Ways to Manage Home Insurance Costs

Home Maintenance for the New Home Owner

NORFOLK, VA, Nov 25, 2013—Becoming a homeowner for the first time is one of the most fulfilling moments you may ever experience. Owning a home offers a myriad of benefits. However, it can also be costly, especially when you factor in maintenance and repairs over the lifetime of your home. To help reduce stress and costs, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty offers several tips for keeping up with home maintenance. “From the day you move in to the day you sell your home, there will always be something that will need to be repaired or remodeled,” says Eisenberg. Some changes will be simple; you may want to undertake certain updates simply to elevate your comfort level – like installing central air conditioning – or spruce up the home’s aesthetics, such as adding a few stained-glass windows. “Others will be more critical, like replacing a hazardous roof, fixing broken windows, and repairing leaky pipes,” says Eisenberg. These are all necessities. Left undone, they can lead to major problems and damages within the home. One of the top ways, according to Eisenberg, to keep up with your home is to take inventory. “From the very beginning, get in the habit of taking an inventory at least once a year of every nook and cranny in your home to check for potential problems,” says Eisenberg. “Examine the roof, foundation, plumbing, electrical wiring – basically everything. Try to fix trouble spots as soon as you uncover them. This proactive approach will help you avoid larger expenses later on, so leave no stone unturned when taking your inventory.” In terms of preparing for expenses, you can expect to spend an average of one percent of the purchase price of your home every year to handle a myriad of tasks, including painting, tree trimming, repairing gutters, caulking windows, and routine system repairs and maintenance. “An older home will usually require more maintenance, although a lot will depend on how well it has been maintained over the years,” notes Eisenberg. Tell yourself that the upkeep of your home is mandatory, and budget accordingly. Otherwise, your home’s value will suffer if you allow it to fall into a state of disrepair. It can be helpful to adopt the attitude that the cost of good home maintenance is usually minor compared to what it will cost to remedy a situation that you allowed to get out of hand. For example, unclogging and sealing gutters may cost a few hundred dollars, but repairing damage to a corner of your home where gutters have leaked can potentially cost several thousand dollars. “Remember, there is usually a direct link between a property’s condition and its market value: The better its condition, the more a buyer will likely pay for it down the road,” says Eisenberg. For more information on keeping up with your home, please contact Louis Eisenberg ABR, SFR, Realtor, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

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De-Stress Your Home Buying Process

NORFOLK, VA, Nov 19, 2013—For many, buying a home is one of the most stressful endeavors you will ever take on. While you may never erase all of the stress associated with home-buying, with the right mindset, and the right toolset, you can certainly minimize the stress of finding and buying your dream home.

1. Get pre-approved. Making sure you are able to get a mortgage will reduce the stress of the home buying process, because you know you're eligible before you even begin hunting, automatically taking that stress factor off your plate. That's not the only way pre-approval will reduce stress – it also makes the home search easier. “Many sellers won't even work with a buyer who is not pre-approved, so you automatically open up your housing pool when you get pre-approved,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty.

2. Find the right budget and stick to it. Money is a huge source of stress when buying a house. “Figure out exactly how much house you can afford, and refuse to even consider a home outside of that budget,” says Eisenberg.

3. Make a Needs vs. Wants list. Similar to sticking to a budget, understanding your needs (three bedrooms) in relation to your wants (a gourmet kitchen) can save you time and energy during the home hunt.

4. Hire an agent you trust. A real estate agent is the number one way to reduce the stress of buying—or selling—a home. “Find an agent who specializes in your market and similar clients—first-time buyers, move-up clients, vacation homes, etc,” Eisenberg suggests. While many think hiring an agent will make the home-buying process costlier, agents can help save money in the negotiating process. Regardless of money saved, working with an agent—who knows the process inside and out—will save you a great deal of stress.

For more information on buying a home, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

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Average Annual Home Appreciation

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Year Over Year Change in Home Prices

Infographic Courtesy of KCM Blog