Advantages to Owning a Home

Owning a home is every person’s dream despite the fact that it could be costly for some people. People have the option of constructing their own homes, or buying houses that are already completed. For those that don’t have all the money required to buy or build the home, there are many financing options such as mortgaging, saving up, and loans. In this article, we will be discussing the advantages to owning a home.

Advantages to Owning a Home

Advantages to Owning a Home

Tax benefits

The mortgage interest and property taxes are deducted from the annual incomes of people that own homes. For new homeowners, most of the money that will be paid on the mortgage goes to interest.

Price appreciation

Investing in property is good because the value is always appreciating.

Inflation hedge

Inflation tends to be more when people are paying housing costs and rents despite the Federal Reserve in the U.S. keeping the interest rates artificially low. This means that as a house owner in the U.S., you have a hard asset that protects investment dollars in the long run.

Equity builder

The portion of the house that a house buyer has already paid off is known as the equity. It is the difference between the home’s value and what the buyer owes the mortgage lender. This gives them more borrowing and purchasing power.

Borrowing power

Having more home equity means that a homeowner has more borrowing power for another mortgage as an equity loan or line of credit. This money can be used for home improvements, paying bills, cars, and many other things.

Move-up power

With home equity, the homeowner can profit from selling the home and spending the money on a new home since the first home will have equity buildup and appreciation.

Ravenwood Services

One of the ways that you can finance your home is through mortgage, and that is what brings us to our next topic, Ravenwood Services. They offer bad remorgages for owner occupied properties. They can assist you if you fall in the categories below:

  • No credit history
  • Low credit score
  • Late payments
  • Missed mortgage payments
  • Defaults
  • CCJ’s
  • IVA’s
  • Debt management schemes
  • Repossessions
  • Bankruptcy
  • Mortgage customers with multiple credit problems

One of the most attractive things about this company is the Ravenwood no brokers fees. Most of the other companies will offer outrageous broker fees but Ravenwood does not charge a cent. They are open minded to some bad credit and will usually give funds. The process is simple, you fill in an online form on their website and submit it for review. They have relations with lenders with a similar mindset, lenders with an open mind to people with bad credit ratings. Some of the reasons why you would want to use them to refinance include:

  • Replace a lender or lender(s) with very high rates
  • Consolidate a high rate 2nd charge secured loan with a mismatched or too short term
  • The discount variable rate has expired for your existing lender
  • The fixed rate has ended for your existing lender
  • You have been offered a cash incentive to refinance away from your existing lender by them
  • The term has run out for your current lender
  • Court order to remove partner from the mortgage as a result of separation/divorce
  • Release equity from home to pay for divorce settlement or stop the fire sale of other i liquid assets
  • Raise money for the purchase of another property to rent out
  • Consolidate existing unsecured debt to reduce monthly outgoings

Summary

Owning a home is something that we should all strive for because it comes with more advantages than disadvantages. When buying a home, it is important to plan accordingly so that you get what you will need at the right price.

Preparing to Insure Your Modular Home

If we are honest, no matter where you live, there is a risk for natural disaster. Knowing how to insure your home against these unforeseen circumstances can feel a little overwhelming. Therefore, if you are preparing to insure your modular home, you will probably benefit from the advice we will provide for you here.

As with any type of insurance, it pays to shop around. We suggest you contact Alliance and Associates. They are one of very few agencies that can offer you live online quotes. And, they will provide you with estimates from multiple carriers so that you can make an informed decision. This will help save you money and time. Picking the right insurance will make keeping your home and family safe a whole lot easier. So, don’t miss the steps necessary to acquire good home owner’s insurance.

Preparing to Insure Your Modular Home

Be Proactive

Waiting for potential brush fires, hurricanes, tornadoes, or floods prior to seeking out home owner’s insurance is definitely not advisable. You will need to be proactive when it comes to protecting your home and those who reside within it. The first step, of course, is to insure it;

  • If you have a mortgage this will be a necessity. Carrying home owner’s insurance is required by mortgage companies because it protects their investment as well as your own.
  • Check the policy. Don’t assume that the policy you are being handed will cover all the nuances of your life and those important to you. Make sure your possessions are included.
  • Get a broker. Sometimes insurance paperwork is so slam full of legal mumbo jumbo it is really hard for the average home owner to understand. Let the professionals guide you through all that nonsense. Learn more.

Consider Your Valuables

Some insurance will only apply to the structure. That means it might cover your roof, but it won’t do anything for the solid oak pool table underneath that roof. So, when you’re shopping for insurance, consider all your valuables.

  • Valuating the possessions. This is hard to do, but it is important to decide whether you’ll be looking for cash value or replacement value. Cash value will only give you what the stuff is worth the day it gets destroyed. It probably won’t provide you with enough money to replace all your possessions. We always recommend going with replacement value when you pick your insurance contract. Read this.
  • Talk to your agent. There are people who keep their collectables, jewelry, and other expensive items within the confines of their home. Make sure your agent understands all the things you own that fall into this category because it may mean you’ll have to purchase additional coverage for those possessions.
  • Do an inventory. Reviewing and creating a new home inventory every year is definitely advisable. Basically, it is just a list of everything in your home. This way, should a disaster cause significant loss, you will be able to prove what was damaged or destroyed. You will need to take pictures and very detailed notes including model numbers, purchase costs and dates. Then, make sure you keep copies of this list in a safety deposit box or somewhere else that won’t get messed up.

Home owner’s insurance always seems like a pain simply because the statistical probability of actually having your home significantly damaged is a good deal smaller than one would suspect. But, if you think you might lose everything, it is a good reason to pay an insurer their monthly premiums. Learn more about insurance here.