SHOULD WESTPORT HOMEOWNERS CONSIDER A HOME EQUITY CHECKUP?

As we’ve all experienced a roller coaster couple of years, I have been doing home equity check-ups for many of my past clients and friends. Can you recall the last time you had one? Now may be the perfect time.

A home equity checkup gives you the chance to examine your home from a birds-eye view. We’ll cover potential issues, make suggestions to increase your home’s value, discuss the changes you’ve made to your home since you moved in, and of course review your questions. We’ll be going over paperwork that may tell a story of your home’s worth – so scheduling an appointment is a great catalyst to get yourself organized!

Do you know…

  • the new value of your home?
  • the replacement cost? 
  • why knowing your replacement cost is so important?
  • that you may be eligible to exclude the first $500,000 of gain on the sale of your home?
  • that you don’t need to buy a replacement property to be eligible for that $500,000?
  • whether or not you need a flood insurance rider?

If you can’t answer “yes” to all of the above, you may need a home equity checkup!

CAN YOU REBUILD YOUR HOME FOR WHAT YOUR INSURANCE IS COVERING FOR YOU? ARE YOU APPROPRIATELY COVERED?

As Westport homeowners look to keep up with the ever-changing real estate landscape around them, home-building and replacement costs have increased. As building costs across Fairfield County increase, it’s more important than ever to make sure you’re covered for the true new cost to rebuild your home. Most standard insurance policies cover falling water, but in Westport, you might need coverage for rising water. We can go over your insurance and see what you might need based upon when the time comes to sell your home.

WHAT ABOUT THE TAXABLE GAIN ON THE VALUE OF MY HOME?

As you read in the bullet points above, here’s something to think about: according to a relatively recent adjustment in tax law, married couples may be able to exclude $500,000 from the gain on the sale of your home, and singles $250,000. In doing so, tax law no longer stipulates that you need to replace the property! Furthermore, we can also reduce your taxable gain by figuring out the approximate expenses you’ve put into your house. Of course, we’ll ultimately defer to your accountant and insurance agent when it comes to questions within their domains, but having a checkup can really raise a lot of points like these that you might not come to think of without it.

If you have to stop and think about when your last home equity checkup was, it’s probably time for a new one! As home values have grown by more than 30% over the last year, so almost certain that the value of your home is up. It’s difficult to rely completely upon an internet estimate without a detailed in-person look. Ultimately, you’ll be able to walk away with a good-range value of your home, and shine a light on some formerly dim spots regarding how it’s being impacted. Updates take only 30-45 minutes, and we’ll comb through the details of your home from top to bottom. I’d love to set up an appointment to help piece your situation together with you!