What You Need to Know About Your Property Tax Bill

Here are a few tips to keep in mind as you read your property tax bill.

Many people tend to have a lot of questions this time of year regarding their tax bills, so today I’ll share what you need to know about the bill and your property taxes in general.

My property tax bill says “Information Only” on it in bold print because my property taxes are impounded in my mortgage payment, meaning they’re paid directly from the mortgage servicer. If yours doesn’t have that, it will read “Bill,” and you’ll need to make sure to pay it on time. 

If you are billed directly from the county, you can go online to pay it. You can pay all of your property taxes either up front or annually. The due dates are December 10 and April 10; don’t wait until the last second to pay it though, because if it’s late, you’ll incur a late fee.

You can also enroll in a property tax management system. If you own more than one property, visit your county’s tax website to set up notices on what address your bills are sent to and what your payments are.

LA County Property Tax Management System

Orange County Property Tax Management System

If you do have your property taxes impounded as I do and you have questions about your impound amount on them—maybe they’re not matching up or it seems like you have a shortage—don’t call the property tax collector at the county. Instead, call your mortgage servicer. If things have changed, send your tax bill to your lender so they can adjust your impounds so that you don’t have big adjustments to make down the line.

After an election, new taxes can sometimes be added to your tax bill, which is where some of those adjustments will take place. That’s why it’s important to check that against your impound account and understand that if you're late or short on your property tax bill, the collector has a limited ability to cancel penalties. Make sure you do everything you can to pay them on time.

“

      If you have questions about your impounded property taxes, call your mortgage servicer, not your tax collector.

”

Also, don’t ignore supplemental secured property tax bills. These are typically received after you purchase a new property, and it takes a while for the county to reassess the new tax amount. If your taxes are impounded, you’ll notice that the amount that’s paid by the lender is higher than what is sent to the county for the first payment. If that happens, you’ll get the supplemental tax bill which adjusts your taxes to the new purchase price amount. 

The only exception to that would be in the case that the previous owner of the home owed money or bought the house for more than what you purchased the home for. In that case, they would adjust the taxes down. That’s very rare in today’s market, but when they do come, most lenders aren’t going to pay them; they usually have a surplus in the escrow account that you can ask to be refunded to you so you can use that money to pay your supplemental tax bill. You’ll just have to work with the lender to make sure that you have enough for your next tax bill cycle.

If you have any other questions about the supplement tax bill or making your tax payments, please reach out to me. I’m happy to help.

Q: Do You Know About the Homeowners Tax Exemption?

 This exemption will save you about $7,000 on your property taxes.

I recently had a client call and ask me about the homeowners exemption on their property taxes. It turns out that they had not filled out the form and sent it back into the county, so they wouldn’t receive the exemption until they did.

When you purchase a home, you'll get a letter in the mail from the county that asks you if your home is your primary residence. It’s really important that you mail this card back in because then you will get a $7,000 exemption on your property taxes. You only have to fill this form out once while you own your home.

Ultimately, this ends up saving you about $70 per year. It may not seem like a lot, but it adds up over time. To get this exemption, you need to send in the form. If you haven’t sent it in or you’re not sure if you did, take a look at your property tax bill. If you have any other questions, I’d be happy to help you.

If you find that you do need to fill out your homeowners exemption, I’ve included the forms for you here for L.A. and Orange counties:

L.A. County

Orange County

If you have any other questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Have You Ever Heard of Recasting?

Here’s a little secret that could help you save big.

Given the ongoing health crisis and our tight housing market, we have a lot of clients who are ready to make a move but don’t want people tromping through their home while they’re still living there. For these folks who would prefer to move out first, we have a solution: recasting.

In the past, there used to be something called a bridge loan, which allowed you to move into a new home and then sell your old one. For the most part, these loans disappeared back in 2007 and 2008. Recasting, however, is still an option, but lenders don’t really want to talk about it because, frankly, it’s not in their best financial interest.

You can refinance and pay roughly $5,000 in associated fees, or you can keep your current rate and terms and buy down your mortgage with a large lump sum. Here’s how this works:

Let’s say you want to move from one house to the next but don’t want people coming in and out, whether you’re concerned about COVID, have too much stuff lying around, or any other reason. Ideally, you want to be able to move first. Recasting allows you to qualify for both mortgages and purchase the new home with a minimal down payment (5% or maybe even 3.5% down). You will, however, have to use conventional financing; this option doesn’t work for FHA or VA loans.

“

    You’ll keep the low interest rate and current terms—you don’t have to start over.

”

After you move into your new home, we’ll get your other one on the market and sell it. Presumably, you’ll have a lump sum of equity coming from that other sale; recasting allows you to put this sum toward your next mortgage and pay it off.

The good news is that you’ll keep the low interest rate and current terms—you don’t have to start over. Also, you’ll only be paying a small fee to recast. This option makes the process simpler and a lot less expensive.

So, if you know somebody who’d like to take advantage of this great product, feel free to give me a call. I’m more than happy to explain it in greater detail and field any questions you may have. As always, if you have any other real estate-related questions or needs, don’t hesitate to reach out. I’m here to be a resource for you.

Q: Which 3 DIY Projects Will Liven Up Your Property This Summer?

Here are some DIY projects to tackle while you’re stuck at home.

So many of us have been stuck in our homes for the past couple of months, and it looks like that will continue for the rest of the summer, even as things start to reopen. If you’ve been getting cabin fever, it might be a good idea to liven up your space by embarking on some DIY home improvement projects.

This article from Forbes has a detailed list of projects for all experience levels, but three in particular stood out to me:

1. Closet makeover. So many of us have either cleaned our closets out or stuffed them to the brim. If your closet needs to be spruced up, The Container Store’s Elfa system allows you to enter your closet’s dimensions and customize it with shelving, bars, drawers, and more. Once you have the design down, you can order what you need from their store and have it shipped directly to your home. If you don’t know where to start on your design, I'd be happy to refer you to a designer I know at the Container Store.

“

    If you’ve been getting cabin fever, it might be a good idea to liven up your space by embarking on some DIY home improvement projects.

”

2. Swap out dated hardware. This requires little to no handiness and can be completed in just a few minutes. If the knobs in your bathroom or pulls in your kitchen drawers are outdated, websites like Build.com have tons of different hardware and all sorts of metals, colors, sizes, and finishes. Adding designer knobs and pulls is easy, and it’s a simple way to upgrade inexpensive furniture.

3. Transform a room with paint. Obviously, there are a ton of different traditional paint colors you can choose from, but I found an interesting limewash paint from Portola that’s unique in that it can be applied over many surfaces ranging from stucco to drywall to brick. It can even be applied on cement. It can give a room a sophisticated look that’s reminiscent of a Mediterranean hotel. It also gives you color variations that you can’t get with traditional paint. Again, this is a simple and inexpensive way to completely transform a room.

If you’d like more ideas for DIY home projects, don’t hesitate to reach out to me by phone or email. I’d be happy to share what some of my clients have done to their homes and how you can repeat the process. I look forward to hearing from you.

Mortgage Forbearances in the Wake of COVID-19

Are you having trouble paying your mortgage? You may need a mortgage forbearance.

With so many employees being laid off or furloughed in the wake of the coronavirus pandemic, homeowners who can’t pay their mortgage are looking at their options. The same goes for renters who can’t cover their rent. Today I’ll shine a light on a few of those options.

The first is mortgage forbearance. Mortgage forbearance is a period where you don’t have to make any mortgage payments. However, it doesn't mean you won’t owe that money. You’ll still have to pay that amount eventually, so if you can still make your mortgage payments, I recommend doing so.

In many cases, banks move those suspended payments to the end of the life of the mortgage, which means you’ll pay more in interest in the long run. If you’re unsure whether a mortgage forbearance is right for you, just give your lender a call and talk it over with them.

If you don’t see yourself getting back on your feet anytime soon, call me so we can discuss your other options. Many homeowners have lots of equity in their homes, so we can also explore alternatives like selling or renting out your home.

“

If you can still make your mortgage payments, I recommend doing so.

”

If you’re a renter, the same principle applies: If you can make your payments, go ahead and do so, because that amount due isn’t going away. Some landlords may cut you a break and offer one month of free residency, but in most cases, they need that money to make their mortgage payments or pay their living expenses. 

Whether you’re unable to pay rent or have tenants who can’t pay rent, those payments usually have to be repaid within the next six months. If you’re the landlord in this case, work with your tenants to see how they can make their payments. If they absolutely can’t, and you depend on that money to pay your mortgage, talk to your mortgage servicer and explain your situation. They know many people are going through a similar situation, and they’ll be willing to work with you. Your tenants may be able to make their payments once they get back to work, so get creative and find a solution that works best for all.

As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.

What You Can Gain by Cleaning Your Solar Panels

If you’re like me, you probably didn’t realize that you have to clean your solar panels now and then. Here’s why it’s important to do so, though.

Looking to sell a home in Southern California?  

Click here for a free Home Price Evaluation 

Looking to buy a home in Southern California? 

Click here to perform a full Home Search

Today I’m sharing the importance of cleaning and maintaining your solar panels. I thought that when I got my solar panels, all I had to do was install them, then go about my daily life without a worry!

“

The cleaning process doesn’t have to be too complex, and the result is worth it!

”

However, I recently found that if you clean your solar panels regularly, you can get up to 12% to 15% more output from them. Obviously, rain does help wash them off, but if there’s a lot of bird droppings, mushy leaves, dust, grime, or even ash, your panels will require a deeper clean than what Mother Nature can provide.

The cleaning process doesn’t have to be too complex. A garden hose and a soft brush usually suffice, but if your panels are at a difficult-to-reach angle, you can play it safe and call a professional solar panel cleaning company to do the job for you.

Sure, it’s one more thing added to your to-do list, but that considerable increase in energy efficiency is well worth the effort. If you have questions about this or any other real estate topic, feel free to contact me by phone or email. I’m always happy to hear from you.

How Your Home’s Value Can Help You Grow Your Retirement Savings

How can your home be a vehicle to maximize your money into retirement? That’s what we’re discussing today. 

Looking to sell a home in Southern California?  

Click here for a free Home Price Evaluation 

Looking to buy a home in Southern California? 

Click here to perform a full Home Search

Though there are a number of investment strategies you can deploy for long-term financial growth and retirement planning, there are also some lesser-known ways that you can bolster your portfolio. This is accomplished by using your home’s value in the following ways: 1. You can carry over your tax base via Prop 60 and 90. This often-overlooked method allows you to carry your current tax base to another property of equal or lesser value. Specifically, it gives a homeowner license to take the value of their, say, four-bedroom, two-story home, and move it to a smaller home such as a condo or another property of equal or lesser value. As such, the homeowner is downsizing, yet also transferring their tax base to the new property; you’ll benefit from significant tax savings and, because you’re downsizing, the assumption will be that you own your home free and clear or your loan balance is small.

The often-overlooked Prop 60 and 90 option allows you to carry your current tax base to another property of equal or lesser value.

2. You can buy into a duplex. If you’re looking for another source of income, this can be a great option as well. Take the above scenario and say that your four-bedroom, two-story property is worth $900,000 and you’re looking to buy another home. Remember: Anything you buy must be of equal to or less than $900,000. Let’s say you’re eyeing a duplex that’s valued at $1.2 million, and it’s a 50/50 split as far as what your primary residence will be. In this hypothetical, the home’s value would be $600,000 for the portion you’d be lending in. Factoring in your old property, you’d have a reduced basis for the portion you’d live in. While it’s true you’d have an adjusted basis for the remaining portion, there will be much to gain in tax savings. As a bonus, you could rent out the other portion of the home and increasingly generate income as rent periodically rises. 3. You can cash out and move out of state. Many retirees or those approaching retirement are doing this because they want to be closer to their grandchildren and other family members. 4. You can get a reverse mortgage against the home. By and large, this option is geared toward homeowners who don’t plan on leaving their home to a family member. Otherwise, it will eat away at the equity and, eventually, it will either need to be paid back or the property will need to be sold. If you have questions about this or you have any other real estate-related questions, feel free to give me a call at 562-316-2915 or you can email me at Melinda@TheElmerTeam.com. I look forward to hearing from you!

The Problem with Refinancing Your Southern California Mortgage

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling advice.

Recently, many people have called asking me how they can save money on their mortgage payment. You may think that the solution is to refinance to a 10- to 15-year mortgage. However, although you’ll certainly pay a lot less over the life of the loan, you will have to pay a host of fees in order to refinance in the first place. Is there a way to save on monthly payments without refinancing?

Instead of going through the hassle of refinancing, we recommend making an extra mortgage payment every year. This can shave up to six years off your mortgage and save you tens of thousands of dollars! There are many mortgage calculators out there that can tell you how to pay off your mortgage faster and how much money you will save doing it.

Another option is to make biweekly mortgage payments. This is, in effect, doing the same thing as paying an extra mortgage payment. You have a few extra weeks every year that will allow you to pay off your mortgage faster, without locking you into a steeper payment every month. Even paying an extra couple hundred dollars a year can save you thousands in the long run!

If you’re paying credit cards down or you still have other outstanding debts that have higher rates than what you’re currently paying on your mortgage, obviously you want to pay those off first. Or, if you have investments you can put that money into to help save money and make a better return on what you’re paying right now, talk to your financial advisor to see what your best options are.

If you have any questions about this topic, or if you need real estate assistance of any kind, we’re always available to help. We would love to hear from you!

Is Your Home Ready for El Niño?

Meteorologists predict El Niño will approach Southern California soon.

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling advice.

Meteorologists predict El Niño will approach Southern California this season. We seem to forget about this trend as years pass by without heavy rainfall. Today, we compiled some tips to prepare your home for inclement weather!

• Clean your gutters and downspouts. Clear debris from this area. It’s common for leaves to get caught without notice. Seal up holes. If your home doesn’t have gutters, consider adding them before the rainy season comes.
• Inspect for leaks. Dry heat may have caused wooden structures to shrink and open up, which creates leaks. Call your roofer today to avoid any leaks during inclement weather. Often, leaks occur at metal connecting points. Avoid the damage!
• Check your balcony and deck slopes. Inspect slopes for erosion.
• Examine retaining walls. Ensure they won’t fail on you this season.
• Check the basic grading. This applies especially for those on a flat level lot. Water should run away from your home, not gravitate towards it. Don’t let rainwater into your home.

If you have any questions or concerns about El Niño, please give us a call or send us an email!

Protect Your Identity

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling

Identity theft is the number one crime in the world right now, and we've discovered that 25% of all identity theft is happening here in LA County. Many people don't realize their identity has been stolen until they go to buy a home. So today, I'm going to talk about a couple of things you can do to prevent identity theft.

First of all, be in the habit of checking your credit report at least once every six months. Put a reminder in your calendar so you can keep track of it. You can also hire a service to track your credit report on a regular basis. That way, if something does change, you will be alerted immediately and you can take action.
 

Also, check your bank statements regularly. You can see if any fraudulent charges have been made and cancel your credit cards if needed.

Be aware of phishing emails or phone calls. These often seem too good to be true, and impersonate other banks. If you don't trust the source of the email, do not click any links. Instead, type the official website of the bank into the web browser. Also, never give your credit card or Social Security numbers out over the phone unless you trust that source 100%.

Finally, shred everything. Thieves can steal your information from barcodes or a receipt in the recycling bin. If there is a problem, contact your bank immediately.

If you have any questions, give me a call or send me an email. I look forward to hearing from you.

How to Save Money and Water During Our Historic Drought!

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling

As you all know, we are in a pretty severe drought right now. There are a number of things that you can do to save money and water, and I'll be discussing them today.

Many of the different water districts in our area will offer rebates (https://mwdtuhttrf.conservationrebates.com/) for you to install drought-friendly landscaping. Check in with your water district to check what kinds of rebates they might offer.

Another thing that you can do is install more efficient plumbing lines. A lot of new homes in the area have efficient plumbing lines, and these can be a really good way to save water. One more option is to get a better water heater. Older heaters often waste a lot of water, and newer systems, such as tank-less water heaters, are often much more efficient.

Low-flow plumbing fixtures are also an option for you, and some areas even require them. Dual flush toilets are also a good option because toilets can account for more than 30% of your water usage. Energy efficient dishwashers and washing machines will also help. Your best bet is to purchase the newest machines, as those will likely be the most energy efficient. 

Hopefully these tips can help you to save water for our beautiful state, as well as save you some money. If you have any questions about this issue, please don't hesitate to contact me!

Have You Thought About Using Solar Energy?

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling

Today I'm with Johanna Poole from Solar City and she's going to be speaking about how easy it is to harness solar energy in your home. In the past, you had to buy solar panels for your home, but now there multiple different purchasing options that make them affordable and worthwhile.

The most popular plan is a power purchase agreement, where you just switch from electric to solar. I recently did this, and I'm saving nearly $175 per month! There is no money down and your rates will also be reduced. The upfront costs are also relatively low. Solar City will come out and install the panels on your home at no charge. It's just a very simple way to reduce your energy costs.

You may have heard some things on the radio about solar power only being worth it if your energy bill was more than $150, but this isn't exactly true. Typically you will see some savings if your energy bill is anywhere near $60 or $70 per month. 

A solar lease lasts quite a while (solar panels last for 30 years), so if you move, Solar City has an entire department dedicated to transferring people. It's also important to note that adding solar power to your home does typically increase the value. 

Also, we will be hosting a Solar Panel Party on Thursday, August 27th at 7pm at my home. I want to invite everyone interested in solar panels to come out and look at how my panels function. 

RSVP for my party here! 

If you need to reach Johanna, you can contact her at 213-327-4356.

As always, please don't hesitate to contact me about real estate in North Orange County or South LA County.

How Can You Be Prepared for the Inevitable?

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling 

Hey everyone, thanks for joining us again today. We are here to talk about an important topic today: earthquakes. The recent devastating quakes in Nepal are a good reminder to be prepared for the inevitable in California. Here are some useful tips, from the Red Cross:

• Make sure you have a flashlight and sturdy shoes by each person's bed.
• Have your home securely anchored to its foundation.
• Bolt and brace your water heater or any other large appliances to the house with earthquake straps.
• Hang heavy items away from where people sit or sleep.
• Keep beds away from windows.
• Brace any overhead light fixtures.
• Install strong latches on cabinets and cupboards.
• Make sure you have an earthquake kit handy at your home.
• Make sure you know how to shut off your gas valves.

We want you to stay safe the next time we have an earthquake here in California, and hopefully these tips will help you out. If you have any questions about this topic, the Red Cross has some great information on their website. 

If you are thinking of buying or selling real estate here in Orange County over the next year, feel free to give us a call or send us an email. We look forward to hearing from you soon!

Are You Getting the Highest Possible Tax Return?

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hey everyone, it's nearly April 15, and for those of you who are last-minute procrastinators for tax day, we have a couple of things that you may have forgotten to put on your return. These are some of the most commonly overlooked areas when it comes to doing your taxes and we wanted to bring it to your attention.

One thing you want to make sure you do if you bought a home in the last year is claim the origination fees on your loan as tax deductible. Make sure you get those closing statements to your accountant. 

Another tax you can deduct is your property tax. On both primary residences and vacation homes, your property tax is fully deductible. 

This is another no-brainer, but people forget about it. You can deduct 100% of the interest portion of your 2014 mortgage payments when you file your return. 

Also, if you own a home that was your primary residence for more than two years and sold it in 2014, you can qualify for up to a $250,000 tax exclusion if you're single, and $500,000 if you have a spouse.

Make sure you don't miss out on any of these deductions. If you have any questions about anything relating to your taxes or real estate in general, give us a call or send us an email. We look forward to speaking with you!

Keep Your Home Safe While Away on Vacation

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling consultation to answer any of your real estate questions.

With summer in full swing, I thought it might be helpful to give you some advice on the best way to keep your home safe and secure while on vacation.
These 6 simple steps will help you feel comfortable while you're away from home:

1. Ask a friend to help out. Have someone you trust check on your house daily, or even every other day.
2. Don't tip people off online. We all want to tell our friends about our upcoming trip on social media. But it's important to make sure we limit the amount of people who can read our posts, especially if they refer to our being out of town.
3. Leave your lights off. Many people leave the lights on when they leave town. However, when the same light is on for an extended period of time, it only tips off potential burglars.
4. Stop your mail. There's no better way to shout "I'M NOT HERE" than having an overflowing mailbox.
5. Pull the plug. Be sure to unplug all electronics to prevent fires.
6. Remove any spare keys. Many of us have a key hidden away under a doormat or rock. Make sure to remove them before you leave.

As you can see, it's easy to protect your home. All it takes is a little planning to feel comfortable while you're away on vacation.

As always, feel free to contact me with your real estate needs in Northern Orange County and L.A. County.

Thanks, and have a safe and fun summer!

Avoid Costly Probate Court and Save Your Holdings with a Trust

Looking to buy or sell a home in South LA County or North Orange County? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (562) 316-2915 for a FREE home buying or selling consultation to answer any of your real estate questions.

Avoid Costly Probate Court and Save Your Assets with a Trust

 

I have been having a lot of clients asking me about trusts, estate issues, wills, and probate issues. Because of this, I have invited Margo Bergkvist to come speak with us today. She is an estate planning attorney for Bergkvist, Bergkvist & Carter LLP, and has almost 30 years of experience in this field.

So, when is a good time for someone to do a trust?
If anyone is starting to accumulate an estate or any real property, then a living trust is going to allow your heirs to get distribution upon your death without going through the long probate process. So, almost any time you buy a home or investment property would be a good time to look at a trust.

Why should I use a trust instead of probate?
Probate can take 9-18 months to complete, and it involves lots of court costs and attorney fees. Basically, the money you have been trying to protect for your heirs will be eaten away in the process of probate. You really want to avoid probate if you can.

Although it costs money up front to set up a trust, it will protect your heirs and your assets more completely. Also, if you become incapacitated after something like a stroke.

If you would like to reach out to Margo to form a trust or to ask her any questions, she can be reached at (562) 435-1426, and her office is in downtown Long Beach. Margo doesn't charge for consultations, so feel free to reach out to her.

Otherwise, if you're looking to buy or sell in Long Beach, North Orange County, or South LA County then please contact me. I am always willing to help. You can call me at (562) 316-2915 or email me at melinda.elmer@gmail.com.

How Can You Save Money On Your Insurance?

Click here to find out what your home is worth or to search all area homes for sale.

Everyone wants to save money. Sometimes we don't know how easy it can be, though. Danny Matheus from Fulcrum Insurance Center is with us today to talk about some discounts you may be missing out on.

Tell us about your insurance policies.

At least half of the people I talk to have their insurance scattered with multiple carriers. There are varying reasons for that, but sometimes it can be more beneficial to just go through one carrier.

Letting your agent know more information allows them to manipulate a policy to maximize your potential discounts. A college degree gets you a discount, having a burglar alarm in your home gets you a discount. You can also get a discount depending on what industry your profession is in. It's not just a few bucks off either, it could be up to 25% off! There are so many other little things that can help you save hundreds of dollars.

If you have any questions, email me at danny@fulcrumcenter.com

#1 Reason Insurance Carriers Won't Insure Your Home

Welcome back to my video blog! Today I have Danny Matheus from Fulcrum Insurance Center with us. I asked Danny here to give us some tips on what to keep in mind when buying a new home.

What should buyers consider in a new home when it comes to insurance?

The policy underwriting process can take a long time and can delay the escrow period if the insurance agency doesn't have all the facts.

A lot of older homes have outdated wiring; they have fuses instead of circuit breakers. I represent 13 different insurance carriers in the state and none of them will insure a home that does not have updated wiring.

Don't buy a home that isn't insurable. If you have any questions about what other things you should look for to complete your policy, give me a call at 800-278-6900 or email me at danny@fulcrumcenter.com

Thanks for watching!

Do You Have the Right Condo Insurance?

Having the right insurance is always important. Lately, quite a few clients have asked me about condo insurance and what exactly is covered. That's why I asked Danny Matheus form Fulcrum Insurance to join us today. He is going to answer some questions you may have.

What is the biggest mistake those with condo insurance make?

A lot of the time the owners have a misunderstanding of what is actually covered in their policy. Banks require a minimum of 20% of the purchase price to cover what's inside the unit. That's not a lot. If you bought a condo for $100,000, how much would $20,000 of insurance get you if there was a fire?

It's so important that you talk to an agent or broker that can not only get you a good price, but the right coverage. The average cost per square foot is about $200.

Also remember, if you have a master policy, that does not cover the inside of your home. So while it may seem like a better option for your pocket now, it will cost you thousands later if anything happens to your home.

If you have any questions about condo insurance, please give me a call at 800-278-6900 or send me an email DWMatheus@gmail.com

Capital Gains and Taxes

Welcome back to my video blog. I've had quite a few clients ask me about when they will get hit with capital gains tax.

If you are recently married or just moved in with someone, this is important. In a lot of these cases there are two homes; let's call them 'Home A' and 'Home B.'

Let's say you and someone else move into Home A and decide to rent out Home B. If you sell Home B within three years and can claim it was your primary residence for two out of the past five years, you qualify for the primary residence tax deduction. That's $250,000 per individual or $500,000 per couple.

Now, if you wait until after three years and Home B has not been your primary residence two out of the past five years, you lose that capital gains exemption. You will need to ask your accountant exactly how much that is.

I would also like to congratulate our winner of the Thanksgiving drawing Mike Carrillo!

If you have any questions, please give me a call today and CONGRATS to the winner of our Thanksgiving drawing, Mike Carrillo!  Thanks for watching!