The Importance of a Home Warranty

A home warranty is one of the best forms of risk protection next to homeowners insurance. Once you become a homeowner, you’re investing in a property that requires proper care and upkeep. That’s why it is important to acquire a home warranty plan to help keep you prepared for unforeseen incidences and maintenance issues. So many homeowners save on out-of-pocket costs because they are covered by a home warranty plan. But what is it?

While home warranties and homeowners insurance both protect against unexpected circumstances, a home insurance policy covers any accidental damage to your home and belongings due to theft, storms, fires, and some natural disasters. Homeowners insurance will help repair any wreckage to your home or personal property that was stolen or damaged. This may also include liability coverage which can help cover legal and medical fees if someone is injured on your property.

Home warranties are not required but are highly suggested because it will provide coverage on expenses related to HVAC systems (heating, ventilation, and air conditioning), plumbing, and home appliance repairs or replacements. This is an annual renewable contract that provides assistance in repairing electrical issues, leaks, and faulty appliances or will replace systems in your home that are beyond repair if they break down, such as a dishwasher or washer and dryer.

For all of those who are currently a homeowner or potential homeowners, please make sure you have a home warranty. Negotiate that within your contract and if you already own a home continue to renew your home warranty policy because it will definitely save you money in the future.

To learn more make sure to check out our video on “The Importance of Home Warranties” or reach out to our trusted agent, Qulia Bryant for more realty tips! Call us: 833-704-HOME or find your dream home online!

Sources:

https://www.ahs.com/home-matters/cost-savers/whats-the-difference-homeowners-insurance-vs-home-warranty/

https://www.allstate.com/tr/home-insurance/home-insurance-vs-home-warranty.aspx

https://www.thebalance.com/home-insurance-vs-home-warranty-4135608

 

The Benefits of Becoming A Homeowner

There are some of us who still struggle with deciding on whether we want to rent or make the transition to becoming a homeowner. The latter may seem nerve-wracking, but today we’re discussing some of the beneficial reasons why owning a home versus renting is so much better.

Immediate Equity. Once you begin making payments on your mortgage your property’s equity increases. As a refresher, equity is determined by the current market value of your home minus what you owe in loans. Your home’s equity increases as you make payments on your mortgage balance or as the property value appreciates over time.

For example, if your home’s market value is $300,000 and your mortgage balance is $175,000, then you have $125,000 of equity in your home. After you sell, you can use this $125,000 to reinvest your money in yourself instead of renting and paying someone else.

Invest in Yourself. Usually, first time homebuyers are looking for a home that is an investment and not necessarily their dream home. You can use your equity in the future to move into a bigger home and a better neighborhood. You can also choose to invest your money into other properties or put it towards your nest egg.

Tax Advantages. We’re currently in the midst of tax season. As a home owner, you’ll receive a bigger return. Furthermore, in states such as South Carolina, home owners may be eligible for a Homestead Exemption which exempts a set dollar amount or a percentage of a home’s value from property taxes.

For example, the current property tax rate in South Carolina is 0.57%. If the assessed value of your home is $300,000 and your property tax is 0.57% then your property tax bill will equal $1,710. But if you’re eligible for a homestead exemption of $50,000 then the taxable value of your home would drop to $250,000 and your property tax bill would be $1,425.

Those are just a few of the reasons why you should make the transition from being a renter to becoming a home owner. To learn more, check out our video on The Benefits of Owning vs Renting. And if you’re ready to take the next step or have any questions, feel free to reach out to our trusted realtor, Qulia Bryant for your homebuying needs. Call us: 833-704-HOME or find your dream home online!

Sources:

https://www.investopedia.com/terms/h/homestead-exemption.asp

https://money.howstuffworks.com/personal-finance/personal-income-taxes/homestead-exemption.htm

https://smartasset.com/taxes/south-carolina-property-tax-calculator

https://smartasset.com/taxes/what-is-a-homestead-tax-exemption

 

Top 5 Home Inspections

Source:  Charlotte Five’s  Chantilly Home

Source: Charlotte Five’s Chantilly Home

Finding the perfect home can be a dream come true, but your work doesn’t end once you go under contract on a property. A home inspection is the next step in making sure your future home is in good shape and safe for you to live. The price of an inspection will vary depending on your home’s location and the size of the property, but here are our top five suggested inspections you should consider before moving in.

Full Home Inspection: Whether you’re preparing to move into a townhouse, multifamily, or newly constructed home, a full home inspection should always be a priority. This type of inspection will examine all of the systems of the home from the interior to the exterior, roof to crawl space. It will also inform you of any other potential inspections you may need, especially in regards to receiving further evaluation from a general contractor, structural engineer, electrician, or a roofer.

Mold Inspection: This inspection is suggested for properties that are located near flood zones or even homes with a stucco exterior. Mold (or mildew) is a fungal growth which indicates decay or water problems caused by a source of moisture and structural issues on your property.

Radon Inspection: Radon is a colorless, odorless, tasteless gas that can seep through cracks or holes in the foundation of your home and become trapped. High levels of radon can be dangerous, especially considering that radon is the second leading cause of lung cancer. You should also test for carbon dioxide if detectors aren’t already installed on the property.

Termite Inspection: Termites are a popular problem in North Carolina and South Carolina, so it is highly recommended the buyers in these areas get a termite inspection along with a full home inspection. This is imperative for getting rid of any wood-destroying insects or pests that can become a huge cost to you in the future if the issue goes untreated.

Well Water Inspection: Another popular inspection in the North Carolina and South Carolina area is the well water inspection. This will test properties located near a well or septic for any bacteria, contaminants, or high levels of lead in the water. You want to make sure your source of water is clean, free, and can pass a chemical test.

These five inspections are highly encouraged for any potential home buyer and should be completed during your due diligence period. This will assure that you will still be able to negotiate repairs and pricing if any issues arise and are brought to your attention through an inspection.

If you’re a potential home buyer and you have any questions or concerns about the buying process, we’re here to help! You can check out more tips on home inspections in our video on Necessary Home Inspections. Our dedicated and trusted agent, Qulia Bryant, is committed to helping buyers understand their options and will get the job done. Call us at 833-704-HOME or find your dream home online.

Sources:

https://www.doctoroz.com/article/radon-danger-your-home

http://www.moldreport.com/mold_inspections.html

https://www.nationalradondefense.com/radon-information/radon-symptoms.html

http://wellowner.org/water-well-maintenance/annual-checkup/