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Insurance is required on a home by the mortgage company, but homeowners rely on it for peace of mind also.   Unfortunately, people may not take the time to investigate their policy and what it covers until they need to file a claim, which could be too late. While it may not seem like the best use of your time, an in-depth visit with your property insurance agent once a year could be valuable to you if you have losses and could increase your peace of mind. The following are some questions you can ask your insurance agent: What is the insured value of the policy and the replacement cost of your home?   Insured value is the amount that would be paid for a total loss but replacing the home could cost more than that amount. What is the deductible?   Higher deductibles on the first amount of the loss are one way to lower the cost of the premium.   It may sound good when you're having to pay for the policy but feel very different at the time you file a cla...

Real estate has consistently been one of the highest rated investments available to individuals.  TV shows certainly make rentals look easy and you may even know someone who has made a lot of money with them.  Possibly, the thought has crossed your mind that if they can do it, you can too. Before you contract for your first investment, ask yourself some questions that could save you time and energy.  Not all people have the time, the inclination or even the skill to manage property.  Landlords need to be good business people who can maximize revenue and minimize expenses.  If investors don't have the skills and talent to handle some of the repairs, they at least need to know reputable and reasonable service professionals. Another important element is to be familiar with the state and local landlord tenant laws.  You'll need to know what are allowable security deposits and where the money can be held.  Knowing how long you have to return it to ...

Occasionally, buyers who can qualify to purchase a home decide to "take a break" and wait to purchase a home.   When the focus of buying a home is relaxed, other uses for the money that was going to be used for the home are considered. Maybe they think how much fun it would be to have a Sea Doo or a motorcycle or a new car.   It is amazing how many people would like to buy a home but either don't have the down payment, the income or the good credit to make it possible. Instead of spending the money, consider investing the money for two years until the time is right to buy a home.   Let's look at putting the money in a certificate of deposit that earns 2% or in the stock market that could average a 5% return. Assume you were purchasing a $295,000 home on a FHA loan with 3.5% down payment.   The $10,325 would grow to $10,742 in the CD which isn't a big increase but at least it is safe and secure, and it will be available when you're ready. If the same am...

It is estimated that over 15% of the population in the U.S. are over 65 years of age.   With one of the most common fears of seniors being their money will run out early, it is understandable that downsizing may be strategy to meet their goals. Once the kids are grown, have careers, relationships and get a place of their own, parents find they may not need their "big" home like they did before.   In other situations, their lifestyle might have changed, and the house just doesn't "fit" anymore. The benefits of a smaller home can include the following: Easier to maintain Lower utilities Lower property taxes Lower insurance More convenient location Single level Possibly more energy efficient Possibly lower maintenance Like any other big change in life, it is recommended that a person should take their time to consider the possible alternatives and outcomes.   Are they going to stay in the same area?   What t...