Photo: The Air Cleaner Store
Nothing underlines the importance of flood insurance like a Major Weather Event.
The damage inflicted by Sandy—the hurricane turned “post-tropical cyclone”—has thrust flood insurance back into the news. Considering the unexpected swath of wreckage delivered by Hurricane Irene in August 2011, it’s smart to review the implications of not having flood insurance for your property.
If you live in a flood-prone area and have a mortgage, chances are that your lender already requires you to have the right coverage. Be aware, though, that standard homeowners’ and renters’ insurance does not usually cover flood damage.
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How To: Calculate the True Cost of Homeownership
Homeownership is widely considered to be a bedrock of family financial stability, but as aftershocks continue to reverberate through the real estate market, it’s important to know exactly how well your house is performing as an investment.
Photo: trulia.com
Here are two ways to understand the operating value of your home. By knowing both your net equity and the rental equivalent, you can determine the true cost of owning your home, and you will be prepared to make smart decisions on investing for the best return.
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Estimating Home Value: Whose Price Is Right?
Hooray! The housing market is bouncing back from the depths! No, wait, prices are going sideways—in some markets. Who to believe? We’ll sort it out right here.
Photo: dexknows.com
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Contain the Commission to 3%
You saw its potential. You designed, bought, plumbed, wired and painted it. Now that you are thinking of selling your house, why not do it on your own?
Photo: fsbosatellite.com
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Scrapbooking for Fun and Profit
Documenting your project makes for great before-and-after photos to impress friends. A scrapbook can also validate your financial records. So while you’re busy taking photos for fun, take some for profit, too.
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How To: Sleuth an Open House
Traditional real estate wisdom dictates that you should never buy the nicest house on the block. Calibrate potential return on your improvement projects by ensuring that your house is one of the best in the area but still in sync with local preferences. Tour open houses to keep an eye on neighborhood norms.
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