Homeownership is a privilege and a responsibility. Even after decades of owning a home, you may still need help to handle some of its challenges by focusing on the three "M"s of homeownership: maintenance, minimizing expenses, and managing debt and risk.
While many people recognize the benefits of annual wellness, financial, vehicle, and equipment maintenance visits, an important checkup that you may not have considered is an annual homeowner advisory or real estate review. Why would you treat the investment in your home with less care than you treat your car or your HVAC system?
Consider exploring the following:
Do you know the current value of your home? (Obtaining a list of comparable sales in your immediate area and what is currently on the market for sale will help determine this.)
Have you compared your assessed value for tax purposes to the fair market value to possibly reduce your property taxes?
Even if you've refinanced in the last two years, can you save money and recapture the cost of refinancing in the length of time you plan to remain in your home?
Have you considered reducing your mortgage debt with low-earning cash reserves that will not be needed soon?
Do you have a record of the improvements you've made to your home since you purchased it? Do you know what items can be included?
Have you considered investing in rental homes in good neighborhoods to increase your yields and avoid the volatility of the stock market?
When was the last time you updated your home inventory of personal belongings? Do you have pictures as well as written documentation?
Do you need recommendations for maintenance specialists and other service providers?
At Bridges Realty, we provide you with valuable information not only when it's time to buy or sell, but also for years in between. Our goal is to create lifelong relationships with our clients as their "go-to" resource whenever they have a real estate question.
When you don't know the answers to real estate questions, give us a call. We're always here to serve your real estate needs.
If you'd like to have a list of the market activity in your area or any of the other information mentioned, please contact us at (479) 575-0000.