• Justin Purpero

The Top 5 New Year's Resolutions for Homeowners!

Updated: Feb 3

With all of the resolutions that we hear about every year, it is rare to hear people talk about making resolutions regarding one of the most important assets that they have, their home. Home ownership is a huge privilege that people work very hard to earn, so it should not be taken advantage of, nor neglected. That is why I have made a list of New Year’s resolutions for your home that could end up having great returns.

1. Shop for better homeowners insurance:

Homeowners insurance is often something that goes on autopilot one you get it, but that convenience is something that could end up costing you in the long run. That’s why it is important to reevaluate your homeowners insurance yearly to make sure that you are getting the best insurance for the best rate possible.

This new year, make sure that you shop around for new coverage, while making sure that you have enough coverage to repair or replace your home. It’s also a good idea to make sure that you are getting coverage for any upgrades or additions to your home and any large personal purchases such as jewelry or other items.

2. Make your home more energy efficient:

There are so many options out there that can make your home more energy efficient and start saving you money on your bill almost immediately. So this year should be the time to make the change! Not only will you feel the positive effects in your wallet, but it will also have a positive impact on the environment.

When deciding where to start, it has always been the easiest for me to choose the path of least resistance and move up from there. So, the first few things that I would recommend to help make your home more energy efficient are switching out your lights as they burn out with LED lights, swapping out your thermostat for a smart thermostat, change power strips and power outlets for smart strips and outlets that turn off the flow of power when items are not in use. If you have older appliances, now may be the time to upgrade them to appliances that are certified energy efficient. From there you can start to move up to other things like replacing your windows and adding solar panels to your home.

With all of the options out there, now is the time to start to transition your home to a smart, energy efficient home. Not only will it save you on your monthly expenses, but it will also boost your resale value with a tech-savvy marketplace that is starting to value these options in a home.

3. Repairs and maintenance:

The longer we live in your home, the more repairs and maintenance they are going to require and with the busy lives we live, it becomes easier and easier to put off simple tasks, that stack up to become large piles of repairs and basic maintenance.

So, start this year off right by walking your home and making a list of everything that needs to be done to your home. From there make a schedule of task starting with the most critical items, then from there move on from the easiest and cheapest, to hardest and most expensive. Breaking down these items into smaller tasks will make them easier to achieve and the momentum from those smaller tasks will make it easier to accomplish the things that seem more difficult.

Staying on top of your home repairs and maintenance will not only make living in your home more safe and enjoyable, but it will also help to hold or boost its value.

4. Refinance to a better rate or program:

As of the end of 2019 and moving into 2020, the United States mortgage rates are at all time lows. So now is the perfect time to make sure that you have the best rate and mortgage product to suit your current needs.

The first thing that you need to do is to know your current rate and mortgage product. From there you need to reevaluate your current housing needs. For instance do you plan on staying in your current home or are you planning on moving in the next few years? Once you know what you have and where you want to be, it is time to start shopping rates. I always recommend calling a few different qualified lenders to get rate quotes.

The way that I would go about getting these quotes is by these rules. If you currently have an adjustable rate mortgage and you are not planning on keeping your current home, then refinance at the best rate possible, making sure you drop your rate by at least 0.250% at a fixed rate for a period as long as you plan on staying in the home.

If you have an adjustable rate, but plan on keeping your home, then now is the time to refinance into a longer term mortgage, such as a 30 year fixed.

If you currently have a 30 year fixed mortgage apply the same rules as the adjustable. If you are planning on staying and can save 0.250%, now may be the time. If you plan on moving, then an adjustable rate may be the right move that can bear huge savings.

However, keep in mind that any time you refinance your mortgage, you are resetting the clock. So make sure that if you plan on keeping your home, that you are not continually resetting the clock to where you will never be out of debt on your home.

5. Make a move:

Lastly, it is time to reevaluate if now is the right time to make a move to a new home. You may need more room or maybe your kids have moved out or you are getting older and now is the time to downsize. Whatever your reasons, make 2020 the year to make the change that is right for your current situation.

Many people I talk to are nervous about purchasing right now, because the housing market and housing pricing may be at all time highs. While that is true for you buying, that is also true for you selling. Not only that, but the cost of borrowing money is at all time lows. So, make this the year to make the change and go out and get that house that is right for your current and future needs.

A new year is always a great time to reset, reassess, and reevaluate what you want and need out of life. Make sure that your home is at the top of that list and if I can be of help to anything of your housing needs, then reach out to me anytime! Here's hoping you have a great 2020!

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© 2019 by Justin Purpero | Articles