As a homeowner, there are always tasks to keep your property in top shape and keep up with the value. This month let's get into some real estate activities that can help you stay on top of your game.
1. Track Your Home's Value
Knowing your home's current market value is crucial. You can start out by visiting websites like Zillow, Redfin, and Realtor to get an estimated value of your property. Recording these values over time can help you create a year-over-year chart, offering insights into how desirable your neighborhood is and how your home’s value is trending.
Imagine you notice a steady increase in your home’s value over the past few years. This could indicate that your neighborhood is becoming more desirable, perhaps due to new amenities, better schools, or improved infrastructure. On the other hand, a declining value might suggest the need for updates or renovations to keep your property competitive in the market.
2. Ensure Fair Property Appraisals
Your county’s Auditor website can provide your property’s appraised value. You can compare this value with other similar homes in your area to check if it’s reasonable. If you find discrepancies, you can look up the appeal process in your county and follow to contest an unfair appraisal.
Real-life scenario: Suppose you find that your home’s appraised value is significantly higher than similar properties in your area. This might result in higher property taxes. By appealing the appraisal, you could potentially lower your taxes if it ends up working out in your favor.
3. Check for Liens and Property History
Visit your county recorder’s website to review the history of your property, including your mortgage provider and any liens. This step allows you to make sure that there are no surprises, such as unnoticed liens, which could complicate future sales or refinancing efforts.
What if you're planning to sell your home and discover an old lien from a contractor that was never resolved? By addressing this early, you can clear the lien and avoid delays during the sale process.
4. Obtain a Copy of Your Property Plot
Having an official copy of your property plot with accurate dimensions can be very valuable. It’s necessary if you have to end up resolving disputes with neighbors or the city. You can print or order a copy from your recorder’s site and keep it on file for future reference.
If your neighbor decides to build a new fence and accidentally encroaches on your property and you have an official plot on hand, you can quickly and amicably resolve the issue, making sure that the fence is placed correctly.
5. Add a Beneficiary to Your Home Title
Adding a Transfer on Death (TOD) beneficiary to your home title can simplify the transfer process upon your death. This can usually be done online or in person at your county recorder’s office. It's a straightforward way to ensure your property goes to your chosen heir without the need for probate.
You are going to want to make sure your children inherit your home without the lengthy and costly probate process. By adding a TOD beneficiary, you streamline the transfer, providing peace of mind for both you and your heirs.
6. Keep Track of Appliances and Machinery
Create a list of all appliances and machinery in your home, including their serial numbers, purchase year, price, and a brief description. This list is helpful for maintenance and replacement purposes, allowing you to have all necessary information at your fingertips.
Say your refrigerator suddenly stops working, and you need a replacement quickly. Having the purchase details and serial number on hand can help you determine if it’s still under warranty or assists in finding a similar model.
7. Record a Video of Your Home’s Contents
Walk through your home and record a video that captures all the contents of each room. This documentation is crucial if you ever need to file an insurance claim due to fire, theft, or natural disaster. It provides a visual inventory that can expedite the claims process.
If a severe storm were to damage your home, and you need to file an insurance claim, this video will come in handy. Your video inventory allows you to quickly prove the contents of your home, speeding up the claim process and helping you receive the compensation you need.
8. Manage Homeowners Insurance
Review your homeowner's insurance policy annually. If you’ve noticed a spike in your premiums, consider shopping around for a better rate. Insurance companies often offer better deals to new customers, so switching policies might save you money. Contact your insurance agent or a new provider to get a competitive quote.
Say your homeowner's insurance premium has increased by 120% in the past year. By shopping around and comparing quotes from different providers, you can find a new policy that offers the same coverage at a much lower rate, which could potentially save you money annually.
9. Update Covered Values Annually
When renegotiating your insurance premium, you should make sure that the covered values of your home and its contents are up to date. Include any improvements or new purchases made over the past year to guarantee full replacement coverage.
If you’ve recently remodeled your kitchen and added new appliances. Updating your insurance policy to reflect these changes can allow your home and its contents are fully covered in the event of a claim.
Maintaining your real estate involves consistent effort and attention to detail. By following these monthly tips, you can be able to protect and potentially increase the value of your property. Your home is a significant investment in your future, so staying informed and proactive is one of the keys to owning one. If you have any questions or need assistance, don’t hesitate to reach out. Happy house hunting and managing!
Samer Hilal, a Financial Advisor with Stratos Wealth Partners, began his investment journey in 1995. He's dedicated to creating actionable financial plans for clients. Now at Stratos, Samer continues to guide clients on their financial paths.
The opinions voiced in this show are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.
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