Real Estate by Julia Hart

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5 Things Every Homeowner Should Know about their Home

Own your first home? Are you long-time owner? Be sure you know the answers to these key things about your home!

Where to locate the water shut-off valve

Emergency water leaks can happen! Knowing how to shut off the water to the whole house, or just to a sink, toilet, or appliance can mean the difference between a small mess and thousands of dollars of damage.

How to change the furnace filter

Regular maintenance to your furnace and air conditioning system will extend its lifespan. Be sure to have each serviced annually by a professional. Filtering the air propertly will also help reduce mold, pollens and dust that may cause allergies or illness.

How to re-set an electric circuit breaker

Have you ever vacuumed a room and had the machine suddenly quit working? Likely you exceeded the amperage for that household circuit and the circuit breaker box tripped the circuit to prevent an overload and fire. Be sure your electrical panel has labels for each breaker so you know which breakers control what areas of the house. Hire a qualified electrician if you frequently trip circuits by using too many electric items at once.

How to access the attic and/or crawl space

It’s a good idea to check on these “out of sight” areas of your home at least once a year. Is the area clean and dry? Are there signs of insect, rodent or animal infestation? Is there water staining or moisture? Is the sump pump or attic ventilation fan working properly? Catching problems early and repairing them will save you hundreds of dollars in expensive repairs later on.

The approximate equity in your home

Your home is likely the most expensive investment you own. Do you know how much you still owe to your lender(s)? What are homes like yours going for nearby? Your realtor, like myself, can help you do an annual property review to calculate approximately how much equity you have in your property. You can borrow against it to remodel, know how much is available in case of an emergency, or determine if you are on track to meet your retirement wealth goals. Contact me today for a free review!

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Real Estate by Julia Hart is a blog about investing, buying and selling Real Estate in the Chicago area.