When it comes to exactly what your homeowners insurance will cover, things can get tricky. It’s generally thought to relieve you from paying for all or most of the damage that occurs to your home from natural causes, but not all natural disasters are covered by the most basic home insurance policies. Renters insurance can be a little more confusing, as it is not the same thing as home insurance, even if the place you’re renting is a single-family home. Renters insurance is bought by anyone renting a property and this coverage differs a lot from homeowners insurance. Here’s a general guide to what each type of insurance typically does and does not cover.
In general, homeowners insurance covers damage to your home. But this doesn’t mean any and every type of damage. It’s usually limited to damages caused by:
Fires and smoke
Theft and vandalism
Weather (hail, lightning, wind)
Homeowners insurance can also cover damages to any appliances indoors or features of your home outdoors, caused by any of the above. Examples would be:
Clothing
Furniture
Kitchen appliances
Barns/Sheds
Fences
Fireplaces
Garage
Grills
Swing sets
Walls
This type of insurance usually covers home rebuilding costs (or at least some of it) and housing accommodations while your home is being repaired.
Renters Insurance
Renters insurance is very different from homeowners insurance, as it does not cover structural damage to the apartment, duplex, home, or whatever kind of dwelling the tenant is renting. These damages are to be covered by the landlord. Renters insurance is also much cheaper than homeowners insurance, and here is what it covers:
Personal Property Damage (if your personal property is damaged by fire, wind, or theft).
Personal Liability (if you are blamed for an injury or property damage).
Medical Payments (medical costs if someone is injured on your property).
Additional Living Expenses (if your living space is uninhabitable due to a fire, wind, etc.).
Homeowners insurance doesn’t usually cover things that can be prevented, such as termites. It also does not cover stolen items that are considered valuable, such as artwork, jewellery, or other collectables. Two major things thought to be covered by homeowners insurance, but are not, are floods and earthquakes. Even though these are unpreventable natural disasters, most homeowners insurance plans offer these as a separate coverage, depending on where you live.
Renters Insurance
Renters insurance is more similar to homeowners insurance when it comes to what it doesn’t cover. It does not cover termites, valuables, floods, and earthquakes like homeowners insurance, and it also doesn’t cover sinkholes. Though personal property is covered in renters insurance, damage to your car is not. Damages to your car are usually covered by a comprehensive car insurance plan and neither by renters insurance nor homeowners insurance.
Depending on where you live and who you receive your insurance from, your policy may cover certain things that other policies and areas don’t.
Homeowners Insurance
These things can be covered by your homeowners insurance if caused by fires, smoke, the weather, etc. and not by neglect:
Fences
Foundation repair
Mould damage
Plumbing problems
Roof leaks/replacements
Tree removal
Water damage
Dog bites
Air conditioning units
Keep in mind that with these and other types of coverage that there may be certain limits as to how much is actually covered.
Renters Insurance
Sometimes rental insurance will cover additional things like:
Building alterations
Credit card fraud
Debris removal
Food spoilage (caused by a power outage)
Just like you would shop around for the best coverage for your car, you should do the same with your home, whether you own it or if you’re renting it.
If you live in a place that sees a lot of hurricanes or earthquakes, you should look into getting flood insurance or earthquake insurance, respectively. Also, remember to keep up with the maintenance of your home to prevent problems that won’t be covered by insurance.
How important are home renovations for selling your property? Here at Fresh Design Blog, we’re intrigued to find out and have asked an expert real estate company for the full lowdown. Even better, if you’re based in the US, they’ll even arrange to do the work for you – it sounds like a win win situation!
When it comes to understanding the value of a property, it is important to understand that it first and foremost, comes from the location. Different neighbourhoods have different starting prices and costs of living, so it makes sense that your area plays a huge role in determining what cost your unit will list for. However, that is not the only factor that you should consider when asking yourself, “What starting price should I sell my condo for?”.
This is where the experts at Maser Condo Sales come in and provide their opinions on how you can increase the value of your condo. When it comes to luxury, this team knows what they are talking about. Maser Condo Sales has looked over 400 renovations for buyers and investors and have many success stories. Whether it be minimal adjustments such as changing the counter tops to a different colour, updating the tiles and flooring, or changing the paint on the walls, these changes make a difference in attracting high-value buyers.
Other times, small adjustments may not be enough, and the team must bring in the big guns with a full renovation, including redesigning the layout, moving walls, adding custom cabinets, new appliances, and more. While it can seem unnecessary, the proof is in the money.
Case Study #1: 733 Marine Street, Santa Monica – Full Renovation
Prior to Maser Condo Sales taking over the project, this Santa Monica unit had a challenging floor plan that needed to be completely redone. The team redesigned the layout of the kitchen and laundry area, as well as created a modern open floor plan which connected the kitchen and living room. They also moved walls, added entirely new lighting, new floors, custom cabinets, installed new doors, added in custom skylights, redid the bathrooms, picked out new fixtures, appliances, and more. These renovations made the space feel brighter and bigger. Alongside handling the actual renovations, the team also took care of all the formal paperwork such as managing the contractors, getting the city permits, HOA, and getting the approval on the permission process. The entire project cost $200,000 to complete and involved three months of work. When it came to making the sale, the unit generated over $200,000 in profit for the client and resulted in a record sale for the entire complex.
Case Study #2: 11910 Mayfield Avenue, Brentwood – Full Renovation
Prior to Brian Maser and the team coming in, this Brentwood property was in terrible condition. It needed a full renovation, so the experts got to work. They started off with opening the walls, and then moved on to designing an entirely new kitchen. This included updating the appliances, adding new lighting throughout the property, and installing new windows and doors. Alongside this, the team also renovated the master bathroom and created new closet spaces, as well as painted the walls. The entire project took 45 days to complete from start to finish, and when it was listed on the market, it only lasted four days. Within those four days, the property sold well over asking, and generated the client $75,000 in profit.
Case Study #3: 12815 Caswell Avenue, Mar Vista – Kitchen and Bathroom Renovation
Now, not all properties need a full renovation. That is why the experts at Maser Condo Sales are careful in their recommendations on what needs to be changed to increase the value of your property and make calculated decisions that will bring you the highest profit for the lowest cost. This property in Mar Vista needed some more minor adjustments, such as changing the countertops in the unit, a fresh coat of paint for the walls, and professional staging. With these minor changes, the total cost for the renovation came out to $40,000. After conducting the renovations, the team then recommended that the property was listed below the market to attract a large number of buyers. The sellers followed each recommendation and listed the property for $929,000. Within just three days, there were 25 offers on the table. The property ended up being sold for $1,290,000, which was $361,000 over asking. For just $40,000, the property increased significantly in value and resulted in a sale that generated a high level of revenue.
These are just some of the properties that Maser Condo Sales has renovated, and there are many more success stories that have come about. Whether it be small or large adjustments, the team knows exactly what needs to get done to increase your condos value. They help turn your space into someone else’s dream space, so that you can get that sale. In real estate, image is everything and looks do matter. So, why not invest in your home, to receive the highest possible return? This is even easier when you don’t have to worry about the details, and let the experts handle what needs to be done. When you work with realtors that care about the outcome, you just can’t go wrong.
Renovating your home or parts of your home is a big undertaking. There’s no guarantee that it’ll pan out the way you plan or desire.
However, there are steps you can take to help ensure a smooth home renovation project without so many setbacks and glitches. The better you plan ahead and get organised right from the start the more likely it is that your home renovations will turn out beautiful and you’ll be happy with the end result.
1.Decide What to Renovate & Gather Ideas
One tip for a smooth home renovation project is todecide what to renovate and which will be the best use of your time, money, and resources. Take a look around your property and research what’s going to add the most value to your home in the long run. You want to make sure you’ll get a return on your investment when you go to sell one day in the future. Now is the time to do your homework and gather ideas for what’s out there and trending and what styles and elements you like best. Create a vision and lay out the details so you can act on it and make it come to life.
2.Have A Budget
It’s also important that youfollow a budget if you want to have a smooth home renovation project. You should have a good idea of how much you want to spend and also how much certain upgrades and updates will cost you. Create a realistic budget that will help ensure your renovation project is affordable and won’t set you back too much financially. Your budget can guide you in making decisions about what materials or enhancements you do or don’t want to make as the project plays out.
3.Assemble the Right Team
Find the right contractors and assign a good team if you want your home renovation project to go smoothly. Avoid hiring the first person you hear about or meet and make sure you get quotes from at least three contractors. Meet with them individually and see if your visions and personalities align and mesh well. You need to work with experts and professionals who you can trust and who will stay within budget and within your timeline. It may be helpful to read reviews online or get recommendations from friends or family.
4.Declutter & Consider Living Elsewhere Temporarily
Declutter your home and spaces for a smooth renovation project. Get rid of items you no longer need and that are in the way. For the larger items or anything you want out of the way and to not get ruined you should consider usingcontainer storage. This way you’ll know your belongings will be safe, secure, and out of harm’s way while the renovations are being completed. Also, consider living elsewhere temporarily and for the time being, so you’re out of the way. It’ll be a lot less stressful when you can go about your life as the renovations are being worked on.
5.Establish Contracts & Deadlines
You must establish contracts and deadlines if you want to have a smooth home renovation project. The last situation you want is to think you’re getting one design or outcome and that it turns out differently than what you expected. Get all you talk about and want to be done in writing and ensure you and the contractor and crew are on the same page. You want to make certain that they stay within your budget and the initial scope and aren’t doing work that you haven’t approved or don’t want to pay for. Have the details outlined in writing including projected deadlines and important information that will help ensure the project is completed the way you prefer.
6.Consider Hiring A Designer
It may also be helpful tohire and work with an interior designer. Your home renovation project will go a lot smoother and be less stressful when you don’t have to make all the important decisions on your own. Instead, consult with a designer and go over your ideas and what’s popular and will look the best so that your home turns out modern and beautiful. They see a lot of homes and are the experts in this area so can help you choose elements that will be timeless and elegant. You’ll find there are a lot of choices you have to make and that having someone by your side to assist you can take a lot of pressure off your shoulders.
7.Communicate & Check-in Often
It’s wise that you not completely dissociate or remove yourself from the situation during the renovations. Instead, you should stay involved and communicate and check in with your team or workers often. While you don’t want to get in the way or be a distraction, you also deserve to know and will want to know the status of how it’s going and coming along. Make sure that you’re notified of any delays or mistakes right away so that they can be addressed and rectified before it’s too late. Visit the job site frequently and take a look at the work being done and make sure it’s turning out the way you want. It’ll help to minimise any surprises and you’ll feel more comfortable knowing that it’s getting done the right way.
8.Stay Calm
Another tip for a smooth home renovation project is to make sure you stay calm throughout the process. Remain calm and in control of your emotions so that you’re responding to any issues that arise in a professional manner. When there are hiccups or setbacks, remember to problem-solve and get to the bottom of what’s going on before you react emotionally. The calmer you are, the more likely it is that the project will go smoothly and that you’ll get what you want at the end of the day. Do your part and you’ll likely find that the people you hire and trust will also do theirs and will want to ensure you’re satisfied in the end.
Have you decided to rent out your home? Maybe you’ve gone travelling for a few months and want to earn some money on the side? Or, perhaps you have purchased a new home and want to rent out your old one. The reasoning behind this decision doesn’t matter, what matters is that you understand what you’re getting into.
Essentially, you are now a landlord. Therefore, there are some crucial things you need to know when renting out your home:
Even though someone else is living there, you are still the property owner. Therefore, you are still in charge of maintaining the property – to an extent! The tenants need to clean it and look after it, but you’re the one that’s responsible for any repairs – and for ensuring that the home remains in tip-top shape. As such, many landlords work with property maintenance companies who they can send around whenever any issues arise. If you don’t fix things property or to a high standard, tenants can sue you!
Learn the fair market rent price in your area
Clearly, you can’t rent your property out without any tenants. To attract tenants to your property, you need to offer a fair rental price. If your home is way above the average rental rate, you better be able to justify the reasoning. A good idea is to look online and find the fair market rent price in your area. This will give you a benchmark for what homes like yours are currently being rented out for. In turn, you can set your rent price to one that is around this average, increasing the likelihood that people will be interested in renting.
Don’t just accept any old person that contacts you about the rental property. Some tenants are excellent, while some are awful. It’s easy to get an awful tenant if you don’t screen them beforehand. You should create a rental application for people to fill in, where you learn more about each tenant. From here, you can select one that appeals to you the most and seems like they will keep your house tidy and make payments on time. It can be a good idea to contact former landlords about them, to see what they were like as tenants before.
Consider getting landlord insurance
What is landlord insurance? Well, it is a type of insurance that will protect landlords in case various things go wrong. Typically, they contain buildings and contents insurance, but can also have other things to cover loss of rent, tenant defaults, and so on. Essentially, this is something you might want to consider getting as extra protection when renting out your home.
Even if you’re only planning to rent your home out for a short period, you need to think about these things. They will ensure that your home stays in the best possible condition and that you get money from tenants every single month. On that note, you are now ready to rent out your home with confidence!
Planning a loft conversion? These are projects that can be easier than an extension but still require a lot of planning, investment and time, but they can be a brilliant way to add to your living space and add value to your home. Keep reading for a few tips on how to plan a loft conversion to make it feel like an integrated part of your home.
Photo by julie aagaard from Pexels
Purpose
First, you want to identify the purpose of your loft conversion. As mentioned, a loft conversion can add space and value to your home and there are many ways that you can use this space. Commonly, a loft conversion can become a home office, extra bedroom or living space/entertainment room.
Planning
In terms of planning, you will want to make sure that you have each aspect planned for before getting started so that you can stick to your design theme. You might find it helpful to create a floor plan of the space so that you can visualise the space and identify the best layout.
Photo by Maria Orlova from Pexels
Colour Scheme
If you want to make the loft conversion an integrated space with the rest of the house then the colour scheme can be a smart way to do this. Opting for the same colour scheme can create consistency and help the space to feel connected – loft conversions can often feel completely detached as they are not the easiest space to access, so you will want to find ways to integrate the space to make it feel more welcoming.
Lighting
Lighting is always important when it comes to interior design, but particularly when it comes to loft conversions as these can be dark, dingy spaces without proper planning. You can increase the natural light by adding VELUX windows to the sloped ceilings, which can make a big difference to how the space both looks and feels. In addition to natural light, you will also want to fit light installations to bring the lighting up to the standard of the rest of the home.
Another important consideration with loft conversions is insulation and warmth. These can be cold spaces in winter, so you will want to make sure that you have insulation and heating to keep the space comfortable during cooler months. In summer, hot air rises so it can become very hot in the loft so you will want some kind of cooling system as well.
A loft conversion can be a brilliant way to increase your living space, improve your home and add value to the property. These are often not the simplest projects, though, so you need to make sure that you have a solid place in place before you get to work and the above tips should help you to create this.
