Blog - Month: September 2019
Month: September 2019
Home Insurance vs. Home Warranty: Whatâ€™s the Difference?
Home ownership comes with a lot of unknowns — Will my 15-year-old furnace keep working? Could a freak hailstorm wreck my roof? When you start thinking about all the “what ifs,” the list can get long. It’s impossible to plan for all the things that could go wrong with a house, and when something does happen, home insurance can cover the cost of most incidents to protect your home investment and bank account. But home insurance doesn’t cover everything. While insurance can cover the cost of repairing a roof in a freak hailstorm, it doesn’t cover the cost of normal wear and tear inside or outside your house. For example, if your A/C stops working because of a super-hot summer season, you can’t make an insurance claim for “heat failure.” You have to replace or repair the system yourself. That’s where a home warranty can fill the gap. What is a Home Warranty? Home warranties are contracts that cover the “inner-workings” of your home. That means components like your HVAC system or refrigerator stop working, you have some type of coverage that reduces the cost of replacement or repairs. By paying a monthly fee, you ensure that the expense of repairing something after normal wear-and-tear won’t exceed a fixed dollar amount. Most home warranties cover several appliances or home systems in a single package, so the cost of repairing or replacing your refrigerator is the same as a central A/C unit. The
What to Do After a Home Inspection in Northeast Ohio
When you’re buying a home, home inspection day can be one of the most exciting and the most nerve wracking. It’s exciting because you’re one step closer to owning a house you’re really interested in, but if something goes really wrong here, the entire deal can fall through. For better or worse, you’ll have to decide next steps. Will you negotiate repairs? When should you walk away? What if nothing comes up? If you’re wondering what to do next after you’ve received the results of your home inspection, here are a few tips to help you get started. Negotiating Repairs More often than not, a home inspection will uncover something that needs fixed in the home. This can be large or small, and in the end, someone has to pay real money to make it right. But, when should the seller cover the cost? While you want your home to be perfect when you move in, you shouldn’t necessarily use a home inspection as a way to renegotiate the sale. If the repairs are small, DIY projects you can tackle over a weekend or two, it’s likely not worth trying to save some money. However, if there are repairs that impact the safety of the property — i.e. corroded pipes or a bad gas line — these are fair things to request that the seller fix before closing. While an “imperfect” house is fixable, an unsafe house should not be sold to someone looking to live
Offer Letter Template for Homebuyers in Northeast Ohio
It’s no secret that the housing market is still hot right now, and in most neighborhoods, it’s a true seller’s market — especially if you’re close to Cleveland, OH! That means if you’re shopping for a home this year, you may very well find yourself in a bidding war where multiple buyers want the same “perfect” house. One way you can stand out in a bidding war is to submit a personal, well-written offer letter. Most realtors will be able to write an offer-letter for you, but adding a personal touch could make or break a deal when things get heated. Start by talking to your realtor to see if writing your own letter makes sense, and if it does, they should be able to guide you as you write a winning offer. Offer Letter Dos and Don’ts Do express genuine emotion. Describe what unique features drew you to the home that you really like. Is it a location close to the perfect school for your kids? Did you fall in love with the neighborhood? Do include some compliments about the property. Be specific about something that caught your eye — i.e. renovations, landscaping features, historic charms etc. Do explain why your offer makes financial sense for the seller. For example, if you’re able to afford a larger down payment, mention it here. You could also check with your realtor about comparable home sales you could reference. Don’t be negative. This