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What Are the Hidden Costs of Homeownership? - YouTube
Channel: BNC News
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well buying a home is a huge investment
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and as we close out our home sweet home
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series
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we want to talk to you about being
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prepared for the unexpected
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a flood hurricane or even a busted pipe
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not to mention taxes and maintenance am
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i the only one getting a headache just
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talking about it
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well we're going to help you today ryan
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and royale jockers are
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a real estate power couple in houston
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texas
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and they actually helped me buy and sell
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my home when i lived there with my
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family
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and they made sure we knew everything we
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needed to know we were educated during
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the home buying process
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because it can be a lot for someone to
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handle so
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good morning and great to see you guys
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again thanks for being here
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hi good morning thanks for having us
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good morning so let's jump right in and
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talk about some of the hidden costs of
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ownership that a lot of people don't
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even realize they're gonna have to face
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yeah um there are a lot of hidden costs
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the number one thing you want to do is
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educate yourself on the cost of being a
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homeowner right you always want to make
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sure
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you're saving the most money you're
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getting the best deal
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i think the first step in doing that is
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to make sure you get yourself a top
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producing realtor
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they're going to be your wise counsel
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and they're going to have great
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relationships in all the different
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arenas of your home purchase right
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they'll be able to recommend
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excellent lenders where you can shop
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your rate they'll have reputable
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inspectors on hand they'll have good
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relationships with contractors
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title companies where you're going to
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close your house at a real estate
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attorney
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should you need one good insurance
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brokers for home your homeowners
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insurance policy
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and they'll know about home warranties
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as well and have relationships in that
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arena
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and we know that you know so many things
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can happen after you get the keys right
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so everyone wants to get the keys
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you want to you know put the furniture
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out there and invite people over but
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sometimes things can happen like busted
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pipes and
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roofs going bad what can homeowners do
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proactively to plan for the unexpected
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so i think it's good to stay on the
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offense
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so you're not on defense when we have
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you know heavy rains or freezing
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temperatures
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so it's really good to make sure during
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that home inspection that you see
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all of your plumbing is insulated and
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wrapped and if it's not and you want to
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make sure
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to wrap all your or insulate all your
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plumbing
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um i think it's good every couple years
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to get a roofer to go up and just reseal
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all your roof jacks and flue pipes
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because most of the time if you get
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water
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uh through your roof it's through one of
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the vents so you just have to reseal
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those items change your filters
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uh annually for your ac
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just stay in front of do the
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preventative
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to prevent the the big ticket items but
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then
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also make sure you have a good
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homeowner's insurance policy just in
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case
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something does happen yeah and like ryan
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said about
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staying ahead of it i mean the best
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thing that you could do is do your due
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diligence
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when you're purchasing the house be sure
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to request the seller's disclosure
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this will give you a detailed background
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and history on the house it'll tell you
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how old the roof is how old the hvac
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system is
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how old the water heater is what repairs
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have been done
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and what repairs still may need to be
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done on the property so you're going in
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it with
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your eyes wide open those are all great
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tips but what about a home warranty i
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know a lot of places when you're buying
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a new home
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they're promoting the home warranty you
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should get this to kind of protect you
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if the unexpected happens to your
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appliances or your pipes and they bust
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they could maybe cover you that's
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outside of your home insurance that you
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mentioned
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what do you all say about the home
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warranty
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i say absolutely get it most the time
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the seller will pay for it
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when you're buying uh real estate uh
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so it's just an extra layer of
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protection now it's really important
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with a home warranty that if
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god forbid anything happens to the hot
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water heater or any of your appliances
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or your hvac that when you call the home
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warranty and they come out
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say less just say it broke i don't know
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what happened and it needs fixed a lot
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of people will
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you know say they started messing with
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it or
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you know tinkering with it trying to get
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it to work and sometimes you'll avoid
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your home warranty
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by by saying stuff like that so just
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less is more if it goes out call the
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home warranty
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and let them know it's broke and you
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don't know what happened and there's
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quite a few different home warranty
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vendors right
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so review each plan and coverage you've
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got great ones from select home warranty
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american home shields
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and usually the buyer is selecting the
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home warranty of their choosing
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like the seller pays for it and then you
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pick what company and what plan you want
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to go with so you want to shop that just
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like anything
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you want to shop your home warranties
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you want to shop your homeowners
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insurance policies
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and make sure you're getting good
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coverage with the deductible that you
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can afford
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because that deductible is the amount
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that
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you're gonna that's the amount you need
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to save for home maintenance
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and emergencies right your your
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homeowner's insurance policy
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deductible so you want to make sure
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that's affordable and you're saving
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money
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for the deductible and you know speaking
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of of saving
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i think a lot of folks want to know how
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much money should they put aside for
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a rainy day fund for emergencies it's a
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small investment up front
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and you got shannon laughing over here
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because it's probably a question that he
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asked you guys but
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um you know you know you gotta have that
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little pocket that little pocket of gold
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kind of stored away
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tell us about any percentages that could
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help us
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yeah absolutely so uh whatever
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what i would recommend would be whatever
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your insurance
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deductible is so some people have a one
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percent deductible two percent
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deductible
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but whatever your deductible is god
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forbid worst case scenario happens
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you're covered with
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homeowners insurance but if you have a
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one percent deductible
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then you know depending on the value of
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your house
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uh you know four thousand dollars
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two thousand dollars it all depends on
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what your deductible is and make sure
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you know
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what your deductible is and then uh
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that would be a good rainy day fund
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baseline
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so just just to be clear so let's just
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say uh for easy math on a hundred
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thousand dollar home
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how much would you recommend uh the the
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buyer put to the side
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so a hundred thousand dollar home if
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they have a one percent deductible would
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be one thousand dollars
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if you have a two percent deductible two
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thousand dollars
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got it love it okay okay and real quick
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what's the biggest mistake you see
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homeowners make right after buying a
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house or right before they close
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well it's a seller's market inventory
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is low and demand is high so
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you know a buyer's desire to get that
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house they're going in they're putting
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it in a strong offer and they're just
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like
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they've got to get it but then when
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you're under contract
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it's like you're locked into all those
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terms that you favored for the seller
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and that's where you need your wise
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counsel your realtor to come in and help
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you
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we always advise as a buyer that you
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give yourself
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a healthy option period that is your
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inspection period
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you want to have a good relationship
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with an inspector and have them
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on hand you know lift up the hood to
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that house and do your due diligence get
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a good inspection
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and you know do your due diligence ahead
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of time
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so you're not running into problems
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after you close
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good advice great tips thank you so much
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ryan and rael jocker thank you for
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starting your day with us we'd love to
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have you back
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