Home Insurance Guide for Beginning Home Buyers
Posted by Shawn Clayton on
Homeowners insurance offers important protection for homeowners. When certain types of disasters cause damage to a house or when someone is injured on the property, insurance can protect homeowners from crippling financial liability. Once a home buyer makes an offer on a property, many buyers start the search for the right homeowners insurance policy. Knowing the purpose of homeowners insurance and the best ways to save money on insurance can help home buyers to choose the right policy.
Are Homeowners Required to Have Homeowners Insurance?
Much like group life insurance through your employer, individuals are not legally required to have homeowners insurance, however, it is often a prerequisite or the home mortgage process. Mortgage lenders…
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Buying a house that has not been built yet is not the same as buying existing construction. These five questions help buyers understand what they will need to know as they shop for new luxury or waterfront homes for sale. What Is the builder's experience?
Rules differ for vacation homes and rental properties, and whether a second home is designated as one or the other can influence seller options for financing as well as carry tax implications for both buyer and seller. Options for vacation homes, such as waterfront real estate, may not be clear cut. When it comes time to sell an Ortley Beach vacation home, there also are tax implications that hinge on whether the property was ever rented, for how long, and how it was used by the owner and the owner's family. Numerous variables exist.
Buying a vacation home is very different from buying a primary residence. A homeowner who has bought a primary residence and is now thinking about buying a vacation property may be startled by the many differences between these two purchases. Knowing the differences can help a person decide whether or not buying a vacation home, that's waterfront real estate or otherwise, is right for them.
Imagine not having to replace your roof for at least 50 years. It's not too good to be true; it's the typical lifespan of a metal roof. Learn the benefits of metal roofs, including their energy efficient features, to determine if this is the right choice for you and your waterfront home.
If you're a home buyer making an offer on the waterfront home of your dreams, you might spend a lot of time thinking about home buying contingencies. Understanding what contingencies are and how they can benefit you is important. Once you know how contingencies work, you'll be able to make choices that can make your home purchase successful.
Smart technology is here to stay, and many homeowners are finding ways to integrate it into their everyday lives. These tips will help homeowners make their home a smart luxury home using all the latest smart technology and gadgets.
Homeowners want to present their homes in the best possible light to prospective buyers. However, with a myriad of home styles and even more possibilities to make that home more attractive, it may be difficult to select the most practical, low-cost ways to spruce up a property. There are those homeowners that can afford to splurge. However, others want to get the most value possible from relatively affordable expenditures. What can homeowners with a small budget do to improve the appeal of their luxury or oceanfront home?
Lenders ideally want to see a 20% down payment from all of their applicants. This gives a new oceanfront homeowner a large share of equity in the home from the moment they move in, which makes them that much less likely to default on the rest of the payments. While 20% may have been reasonable for certain areas in certain time periods, the inflation in many cities today has been high enough that fewer and fewer people can come up with that kind of cash on the spot. Private Mortgage Insurance (PMI) was the solution for these buyers to mitigate the risk a lender takes. See what the rules are before you start shopping around for lenders.
There is a little thing called PMI which can add to the cost of owning a home and in some cases continue for the life of a home mortgage loan. Buyers who are touring areas should note this potential extra cost as this can affect the style and size of the home that can ultimately be purchased. Your dream waterfront home may take a little more effort to lock down. But not every borrower needs to pay PMI but in some cases it is necessary to make these extra payments in order to be approved for a home mortgage by a lender. What do you need to know about PMI? Do you have to pay PMI? Learn more about PMI and your options today.