home.

Insurance costs vary on the location of the home, age of the home, type of coverage needed and deductibles.

Go online to read about potential insurers and their customer service ratings. Typically insurance is purchased and then forgotten about so it’s helpful to see what customers with claims think about how their issues were handled.

It may help you save money to have your auto and homeowners insurance covered by the same company.

Your possessions such as clothing, electronics, and furniture are covered but if you have a special item that may exceed the included coverage make sure to mention that as a concern. It may require an addition to the standard policy.

A higher deductible will result in lower premiums. Go as high as you can since typically claims are filed only every 8-10 years.  Make sure you have the savings to cover that deductible should the worst happen.

Be sure to ask what the policy covers and what it doesn’t cover. Get all estimates in writing so you can price shop other companies while comparing apples to apples in coverage.

http://parkridgebuilders.com/

Tax Information for Homeowners

One of the many benefits of owning a home is the extra savings at tax time.  Yes owning a home is a great benefit when it comes to filing your taxes each year.  Whether you do your taxes on your own or use the services of a professional, make sure you take advantage of these tax savings opportunities.

Main tax benefits include being able to deduct interest payments and property tax payments.  Homeowners may also exclude, to a limit, capital gains made on the sale of a home that previous year.  Points paid toward your mortgage to get a better overall interest rate may also be deductible.

Certain environmentally friendly updates made to your home may also be eligible for a tax credit.

As the tax law continually changes and updates it is important to stay on top of what homeowner deductions or credits you may be eligible for.

http://parkridgebuilders.com/

#parkridgebuilders #homeownership 

Inside Chores for Cold Winter Days

When you're looking at the outside temperature and thinking today makes a great day to stay inside, we have some productive activities for you!

Of course resting on the couch and watching your favorite shows is a classic winter past time, you can take advantage of the colder temps to stay inside and get some much needed work done!

1. Cleaning the Oven
Cleaning the oven take some time and is the perfect activity for when you're going to be around the house for a few hours. Most ovens come with a self-clean button that does the work for you. If your oven is really greasy and grimy it make require some pre-cleaning on your part using either oven cleaner or a mix of vinegar and baking soda.

2.  Clean the Floors
Since you are spending more time indoors, it's time to ramp up your typical cleaning schedule. Sweep and mop the floors to keep any mud or dirt from tracking around the house. Vacuum regularly to keep dirt from being ground into the carpet fibers.

3.  Inspect the Pantry
Winter is a good time to reorganize the pantry and make it more efficient for the new year. While you're organizing check the dates to make sure no products are expired.  Pull out little used ingredients and do an online search for recipes that you may not have tried before.

4.  Mattress Care
Flip your mattress if you can or if you have a pillow top rotate it 180 degrees to prevent impressions or dents from forming. To freshen your mattress, sprinkle it with baking soda and then vacuum up.

5. Inspect and Clean Your Windows
Let more natural light in during the dark winter with clean, sparkling windows. Don't forget to clean around the frames which can gather dust and dirt.  Letting in a little more natural light can really cheer up a dreary winter day!

Take Advantage of Winter Days

When you're looking at the outside temperature and thinking today makes a great day to stay inside, we have some productive activities for you!

Of course resting on the couch and watching your favorite shows is a classic winter past time, you can take advantage of the colder temps to stay inside and get some much needed work done!

1. Cleaning the Oven
Cleaning the oven take some time and is the perfect activity for when you're going to be around the house for a few hours. Most ovens come with a self-clean button that does the work for you. If your oven is really greasy and grimy it make require some pre-cleaning on your part using either oven cleaner or a mix of vinegar and baking soda.

2.  Clean the Floors
Since you are spending more time indoors, it's time to ramp up your typical cleaning schedule. Sweep and mop the floors to keep any mud or dirt from tracking around the house. Vacuum regularly to keep dirt from being ground into the carpet fibers.

3.  Inspect the Pantry
Winter is a good time to reorganize the pantry and make it more efficient for the new year. While you're organizing check the dates to make sure no products are expired.  Pull out little used ingredients and do an online search for recipes that you may not have tried before.

4.  Mattress Care
Flip your mattress if you can or if you have a pillow top rotate it 180 degrees to prevent impressions or dents from forming. To freshen your mattress, sprinkle it with baking soda and then vacuum up.

5. Inspect and Clean Your Windows
Let more natural light in during the dark winter with clean, sparkling windows. Don't forget to clean around the frames which can gather dust and dirt.  Letting in a little more natural light can really cheer up a dreary winter day!

2017 A Good Year for Housing

As the numbers come in, 2017 is looking to be a great year for the housing market, with 2018 predicted to be even better.

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development report that sales of new single-family homes in November were 17.5% above the October numbers and 26.6% above last November.

The median sales price of new homes sold in November 2017 was $318,700.

It wasn't just a great month for new home sales, existing home sales rose as well for the third month in a row.

This is great news for the housing market but also for the economy as a whole as housing plays a huge role in the health of the overall economy.

Builders are often selling homes before they are built - a great indicator of demand. Current national inventory is low - just a little over 4 months of available homes.

So what does this mean for you?  Demand is strong and inventory remains low which could push prices higher.  If you are on the fence about buying a new home it's time to make a decision before the cost of a new home goes up.

Planning for Your Down Payment

One of the biggest concerns for new homeowners is the financial aspect of buying a new home. Can they afford the down payment? The monthly payments? What other costs are involved that we may not know about?

Today we are going to tackle the down payment - often the largest upfront cost to buying a new home.

A down payment is the money you give to the seller of the home. It is a portion of the overall cost of the home. The rest of the home cost will be mortgaged over time.

For example, a typical down payment is 20%.  If your home costs $100,000 then you will pay the seller $20,000 and take out a mortgage for the other $80,000.

How much of a down payment you will need to have depends on your financing.  Typically the higher your down payment is the lower your interest rate will be.

A down payment can come from your own savings over time, the money you make after selling your current house, or from gifts/grants from others.

There are many ways to begin saving for a down payment such as setting aside a little money each month, saving any tax refunds or gifts, set up automatic transfers from your checking account to a savings account with interest.

Remember your end goal - a brand new home for your family.  This makes the saving process a little less painful and reminds you of the big payoff in the end!