A Beginner's Guide to Homeowners Insurance

Home insurance may not be the most interesting topic to discuss when buying a home, but it is essentials for new homeowners to understand the details that influence homeowners insurance. Virtually all mortgage lenders require insurance coverage, and for good reason! When shopping for insurance companies, understanding your policy options is key. Take time to view this beginner's guide to homeowners insurance to help understand what a basic homeowners policy provides.

Damage to the Interior or Exterior of Your House

There are a number of tragic events that could damage the interior or exterior of your home. A few to consider are:

• House Fires
• Hurricanes
• Lightening
• Vandalism
• Other Natural Disasters

In the event of damage due to covered costs, your insurer will compensate you for repairing or rebuilding if necessary. However, damage caused by floods, earthquakes, or poor home maintenance are not covered and you may need to find an outside provider.

Loss or Damage to Personal Belongings

Clothing, furniture, appliances, and other valued items are often covered if they are destroyed in the insured disaster. However, there may be a limit amount depending on the company you choose to insure through. According to the Insurance Information Institute, most insurance companies will provide coverage for 50-70% of the amount of insurance you have structured in the home.  

How Much Does Homeowners Insurance Cost?

According to the National Association of Insurance Commissioners, the average cost of homeowners insurance was $791, however this rate can easily fluctuate based on insurance companies and specific policies. The price is first determined by how much coverage you purchase which is a decision you must make after determining the value of your home and taking inventory. Other factors that can influence the cost are your zip code, the size of the house, proximity to fire hydrants, the condition of plumbing, and electrical systems.

Choice Properties understands your needs and desires when it comes to the home search. We are here to help you define what you want, seek the best property and move forward feeling educated and able to make good decisions throughout the process. You can trust us to help you navigate it with the best real estate agents working for you. Call us to get started on your dream home search today.

Ways You Can Save Money to Buy a Home

Perhaps you are seeking more space or simply ready to start the next chapter in life. Either way, buying a home is a goal shared by many! Learning different ways you can save money to buy a home will get you on the right track, preparing you for exciting adventures ahead. From creating a budget to managing credit, you'll be glad you took these steps to homeownership.

Cut Back on Small Luxuries

Unfortunately, with saving money requires you to determine what you need to cut back on spending. Consider skipping the morning drive-thru coffee, you would be surprised by how much money you save at the end of the year! Other small luxuries that can be put on hold are cable TV, magazine subscriptions, manicures, and going out to eat. Although this may seem like a challenge, remember these are only temporary (and definitely worth it)!

Create a Budget

Set a goal for how much you desire to put into a down payment for your new home. This allows you to create a budget, giving you a timeline as to how long it will take to reach the set number. Setting aside a specific amount for current rent, bills, and other living expenses will show you how much you're left. Determine how much you're willing to transfer to your savings each month after bills have been paid and you'll be saving money in no time!

Save Your Tax Return

It can be tempting to spend the hefty tax return check that you've been anticipating all year. We suggest depositing the check directly into your savings so you are not tempted to spend the extra money. This is an easy way to instantly boost the number in your savings and speed up the home buying process.

Get Out of Debt

It may sound contradicting to save money while paying off credit card debt, but both can be done! While it's important to save money for a down payment on a new house, it's just as important to pay off outstanding debt. Your credit score greatly influences the loan amount and interest rate you will receive. Having a higher credit score will lower your interest rate, allowing you to save money in the long run. Making minimum payments on credit cards is an easy way to pay off debt while building credit.

Looking for more information on finding a new home?

Give Choice Properties a call today to speak with our award winning realtors!

Tips on Maximizing Space in Your New Home

Regardless of how big your new home is, we all crave the need of maximizing space to make our homes feel spacious and welcoming. If you have been wondering how to make your bathroom more organized or tips on making use of your spare bedroom, stay tuned! The experts at Choice Properties are sharing our tips on maximizing space in your new home, allowing you to truly enjoy your recent purchase.

Open Up Your Entryway

The entryway is the first area of your home that guests welcomes guests. This space should be functional, allowing space for maneuvering quickly and easily. Take full advantage of the space by adding a bench or sitting area for guests to remove shoes. A coat rack also makes it easy for kids to grab backpacks when rushing to the school bus! Mounted wall hooks are easy to install and don't take up much space.

Organize Your Kitchen

The kitchen is the busiest room in any home. This means the space should be enjoyable, comfortable to cook in, and functional to entertain guests. Maximizing space by adding vertical storage shelving in your pantry is a great way to hide food and making use of other cabinets. Using drawers for kitchen utensils and cabinets for plates gives items a designated spot.

Tidy Up Living Rooms

Have you noticed how your living room may become cluttered without even trying? This is a high traffic area and can easily become tight. Whether it's family movie night or Saturday football, consider rearranging the space for better enjoyment! Multifunctional furniture, such as ottomans, are perfect for tucking away video game accessories. If you're looking for a coffee table, consider one that offer drawers and open shelving to store TV remotes.

Don't Hide Junk in the Garage

Although the garage is the perfect place to store items, be sure to do so properly rather than hiding boxes of junk. If your garage became piled with miscellaneous items during the move, it's time to go through and purge the unnecessary. Take this time to donate unused furniture that is in storage or discard broken appliances you never got around to fixing. Installing an overhead ceiling rack for luggage, recreation equipment, and seasonal decorations allows you to park your cars where they deserve!

Make the Most of Your Bedroom   

Every bedroom in your home should be a place of comfort, giving you a space to escape from the daily stresses of the world. It can be easy for nightstands to become cluttered or drawers to be overflowing. Maximize the space by ensuring drawers are cleaned of outdated or unused items. Adding storage to your closets is a great way to organize jeans, work pants, and shoes without taking up space.

Choice Properties provides the best in service when it comes to finding your dream home. Our excellent team of realtors will support you in finding the right home at the right place, right now.

Give us a call today!

A Checklist for First Time Homebuyers

Buying your first home comes with a wave of exciting emotions but can feel just as scary diving into the new world of home ownership. Purchasing a home is the American dream, and you should feel proud of your accomplishments! With this being one of the largest investments you'll make in life, it's worth going into the process knowing what is required. The award-winning real estate agents at Choice Properties have created a checklist for first time homebuyers, ensuring your set and ready to start house hunting!

Check Your Credit Score and Credit Report

The first task you should check off your list is checking your credit score. This is the number mortgage lenders will refer to when determining your loan approval or amount. If your credit score isn't where you want it to be, keep working on improvement! Having a good credit score will save you money down the road, as a higher credit score means a lower interest rate. While you are reviewing your credit report, be sure to double check for any blemishes or mistakes. Credit errors are more common than you think, and reviewing your report ahead of time allows you to contact the credit bureau to correct any mistakes.

Calculate a Budget

After ensuring your credit is in the clear, you can now calculate how much you can afford when buying a house. Consider using a mortgage calculator to determine your monthly mortgage payment, which allows you to adjust depending on the size of your down payment, the type of mortgage, and interest rates.

Shop For a Mortgage Lender

Just as you shouldn't buy the first car you test drive, you also shouldn't accept the first loan offer by a mortgage lender. Different mortgage agencies will offer a wide variety of rates and programs, so it's best to shop around to find one that matches your preference.

Find a Trusted Real Estate Agent

Although you think you may be able to tackle the home buying process alone, there are small details that go into making sure you find the best home at the best deal. Finding a trusted real estate agent ensures you are negotiating the appropriate price while not missing out on new postings. Working with a buying agent who immerses themself in the market allows you to rest easy with minimal stress. At Choice Properties, our expert agents make our customers a top priority, promising to work hard until we find the home of your dreams.

Visit Open Houses

While your real estate agent is finding you a home that matches your wishlist, it is also encouraged to browse open houses in the meantime. Browsing the internet for online listings is great, but viewing the properties in person is even better. Take advantage of open houses during weekends, mapping out times and directions to plan a full productive day. Taking photos and notes at each house helps you keep your thoughts clear and precise.

Choice Properties understands your needs and desires when it comes to the home search. We are here to help you define what you want, seek the best property and move forward feeling educated and able to make good decisions throughout the process. You can trust us to help you navigate it with the best real estate agents working for you. Call us to get started on your dream home search today.