Every New Year is the time when Americans begin to take stock of their
lives. New Year’s resolutions are set, priorities are re-evaluated, and many
are geared for a “new direction” for the New Year. I thought that I would offer
up a few New Year’s resolutions for homeowners:
1. If you have been stressing out about being “underwater”
on your mortgage, now may be a good time to discuss your options (short sale, deed
in lieu of foreclosure, walking away, staying put) so that you can make a final
decision and be at peace with that decision.
2. If you're struggling to make your mortgage payments,
call your lender and see if a loan modification may be available to you. Banks
are still difficult to deal with, but the process is getting a little easier.
**if you are
looking for a great VA Mortgage lender I recommend you check out The VA Lending Center or email them at:
valoans@nc.rr.com**
3. Make sure that your homeowner’s insurance coverage is
correct. With declining home values, many people are now over-insured and
paying for coverage they no longer need.
4. Take a walk around your house with a pad and pen. Make a
list of all of those small repairs that you have been meaning to do and then do
them. It is much easier to accomplish chores if they’re written down and making
small repairs now is much less expensive than making large repairs later.
5. Consider renovating your bathroom or kitchen. Home
renovations cost a lot less now than just a few years ago. It may be a good
alternative to moving.
6. Check with your county property appraiser to make sure
that you are getting all of your property tax exemptions and discounts you're
entitled to. Besides discounts on your primary residence, you may be eligible
for discounts based on disability, spouse’s death, low income senior, disabled
veteran, active-duty military and more. While you’re at it, make sure that the
appraised value of your property is on target.
7. If you have not done so already, get a windstorm
mitigation inspection done. It can save you significant money. But be informed
about the process.
8. Check to see if you still need to maintain flood
insurance because the flood zone maps have changed.
9. Make sure that the title to your home is properly vested
to save money and troubles for your loved ones when you pass away. A properly
drafted deed can save thousands of dollars in probate expenses after you’re gone.
10. Have your will checked if it is more than five years
old. If anything has changed, have a new will drafted or your existing one
amended. If you don’t have a will, get one. It isn't as expensive as you might
think -- less than $500, in some cases.
Resources:
The information and materials on this blog are provided for general
informational purposes only and are not intended to be legal advice. No
attorney-client relationship is formed, nor should any such relationship be
implied. Nothing on this blog is intended to substitute for the advice of an
attorney, especially an attorney licensed in your jurisdiction.
To follow Patty Herrera/Litchfield Realty on Twitter, click here.
