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Time for a CHECK UP? Your Real Estate Financial Health

Time for a CHECK UP? Your Real Estate Financial Health

As we look back at our year, some of us are may be saying, “gosh we worked so hard and had a great year, where did all the money go?” From time to time, experts think it’s a great idea to take stock and give our spending and our financial selves a bit of a
checkup.

When it comes to housing, most people don’t stop to consider these as they don’t touch these costs every day….unlike that daily Triple Latte habit that we are up close and personal with!

Housing Money Matters

Typically the biggest financial commitment is the mortgage, followed by insurance. Then there is maintenance and repairs, and then if you’ve been in there awhile, there are the inevitable updates.

Below are some ways to help you think through the possibilities to bring your home
expenses down.

1. Homeowners’ Insurance Rates

A recent study found that most homeowners can save substantial amounts of money by shopping around to lower their rates. NEVER just sign on the dotted line to renew your policy without shopping around.
Talk to your existing insurance broker and ask:
A. Are the coverage amounts fitting?
B. How much would can I save by raising your deductible?
C. Are there any new discounts I qualify for?
Discounts can be out there for such thing as additional home security, retirement, bundling your auto under the same umbrella policy etc..

2. Refinancing Your Mortgage

Changes in interest rates can bode well for you, and so can getting a new job or paying off debt. If you end up with a new robust credit score, it’s worth your time to look at refinancing – particularly if you have a high rate and plan to be in the home for a number of years.

The caveat here is obviously to weigh the upfront costs against your long term savings. Do the math and see. Refinancing can potentially save you a bundle.

3. Time to Lose PMI Insurance 

PMI Insurance was what you most likely got at the beginning of your mortgage especially if you put down less than 20%. However, you do not have to keep paying it. Check immediately.

4. Home-Related Tax Breaks

Energy Saving Appliances, Interest Breaks, First Home Buyer Breaks. These vary constantly, so always check.

5. SAVE Energy – SAVE Money

Leaky windows, inefficient Appliances, even the right light bulbs can make a difference. This should be an annual event designed to tighten your belt and not quite literally throw money out the window.

6. Be Pro-Active

Do regular inspections of your home and property and be on the lookout for repairs that need attention. Not taking care of items can sometimes lead to more damage. Terminates, wildlife in attics, roof leaks can all lead to much bigger issues.

Tracy and her team have a wealth of knowledge when it comes to home savings. Her trusted list of vendors include mortgage specialists and repair experts making her an invaluable resource for you. Contact her today to get the most out of your financial checkup.

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