Do you own a home? If you answered yes, you’ve come to the right place. From new buyers to those who have been in their homes for a long time, there are six questions every homeowner should ask.
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1. Am I Going to Sell or Rent My House?
Whether you’re thinking of moving now or want to weigh your options for the future, one question you’ll want to ask yourself is: should I sell or rent my house?
Many factors will determine which answer is right for you. Some people need to sell their home in order to have a down payment on their next home. Others might have the financial means to buy a second home and create a passive income through renting or turning their home into an Airbnb.
2. What Type of Homeowner’s Insurance Should I Get?
Something you’ll need to decide on is what type of homeowner’s insurance you should have. There are a number of types of homeowner’s insurance to choose from, and they ultimately determine the level of coverage you’ll have.
An HO-1 home insurance policy is limited to covering damage caused by the following 10 events:
- Fire or lightning
2. Windstorm or hail - Explosion
- Riot or commotion
- Damage caused by aircraft
- Damage caused by vehicles
- Smoke
- Vandalism or malicious mischief
- Theft
- Volcanic eruptions
Most people will want to consider an HO-2 home insurance policy, which covers flooding, snow and ice damage, frozen pipes or air conditioners, falling objects, and more. When these types of natural disaster-related accidents strike, you’ll be covered.
Reviewing your homeowner’s insurance policy is one of the things homeowners should do once a year.
3. Am I Properly Maintaining My Home?
Owning a home is about more than paying a mortgage. You’ll also need to keep your home up-to-date. This applies to both the interior and exterior of your home. From regularly cleaning out the pantry and unclogging the drains to ensuring that the foundation and roof haven’t undergone any damage, your home requires a lot of TLC.
Although you or a family member may be able to do some of these things, you could hire someone to do others, such as landscaping or gutter cleaning.
4. How Am I Keeping My Home Secure?
We often think that certain things won’t happen to us, and home robbery is one of them. But the statistics are alarming. In 2017, a whopping 1.7 million home robberies took place. As a homeowner, it’s important to ask yourself how you plan to keep your home secure.
Some homeowners might not know that most home robberies take place between the hours of 10am and 5pm — when most of us are working. You might want to consider investing in outdoor cameras that you can view from your smartphone to keep an eye on your home while you’re at work. You’ll want to take steps to lock your doors, windows, and vehicles. Also, avoid keeping your garage remote in your car. If someone manages to break into your vehicle, they’ll be able to enter your home, too.
5. Is My Home Set Up For My Future?
If you’re planning to live in your home after your retirement, it’s important to make sure your house is set up for old age and declining health. For most people, this will mean living in a ranch-style home since staircases can be risky as we get older. You’ll also want to make sure your bathroom is senior-proof, with non-slip tiles or flooring, shower grips, a high toilet, and a walk-in shower.
6. Can I Afford Property Taxes?
Every homeowner should ask themselves if they’re able to afford the property taxes for their home. It’s something all home buyers need to consider. Over time, your property taxes may increase, or you might experience a life change that affects your ability to afford them. As you reach retirement age, you might need to downsize in order to afford taxes.
These are just six questions every homeowner should ask. It’s important to take a little extra time to figure out the things that matter.
