Purchasing a Home Warranty in Boston, MA

When buying a home in Boston, MA, you may wonder if it is worth the extra investment to purchase a home warranty. Is it worth the money? Will it help to protect your investment?

First, lets clarify what a home warranty is. Do not confuse a home warranty with home insurance, they are two very different things. For example, if your basement floods, that is something that would be taken care of by your home insurance. A home warranty is a service contract that covers some of the appliances and systems in your home. For the length of the contract, the warranty provider will pay for repairs or replacement on those appliances and systems. How much is covered, the deductible, and what isn’t covered will vary with different warranties and providers.

Most Boston, MA home warranties last a year, and can usually be renewed if desired. It’s a good idea to find out the age of the appliances in your new home before deciding to purchase a home warranty. If the appliances are older and may need to be replaced soon, a home warranty can give you the peace of mind that you won’t have to pay the full cost to replace them during that first year in your home. If the appliances in your new home are relatively new, it may not be something that you need.

As a local Boston, MA real estate agent I can recommend home warranty companies if you are interested in purchasing a warranty. The most important thing to remember is to carefully read the contract, and pay special attention to what is and is not covered so that you know exactly what you are purchasing and how you’ll be able to utilize it. When a home warranty is understood and utilized for its intended purposes, it can be the easiest way to save on home repairs and reduce the extra stress that comes with buying a home.

If you have any questions on home warranties, or if you are interested in buying a home in Boston, MA, please contact me! Please know I am only a click a way if you have any Boston, MA real estate needs. I look forward to hearing from you soon!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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The Top 5 Home Renovations for Boston, MA

It's hard to believe with all the recent snow, but, SPRING is just around the corner! There is no better time to focus on home renovation than springtime. The weather is (hopefully) milder in spring so renovation doesn't seem so daunting. Many of us also have tax refunds that we can put to good use and invest back into our homes. Springtime may be your best bet for home renovation in your Boston, MA home.

Payback for home renovation projects are finally back on the rise again after nearly a decade of decline. Remodeling Magazine has recently released it's annual Cost vs. Value Report. The payback for home renovation projects rose 9 percent in 2013. Several projects gained more momentum with up to nearly 30 percent gains. Here are the top five renovation projects for Boston, MA based on the payback at the closing table.

Attic bedroom: Investment: $60,102 | Resale Value: $64,795

Entry door: Investment: $1,294 | Resale Value: $1,200

Siding: Investment $13,231 | Resale Value: $12,461

Minor kitchen remodel: Investment: $22,175 | Resale Value: $19,438

Garage door: Investment: $1,767 | Resale Value: $1,488

I hope you are able to invest into your Boston, MA home with one of these projects. When it comes time to sell your Boston Home and buy new please look for a professional, someone well-versed in all aspects of the sale process. From strategic marketing, and negotiation, a qualified professional is a home seller's best asset. Your satisfaction is the key to my success. Don't sell your home without the help of an experienced agent. Contact me when you are ready. I look forward to hearing from you!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Saving For a Down Payment on your Boston Home

If you are planning on buying your first home in Boston, MA you will need a down payment. Generally to get the best rate you will need approximately 20 percent to put down towards your new Boston home. Wondering how you will build up that savings? Feeling a bit overwhelmed? Read on...

The biggest change you can make toward your savings is to downsize where you are living now. Whether that is a smaller/cheaper rental or moving in with family for a set period of time, either will allow significant monthly savings which can then be applied towards your savings. If possible sell your car and use the MBTA instead. Neither of these are desirable changes, but, they will give you the biggest boost in savings each month.

Budgeting is another tried and true method of saving money. Write out all of your monthly expenses or use an online program like Mint to help you plan an appropriate budget. Scale back on all of the unnecessary items and make monthly payments to your savings instead. Skip luxuries like gourmet coffee and cable and look for cheaper alternatives. These seem like small steps but they add up in the end to big savings.

Make sure to keep your down payment in a separate account, preferably not linked to your regular account, this will keep you from dipping into that savings. Low risk investments like a CD or a high-yield savings account are good options as long as you are able to get to the money in time for when you will purchase.

When you are ready to purchase your Boston home, look to an experienced Boston real estate agent. I'm committed to providing you with the highest quality buyer service. When making the type of investment that buying a home requires, you deserve to have all the latest market information and the very best advice, both of which I can provide you with. I am always here should you have a question on a Boston, MA neighborhood such as South End, Fenway, Beacon Hill, or any other. I thoroughly enjoy getting prospective residents familiar with new neighborhoods and exposing them to the best of everything Boston has to offer. I hope to speak with you soon!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Pay Down your Boston Home's Mortgage

You don't have to go to extreme lengths to pay down your mortgage quicker. It may seem impossible but there are manageable ways to pay down your Boston home's mortgage without feeling financially overwhelmed. Here are three options to pay down your mortgage that won't sting so bad.

Make an extra payment now

It seems obvious to make an extra payment when you can. But, you can benefit the most when making the extra payment in the beginning of the year. The earlier you pay down in the year, the less interest you will accumulate throughout the year. Depending on your current loan it is possible to shorten your mortgage payoff by a few years.

Refinance

Consult your mortgage lender about refinancing. If you've owned your Boston home for several years you could benefit quite well from a refinance. Rates are low enough that you could save enough on your monthly payments to either invest back into your home or to help make those extra monthly payments. Make sure to consider shortening the loan term during your refinance. Depending on your current rate you may keep a similar monthly payment but shorten the duration of the home loan in half.

Round up your monthly payment

Check out your monthly budget and see if you have room for an extra 100-200 dollars to go toward the mortgage each month. Don't worry about exact numbers and round up your payment to the next $100. For example if your monthly payment is $1830, round up to $1900 or more, if you can afford it. The little bit each month will eventually shave years off of your mortgage.

I hope you can utilize these manageable ways to pay down your Boston home's mortgage early without too noticeable of a dent in your bank account. If needed, start small and see how it affects your monthly budget. Please know I am only a click a way if you have any Boston, MA real estate needs. I look forward to hearing from you soon!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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