What to Know When Purchasing a Fixer-Upper Home

If you’re looking to buy a fixer-upper home in the Mesa, AZ area, you need to know these things that could fix you up financially.  You may be excited about the possibilities of the fixer-upper home, but you also don’t want to end up needing to spend more time and money on the renovations than the purchase price.  Here are four things to help you decide if it’s a keeper or not.

•    Evaluate the price.  A fixer-upper should come at a fixer-upper price.  Look at the neighborhood where the home is located.  You don’t want to fix up a home to improve the neighborhood, which could be a mistake if you plan to sell the house.

•    From the beginning, start evaluating the areas that need improvements.  Are the renovations things like painting and landscaping that will take more sweat than money to correct or expensive renovations?  Start calculating the renovation costs.

•    Consider which improvements will need a professional to manage, such as a new roof, electrical or plumbing work, heating or cooling systems, or insulation versus those you can do yourself.  The ones that need a pro will be more expensive repairs and possibly more time-consuming. 

•    Fixer-uppers can take time and cause ongoing disruption in the home for a while.  Think about your tolerance level with disruption and the renovations needed.  It can be taxing on stress levels, and you’ll need the patience to deal with all the repairs.  Consider your budget, time, and tolerance first.

Lifetime Investments

Lifetime Investments provides homeowners insurance policies in the Mesa, AZ area.  Our agents work to make sure you have the right coverage for your home.  Contact a Lifetime agent today and start exploring your homeowner’s insurance needs for that fixer-upper.

3 Reasons You Need Home Insurance in Mesa, AZ

Home insurance protects your home in the event of unforeseen events. These events could include a number of things you never expected. At Lifetime Investments serving the Mesa, AZ area, we specialize in finding the right home insurance at the right price and protection for each client. To learn more about protecting your home with home insurance and why you need it, read on.

1. It’s the Law

If your home is under a mortgage, home insurance is required by law. This protects the asset for both you and the bank. In fact, you can’t get a mortgage without having home insurance. However, even if you don’t have a mortgage and own your home out right, it’s still a smart idea to have home insurance to avoid losing this expensive asset in the event something happens.

2. Protection

Some of the most common occurrences that home insurance covers includes any damage caused by certain weather, such as windstorms, hail, and lightning strikes. However, earthquakes and floods have their own separate policies. Theft and fire are two other events typically covered by home insurance. Other events can include cases of liability, such as a neighbor falling down the stairs and getting injured. When events like this happen, you’ll be glad you have home insurance.

3. Peace of Mind

Sleep each night knowing that your asset is protected with home insurance. If anything unforeseen were to happen, you will know that the insurance company will help. Simply submit a claim and the insurance company will work with you to make things right again.

To learn more about acquiring home insurance for your home in Mesa, AZ, contact Lifetime Investments. Our highly trained agents will answer all your questions and help you find the best policy for your needs. Call us today to protect this most precious asset. 

 

 

 

Tips for Understanding Home Insurance

Every homeowner needs to have insurance. Not only is this a common requirement of mortgage lenders to protect their loaned funds, it is also important to have more than the basic home insurance required by lenders in order to protect the homeowner. For those purchasing a home for the first time, this guide will help them understand the different things to consider when getting home insurance. For those that already own a home, this guide will help identify the things that might have been overlooked and may need to have adjustments in order to have adequate home insurance coverage.

Basic vs. Extended Coverage

Basic home insurance coverage may be required by a lender. This type of coverage only covers certain kinds of events. Most homeowners benefit from having additional coverage for other things more than just the basics. Discuss the specifics of home insurance coverage with your agent at Lifetime Investments serving Mesa AZ and the surrounding areas to make sure your coverage is adequate for your needs.

Understanding Coverage Types

There is an important decision to be made between insuring a home for actual cash value and for replacement cost. Insurance for replacement cost is preferred because the insurance provides the amount needed at the current costs to rebuild a damaged home with materials of a similar quality. Insurance for cash value covers the amount needed to repair a home after deducting for depreciation. This amount can be far lower than the actual costs of rebuilding a damaged home.

Deductible

The deductible is the out-of-pocket expense before the insurance pays a claim. Higher deductibles usually reduce insurance premiums; however, the homeowner is taking the risk of having to pay the deductible amount if any repairs are needed.

Discuss your home insurance needs with your agent at Lifetime Investments in Mesa, AZ and have an annual insurance review to make sure you always have adequate coverage.

Home Insurance for a Vacation Home

There special considerations for home insurance for a vacation home that may be rented for part of the year or left unoccupied. The easiest way to deal with this is to get an insurance review from your agent at Lifetime Investments serving Mesa, AZ and the surrounding area.

Vacation Homes Have Special Risks

Because a vacation home is not always owner-occupied; there are special risks that need to be considered when protecting the vacation home with insurance. Renters may need to have their own renter’s insurance for their personal items in the home. Moreover, if there are going to be renters that occupy the home for a portion of the year, then there needs to be commercial insurance in place for using the property as a rental property. If the home is not occupied by renters and left vacant it has additional exposure to theft, vandalism, and damages from not being maintained properly.

Insurance Coverage for Vacation Homes

Just because vacation home has special risks does not mean that insurance coverage is not available. All you need to do is have a consultation with your insurance agent at Lifetime Investments serving Mesa, AZ, and simply be honest about what is happening with a vacation home. Tell your agent, who will be occupying it, how long it will be vacant, and so forth.

Also, tell your agent if you plan on having renters and how much time during the year the home will not be occupied. In this way, your agent can customize insurance coverage to take care of the risks that are particular to your vacation home and provide a good solution.

Conclusion

Depending on who will occupy the home and how often they will be occupied, vacation homes have special needs for insurance coverage. It is best to contact your agent today to get an insurance review to make sure there is adequate coverage.

Tips to Keep Home Insurance in Your Budget

Your home insurance is a vital means of keeping your home safe, but that doesn’t mean it’s not tempting to want to get the lowest possible coverage available. Instead of sacrificing on the amount of protection you and your family have though, consider the following tips to keep home insurance in your budget if you live in Mesa, AZ. 

Preparation Counts 

When it comes to your home, you need to think about the more common potential problems that might arise there, so that you can do everything possible to prevent them. For example, an alarm system that will scare off criminals, or thoroughly winterizing your home during the fall. You may want to consider redoing the roof so it can stand up to heavy snows or harsh winds. These measures make it far less likely you’ll see major damage on your home, and can help you keep your home insurance costs down. 

Stay Alert 

If you live in Mesa, AZ, the best way to keep home insurance in your budget is to have all the facts in front of you. Often, this means asking questions from a trustworthy source. If you want to learn more about how your deductible, valuables and lifestyle affect what you pay every month for your insurance, then call Lifetime Investments for more information. We’re happy to tell you about how everything works in regards to your particular home needs. Instead of a one-size-fits-all approach, we take the time to know you, your family, and your priorities for customized advice and guidance. 

Lifetime Investments knows that those who prepare for the worst are also the ones who sleep easier at night. Give us a call if you’re looking to find out more about our rates, services, or policies.