It’s exciting to move into a new home, but don’t forget that house-hunting isn’t all fun and games. You also have to brace yourself for all the responsibilities that come with buying a home, such as getting an adequate home insurance policy for your new house.
As a helpful reminder, here are some costly home insurance mistakes to avoid, especially if you’re a new homeowner.
1. Setting an unrealistic budget
It’s easy to get caught up in all the superb listings when you’re busy house-hunting, but don’t forget to do a reality check every now and then. Always make sure that you’re living within your means. Setting an unrealistic budget, be it for buying a preowned property or building a new house, will only put you in a world of headaches later down the road. Even if you’ll be putting most of the amount of the mortgage, you also have to think about all the costs that come with a more expensive house. This includes monthly expenses like electricity, taxes, and of course, insurance. Continue reading
When it comes to real estate business, time and money is the name of the game, and in order to succeed in this business, chances are you will need financing. With more and more real estate investors searching for alternative financing options, other than bank loans, in order to finance their deals, private money lending has emerged as a viable option today. Often referred to as hard money loan, a private money loan is a real estate loan made by private individuals or group of investors. Unlike banks and other traditional lenders, private money lenders are primarily interested in the value of the property being used as collateral and put much less emphasis on a borrower’s credit report and debt-to-income ratio.
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