Ranch House for Sale, North Wales, PA

240 S. 9th Street, North Wales, PA 19454

MLS #: 5928891

Asking Price: $229,000

Very cute and solidly built 3BR/2BA ranch home for sale on a quiet street in North Wales Borough, walking distance to Septa's R5 Regional Rail Line to Philadelphia.

For a virtual tour of 240 S. 9th Street, North Wales

This quaint 3 bedroom home is located in a nice neighborhood in North Wales Boro. Walk to train or head out to nearby shopping, restaurants and parks. Take note of the beautiful hardwood floors thru out most of the home. Upgraded features include central air, vinyl siding, replacement windows, and newer roof. In the kitchen, granite countertops and newer appliances are highlighted. Hall bathroom has newer sink/vanity. Plus there is a second full bathroom with a stall shower. The 2nd bedroom features 2 closets. Use the sliding doors from dining room area to access the 12 x 14 deck leading to a level lot where there is plenty of space for gardening or backyard games. There is a full basement with tons of storage space and a laundry room area. This home has been well maintained and cared for. Side entrance from driveway leads into kitchen making it easy to unload those groceries. Mature trees and shrubs. Driveway parking. Shed in backyard.

 To Schedule a Showing of this North Wales Ranch Home, please contact Scott Loper.

 

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

Ranch House for Sale, North Wales, PA - Copyright © 2011, The Scott Loper Team, All rights reserved.

The Townhomes at Cannon Square are underway and under construction.  W.B. Homes is building 28 new townhomes at the corner of N Cannon Ave and Mill Street in Lansdale Borough.  Setback one block from Main Street, N Towamencin Ave and West 2nd Street also border the development.

All units will have three bedrooms, a full basement and a 1-car garage.  Depending upon the model, a buyer can get one or two full bathrooms in addition to a 1st floor powder room.

There are five models to choose from, and the pre-construction base prices range from $238,900 to $269,900.  Additionally, the builder is offering buyers an incentive of one of the following: a kitchen island, stainless steel appliance upgrade, a washer/dryer set or a refrigerator.

The initial units will be ready by mid to late October.  Despite the slow housing market, a handful of homes have already sold or are under deposit.

For any buyers who wish to have a Realtor represent them for the purchase of new construction, that agent MUST accompany the buyer to their initial visit to the sales center.

 

If you are thinking about buying new construction, there are many excellent reasons why you should have YOUR agent represent you and not the builders’ agent represent you.  Contact Scott Loper at (215) 256-1200 ext. 213 or Scott@ScottLoperTeam.com if you would like more information on Cannon Square or any of the area’s other new construction projects.

 

This article originally appeared in the Montgomeryville-Lansdale Patch.

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

Cannon Square Townhomes, Lansdale PA - W.B. Homes New Construction - Copyright © 2011, The Scott Loper Team, All rights reserved.

A recent study by Trulia showed that home buyers look for five key characteristics when they hire a real estate agent.   

It’s no surprise that buyers want an agent who is honest and credible as their top priority. The study showed that buyers had past experiences with real estate agents that were not up to par, or in some cases, downright negative. 

For example, buyers don’t want to be pushed into looking at homes that are more expensive than what I call their “comfort zone.” The comfort zone for a buyer must include expenses beyond the mortgage payment.  

It makes sense that home buyers want to feel they can trust an agent, or better yet a Realtor (A Realtor is someone who belongs to local and national Realtor associations and has additional training and education credentials.) who also explains in detail what to expect for utility, heating, maintenance and repairs costs.  

Other things that buyers looked for from their agent were:

area familiarity

good follow through

organization

a good listener

I’m surprised that this particular study listed “good listener” as number five. I personally would put this right up there with honesty. I think we are so abbreviated in our conversations, with technology streamlining our methods of communication, that we sometimes lose focus on really listening to the needs and wants of a buyer. 

A real estate agent that asks a whole slew of questions to the buyer about what the buyer really wants will have a much better understanding of the desired home to present to the buyer. 

Statistics show that approximately 90 percent of people looking to buy a home start their search online. This is great. You can search from the comfort of your home, view lots of photos, get local tax information and even use an elementary mortgage calculator on a website. (Most of these calculators leave out the important tax and insurance figures.) But when it comes time to view that home, real people are involved, whether it's real estate agents or owners of the homes. Most of the time, it involves agents.  

So, choose your agent wisely. You will know in that first meeting and definitely by the second meeting, whether or not the trust, understanding, and good listening skills are there. 

Something I think this study left out, or is often overlooked, is the resources a good real estate agent can provide. 

For example, after a home inspection is completed and the inspector finds a problem that needs an expert evaluation, the real estate agents involved often have a whole network of experts he or she can call on for the evaluation. With time being of the essence, it’s a key element to get a trusted contractor or other expert quickly. 

The fact that the agreement between buyer and seller often hinges on a home inspection outcome, it is very important to have the right resources to get the information to the buyer and seller to make the most educated decisions possible about how to proceed with a repair. 

And, it's not just contractors that are needed for advice. It can be the need to switch from one mortgage lender to another for various reasons. A good agent has this at the ready. 

Maybe you have a story to share about your first experience with a real estate agent and what you liked or didn’t like? No names please!

~Gina

 

What Home Buyers Look for in a Real Estate Agent by our team member and guest blogger Gina Wherry originally appeared in the Montgomeryville-Lansdale Patch.

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

What Home Buyers Look for in a Real Estate Agent - Copyright © 2011, The Scott Loper Team, All rights reserved.

In my last article, 'Interest'ing Tips - Where To Start When Buying a Home in Lansdale, PA, I outlined how to determine how much house you can afford by getting pre-qualified for a loan, examined local tax assessments, and stressed looking for neighborhoods that are appealing to you.

The next part is what most people feel is “the fun part”! Finding the house you will call “home”.

There is really no perfect home on the market. What may be almost perfect for one buyer would not even be considered by another buyer. Even the million dollar homebuyers have to compromise and distinguish between their wants and needs. It’s best to follow this set of criteria:

Price Range – minimum to maximum

Geographic Area – search by township or borough or school district

Type of Home – single family, twin, townhome, condo, mobile home

Style of Home – Colonial, split level, ranch, contemporary

Number of Bedrooms/Bathrooms – always search for the minimum number acceptable to you

Needs vs. Wants – Decide if you must have a garage, basement, fireplace, pool, etc.

What size and age of home are also deciding factors.

Homeowner Associations – can you live with the restrictions?

It is better not to limit your search too much. If you limit your search with too many particulars you may pass on a home that might be ideal for you. If you can live with 1.5 bathrooms instead of 2, you may have more homes surface during your search and may otherwise work.

A Realtor can assist with a more detailed search using the Multiple Listing Service, also known as the MLS. The MLS is a search tool where Realtors enter their listings. Most people who are starting to look for a home begin their search online using websites like Realtor.com, Trulia, Zillow and various other sites. You should continue to search online even if you are working with a real estate agent because you may find something that didn’t come up in a MLS search. Your search criteria can be adjusted throughout the process to help find the right home. The MLS tends to be more “up to the minute” with new listings, price changes and status of a home like “for sale”, “pending sale” and sold” than the other sites I mentioned.

Once you find a home that you like and meets your needs, you’ll want to put in an offer. The offer can be written many different ways. Most of the time, you will want to include the option of doing a home inspection, a termite or wood destroying insect inspection and a test for radon. These are the most common inspections, but there are more like tests for mold, septic systems and stucco. An initial deposit of $1000.00, also called an earnest deposit, is typically submitted with the offer, followed later by a larger second deposit.

You will probably encounter negotiations on price, terms and/or conditions of the offer. To help determine what price to offer, you will want to examine the comparative home sales from the last 6 months in that neighborhood and the features should match as closely as possible. But once you and the seller agree, you are on your way to getting the home you want! No two offers on a home are alike. There are many ways to construct an offer. If you would like more information, feel free to contact me. Happy house hunting!

~Gina

 

 

Home Sweet Home? By our team member and guest blogger Gina Wherry originally appeared in the Montgomeryville-Lansdale Patch.

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

Home Sweet Home? - Copyright © 2011, The Scott LoperTeam, All rights reserved.

Buying your first home can seem like a complex experience, because well, it is. In a two part series, you’ll get a check list and tips on buying your first home and comments. With interest where they are – can you say 4.75% to 5%, you can afford more house now than when interest rates go up, as they are expected to do so this year.

Let’s start at the beginning.

1. Figure out how much you can afford. Subtract your debt from your monthly income. Then get your FICO score and credit report. (A mortgage broker can assist you with this)

2. Think about how much you have for a down payment. With FHA financing you will need at least 3.5% down on the purchase.

3. Get pre-approved for a mortgage. Shop for not only interest rate, but ask about mortgage fees. An estimate of real estate taxes and homeowner’s insurance will be factored into your monthly mortgage payment. This determines your price range when searching for a home.

4. Keep in mind, real estate taxes vary from town to town and are calculated by what is called a millage rate. The assessed value of the home is multiplied by the millage rate. These rates include county, municipal and school millage. So where your millage is higher, your taxes will be proportionately higher.

Here are the millage rates for the towns around us:

• Lansdale Borough: 28.1514

• Montgomery Township: 26.1414

• Towamencin Township: 28.4594

• Upper Gwynedd Township: 25.6634

• Hatfield Borough: 25.6514

• Hatfield Township: 28.6864

• North Wales Borough: 28.6524

Remember, these are applied to the tax assessed value of the home not the purchase price of the home.

5. Determine what you need in a home. Think about the location, the type (single, twin, condo, etc), the number of bedrooms and baths you desire. You don’t want to narrow your search too much if you have a narrow price range. If you limited yourself to only colonial style homes you may be passing up on some other styles that may otherwise fit your needs and lifestyle.

6. Do a little research on your target neighborhoods. What are the schools and crime rate like? What will your commute to work involve and are there parks, shops or restaurants nearby?

7. Work with a Buyer’s Agent. This person is a real estate agent that represents your best interests. When you call the agent on the “for sale” sign, that agent represents the seller.

When choosing an agent, its best to work with a Realtor who is designated as such from the local realtors association. You’ll want experience and good chemistry.

In the next series, I will get into the details of how to search for the ideal home, making an offer and negotiating, and finalizing the deal!

~Gina

 

'Interest'ing Tips - Where To Start When Buying a Home, Lansdale PA by our team member and guest blogger Gina Wherry originally appeared in the Montgomeryville-Lansdale Patch.

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

'Interest'ing Tips - Where To Start When Buying a Home, Lansdale PA - Copyright © 2011, The Scott LoperTeam, All rights reserved.

You’ve read and heard a boat load of news on current home prices and each time you hear it you’re wondering whether we’ve reached “the bottom”.

Sound the gong!  Someone said “the bottom”!

In our region of Southeastern PA, many experts believe we are near bottom prices, if not already there.

One of the ways this is determined is to look at the percentage of distressed properties on the market. A distressed property is defined as a home in foreclosure or that is bank owned. It is these kinds of homes that bring down the value of non-distressed properties.

In Pennsylvania, the distressed property rate is 17%, as of last month. We are in better shape than most states. Only Iowa, New Mexico, South Dakota and Alaska have fewer distressed properties. That means that 46 other states have a longer road ahead of them in depleting their distressed properties supply currently on the market or continuing to come on the market.

It is this supply that is bringing down the values of other homes because of their discounted price, which is usually due to the condition and lack of care to the property. Some buyers are willing to take on these repairs to get a lower price home.  This supply of foreclosed homes needs to decrease before we see home prices gain.

If you’re someone who is considering buying a home, but want to wait even longer because you feel that prices are going to drop even more, I say, think this through. Getting a great deal on a home is not just about the price of the home, but more about the costs to purchase.

Buying now while interest rates are low (because the economy is still recovering) gives you an advantage. Your buying power dwindles each time the interest rate goes up.

Take this scenario for example:

Mortgage amount $216,000 at 5% interest rate = principle & interest payment of $1,159.

Mortgage amount $216,000 at 6% interest rate = principle & interest payment of $1,295.

The difference is $136.00 to your monthly payment. Multiply that by 12 and you’d be spending $1,632.00 more per year.

Interest rates are projected to increase as the year goes on. We hit an all time low last November at 4.0%. We don’t expect to see that again. Keep in mind that positive economic news, like stock market gains, translates into higher home loan rates. Therefore, waiting could mean paying more for the money needed to buy.

 

 

Are We at the Bottom Yet? By Our Team Member and Guest Blogger Gina Wherry.  This article originally appeared in the Montgomeryville-Lansdale Patch.

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

Are We at the Bottom Yet? Buyers Waiting for the Bottom Should Think Again - Copyright © 2011, The Scott Loper Team, All rights reserved.

To Rent or To Own, that is the Question.....

.....when looking for a new place to live in the Lansdale Area

More and more this is a topic of discussion on network news, in your workplace and just about anywhere the conversation turns to moving from one place to another. The “buy or rent” debate can be argued one way or another, but ultimately it is a choice lending more to lifestyle than anything else. Okay, it’s also about whether you can afford to buy and own a home, but I think you’ll be surprised to learn how close the monthly costs actually are in our neck of the woods. I’ll use real examples of homes in and around Lansdale.

A home should not be solely viewed as an investment. It is the place you make your own, become more a part of the community and maybe raise a family. Can you invest in the stock market and get a greater return? Yes. Can you live in your stock portfolio? No. Returns on stock investments generally yield about 8%, where housing tends to follow the inflation rate with a typical gain of 3 or 4%.

So let’s say you are deciding whether to rent a 2 bedroom, 1 ½ bath apartment in Lansdale Borough in an apartment community. The rent on average is $950.00 plus utilities, sometimes more if you have a pet living with you.  Here are the Pros and Cons:

The Pros:

• You don’t have to deal with repairs. That is the landlord’s responsibility.

• Ability to move at the end of the lease with ease.

• Useful in helping determine where you want to live if you plan to buy later.

• Up front money needed to move-in is less than down money needed for a home.

The Cons:

• You can’t change the paint colors or do anything permanent to make it your own living space.

• Storage and closet space is limited. You may be paying extra to rent a storage facility.

• You are not gaining any equity by paying the landlord’s mortgage.

• Rent money is not tax deductable.

• Rent can increase as expenses to landlord increase

• If you are in a large apartment complex, you hope that everyone is as careful as you are when it comes to security and fire safety.

Owning a home also has its pros and cons.

The Pros:

• It’s yours! You can do to it what you like

• Tax advantage: mortgage interest is deductable on your tax returns and when you sell, married couples can earn up to $500,000 tax-free on gains; single person gets up to $250,000.

• Builds equity as home appreciates.

• After 30 years, or less, if you’ve stayed there you no longer have payments (except for property taxes)

The Cons:

• You have maintenance expenses, typically $2000. to $3000. per year depending on size

• More difficult to move quickly.

• Property taxes can increase, changing you monthly payment

• Need more for down payment and closing costs to purchase than to rent

Now let’s take a real example of a townhome for sale in Upper Gwynedd listed at $199,900. It has 2 bedrooms, 1 ½ baths, a basement and is in good condition, with a small yard. Say you negotiate and purchase this home for $190,000. Using an FHA mortgage needing 3.5% down ($6,650.00 in down money) and an interest rate of 4.75%, your monthly payment would be:

$966.00 principal & interest payment

$221.89 real estate taxes

$137.51 MIP (mortgage insurance premium for putting less than 20% down)

$50.00 homeowner’s insurance

Total: $1,375.40 monthly payment

Here’s another example of a twin home in Lansdale Borough with a list price of $180,000. It has 3 bedrooms, 2 full baths, good condition, with basement and a garage. Again using the same kind of mortgage as above, your monthly payment would be:

$915.16 principal & interest

$221.51 real estate taxes

$130.27 MIP

$50.00 homeowner’s insurance

Total: $1,316.94 monthly payment

Compare this to a similar home in the borough for rent for $1,375.00 plus utilities that may allow pets depending on kind, and non-smokers only. You’d actually pay less to own than to rent!

 

So if you are currently renting and considering buying a home take into account these things:

1. Prices have fallen nearly 30% since the peak of the housing market in 2006-2007.

2. There is an 11 month supply of houses currently on the market, meaning supply is in the buyer’s favor.

3. Think about how long you will stay in the home. If more than 6 years, it is worth buying instead of renting.

4. The tax advantage

5. Select a neighborhood or community where home price trends tend to rise instead of decline.

If you are a first time home buyer and need more cash to purchase a home there are a couple of options. You can sometimes get a “seller assist” where the seller actually gives you a credit toward costs so that you need less cash to close on a property. Another option is to tap your IRA. The government allows IRA owners to withdraw up to $10,000 ($20,000 if married and each of you have an individual accounts) penalty-free, but not tax-free, to purchase your first home.

 

By Gina Wherry, Realtor and member of the Scott Loper Team at RE/MAX Realty Group, Harleysville. Mortgage Costs Inch There Way Up is also featured on Lansdale.Patch.com.

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

To Rent or Not to Rent? That is the Question - From Our Team Member and Guest Blogger Gina Wherry - Copyright © 2011, The Scott Loper Team, All rights reserved.

Q.  Is the American Dream of home ownership dead?

A.  It depends on who you talk to and what you want to believe. Warren Buffett says, "Buy buy buy" and Suze Orman says, "The American Dream is Dead."  There is no crystal ball to predict the future, but at the end of the day, everyone needs a home to go home to. So whether you rent or buy a home is really a personal decision.

According to a survey by Trulia.com (a popular home search website), 70% of Americans, both renters and homeowners alike, do NOT believe the dream of home ownership is dead; home ownership is still part of their personal American Dream. However, this is down from 77% from just one year prior (Q1 2010).

78% of home owners surveyed still say that their home is the best investment they ever made. Additionally, 88% of the renters surveyed in the 18-34 age bracket aspire to be a home owner.

Warren Buffet has said that buying his house was the 3rd best investment he has ever made. What won out in the #1 and #2 spots? The ring he bought his 1st wife and then the ring he bought his 2nd wife after his 1st wife’s death. (See even Buffett knows that a happy wife is a happy life.)

Buffett still lives in the same home he purchased in 1958 in Omaha, Nebraska. In a letter to shareholders at Berkshire Hathaway, Inc. dated February 26, 2011, Buffett wrote, “For the $31,500 I paid for our house, my family and I gained 52 years of terrific memories with more to come.” Buffett went on to say, “A housing recovery will probably begin within a year or so. In any event, it is certain to occur at some point.”

A few years ago when the Dow was at 7,000, some financial advisors were still recommending to get out of the stock market if you hadn’t already. Anyone who listened then surely regretted it.  Warren Buffett is a billionaire (the 3rd richest man in the world) and his message on the real estate market is both optimistic and realistic, so we are going with Buffett on this one. The American Dream of home ownership is not dead!

Quotes From Warren Buffett

A public-opinion poll is no substitute for thought.

In the business world, the rearview mirror is always clearer than the windshield.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

I buy expensive suits. They just look cheap on me.

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

When a country needs more income, they should get it from the people that have it.

In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

Chains of habit are too light to be felt until they are too heavy to be broken.

 

~Lisa

 

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

Is the American Dream of Home Ownership Dead? - Copyright © 2011, The Scott Loper Team, All rights reserved.

I am thinking about buying a home, but how much money do I need?

Typically, buyers need about 6-7% of the purchase price to buy a home plus whatever down payment they choose to make on the home they are buying.  For example, assume you want to buy a $200K home and put 5% down.  The down payment is $10K plus expect another ~$13K in closing costs which totals $23K. 

Closing costs typically include:

Mortgage Fees-2.25%

Tax Escrows-1.5%

Transfer Tax-1.0%

Miscellaneous*-0.5-1.0%

Title Insurance-0.75%

*Miscellaneous fees include the costs of the home inspections, recording fees, conveyancing fees, and tax reimbursements to the seller.

In this scenario and assuming a conventional mortgage with a rate of 4.75% over 30 years, your mortgage balance is $195K and the total monthly payment would be $1,244.54.  This includes $991 for principal and interest, $212 for real estate taxes, and $42 for homeowners insurance.

There is another way to structure this purchase that will require less money at closing.  An FHA (Federal Housing Authority) loan will allow for as little as 3.5% down.  So if you offer $210K and ask the seller to pay $10K in closing costs (seller assist), you will only need ~$7,500 in cash to close.

Assuming the same mortgage rate (4.75%) over 30 years, your mortgage balance would be $206K and the total monthly payment would be $1,421.89.  This includes $1,076 for principal and interest, $212 for real estate taxes, $42 for homeowners insurance, and $93 for mortgage insurance.

The key with using a seller assist is the appraisal done by the lender must support the higher selling price ($210K in this case, not the $200K net selling price).

Now is a great time for buyers.  Home prices are down and interest rates are still great.  Who knows how long this will last?  If you or someone you know is considering a home purchase, please give us call at (215) 513-1333.  We would be happy to explore their options with them and "crunch" some numbers to determine how much cash they need and what kind of monthly payment to expect.

~Lisa

 

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

Cash Required for Closing... I Need Cash to Close? - Copyright © 2011, The Scott Loper Team, All rights reserved.

We are under contract to purchase our first home.  What should we know about homeowner's insurance before we go shopping for a policy?

Getting homeowner's insurance should be a fairly simple process.  Your goal is to get enough coverage to rebuild your house and replace the contents in the event of a total loss of your home.  Along with insuring your house, you also need protection in case someone is injured on your property and sues you for damages.  The insurance industry classifies homeowner's policies on a scale of 1 to 7, tagging them as, for example, "HO-3."  Each level defines a different type of policy, separated by what they cover.  Here is a brief list of HO1-7 policies.

HO-1, HO-2 - These basic policies cover the structure and personal property from 11 to 17 named perils. Named perils can include fire, lightning, riot, theft, vandalism, falling objects, snow and ice damage, and faulty electrical and heating systems.  HO-2 is broader coverage than HO-1.

HO-3 - This homeowner's policy is even broader and more practical for most people. HO-3 policies protect against all perils except the ones explicitly excluded from the policy.  Earthquakes, floods, and nuclear accidents are usually excluded.

HO-4 - This level is considered renter's insurance because it covers your possessions from 17 named perils, but excludes the structure itself.

HO-5 - Similar to HO-3, but it covers all perils on the contents as well as the structure. 

HO-6 - If you buy a co-op or condominium, this level of insurance covers personal property, some building items, and adequate liability coverage.

HO-7 - If have an antique or landmark-class home, you may not be able to get a guaranteed replacement policy.  Companies figure the cost of rebuilding this type of home with the original materials and craftsmanship to be impossibly high.  This policy covers against 11 named perils and will repair damage (with no guarantee on materials quality) or pay you the actual cash value of your home.

If you are considering a home purchase, you need a professional guiding you through the process, now more than ever!   Please call me at (215) 513-1333, I would be happy to help or just answer any questions you may have.

~Lisa

 

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.

What Should I Know About Homeowners' Insurance? - Copyright © 2011, The Scott Loper Team, All rights reserved.