4 New Years Resolutions For Homeowners

The beginning of a new year is a great time to start fresh and commit to new resolutions:  promises to yourself to achieve a certain goal. For homeowners, your house may be the key to making some of your financial dreams come true! With that in mind, here are 4 resolutions homeowners may want to adopt for the coming year:

• Protest your your property tax assessment. If your property value has declined, you may be able to save money. Review your tax and if the proposed value seems excessive, file a protest and request a hearing. The Rhoades Team can help you with finding comparable sales data for an appeal.
• Make extra mortgage payments. Making additional payments can make a huge dent in the time it takes to pay off the mortgage, not to mention the fact that it slashes the total interest you’ll owe over the life of the loan. There are various ways to do this:
  • Make an additional full payment every year.
  • Contribute a few extra dollars to every payment.
  • Apply a lump sum after receiving an inheritance or other windfall.
  • A combination of the above.
• Ask about homeowners insurance discounts. Did you make any major repairs or improvements to your home last year? You could be eligible for a discount or a lower quote on this year’s coverage. For example, new electrical wiring could reduce your risk of fire, while an updated plumbing system may mean you’re less likely to have problems with a burst pipe or leaks. Contact your insurance carrier to make sure they have the most current information about your home.
• Avoid making late mortgage payments. Making timely payments is an excellent way to boost your FICO credit score — and high scores can allow lenders to extend you lower interest rates and better terms on future loans.

Home ownership can definitely provide some great ways to bring your financial goals to life. Is home ownership in your future? Or maybe you’re curious about what your current home is worth? The Rhoades Team can help you figure it out! Give us a call at (713) 515-3463 or contact us here and tell us about your situation so we can get started helping you move toward your New Year’s resolutions today!