WEBVTT - Essential Home Buying Tips: Utilities, HOA, and Mortgage Insurance Explained

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<v Speaker 1>these other fees, right, because we know about the mortgage.

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<v Speaker 1>Some people know about the property tax, we know about

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<v Speaker 1>homeowners insurance. But there's some other fees that wait.

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<v Speaker 2>But before we go to other slots, So because we didn't,

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<v Speaker 2>we didn't. I just want to make sure people get

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<v Speaker 2>that the whole thing. So can we go back to that.

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<v Speaker 2>Can we go back to the slot?

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<v Speaker 3>Ye?

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<v Speaker 2>So utilities is a big one because this is why

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<v Speaker 2>a lot of people using you know, different type of

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<v Speaker 2>energy efficient things for their homes and that that that

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<v Speaker 2>can save a lot of money, right and even setting

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<v Speaker 2>up utility a lot of times as a process, water, gas,

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<v Speaker 2>all that type of stuff. And then of course the

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<v Speaker 2>homeowner's insurance. But the homeowners insurance is vitally important now,

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<v Speaker 2>especially you look at California fires, you look at Florida,

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<v Speaker 2>you look at floods. So, okay, the taxes we we

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<v Speaker 2>just talked about that, that's important. The mortgage is pretty

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<v Speaker 2>going to be straightforward as far as on the bank side,

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<v Speaker 2>you shouldn't understand those terms. But this homeowner's insurance and

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<v Speaker 2>the utilities can you can you talk about that because

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<v Speaker 2>that's that's something that people need to really have an

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<v Speaker 2>understanding of what they're getting themselves into before they actually

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<v Speaker 2>get the home.

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<v Speaker 3>Absolutely, so let's jump into utilities. If you're looking for

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<v Speaker 3>a single family home, it would be ideal and I

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<v Speaker 3>want you to write this down. Oftentimes agents don't do this.

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<v Speaker 3>Ask the previous homeowners to provide you with a statement

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<v Speaker 3>of what their utility bills are, like, what are they're

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<v Speaker 3>paying on average for their light bill? What are they

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<v Speaker 3>paying on average for their gas bill? Those are two

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<v Speaker 3>controllable expenses that you don't really consider when you're buying

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<v Speaker 3>a home. Why is this important. Let's just say you're

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<v Speaker 3>buying a five thousand square foot home on a basement

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<v Speaker 3>and you're coming from a two bedroom apartment that's maybe

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<v Speaker 3>thirteen hundred square feet. The difference in the amount of

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<v Speaker 3>heat that's required to heat that space, the amount of

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<v Speaker 3>HVAC that's required to cool that space, it could be

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<v Speaker 3>almost the cost of it could really be thousands of dollars.

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<v Speaker 3>So while you're out here assessing what your expenses should be,

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<v Speaker 3>ensure that you get that information from the current homeowner

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<v Speaker 3>before making your purchase. So utilities are such a big deal.

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<v Speaker 3>And then when we talk about homeowners homeowners association fees,

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<v Speaker 3>So you guys are in New York, so a lot

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<v Speaker 3>of times you guys are buy not y'all, you know,

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<v Speaker 3>you deserve to be rich, but a lot of people

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<v Speaker 3>are buying condos, townhouses, things like that, and there are

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<v Speaker 3>a lot of times those fees are included. So you

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<v Speaker 3>get into an HOA, they'll say, here's an additional I

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<v Speaker 3>saw a condo here in Atlanta where the hoafee is

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<v Speaker 3>fourteen hundred dollars a month, but it includes the utilities,

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<v Speaker 3>and then it includes amenities so it includes so it

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<v Speaker 3>kind of offsets, but you have to understand how that

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<v Speaker 3>will affect your monthly payment. So hoafees is a huge deal.

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<v Speaker 3>I think we get a big bad rep. I don't

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<v Speaker 3>want a house in the HOA. It's good to it

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<v Speaker 3>and it's not so good. The good parts of it

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<v Speaker 3>HOA is if you are in a neighborhood, a single

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<v Speaker 3>family neighborhood, and everybody has to maintain the exterior a

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<v Speaker 3>certain way. Everybody has to maintain the grass their a

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<v Speaker 3>certain way. It actually helps with your value appreciation. You're

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<v Speaker 3>gonna hear me say value appreciation a lot because I

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<v Speaker 3>want you to understand that is the number one reason

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<v Speaker 3>for getting into real estate and owning a property is

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<v Speaker 3>value appreciation and ownership. That's it. So of course HOA

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<v Speaker 3>fees is something you need to consider and see what

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<v Speaker 3>they're what's included in that, And then routine maintenance. I

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<v Speaker 3>most recently was consulting with someone and they have to

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<v Speaker 3>get an entire new HVAC system. They got a quote

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<v Speaker 3>for twenty thousand dollars. Like, you can't call the landlord.

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<v Speaker 3>You are the landlord. You are in charge of those

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<v Speaker 3>fee of that maintenance. So getting routine maintenance on your

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<v Speaker 3>property and accounting for those additional expenses. I hate to

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<v Speaker 3>scare people. Everybody has this scare tactic. I'm gonna tell you,

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<v Speaker 3>and this is not even like. Look into any type

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<v Speaker 3>of home warranty companies that offer complete protection. So when

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<v Speaker 3>you get a home warn company that helps you with

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<v Speaker 3>the room team maintenance. So instead of you being responsible

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<v Speaker 3>for that twenty thousand dollars fee to replace the system,

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<v Speaker 3>if you were paying a monthly fee into a home

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<v Speaker 3>warranty company, then you could call them the same way

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<v Speaker 3>you would call your landlord. Why do I want to

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<v Speaker 3>say this because I'm sick of people try to scare

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<v Speaker 3>people into not owning a home, saying my landlord can

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<v Speaker 3>pay for that. Well, if you were paying a fifty

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<v Speaker 3>dollars fee per month and your HVAC system went out tomorrow,

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<v Speaker 3>you would be able to call your home warranty company

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<v Speaker 3>to cover it. So don't allow these expenses to scare you.

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<v Speaker 3>But be very aware that these expenses are there. So

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<v Speaker 3>your job is to protect yourself. So again, unexpected expenses

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<v Speaker 3>are going to happen. You're going to have to get

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<v Speaker 3>your gutters cleaned every year. You're going to have to

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<v Speaker 3>get your extere of your property pressure washed every year.

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<v Speaker 3>Some people do it every quarter. You have to consider

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<v Speaker 3>that you want a home inspector to come inspect your

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<v Speaker 3>property every single year, not just when you buy the home.

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<v Speaker 3>When you initially buy the home, you do get a

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<v Speaker 3>home inspection because you're negotiating with the seller for any

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<v Speaker 3>defects in the property and you don't want to purchase

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<v Speaker 3>a property with the defect. But what happens when you

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<v Speaker 3>live in a home. There could be underground links that

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<v Speaker 3>you are not aware of that continue to happen. Your

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<v Speaker 3>HVAC could be at the bottom of like at the

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<v Speaker 3>end of its lifespan. So you get a home inspection

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<v Speaker 3>every single year. That's about five or six hundred dollars.

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<v Speaker 3>But what it does is preventative maintenance. That preventative maintenance

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<v Speaker 3>now you can call your home warranty and your handyman

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<v Speaker 3>to address issues before they become too expensive. No one

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<v Speaker 3>talks about that type of maintenance, but that's what it

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<v Speaker 3>requires to maintain a home. So outside of that, you

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<v Speaker 3>have the utilities, you have the just maintaining the integrity

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<v Speaker 3>of your property. But then you also got to account

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<v Speaker 3>for certain things. And I'm going to focus on single

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<v Speaker 3>family homes because it's completely different maintenance than having a condo.

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<v Speaker 3>A single family home, you may want to take into

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<v Speaker 3>your budget, at what point do I have to replace

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<v Speaker 3>the roof? And an average roof span is fifteen to

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<v Speaker 3>twenty five years, so you have to think about that.

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<v Speaker 3>At what point do I have to replace the hvac system?

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<v Speaker 3>They keep changing the free on and the diferent things

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<v Speaker 3>in the HVAC system. That's typically five to ten years.

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<v Speaker 3>Some of them are saying twenty years. So what you

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<v Speaker 3>want to do is budget that get and I will

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<v Speaker 3>not stress this enough, get a home warranty. Get a

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<v Speaker 3>home warranty, and then make sure when you purchase your

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<v Speaker 3>property you're getting scheduled and consistent maintenance of your home that.

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<v Speaker 1>Is not There's a part here, like we talked about

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<v Speaker 1>the homeowners insurance, but most people don't know about mortgage insurance.

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<v Speaker 1>And I'm assuming if a lot of people are doing

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<v Speaker 1>being first time home owners and they don't have the

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<v Speaker 1>twenty five percent down payment or twenty percent down payment,

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<v Speaker 1>they're going to flow in this category. So talk about

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<v Speaker 1>what that is and kind of give it like an

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<v Speaker 1>explanation of what mortgage insurance actually entails.

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<v Speaker 3>Yeah, so mortgage insurance covers the lender. Mortgage insurance does

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<v Speaker 3>not cover your property. It covers the lender in case

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<v Speaker 3>you default on the loan. So when you're paying mortgage insurance,

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<v Speaker 3>a lot of people are like, do I have to

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<v Speaker 3>pay it? Yes, you have to pay mortgage insurance unless

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<v Speaker 3>you're putting twenty percent down. If you're putting less than

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<v Speaker 3>twenty percent down. At some point, though, what does happen?

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<v Speaker 3>You do pay the private mortgage insurance. But at some

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<v Speaker 3>point when you have invested more than twenty percent towards

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<v Speaker 3>the principle of your mortgage, you can actually call your

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<v Speaker 3>mortgage lender and say, hey, I have invested this much.

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<v Speaker 3>I want the mortgage insurance to come off. The mortgage

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<v Speaker 3>insurance will not cover your house if it's damaged. The

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<v Speaker 3>mortgage surance insurance doesn't cover your house, God forbid, if

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<v Speaker 3>there's a fire. It only covers the lender because the

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<v Speaker 3>lender is taking a chance on you because you don't

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<v Speaker 3>have enough skin in the game. You have enough skin

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<v Speaker 3>in the game for them to say, hey, we're going

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<v Speaker 3>to give you this mortgage, but you're putting less than

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<v Speaker 3>twenty percent down, So we need insurance on top of

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<v Speaker 3>what on top of what we're giving you, just in

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<v Speaker 3>case you default and you cannot satisfy the loan. That

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<v Speaker 3>is what mortgage insurance is, and you can't get around it.

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<v Speaker 2>So what's some best practices as far as for the

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<v Speaker 2>homeowners insurance?

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<v Speaker 3>Right?

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<v Speaker 2>For the homeowner insurance, what's best practice that people should

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<v Speaker 2>be aware of getting homeowner insurance policy?

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<v Speaker 3>You get what you pay for cheaper is not always better.

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<v Speaker 3>And I feel like oftentimes when you're shopping with different

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<v Speaker 3>home insurance companies, and I have great relationships with homeowners

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<v Speaker 3>insurance companies, you're just thinking this is going to affect

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<v Speaker 3>my monthly payment. It is. They take the calculation of

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<v Speaker 3>what it will cost you for twelve months and then

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<v Speaker 3>you're paying on it every single month as a part

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<v Speaker 3>of your ES growth. Your ES grows include your insurance

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<v Speaker 3>and your taxes. Right, So when you're thinking about, okay,

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<v Speaker 3>I have to pay this amount, I would say shop

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<v Speaker 3>and tell them the truth. If you have three Rolex

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<v Speaker 3>rotches in the house, right, and you just did an

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<v Speaker 3>upgrade in your kitchen and did soft clothed cabinets and

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<v Speaker 3>Wolf appliances. You need to tell your insurance company about this,

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<v Speaker 3>because what happens is you're getting insured that the house

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<v Speaker 3>will say you buy a house with you know ge appliances.

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<v Speaker 3>You're just happy to own a home. You read the

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<v Speaker 3>book I Deserve to Be Rich. You do a stock

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<v Speaker 3>option play, and now you want to renovate your kitchen

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<v Speaker 3>now and you go and do this whole renovation. It's

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<v Speaker 3>one hundred thousand dollars renovation, and you don't report it

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<v Speaker 3>to your homeowners insurance company. What happens in the interim

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<v Speaker 3>if your house catches on fire, like I said, like

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<v Speaker 3>what happened in La and things like that, if you

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<v Speaker 3>never paid the difference in that cost, it's not covered.

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<v Speaker 3>So that's why keeping up with your homeowner's insurance and

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<v Speaker 3>making sure that you tell your preferred insurance agency the

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<v Speaker 3>truth about your assets. They can understand how much it

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<v Speaker 3>would cost to actually rebuild the property. Because there's different

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<v Speaker 3>levels to insurance, cheaper is never better. I will always say,

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<v Speaker 3>be educated about the level of insurance that you receive

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<v Speaker 3>so in case something happens, because that is what insurance

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<v Speaker 3>is for your cover.

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<v Speaker 2>And then also it's important because they had a study

0:11:48.600 --> 0:11:50.960
<v Speaker 2>that like I think thirty percent of homeowners actually they're

0:11:50.960 --> 0:11:53.280
<v Speaker 2>paying more money and all the ancillary stuff than the

0:11:53.320 --> 0:11:57.599
<v Speaker 2>actual mortgage. So you got to have a budget. You

0:11:57.720 --> 0:11:59.360
<v Speaker 2>got to have an idea of how much money you're

0:11:59.360 --> 0:12:02.040
<v Speaker 2>going to spend because if not, if your budget is

0:12:02.080 --> 0:12:04.160
<v Speaker 2>like twenty five hundred and your mortgage is two thousand,

0:12:04.280 --> 0:12:06.920
<v Speaker 2>you think that I got a five hundred dollars surplus.

0:12:07.240 --> 0:12:10.320
<v Speaker 2>But then when you add all these utilities and the taxes,

0:12:10.440 --> 0:12:14.679
<v Speaker 2>and then the insurance and then you know maintenance upkeep,

0:12:15.559 --> 0:12:18.440
<v Speaker 2>and the budget is actually your two thousand dollars a

0:12:18.480 --> 0:12:21.959
<v Speaker 2>month mortgage actually turns into forty five hundred dollars a

0:12:21.960 --> 0:12:25.240
<v Speaker 2>month that you actually end up spending. That causes a

0:12:25.240 --> 0:12:25.960
<v Speaker 2>lot of problems.

0:12:26.720 --> 0:12:28.920
<v Speaker 1>Yeah, and one of those taxes that I don't even

0:12:28.960 --> 0:12:31.920
<v Speaker 1>see in there is school tax. Right, Like everybody wants

0:12:31.920 --> 0:12:33.600
<v Speaker 1>to live in a great neighborhood and go to the

0:12:33.600 --> 0:12:36.679
<v Speaker 1>great school. Well that cost and so that that's something

0:12:36.679 --> 0:12:40.920
<v Speaker 1>that's getting paid semi annuary or sometimes quarterly. So just

0:12:41.000 --> 0:12:42.440
<v Speaker 1>keep that in mind, like when you want to move

0:12:42.480 --> 0:12:45.800
<v Speaker 1>to that great neighborhood, because it's preceded school. The people

0:12:45.800 --> 0:12:48.280
<v Speaker 1>that own property there, they're paying school taxes, which is

0:12:48.320 --> 0:12:50.439
<v Speaker 1>another amount that you're gonna have to put into that

0:12:50.440 --> 0:12:53.000
<v Speaker 1>that budget that you apparently thought you had when you

0:12:53.000 --> 0:12:54.439
<v Speaker 1>were starting to buying process.

0:12:55.120 --> 0:12:57.000
<v Speaker 3>Oh and this is one thing I want to tell

0:12:57.000 --> 0:12:59.560
<v Speaker 3>you guys that I'm a I'm a professional, right, so

0:12:59.640 --> 0:13:01.840
<v Speaker 3>this should that happened to me, But it happened to

0:13:01.880 --> 0:13:05.239
<v Speaker 3>me too. With homeowners insurance one of my investment properties.

0:13:05.559 --> 0:13:07.880
<v Speaker 3>I'm just like, why is this monthly note so high?

0:13:08.000 --> 0:13:11.080
<v Speaker 3>What happened? Right? I did put down twenty percent, so

0:13:11.400 --> 0:13:15.720
<v Speaker 3>I just pay yearly. I pay annually. And it slipped

0:13:15.760 --> 0:13:20.000
<v Speaker 3>my mind to renegotiate the terms of my homeowner's insurance policy.

0:13:20.559 --> 0:13:24.120
<v Speaker 3>So they increased my homeowner's insurance policy beyond the limit

0:13:24.160 --> 0:13:27.720
<v Speaker 3>that I wanted, was comfortable with. So always remember you

0:13:27.800 --> 0:13:30.640
<v Speaker 3>have to advocate for yourself and every year when it's

0:13:30.720 --> 0:13:33.480
<v Speaker 3>time to renew that policy. You do know, you don't

0:13:33.520 --> 0:13:35.760
<v Speaker 3>have to be stuck with who you started with. You

0:13:35.800 --> 0:13:38.680
<v Speaker 3>can actually shop around. Let them know you're shopping around,

0:13:38.760 --> 0:13:41.960
<v Speaker 3>Shop three different people. Tell them you're shopping. Get the

0:13:42.000 --> 0:13:44.360
<v Speaker 3>lowest rate, and then every but get the lowest rate

0:13:44.400 --> 0:13:46.600
<v Speaker 3>that has the highest coverage. Let me say that one

0:13:46.600 --> 0:13:49.800
<v Speaker 3>more time. Get the lowest rate, that has the highest coverage,

0:13:50.120 --> 0:13:53.520
<v Speaker 3>and that will help with controlling your overhead expenses.

0:13:54.120 --> 0:13:55.600
<v Speaker 1>Timely importantly important.

0:13:55.600 --> 0:13:58.880
<v Speaker 4>All right, So, an illegal alien from Guatemala charged with

0:13:59.040 --> 0:14:02.680
<v Speaker 4>raping a child in Massachusetts. An MS thirteen gang member

0:14:02.679 --> 0:14:06.480
<v Speaker 4>from Al Salvador accused of murdering a Texas man of

0:14:06.559 --> 0:14:11.040
<v Speaker 4>Venezuelan charged with filming and selling child pornography in Michigan.

0:14:11.400 --> 0:14:14.679
<v Speaker 4>These are just some of the heinous migrant criminals caught

0:14:15.000 --> 0:14:18.560
<v Speaker 4>because of President Donald J. Trump's leadership. I'm Christy nom

0:14:18.720 --> 0:14:22.640
<v Speaker 4>the United States Secretary of Homeland Security. Under President Trump,

0:14:22.920 --> 0:14:27.200
<v Speaker 4>attempted illegal border crossings are at the lowest levels ever recorded,

0:14:27.520 --> 0:14:30.600
<v Speaker 4>and over one hundred thousand illegal aliens have been arrested.

0:14:30.840 --> 0:14:34.400
<v Speaker 4>If you are here illegally, your next you will be

0:14:34.440 --> 0:14:38.320
<v Speaker 4>fine nearly one thousand dollars a day, imprisoned and deported,

0:14:38.800 --> 0:14:42.040
<v Speaker 4>you will never return. But if you register using our

0:14:42.040 --> 0:14:45.280
<v Speaker 4>CBP home app and leave now, you could be allowed

0:14:45.280 --> 0:14:50.280
<v Speaker 4>to return legally. Do what's right, leave now. Under President Trump,

0:14:50.400 --> 0:14:54.000
<v Speaker 4>America's laws, border and families will be protected.

0:14:54.120 --> 0:14:56.240
<v Speaker 1>Sponsored by the United States Department of Homeland Security,