Tag: home insurance

Deal Breakers When Buying a Lake Home (or Any Home!)

Posted on Glenn S. Phillips

You can find an impeccable home that offers promise for the perfect lake home getaway or residence, but there are aspects of buying a home that should automatically put it out of the running. Here is a list of deal breakers when buying a lake home.

Home Title Disputes

You will need to ensure that the property is not tied up in a divorce or separation. When a property is in between a scorned couple, it can cause issues for you, the buyer.

You will be required to purchase title insurance. During the dispute of a title, it will end up locking the purchaser in court or being put out of your new home.

Pest Problems

In addition to a home inspection, make sure that the house has and passes a termite inspection. Home inspectors do not look for pests or infestations, so this second inspection is required to make sure the home is free and clear.

History of Crime

DangerThe seller is required to tell the buyer of any crimes that were committed in or on the property. If there were any drug or violent related crimes that were committed, they must tell you. Besides superstitions, there are actual reasons why you should not purchase a home where these crimes have taken place.

For example, if the house was used as a place to cook methamphetamine (meth), the chemicals from creating this drug can stick to the walls, floors, and ceilings. This unseen residue can then cause health problems, especially in children.

Problems with Insurance

Besides the home itself, people should take into account the location of the property. This will also be a huge factor in the price of the property. There are reasons why you should look at the location. While not very common in lake communities, factors like the neighborhood reputation and the crime rates can be a deal breaker.

Crime rates and flood plains can be a couple factors to raise your insurance. Along with home insurance, you may need to pay more for insurance that covers the contents of the home since they are at an increased risk of being ruined or stolen.

Commuter Challenges

One issue many isolated lakes face is the commute time. If this lake home will be your permanent residence, then you have to consider commute times. Not only for your drive to work, but how close is the nearest hospital, gas station, grocery store, and other conveniences?

Issues with Construction

There can be construction issues that can be dangerous or undesirable. You will need to look for issues like water damage, mold, or even issues with the foundation. There are many issues that can cause the buyer to shell out a lot more money. Even after the purchase of the home.

If you find that your dream home has any of these issues, just move on. Keep in mind that this is an important decision and it should not be made hastily. There are plenty of available homes, so you should not feel like you are stuck with the first house you come across!

Should You Consider a Home Warranty?

Posted on Glenn S. Phillips

A home warranty should not be confused with insurance. Home insurance covers the contents of the home and the structure. Whereas the warranty will cover major appliances that are within the home like the air conditioning unit, the water heater, and so on.

What Does A Home Warranty Cover?

It will cover the replacement or the repair of them. Here is a list of items that most home warranties cover.

  • Air Conditioner
  • Heater
  • Water Heater
  • Dishwasher
  • Refrigerator
  • Stove
  • Plumbing
  • Electrical
  • Microwave
  • Washer
  • Dryer
  • Roof

Home warranties are gaining in popularity with both sellers, as well as buyers. The warranty will protect the owners and keep the buyers or renters happy.

The sellers use them in order to protect their home while it is being sold and use it as an incentive to buyers. Buyers use them to protect them from repairs that prove to be very expensive and unpredictable.

Home Warranty Pricing

Warranties are typically inexpensive. It can range from $250 to $1000, which depends on the coverage that you would like to have.

It is normally paid for an entire year up front, therefore the price should be divided by 12 to show you that the monthly cost is fairly low. Once the policy has expired, you can renew it.

Home Warranty Plans

Home WarrantyThere are many plans that are offered by different companies. Each plan will offer different coverage. Be sure to fully read the entire plan before selecting one.

Make sure that the plan covers all of the aspects of your home that you need it to. The procedure in which you will use the warranty plan is as followed:

  • Once an appliance or home system stops working or breaks, the owner will call the company.
  • The company will call the provider.
  • The provider will call the homeowner and make the appointment to access the problem.
  • The provider will then fix the problem. It will begin with a possibility of repair. If the system or appliance cannot be repaired, then the provider will replace it.
  • The owner will end up paying for the service call, but not the appliance or anything else.

The Service Contract Industry Council has stated that there are actually 32 states in which a home warranty is required to register or get a license.

It is ultimately in the best interest of everyone involved for a warranty to be purchased. When you are shopping for an appropriate warranty, it is best to ensure that the warranty covers all of the primary aspects of a home.

Pay attention to the fees and weigh the options. Make sure that the warranty covers all of the major appliances and the systems that the home includes. Also you will need to ensure that you look at the reviews of the companies to ensure they provide impeccable customer service.