1. What Are Property Taxes?
Property taxes are based on your home’s value and are set by your local government. These taxes help fund schools, roads, and public services.
How to Manage Property Taxes:
✅ Check tax rates before buying – Some areas have higher property taxes than others.
✅ Look for exemptions – Some states offer tax breaks for homeowners and investors.
✅ Plan for annual increases – Property values often rise, and so do taxes.
2. House Insurance: Why You Need It
House insurance protects your home from damage, theft, and liability claims. It’s essential for homeowners and required by lenders if you have a mortgage.
How to Save on House Insurance:
✅ Compare quotes – Prices vary, so shop around for the best rate.
✅ Bundle policies – Many insurers offer discounts if you bundle home and auto insurance.
✅ Increase your deductible – A higher deductible lowers your monthly premium.
✅ Maintain your property – Keeping your home in good shape can reduce your insurance costs.
3. Escrow Accounts: A Smart Way to Pay
If you have a mortgage, your lender may require an escrow account to handle property taxes and house insurance. This means your monthly payment includes these costs so that you’re never hit with a huge bill at the end of the year.
Final Thoughts
Property taxes and house insurance are unavoidable costs, but smart planning can keep them under control. Research, budget, and shop around for the best deals to protect your investment!
The information in this article are of the opinion and experience of the author. Due diligence should always be done before investing in real estate.
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