If you are looking to move into a new home, check out these tips first and about Homeowners insurance coverage.
Be realistic about how much you can spend.
Save yourself a lot of time by planning out a budget first. The first thing you need to consider is how much can you afford to spend each month on mortgage, taxes and insurance on your new home. Talk to your bank about a pre-approval letter for new home loan so you know exactly what you can spend. Look at the homes in the range you can afford and maybe less. Doing the research, yourself will make you more knowledgeable about the market, which is key to making a good purchase.
Online resources and Realtors
Before you get your heart set on a home, call the Realtor on that listing and ask about the roof, mold, or any other problems that could be there. A Realtor is a great asset to have when searching for a home and as a buyer you do not pay a commission fee. Ask if they can recommend a Home Inspection Company, once you sign the contract, you may have a limited number of days to get the home inspected.
What is the neighborhood like?
If you have had problems with neighbors while renting, that option is you can make a complaint to a landlord, or possibly negotiate your contract and move. Do your homework ahead of time about the location of your new home. It may be beautiful, have the pool you want, and a dream size backyard, but what is the good of that if you’re up until 3 am because of noisy neighbors. Take a drive out around dinner hour and again maybe later in the evening. Ask others if they know about the neighborhood, break-ins, noise, family oriented, etc.
If you have a mortgage, you will need homeowners’ insurance. The lender wants to protect their investment in case of a hurricane, tornado or other unpredictable incidences that may cause damage to the property.
If you are purchasing a home, start looking for home insurance as soon as you sign the contract, this way you will have time to compare quotes and get an idea of how much this will cost. You will need to show proof of home insurance at the closing.
Always, always have a home inspection
This is not the same as an appraisal of your home. The appraisal is the value of the home. The home inspection makes sure your home is safe and if there are repairs needed. Your basic Homeowners Policy may cover the dwelling, personal property, liability in case someone gets injured, and storm damage. It will not cover a pre-existing condition such as mold. Make sure you walk through the home and talk with the home inspector.
For many the home inspection helps them to decide if they want to purchase the home. For insurance purposes, a 4 Point inspection and Wind Mitigation are encouraged, for two very important reasons.
The 4-point inspection lets you and the insurance company know the conditions of the plumbing, electrical system, roof condition and Heating, Ventilation, and Air Conditioning (also known as HVAC).
The Wind Mitigation Inspection has an added bonus, which gives you a discount on your Homeowner Insurance Policy. This inspection determines how your home will handle high winds, storms and hurricanes.
Termites can cause a significant amount of damage and it can be quite costly to get rid of them as well repair the damage. If you have going through a lending company, they may require this inspection. Get started off on the right foot and have a termite inspection done with the home inspection. Some companies provide this for an extra cost, but in the long run it is well worth it.
Start shopping for Home Insurance for your new home with us today?
Contact us at 863-453-3903 or fill out the form on our website and we will contact you.