5 Ways Your Neighbor is Smarter Than You
Every neighborhood has at least one family who does all the right things.
Homeownership, like marriage, requires smart every day habits to make it a success. Neglect key elements, and you are looking at a divorce (or a loss of home value). Every neighborhood has at least one family who does all the right things for their home and reaps the great rewards. Let everyone else on the block envy your intelligent choices. Don’t let your neighbor be smarter than you.
Your smart neighbor:
- Never ignores important maintenance items. Neglecting repairs and upgrades can make for larger problems later. In fact, some ignored home maintenance tasks can be dangerous. Ever seen the results of a tree falling on a house or an electrical fire caused by shorts in a wire?
- Hires qualified professionals. DIY decor is smart. Ripping out your entire kitchen when you majored in English literature and barely touched a hammer is not. Your neighbor knows his home is an investment as well as a place to live and is too smart to try to save money by doing it himself or hiring someone’s unqualified out of work brother.
- Keeps all the receipts. When your smart and smug neighbor finally decides to sell, he will present all of his home-related receipts to increase his home’s basis and maximize his tax-free earnings.
- Carries a lot of good insurance. Homeowners often try to get away with the minimum amount of insurance that is required by their mortgage lender. Not only does your smart neighbor carry enough insurance to replace his entire home, if needed, but he also carries life insurance and disability for every member of the family whose income contributes to the mortgage.
- Didn’t take out that second mortgage. More debt means more interest to be paid and less money available in the long run. Unless it is a literal life and death situation, borrowing against your home puts it at risk.
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