Protecting Your Greatest Investment

Beyond being the place that you spend the majority of your time in life, your home may also be your greatest investment. Whether you plan to stay in your home for five or fifty years, it's important to make sure you protect the investment you've worked hard to acquire.

Ensure you have adequate homeowners insurance. After the Marshall Fires, every homeowner should be contacting their insurance agent and reviewing their existing policy. Many people are underinsured and unprepared.

Keep up with ongoing costs. Your mortgage payment is just one cost associated with owning a home. When homeowners insurance or property taxes increase, ensure you have adequate reserves to cover those costs. It's also wise to set aside money for unplanned repair costs which inevitably seem to come all at once.

Understand Refinancing. If you decide to refinance your home to a lower interest rate, ensure you understand the costs involved. Consider how long it will take the monthly savings to pay for the cost of refinancing. The rule of thumb is to be able to break even in about two years after refinancing.

Finally, keep up to date on the value of your home. I offer a complimentary customized home value analysis. You can also sign up to receive monthly updates on your home value by visiting gretchenheine.com/whats-my-home-worth.