Tips and Traps for New Home Owners

Terms of Use......Page 5
Want to learn more?......Page 6
Contents......Page 7
Preface......Page 9
Part 1 Get Your Home Finances in Order......Page 13
Why Do We Need Insurance, Anyway?......Page 15
Are You Overinsured?......Page 16
Are You Underinsured?......Page 19
Set Aside an Insurance Day......Page 20
Title Insurance......Page 21
Building and Personal Property Insurance......Page 22
Disaster Insurance......Page 23
Liability Limits......Page 24
Tricks of Homeowner's Insurance......Page 26
Other Concerns......Page 30
What about Life Insurance?......Page 31
Timing Your Refi......Page 33
1. Are Interest Rates Lower?......Page 34
2. Do You Need the Money?......Page 35
Is Your Need Immediate?......Page 38
Can You Qualify?......Page 39
Getting a Second Mortgage......Page 40
Adjustable versus Fixed-Rate Mortgage......Page 43
3 Can You Really Improve Your Home's Value through Renovation?......Page 45
How Do I Evaluate What to Renovate?......Page 46
The Appreciation Argument Trap......Page 47
Neighborhood, Neighborhood, Neighborhood......Page 49
Price Range of the Home......Page 50
The Market Condition......Page 51
What Type of Renovation Should I Do?......Page 52
Should I Do Some or All of the Work Myself?......Page 54
Which Areas Will Add the Most Value?......Page 55
Kitchens––The Most Valuable Area......Page 56
Bathrooms––The Second Most Valuable Area......Page 58
Other Areas to Renovate......Page 59
The Driving Force......Page 60
4 Watching Out for Value Grabbers......Page 63
Zoning Laws and CC&Rs......Page 64
How Do You Know When There's a Change Coming?......Page 67
Should I Join My Homeowner's Association?......Page 68
Neighborhood Nuisances......Page 70
The Neighborhood Challenge......Page 72
5 Record Keeping and Tax Deductions for Homeowners......Page 73
What Form Should My Records Take?......Page 74
How Do I Document My Records?......Page 76
What Are Taxable Items?......Page 78
What Are Taxable Items for When I Sell?......Page 81
Improvement versus Repair/Maintenance......Page 83
What if I Have a Home Office?......Page 84
What Happens When I Sell?......Page 86
Record Keeping......Page 87
6 Tax Planning for When You Sell......Page 89
Old Rules No Longer in Effect......Page 90
New Rules Are Specific......Page 91
What If I Take Extended Vacations?......Page 92
Exceptions to the Rule......Page 93
What about the Records I’ve Been Keeping?......Page 95
7 Security for Your Home......Page 97
Physically Protecting Your Home......Page 98
Security Companies......Page 102
Whole House Systems......Page 103
Video/Audio Surveillance Systems......Page 107
Identity Theft......Page 110
Resources......Page 111
8 Did You Pay Too Much?......Page 113
Do You Know Your Home's Current Value?......Page 114
CMA––Comparative Market Analysis......Page 116
Pick a Date......Page 117
Analyze the Comps......Page 118
Making the Comparison......Page 121
The Bottom Line on Price......Page 124
Don't Forget Transaction Costs......Page 125
Knowing Your Net......Page 128
Should I Get an Appraiser?......Page 129
What about an Agent's Appraisal?......Page 130
Part 2 A Home Operating Manual......Page 133
9 The Before You Move in Checklist......Page 135
Health and Safety Check......Page 136
Cleanup and Repair Check......Page 140
Improvements......Page 141
Arrange for the Hookup......Page 143
Wired or Wireless?......Page 145
Getting the Move Out of the Way......Page 146
Allow Yourself Time......Page 148
Remove "Popcorn" Ceilings......Page 149
Adding New Windows......Page 152
New Window Coverings......Page 155
New Doors......Page 157
Room Heaters......Page 161
New Central Heat/Air......Page 164
New Insulation......Page 168
New Fireplace Surround......Page 171
New Kitchen Appliances......Page 173
New Roof......Page 176
New Wall-to-Wall Carpeting......Page 179
New Skylights......Page 182
New Lighting......Page 183
New Electrical and Plumbing Systems......Page 187
New In-Ground Pool/Spa......Page 190
12 Your Home Maintenance Schedule......Page 193
Home Maintenance Schedule in the Fall......Page 194
Home Maintenance Schedule in the Spring......Page 198
Don't Reinvent the Wheel!......Page 205
What about Magazines and Books?......Page 206
Should I Try Showrooms?......Page 207
What Are My Internet Options?......Page 209
What about Checking with Designers and Architects?......Page 211
Index......Page 213
About the Author......Page 223