A Guide To Everything You Need To Know About Home Ownership Costs [Free Download]

Along with the excitement of purchasing a new home, comes the additional costs that you will be expected to pay as a homeowner. Apart from covering the mortgage of your home, you’ll have additional expenses – such as home insurance – that you will be expected to cover. If you’re looking to budget for a home purchase, it’s important that you consider these costs as they can add up to thousands of dollars each year.

To help you make educated decisions when budgeting, we’ve compiled a list of the major home ownership costs in one free, downloadable guide. Get the Home Ownership Costs to Consider guide here.

Home Insurance

Home insurance policies help protect against serious damage and destruction, like fires, leaks, floods, or break-ins. It also protects a homeowner from personal liability. Some banks may offer home insurance products, although you can typically purchase a home insurance policy through a home insurance agent or broker. 

Tip: You may get better rates if you use a broker or agent. It’s also important to keep in mind that policies typically renew on an annual basis.

Condo Fees

The cost of maintenance fees should be taken into account when you’re buying a condo. This recurring cost is in addition to your mortgage and impacts how much home you can afford. 

Your mandatory monthly fee will vary by your building and square footage. It typically covers:

  • Utilities (such as water and garbage collection)
  • Building insurance
  • Maintenance of common areas (such as the gym, pool, front desk, hallways, landscaping)
  • Building reserve fund (covers emergencies and long-term maintenance projects such as a new roof or elevators repairs)

What Are Status Certificates?

If you’re looking to purchase a condo, you’ll want to look into obtaining a status certificate so that you have as much information about the building and your unit as possible before buying. A status certificate provides valuable information about the condo corporation and its financial

situation. It includes details on the budget, legal issues, the reserve fund, maintenance fees, and any fee increases expected in the future. 

Tip: You’ll want to carefully review your status certificate with your lawyer before making a purchase.

Property Tax

Property taxes are paid annually by homeowners to their municipality. These taxes are ongoing and are separate from your mortgage. Your annual property tax can often be paid in installments.

Tip: It’s important to remember that this cost is not due at closing, but is a recurring cost.

How Are Property Taxes Calculated?

Your property tax rate will vary depending on the value of your property as assessed by your provincial assessment authority. This is then multiplied by a rate that falls between 0.5% to 2.5%.

How Do You Pay Property Taxes?

You can pay your property taxes either through your mortgage provider or directly to your municipality. 

Your Utility Bills

When you purchase a home, you’ll have to set up or transfer your utility bills to your new home. If you live in a condo, these costs may be included in your monthly maintenance fee. Your utility bill will include:

  • Hydro (electricity)
  • Heat
  • Water and Garbage
  • Internet, Phone, Cable

For the full details on the home buyer’s journey including examples, advice, pictures and sample calculations, download a copy of our free Home Ownership Costs to Consider Guide here.

The post A Guide To Everything You Need To Know About Home Ownership Costs [Free Download] appeared first on Zoocasa Blog.

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5 Reasons to Buy an Electric Car

5 Reasons to Buy an Electric Car

We’ve been hearing about electric cars for a while, but it sometimes seems that the only people who buy them are either very into being energy efficient or very wealthy. But there are a lot of good reasons for you to consider buying an electric car. They are good for the environment, but they can also be good for your pocketbook. And who doesn’t want to satisfy the demands of their conscience and their bank account at the same time?

Check out our cost of living calculator.

1. Electric cars help the U.S. with energy independence.

The United States spends about $300 billion importing oil into the country. That’s two-thirds of the U.S. trade deficit. Being dependent upon foreign oil leaves the United States more vulnerable to international problems and fluctuations in the supply of oil abroad.

2. Electric cars are more efficient. 

5 Reasons to Buy an Electric Car

With an electric car you never have to stop for gas. You can charge your electric car in your own garage overnight and be ready to travel wherever you want to go in the morning. In addition, you won’t be wasting any time or money buying snacks or pumping gas at the gas station.

3) You’ll likely save money.

Even though oil prices are the lowest they’ve been since 2008, electricity is still the less expensive option. Right now, if you purchase an electric car, recent data shows you will spend $3.74 worth of electricity to travel 100 miles. However, if you purchase a comparable car that uses gasoline, it will cost you about $13.36 to travel 100 miles. In addition, gas prices have a way of rising (or at least being unpredictable), so that journey of 100 miles can quickly get even more expensive for people with conventional cars.

4) You can get paid to buy an electric car .

5 Reasons to Buy an Electric Car

Right now, the federal government offers a tax credit that can reduce the cost of a new electric car by up to $7,500. That can effectively eliminate the cost difference between a gasoline-powered car and an electric car. Sometimes it can even make the cost of buying a gasoline-powered car more than the cost of buying an electric car. However, the tax credit offer might not last forever, so you might want to buy an electric car sooner rather than later if that’s an important factor for you.

Related Article: 3 Tips for Claiming the Energy Tax Credit

5) They’re Low Maintenance

With an electric car you’re not going to have to take your car to the mechanic as often. Although all cars may have problems, electric cars generally have lower maintenance costs than gasoline-based car. With an electric car you’ll also spend less time worrying about how to get by while your car is in the shop, or waiting around at the garage for the maintenance to be performed.

Bottom Line

You don’t have to be a hippie or a billionaire to opt for an electric car. There are advantages for anyone who takes relatively short car trips and has access to charging facilities.

Photo credit: Â©iStock.com/Anna Bryukhanova, ©iStock.com/Drazen Lovric, ©iStock.com/stockvisual

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Source: smartasset.com

Go Green: 5 Tips for Saving Electricity

After a few weeks of talking about ways to go green, I thought an episode on how to save electricity would be a great way to finish out this green series. Hopefully you’ve enjoyed learning ways to save water, to cut down on the amount of trash you create in your kitchen as well as some environmentally-friendly laundry tips.

If you’ve ever Googled “How to save electricity,” you’ve found out the hard way that there are hundreds of tips out there. Some of these tips are easy to implement, but some of the ways to save electricity that are suggested online are tips like, “Use candles instead of turning on lights.” While this will certainly save electricity, it’s not incredibly practical. That’s why I decided to put together a list of some of my favorite, easy-to-do tips to help you save electricity.

Tip #1: Save electricity by turning off lights

If your parents were like mine, you probably still have a voice rattling around your head saying, “Turn off the lights!” whenever you exit a room. Our parents had it right, because there’s absolutely no reason to keep a light on in a room you are not in. If you can commit to simply turning off the lights in every room when you leave it, you can save electricity immediately.

Whether you are going to return to the room in 10 minutes or 10 seconds, there’s no reason to have the light on while you’re not in the room.

Tip #2: Save electricity by turning off (and disconnecting!) electronics

Just like there’s no use in keeping lights on while you’re not in a room, there’s no use in keeping electronics on while you’re not using them. When you leave for the day, make sure all your electronics are off. This includes your TV, sound system, computer, and any other electronic gadgets you may have around your home.

Did you know that electronics that are plugged in, and not even turned on, can account for 5-10% of electricity used in a home?

Taking it one step further, did you know that electronics that are plugged in, and not even turned on, can account for 5-10% of electricity used in a home? Computers, printers, coffee makers, and even phone cords that are plugged in can be energy vampires, sucking electricity (and your hard-earned money) when they aren’t in use. So you may want to invest in a power cord that you can plug most electronic devices into. That way, you can simply unplug off just one switch when you leave for the day (instead of walking around unplugging things throughout your home). Yes, it might take 2 more seconds of your time to turn the power cord on than simply turn the electronic device on, but it can make a big impact in your electricity bill.

Tip #3: Save electricity by taking care of your air conditioner

If you live in an area of the world where you use your air conditioner a lot, this can play a major part in your energy consumption. If you want to save electricity, there are a few things that you can do to make sure your air conditioner is running as efficiently as possible.

First, have your air conditioning unit serviced annually. Most companies charge a nominal fee to have this service completed. It involves cleaning out the coils and checking for any small repairs that are making your unit work overtime. Next, make sure you change your air filters monthly. These filters catch a lot of dust and dirt, which starts to clog them. The more clogged the filters, the harder your air conditioning unit has to work to get the air to pass through the filter. If your filters are any color other than white, making a slight whistling sound, or worse yet, are bent because they are being sucked into the vent, change them immediately. This change alone will save a ton of wasted electricity from being used to cool your home.

Tip #4: Save electricity by making easy swaps

A couple of quick swaps in your house can help you save electricity. The first you may want to consider is using ceiling or box fans instead of running your air conditioner as much. Oftentimes, just circulating the air in a room will help the room feel cooler. Instead of running the massive cooling unit outside your home, a fan uses about the same amount of electricity as a light bulb. For every degree you can raise your air conditioner, you save about 5% of the energy being used. I live in the desert of Arizona and my fellow dessert-dwellers are very familiar with this technique. It costs an arm and a leg to cool a house in Arizona to 70 degrees, so most people set their thermostats between 77 and 81 degrees and run the fans to do the rest. It keeps us comfortable, both with the feeling inside our house as well as when we see our electric bills!

Another easy change is to switch incandescent light bulbs to fluorescent, otherwise known as CFL, light bulbs. CFL bulbs use just 25% of the energy of regular light bulbs, so when you combine that with always shutting them off, you can dramatically save on your electricity consumption. Just remember that CFL bulbs contain a small amount of mercury, so they need to be disposed of properly. Check with your local government agency to see how they require these bulbs to be disposed of.

Tip #5: Save electricity by keeping nature outside

The final tip on how to save electricity is to make sure you don’t have any drafts coming into your home. If you hold a feather around the edges of your windows and doors, the feather should be perfectly still. If it wavers, that means outside air is getting into your home. The more outside air that gets into your house, the more your air conditioner or heater has to run. Seal up your windows and doors with weather stripping, which is available at your local hardware store and is relatively easy to apply.

Also, during the summertime, keep the sunshine out of your house using room darkening blinds and curtains. By keeping the sun out, especially from south and west facing windows, you will keep your house from heating up, which will do a big part in helping to save electricity.

These are just a few tips to save electricity to get you started. 

Source: quickanddirtytips.com

8 Dangerous Mistakes To Avoid When Firing Up Your Generator This Winter

generator mistakesLifestyleVisuals/Getty Images

With so many people spending more time at home due to COVID-19, having reliable and consistent power is more critical than ever. But with winter about to be in full swing—and serious storms already wreaking havoc on parts of the country—many of us are thrust into crisis mode to get the juice back on.

If you haven’t done so already, now’s the time to invest in a generator to restore power to your home quickly. But here’s the deal: This is not a device to learn as you go. You need to know how to run it safely—before you push “start,” and long before the lights go out. Because when you’re in crisis mode, it’s much easier to make dangerous mistakes that damage the generator or, worse, potentially put your family at risk.

Whether you’ve run a generator before or just bought one, here are eight things you should avoid.

1. You neglect regular maintenance

Hopefully, you won’t need to fire up your generator that often. But between the times that you do, you shouldn’t just put it in the corner and forget about it.

“Lack of proper maintenance on generators is the largest problem we see,” says Rusty Wise, owner of Mister Sparky in Cherryville, NC.

To ensure your generator is ready to go, Wise says to check the batteries regularly, and examine and clean the oil and air filter. You should also start it up on a regular basis during the colder months.

“Cranking the generator and putting it under a load is recommended at least once a month to help prevent moisture from accumulating in the windings and other electrical components,” says Wise.

2. You don’t use heavy-duty extension cords

It seems like power failures go hand in hand with severe weather—and pairing sleet, rain, and snow with the wrong extension cords is a recipe for disaster.

Extension cords range from smaller wire 18-gauge to larger wire 10-gauge, says Wise. Wise recommends at least a 14-gauge outdoor grounded extension cord with GFCI protection for generators.

That’s a general reference, as the extension cord length and the amperage of the load affect how much the extension cord can handle, Wise says. Always consult your manual for specific extension cord requirements.

3. You run the generator from the garage

When a storm knocks out power and you have a generator ready to go, it’s tempting to start it up ASAP to restore power.

But beware: It’s not a good idea to start it up while it’s in the garage, even with the door open.

Generators should be operated outside, in a dry area at least 25 feet away from any open windows or doors with at least 5 feet of clearance on all sides, says Austin Heller, product manager of portable generators at Generac Power Systems.

“Generator exhaust contains carbon monoxide, a deadly poisonous gas invisible to the naked eye,” says Heller. “Only use generators far away from any openings to your home, and install a carbon monoxide detector indoors to make sure you’re alerted when CO is detected.”

4. You don’t follow the correct sequence when starting and stopping

Read the owners manual, but generally speaking, Heller says to turn the generator on before plugging in extension cords, then plug any loads into the extension cord.

When powering off, unplug loads from the extension cord. Then unplug the extension cord from the generator before turning the generator off.

“Following these steps will help to protect yourself from electrical shock, but it will also help minimize unnecessary strain or damage to the generator,” says Heller.

5. You have bad gas

We’re not talking about your digestion issues here. If you only started up the generator once and stored it with the remaining gasoline in the tank, it might go bad from sitting, Wise says.

“If you are going to store your generator, make sure to drain all of the gasoline or run it periodically to keep the gas fresh,” Wise says. “There are also gasoline additives that can help to keep the fuel fresh.”

6. You add gasoline while the generator is running

Speaking of gas, the generator sucks down gasoline as the hours go by in a power outage, yet you can’t add more gas at the last minute like you do when your car reaches the empty mark.

“Refueling a generator while it’s running or while the engine is hot could be a quick recipe for disaster,” Heller says. “Spilled gasoline could ignite, and create an explosion. Make sure to turn off your engine and let it cool completely before refueling.”

7. You run your generator unprotected from the elements

In the rush to get power restored to the house, you might haul out the generator in the pouring rain without setting up an area that will protect the generator from the elements.

Generators can be fired up and run during a snowstorm or rainfall, but they should be operated in a dry area to avoid electrocution or inverter damage, Heller says. Run it on a dry surface under an open, canopylike structure. Or buy a cover made specifically for generators.

8. You connect your generator directly to the service panel

Also known as “back feeding,” this connection is extremely hazardous.

“Connecting a portable generator directly to household wiring (electrical service panel) can be deadly to the homeowner, neighbors, or utility workers,” says Heller. “This is an illegal process, and it poses a major risk of electrical fire to the homeowner and any neighbors serviced by the same transformer.”

To get more power to the home safely, hire a licensed electrician to add a manual transfer switch.

“It can be installed to the home’s electrical panel with a manual switch to power everything a homeowner needs backup for,” says Heller. “A certified dealer can assess the home and suggest the correct size generator, while a licensed electrician can safely install the manual transfer switch to code.”

The post 8 Dangerous Mistakes To Avoid When Firing Up Your Generator This Winter appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com