Whenever mortgage rates are low, buyers flock to the real estate market to buy properties. Most people are excited to have a house of their own. Others are ready to move on to a new location. For some people, they are on the market to buy properties they can use as an investment. No matter the type of real estate you own, different things lurking in the corner threaten your investment.
Homeowners face different challenges unique to renters. Most issues you can easily prevent while some can surprise you at the most unexpected date. If you don’t want your financial health to suffer, then it becomes a must that you keep yourself aware of the following threats.
If you bought your home with a mortgage or if you used your house as collateral to another loan, you can face foreclosure for failing to pay your dues. Lenders and banks make use of this legal action to get their investment back. The good news is, there are ways you can avoid foreclosure and even strategies you can use to stop a foreclosure process.
The best way to prevent a foreclosure from happening in the first place is to buy a house you can comfortably afford. Pay attention to all the things you need to pay upfront, during closing, and each month. Consider your monthly income, your savings, and other factors that can affect your future finances.
If you’re already having financial issues and know that you won’t be able to make your mortgage payments, make sure you let your lender know the soonest time possible. Lenders want your money and are often willing to forgive payment, put a temporary hold to your payments, or even agree to a repayment plan. It is also a good idea to consider consulting with a foreclosure defense attorney to get legal guidance on preventing foreclosure.
Burglars often target renters. But that does not mean you are already safe once you become a homeowner. If you want to protect your property, your family, and your belongings, it would be best to secure your home to scare away burglars.
Prevent the bad guys from targeting your home by boosting your home security. If no one is often home or if you’re always coming home late, investing in smart lighting is a good way to ensure the area is well-lit. Adding security cameras around the house is another way to scare the burglars away from your property.
Scout your property and see where burglars can get in. Avoid keeping any areas that can be used as a hiding spot. Be careful about who you invite into your home and befriend your neighbors for added protection.
Fire can harm and even kill lives. The second worst scenario of a fire breaking in your house is the fire damaging your home and belongings. It can kill your livelihood, leave you without a home, and even in debt.
Thankfully, there are ways you can prevent house fires. This includes investing in fire extinguishers, quality smoke alarms, and carbon monoxide alarms and testing them regularly. Maintain all electrical appliances and watch out for cords that are chewed or frayed.
Ask a licensed electrician to handle any electrical issues. Be careful when using any candles, the fireplace, any flammable products, all heating sources, and your kitchen. Always have adequate homeowners insurance to give you some protection in case you need to replace or repair belongings in case of a house fire.
Next to house fires, homeowners dread flooding. Water damage might not sound like a big deal since all houses can have a dripping faucet, a leaky pipe, poor drainage, etc. But know that the weather is not the only kind of flooding you should be wary of.
Home flooding can result in damaged belongings, structural damages, and even mold and mildew growth. According to HomeAdvisor, water damage cleanup typically costs at least $1,150. If you don’t want to end up paying an absurd amount of cash, make sure to resolve any plumbing issue asap.
Have a local plumber fix any plumbing issue, especially if you experience low water pressure, you smell a sewage odor, and if there are visible signs of water leaks. If you find your toilet overflowing or you ran out of the water, call for their assistance the soonest time possible.
You might not fear ants that much, but if you find even a single cockroach, rat, or suspect a termite or bed bug infestation, call a pro right away. These are capable of harming your health, spoiling your food, and cause damages to your home. You can end up replacing many food items, belongings, and even have to renovate if you don’t address pest issues asap.
Pest extermination can easily cost you a few hundreds of dollars. Wait for the pest issue to grow and get ready to pay for more. Take the necessary precautions now so you can avoid pesky pests from bugging your home.
These are but five things that can easily give homeowners a financial headache in no time. Prevent these threats from happening in the first place, and you can avoid wasting money and save yourself from being homeless. With your home being a worthy investment, it only makes to protect it against all odds.