8 Best 2021 Homeowner Decisions
Homeowners
The housing market is hotter than ever, and you’re undoubtedly getting bombarded with advice to sell, buy, refinance, renovate, and more from every direction on the internet. The real question is should you pay attention to any of it?
Take the appropriate guidance, and your money, savings, and property value may rise. But, on the other hand, take the incorrect advice, and you may end up losing money for years. So how can you make the best decision when it comes to 2021?
We polled homeowners all around the country and asked them what their best financial decisions this year had accomplished to improve their home’s finances. Here are the top eight choices.
1. Invest in a Home Warranty
Most people don’t know that your homeowner’s insurance wouldn’t cover the cost? The same is true for plumbing issues, electrical problems, appliances, and other items. You could find yourself in a bad scenario if you cannot make repairs; however, a home warranty may help prevent unpleasant surprises.
Choice Home Warranty can help you secure your property, regardless of whether you’re a first-time buyer or have been living in your house for years. You may get help from their hotline any time a covered system in your home breaks down. They have a team of over 15,000 experts who can ensure that any problem is remedied promptly and effectively — without breaking the budget.
Choice Home Warranty was named one of the “Best Home Warranty Companies'' by US News 360 Reviews and won Best Company’s 2020 Consumer’s Choice Award. When you join up for a Single Payment home warranty plan, you may get your first month free. In addition, you can get a free quote today!
2. Use a Budgeting App
Do you ever wonder where your money has gone after seeing your bank statement? It’s vanished, and you have no idea where it went. Truebill is a money-management tool that can help you regain financial control by allowing you to spend intentionally on the things you care about rather than wasting money on unimportant stuff.
Once you’ve got a clear idea of your finances, it’s much easier to spot savings methods. And Truebill can help you make those prospective savings a reality by assisting you in negotiating with the cable and phone companies. They’re experienced haggling experts who may contact cable and phone providers to aid you in saving money on your costs.
Download Truebill now to save on your monthly bills.
3. Check Your Homeowners Insurance Rate
Do you need homeowners insurance? With FinanceBuzz, comparing homeowner’s insurance premiums is easier than ever before. With FinanceBuzz, comparing homeowner’s insurance rates from several top insurers in the United States is simple. Furthermore, FinanceBuzz only takes 60 seconds to provide quotes, so you can compare rates to see if you could save money on better coverage.
Get your FREE Homeowners Insurance Quote from FinanceBuzz. It may be the most important thing you do today with regards to your financial health. Be sure that your information is correct when entering it into an online quote form, as they will use that information to contact you for a free, no-obligation quote.
4. Protect Your Family with Life Insurance
You might not be thinking about term life insurance if you’re young and healthy, but you should be. Life insurance companies consider a range of factors, including your age, health, and weight, to determine the cost of coverage. The lower the rate is generally, the younger and healthier you are.
Starting at just $10/month, Bestow may be able to help you discover term life insurance policies. Then, you can apply online and receive a decision in just five minutes. The nicest part is that you may not even have to go through a medical examination.
Get a free quote from Bestow right now if you are between 18 and 59 years old, have never had a felony, and are in good health.
5. Invest in Popular Stocks for as Little as $1
Take a look at the balance in your bank account to see if anything is left over after you’ve paid all of your required monthly expenses. Don’t be deterred, even if it’s not much, since you can begin investing today with as little as $1.
Stash is an excellent place for new investors to get started. You may buy fractional shares of household names like Apple, Tesla, and Amazon with Stash (partial shares). Some firms’ stocks might cost hundreds or even thousands of dollars per share, but fractional shares allow you to invest as little as $1.
If you’re thinking of putting money away for retirement, you may start by contributing to an IRA and taking advantage of the tax benefits that come with retirement accounts.
Stash also has resources and assistance available for you. As a bonus, once you’ve signed up and made a $5 or more deposit into your portfolio, Stash will give you $10 in appreciation.
6. Save Money on Online Purchases
There are many advantages to shopping on the internet. Try shopping with Capital One Shopping instead of searching for coupon codes (which aren’t always effective!) and creating numerous browser tabs to compare pricing. It’s handy, but finding the most fantastic bargains might be time-consuming.
Saving money has never been easier with Capital One Shopping. Before you shop at your favorite retailers, Capital One Shopping will inform you with a pleasant pop-up if the item you’re purchasing is available for a better price somewhere else. Install the browser plugin and, when you check out, they will automatically apply the best coupon code from their enormous database to help you save money.
7. Re-evaluate your Car Insurance
You could be spending $500 each year on overpriced, second-rate auto insurance. And you should probably cancel your current insurance right now because there’s something much better. We discovered around $500 in savings for drivers every year on average with this new tool from FinanceBuzz. Once you try it out, you’ll never have to seek cheap insurance again because we’ll find you the most inexpensive rates other businesses can’t match.
It’s also free, and it adds up. So check out their site, fill out a few questions, and find out whether you’re paying too much for your car insurance. It takes less than two minutes to find out if you can save hundreds annually.
8. Refinance Your Home
LowerMyBills is a tool that allows you to compare lenders and save money on refinancing your loan. This implies you may cut your interest rate, lower your monthly mortgage payments, and even increase equity in your house faster, all so you can save money while also giving yourself more breathing room in your budget.
Final Thoughts
There are several different types of refinancing out there. For example, you can refinance your existing mortgage and pay it off much faster than you would have by paying extra each month for the next 30 years. You could also take advantage of a cash-out refinance to save money. There’s a good chance that the money you receive will help you permanently eliminate high-interest debt.
Alternatively, you may take advantage of that potentially lucrative investment opportunity now open to you because of your new funds. The possibilities are endless, but why not see how much additional money you might be able to obtain just by refinancing?
Why Should You Have A Home Warranty?
A warranty is like an investment in peace of mind and provides coverage for items such as HVAC systems, plumbing, and appliances. It can protect you from costly repairs or replacements that could be very expensive out-of-pocket without coverage. However, even if you have renter's coverage, it doesn't help you when something goes wrong with your home since renter's insurance only covers things in the rental property.
Home warranties typically last a year and can be renewed annually if desired, protecting you from unexpected repair costs on items such as plumbing systems, heating/cooling units, appliances, and more. Furthermore, a home warranty can help you find reputable contractors who offer competitive pricing for repairs on your appliances or systems while also eliminating the need to research companies yourself.
How is a Home Warranty Different From Insurance?
Homeowner's insurance is not designed to cover home maintenance items, appliances, and smaller systems. It only covers damage due to the exterior of your house, structure, or mechanical failures caused by disasters like fire. Also, homeowner's insurance does not typically cover additional expenses such as service/trip charges that can be very high when calling someone.
Another difference is that warranties require a small upfront cost and then the annual renewal fee, which covers you for an entire year of coverage vs. paying premiums every month with insurance policies.
What Does a Home Warranty Include?
A home warranty typically includes the following:
- HVAC systems, including heating and cooling units
- Plumbing
- Appliances such as washers, dryers, ovens/microwaves, dishwashers, etc.
- Electrical components or wiring in your house
- Pest control treatments for insects and rodents
- Legal assistance
- Pools, spas, and hot tubs
- Sewer/drain lines or septic systems
- Water heaters (gas or electric)
A home warranty is an investment in your home that offers you coverage for many major items inside. It helps protect you from costly repairs down the road while providing competitive pricing through reputable contractors.
In mind, warranties will only cover an item that is no longer usable for its primary function, not if a part of it breaks but is still usable. For example; the handle on your refrigerator breaks off, but it is still functional; this is not covered. However, let’s say the fridge no longer keeps items cold; this is covered under your coverage.
Are There Different Types of Home Warranty Coverage?
There are typically two types of home warranty coverage:
- Basic or standard
- All risk (or comprehensive)
The basic or standard type protects against specific appliance failures and mechanical breakdowns. The all-risk, also known as the "comprehensive" option, is more expensive but covers all the items listed above mentioned in addition to smaller systems such as garage door openers, pool pumps/cleaners, etc.
Do I Need a Home Warranty?
You should also know that warranties are not mandatory, but they are an excellent way to protect your investment. So if you are planning on buying a home in the near future, consider purchasing one to ensure that your new house is covered.
If you have recently purchased or moved into a home, it may be wise to invest in an extended warranty plan. You never know what will break down, and having coverage can save hundreds of dollars each year while also protecting your investment. Home warranties are a great way to protect your home and ensure that repairs or replacements will not cost you an arm and a leg in the future.
It is also important to note that warranties are not insurance policies. They do not cover damage caused by disasters such as fire or wind and will only protect your home against certain types of mechanical failures.
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