Karen Miglin
REALTOR® /Sales Associate
Realty Executives Exceptional Realtors®
UPDATED
It is no secret that homeowners insurance can be expensive. And it isn’t just because the average American home is more expensive than ever. Insurance companies keep raising their premiums to cover losses due to natural disasters, theft and vandalism, weather damage, and accidents.
Additionally, other unexpected events like the COVID-19 pandemic have caused a surge in expenses. The good news is that there are several effective ways to lower your insurance premiums and protect yourself from these risks.
Read on to learn how to save money on homeowners insurance.
Most insurance companies will give you a discount if you bundle your homeowners, auto, and life insurance policies together. But that does not mean you should stick with the same company for all your insurance needs.
Shop around to find the best deal on homeowners insurance. Get homeowners insurance quotes online from up to five different insurers before deciding. You may be surprised at how much you can save by switching to a different company.
Most people think of insurance as a necessary but hefty cost, but it doesn’t have to be expensive if you shop around and find the best deal.
The higher your deductible, the lower your premium will be. But don’t choose a deductible that is so high that you would be unable to afford to pay it if something were to happen to your home.
Choose a deductible that is comfortable for you and fits your budget. That way, you know that you can afford to pay it if something happens to your home. For example, raising your deductible from $250 up to $500 or higher could reduce what you pay for premiums each month by up to 50%. Instead of paying out hundreds per year in monthly premiums, you are accepting a little more risk on the deductible side, which would only be paid if an issue were to occur.
Many insurance companies offer discounts for things like having a security system, being claim-free, or being a member of specific organizations. Ask your insurer about any available discounts and see if you are eligible for them.
You may also be able to get discounts if you insure more than one property with the same company or if you bundle your homeowners insurance with other types of insurance, like automobile insurance.
Don’t forget to ask about multi-policy and loyalty discounts. These discounts are usually offered to customers who have been with a company for a certain number of years or have policies with a high enough coverage limit.
Before reducing your coverage levels, some things to think about include the age of your home, how much money you have invested in it, and whether you live in a high-risk area for natural disasters. If you are comfortable with the risk, you can reduce your coverage levels and save money on your annual premiums.
Just be sure to review your policy regularly and update your coverage levels as needed. Talk to your insurer about what coverage is right for you and see if there are any ways you can reduce your premium.
Read your policy thoroughly, so you understand what is covered. If you are unsure about a particular coverage option, ask for an explanation of the benefits and limitations of your insurer.
If something happens to your home, a home warranty will help pay for the repairs. Home warranties usually cost between $300 and $500 per year, much less than the average homeowner’s insurance premium.
Some home warranties only cover specific systems in your home, such as the plumbing or electrical system. Others offer broader coverage that includes appliances, heating, cooling systems, and more.
When choosing a home warranty, you should also consider the company’s reputation. Do your research to make sure you’re choosing a company with a good track record.
A home warranty is a significant investment that can help you avoid costly repairs in the future. Make sure to choose a plan that fits your needs and budget.
The average American spends over $1,000 per year on homeowners insurance. That’s a lot of money! That’s why you should make sure you’re getting the best deal on your insurance. But how? You can compare home insurance rates side by side to find the lowest price, or you can work with an insurance agent to find the best deal for your needs.
No matter which route you choose, make sure you compare home insurance rates at least once a year to ensure you’re getting the best deal. Rates can change from one company to another or even from one policy to another, so it’s essential to do your research before signing on the dotted line.
Updated March 21, 2022, Alysia Heun, Realty Executives International
Most people love their current homes, especially if the home is where they grew up or where they have raised their children. But no matter how many memories those homes hold, there may come a time when you will simply need to move into something bigger. Maybe your family is growing, perhaps you’ve acquired too much stuff that you can’t let go of, or maybe you need more room for your hobby. These are all signs it’s time to upsize your home. If you want to know more about these signs, keep on reading.
One of the biggest signs it’s time to upsize your home is this: you do not have enough closet space. Or, even worse, you do not have enough space to put another wardrobe in your home. If this is the case, you are probably hanging all your coats on your home bike, chair, or something rather similar. So, do yourself a favor… sell your current home and buy a bigger one – one that will have a bigger closet in addition to space for your home gym equipment.
We can all agree that family gatherings are the best! But we can also agree that, during those gatherings, nobody wants to be seated at the ‘kids’ table. If you enjoy entertaining and need space for meals, it might be time to upsize to a home that can accommodate a large dining table (and any leaf that you may add during the holidays).
No one likes having a bathroom schedule. If everyone in the home doesn’t strictly follow the schedule, it can easily catapult into a roommate or family fight. If your home is tight on bathrooms based on the number of occupants in the home, consider upsizing to a property with additional full or partial bathrooms.
Speaking of bathrooms, is yours located next to your kitchen? Do you have to walk through a laundry room to get to a guest bedroom? Room additions can easily become less of an attraction when they are inconveniently placed in the home. If you must trudge through the kitchen to locate the bathroom in the middle of the night or tiptoe past a sleeping kid to get to a storage closet, it may be time to find a home with a more practical layout.
Another sign that it is time to upsize your home is your pantry – either the overflowing or non-existing pantry. It goes without saying that every home needs a proper and functional place for all the food, drinks, and little knick-knacks. If your home doesn’t have a pantry or if the shelves are overflowing into the rest of the kitchen, it is time to upsize.
*Before you move into your new home, make sure to research moving companies. Many people decide to wait until the last minute to hire movers, but this is one of the practices you should avoid if you want to have a stress-free relocation.
A crowded pantry may not be the worst thing in the world, but a crowded life just may be. Crowded living happens when our homes are too full of stuff, people, pets, and pretty much everything. Homes can feel crowded when we are constantly in other people’s personal space without any area to get away from the hustle and bustle of the household. This is when you know you must upsize your home. Decluttering and organization can only go so far. If you are unable or unwilling to plan a home addition, your best option is to look for something larger.
About the Author: Martha Collins has been working as a professional home organizer for the last 4 years. In her free time, she enjoys writing about home organization on her blog.
Whether you are hoping to increase the value of your home or simply want to rid yourself of an outdated eyesore, upgrading your kitchen is an excellent option for any homeowner. Contrary to popular belief, upgrades don’t have to break the bank or be life-altering changes.
In the case of your kitchen, there are plenty of ways to make inexpensive changes that boost the appearance of your home and may help you reach a higher price tag when it comes time to sell. Below are a few options for upgrades under $100 that make a huge splash!
If you’ve got an empty portion of your counter or, even better, a nook, a coffee bar can be an excellent option to elevate your space. Best of all, it’s easy and cheap, and useful! Purchase jars to pour coffee supplies into and inexpensive display mugs for a simple, elegant swap. No need for building or dismantling here – you’ll be able to create an adorable space with little work!
Cabinets, especially in older builds, can be outdated and dull. Rather than completely replacing them, an overhaul that could easily cost tens of thousands of dollars, try painting them! Not only will it significantly improve the look of old, faded wood, but the cabinets can become an inexpensive statement piece. Have a mostly white kitchen? Try rich blue cabinets! Looking to brighten the space? Convert your dark wood cabinets to a bright white or pale grey. If you’re feeling ambitious, try the tuxedo method by painting your top cabinets a different shade than the bottom ones for a contrasting, sophisticated look.
You may think your only option is to cut some real tile and create a swoon-worthy subway tile backsplash. However, you can opt for the cheap alternative: peel and stick tiles. There are plenty of options online for various colors and styles. Best of all, it’s a temporary alteration – one that can be taken down when needed or swapped out when you’re bored. It’s a great option for renters who want to upgrade their space!
Paired with a fresh paint job, a new lighting system can seriously improve your kitchen’s appearance. A beautiful light fixture hanging in the middle of your kitchen or over the sink will transform the space, helping to achieve the style you’d like. Want a stripped-down industrial look? Try wire lighting with Edison-style light bulbs. Prefer a pop of bright light and color? Try opting for a multi-colored, modern fixture that catches the attention of all visitors.
When it comes to cabinets, be sure to add some new hardware. The handle or the nob you use for your cupboard can add more texture, shine, or a pop of color to the kitchen, especially with mono-color schemes. It’s a minute detail, but the difference is immeasurable. From brassy handles to crystal nobs, the hardware reinforces the feel of your space and can complement your vision. Similarly, new faucet hardware can make a world of difference for your countertops. Purchasing a nice faucet at a home improvement store and installing it yourself can be an excellent money-saving hack.
While this can be overlooked, what’s on the inside of your kitchen cabinets matters just as much as what is outside. Take some time to organize your cabinets, pantry space, and countertops using matching, tidy jars where it makes sense. These jars can hold large amounts of baking ingredients, coffee, kids’ snacks, and more. This frees up space and makes your kitchen look less cluttered.
Adding wallpaper can be a great way to alter a focal wall without making a permanent change or breaking the bank. Opting for a fun but manageable pattern helps to bring in a pop of color and will add a layer of uniqueness that complements the rest of your kitchen space. With a statement wallpaper piece, you can often avoid other changes because the wallpaper carries a lot of weight. For example, painting the cabinets for a pop of color may not be necessary with a vibrant wallpaper behind the cabinets.
One difference between homes-built decades ago and homes built more recently is the open shelving concept. Where there used to be cabinet-lined walls to store goods, you can now opt for floating shelves and glass-front cabinets, perfect for artistic displays. Although adding open shelving is inexpensive, before removing any cabinetry, make sure that you have enough cabinet space to accommodate all your dishware and appliances. Knocking out a cabinet or two allows the kitchen to feel more spacious and luxurious.
If your kitchen needs a pick-me-up, consider these eight inexpensive ways to upgrade your kitchen before committing to a major remodel. You’ll be able to see which design elements look the best while maximizing function in your space. With a little effort, your kitchen can feel new!
A home reflects the type of lifestyle it houses. The kitchen in a house with kids will be very different from the one used by a single person or empty nesters, and this will often lead to design decisions for the space.
If you are looking to sell, the consensus among real estate experts is that kitchen updates are important at some point before selling. What if you’re planning on staying in the house for a decade or more? It still may make sense to make them part of a renovation project rather than doing minor touch-ups here and there.
The best time to update a kitchen space can vary depending on your circumstances. However, there are some general guidelines that you can follow to help make the process easier.
Updating your kitchen space can be a great way to make your home more appealing to potential buyers. You can do several things to update your kitchen, from painting the walls to replacing the cabinets. Also, you can add new appliances or fixtures or upgrade the flooring.
If you’re updating your kitchen space, it’s essential to choose colors and materials that will appeal to a wide range of buyers. You don’t want to choose anything too trendy or specific, as it may not be popular with all potential buyers. Instead, opt for classic colors and materials that will never go out of style.
When updating your kitchen space, be sure to keep the room’s functionality in mind. Make sure that you’re adding features that will be useful to the people who will use them in the future.
If you want more tips on making your home more attractive when selling, talk with a real estate agent or look online for information and advice from professionals in the field of interior design. You can also find helpful tips by looking through home improvement magazines or websites.
Installing new flooring in your kitchen is a great way to update the space. Many different options are available, so you can choose the flooring that best suits your needs and style.
If you’re not sure which type of flooring to choose, here are a few factors to consider:
When installing your new flooring, carefully follow the manufacturer’s instructions and have a few extra pieces on hand for future repairs, if needed. If you’re not sure how to cut or install your floors, ask a professional for help. Installing new flooring can be a big job, but it’s worth the effort! Not only will your kitchen look updated and stylish, but you’ll also enjoy years of use.
Updating your kitchen space is a great way to make your home more energy efficient. By making simple changes, like adding insulation or installing a new Energy Star-rated appliance, you can save money on your energy bills and help the environment too.
If you’re considering rearranging the layout of your kitchen, there are a few things you should keep in mind. First, think about what you want to achieve with the redesign. Do you want more storage space? A more open layout? More counter space? Once you know what you want, sketch out a few ideas and gather some inspiration online or from magazines.
Once you have a general idea of what you want, start thinking about measurements. You don’t want to start tearing down walls or buying cabinets only to find out they don’t fit! Start shopping for supplies and furniture once you have all your measurements and an installation plan. Be sure to consider the height of your ceilings and the width of your doors and hallways.
Finally, don’t be afraid to ask for help! Changing the layout of your kitchen often involves electrical work and plumbing, so consult an expert before you start demo!
If you’re considering updating your kitchen cabinets or countertops, there are a few things you should keep in mind. First, make sure you have a clear idea of what you want and how much you’re willing to spend. There are a few activities, like hanging cabinets, that you may feel comfortable doing on your own. More skilled work, like fabricating granite countertops, may be best left to the professionals.
Measure the space to ensure the new cabinets or countertops fit, and to understand what space you must work with if the new cabinetry or counters come in different dimensions than your current ones. And, if you’re planning to do the work yourself, be sure to read up on the best way to do it. If you’re not sure where to start, there are a lot of great resources online.
For example, the website DIY Home Improvement has a ton of information on everything from painting cabinets to installing countertops. You can also find helpful videos on YouTube.
Not sure if you can afford an update? If you don’t have the cash saved to fix up your kitchen, research options for loans to see if it makes sense for you. Make sure you’re aware of the overall project spend and what your monthly payments will be. Also, try to find a lender who offers competitive interest rates and terms such as CreditNinja.
Updating a kitchen space comes with various degrees of expense but making the decision to change it can come from personal preferences or timing. Think about what will make your kitchen appealing and comfortable for you, your family, or the next owner.
Realty Executives International - 12/10/2021
The process of buying a home requires many steps. One of the final ones is paying the closing costs on your new house. Here is everything you need to know about these expenses.
Closing costs are the fees you owe at the end of a real estate transaction. Your lender will provide you with an estimate after receiving your mortgage application. In the U.S, the average closing cost is $6,087 with taxes. Yet, the price will vary based on several factors, such as your home’s purchase price and the type of loan.
The expenses cover all the fees necessary to close on a home, excluding your down payment. They are broken into three categories: lender fees, third-party fees, and prepaid items. Here are some of the typical costs in each group.
These include charges for underwriting and processing your loan. They help brokers source essential documents, such as bank statements. In addition, they cover the cost to verify information on your loan application. You will also have an origination fee, which allows the lender to set up your loan. It’s usually about 0.5% to 1% of your loan amount.
Here are some other expenses to expect from your lender:
These expenses come from outside companies involved in the closing process. For example, your credit bureau will charge a $30 feefor pulling your credit report. You will also owe an appraiser cash for determining the market value of your house. In addition, there’s a title search cost to check for any outside ownership claims to your property.
Here are some more third-party charges to budget for:
Homeowners pay for property taxes and homeowners insurance upfront when closing a loan. You also pay them monthly to protect your home from potential damage or tax foreclosure. The average price of homeowners insurance is around $1,015 a year. If you live in an area prone to inclement weather, also invest in flood insurance.
With multiple expenses, your closing costs can start to add up. Here are a few tips to help you lower your price.
Before choosing a lender, shop around and compare fees. Check out banks or credit unions first. Look for mortgage lenders offering low fees and competitive interest rates. Ask them important questions, such as how long the process is expected to take. Once you have selected an agent, improve your credit score and save for a down payment.
Also, remember you don’t have to use the inspector or insurance agent your broker recommends. Instead, do your research to find the right companies.
If you’re on a tight budget, ask the seller to help cover a portion of the closing costs. They can either accept or reject your offer. This is less likely to be accepted in a seller’s market, where it’s easier for the seller to find a motivated buyer in their desired timeframe.
However, for homes on the market for longer, a seller may be willing to compromise. If it’s a competitive market, increase your offer price to offset the closing costs. Make sure to talk with your real estate agent before negotiating, as they can provide insight into whether it’s a good addition to the deal.
Scheduling later allows you to save money on prepaid interest charges. You’re expected to cover any interest on your mortgage from the closing date until the end of the month. So, this way you only pay the fee for a few days.
Carefully review your loan estimate to ensure the fees are in order. Ask your lender to clarify any confusing charges. Also, if you notice any new fees or inconsistencies, bring them to your lender’s attention. Catching any errors can reduce costs and move the process along.
Some lenders may try to add unnecessary fees, so if you notice these, speak up. Ask your lender to remove or reduce any duplicate charges. Compare your costs to other lenders’ offers to ensure you’re getting a fair deal. Look out for excessive processing and documentation prices, which are common in underwriting fees.
Some lenders might offer to pay your costs or roll them into your loan. Keep in mind you will still pay interest on the closing costs, usually at a higher rate. Therefore, consider this option as a last resort.
Purchasing a house comes with multiple expenses, including closing costs. These expenses will cover fees for lenders and appraisers. Before you invest in your dream home, review this guide so you can start preparing your budget today.
