What should all new homeowners in California know? MyrtleBeachSC News

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There are many good reasons to live in California. From world-class entertainment and delicious food to great weather and gorgeous beaches, the state has it all. So what does this mean for owners? Well, if you’re thinking of buying a new home in California, here are a few things to consider!

Property taxes can be expensive.

Well, owning a home in California is expensive. And of course, property taxes are also a major expense. Your property tax bill is based on the value of your home and the amount of your property assessment – ​​which, if you’re buying in California, will be higher than in many other parts of the country.

If you live in a high-cost area like San Francisco or Los Angeles, your property tax bill can top $10,000 a year — and that doesn’t include the cost of utilities or maintenance fees paid separately to local government agencies.

Most new homeowners find that their monthly payment includes principal, interest and taxes (PII) – so they can expect to pay around 1% of their home’s value each year in PPI alone.

Even if you don’t have a mortgage yet, you’ll have to pay PIT every year on your home because it’s considered an asset (like stocks) rather than a debt (like student loans).

School districts matter if you have kids

In some areas, moving to a better school district can mean the difference between a thriving or struggling family. It is important that new owners in California know the different school districts in their area and plan accordingly.

The first step is to familiarize yourself with your local school district. You can start by checking your local school board’s website. Most states have a searchable database of school districts for each county.

Next, make sure you are aware of nearby charter schools, private schools, and other options that may be available to you. Some parents choose to send their children to private schools while others opt for home schooling or public schooling. Every family has their own needs, so it’s important that you understand what’s available before making decisions about where you want to live and how your children will be educated.

Finally, if you pick a particular neighborhood because of its excellent public schools, but later realize they’re not up to scratch, don’t despair — parents have plenty of ways to advocate for improvements. to their child’s school without moving. away from their home port!

Home or tenant insurance is mandatory

Homeowner’s or renter’s insurance is required by California law and is a must for every homeowner. This type of insurance protects your home, your belongings, and any liability you may have for injuries on your property.

Home insurance protects against damage from fire, wind and theft, as well as damage from floods and earthquakes. It also covers damage to cars or other vehicles parked in your garage. If someone is injured on your property, the police will cover their medical expenses and lost wages if they sue you.

But what about tenant insurance? How is it different? What Does California Renters Insurance Cover??

Well, renters insurance covers similar things, but it doesn’t include loss of use because the apartment is uninhabitable during repairs. Renters insurance also does not cover certain perils (such as flood damage) that homeowners policies cover.

The cost of home insurance varies depending on factors such as the level of coverage you want, the amount of money you have invested in your home, and whether you live in an area with high crime rates or weather. violent are high.

Your homes are vulnerable to wildfires

If you live in California, Wildfires are one of the biggest dangers to your home. They can destroy everything in their path and spread quickly. You may not be able to stop a wildfire, but you can prepare for it.

Here are some tips to help protect your home from wildfires:

Get a fire insurance policy that covers forest fires. Most home insurance policies do not cover fires caused by lightning or arson, but they will cover fires caused by other means, such as wind-blown embers or hot ashes falling from a roof. on a flammable surface.

Develop an emergency plan with your family members. Indicate how to evacuate if necessary and how to reunite in the event of a separation during an evacuation.

Install smoke detectors on every level of your home, including basements and attics. Test them monthly and replace the batteries twice a year – once when daylight saving time ends in the fall and again when it starts again in the spring.

Keep at least 100 feet of clear space around the perimeter of the house (at least 10 feet on each side). This will allow firefighters easier access if needed, as well as provide room for emergency vehicles and equipment when evacuating your neighborhood due to fire danger conditions in the area.

Conclusion

If you’re new to any part of California, whether it’s the Bay Area, Los Angeles, or Sacramento, it can be hard to know where to start to learn about all things local. Naturally, you will have many questions as a new owner; and it’s always good to be aware of some of the important things before you take the significant step you desire – hopefully this blog will help you with that.

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