Vargas & Vargas Insurance

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Dorchester, MA 02124

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What Costs Are Part of Your Monthly House Payment?

If you’ve been looking at houses, you’ve probably seen real estate websites where the estimated monthly payment is shown. This is a great feature for breaking down the cost of a home that you will pay off in 15 or 30 years, and it can help you stay within your budget.

Woman smiling as she reviews her house payment at home
Monthly house payments include your mortgage payment, a portion of your property taxes, and your homeowners insurance premium.

However, it doesn’t always show the whole picture. The estimated payment only factors in the cost of the loan for a traditional 30-year mortgage at the current interest rate. It does not include the other costs that are factored into a standard monthly house payment. Two additional costs include:

  1. Property taxes
  2. Homeowners insurance

Property Taxes

Just like everything else in life, having property is also taxed. When you take out a mortgage loan, the property taxes are calculated into your monthly loan payment and put into an escrow account. When your taxes become due, your mortgage company makes the payment for you.

The percentage of taxes you owe depends on where your property is located, and this can be checked prior to purchasing a home. 

Although it may seem like a negative, having your taxes included in your monthly payment is actually a great way to stay organized. It takes away the burden of paying property taxes in one lump sum. Also, you don’t have to worry about whether you made the payment or not. (And if you love your home, you definitely don’t want to forget paying your property taxes!)

Homeowners Insurance

The other cost that goes into your monthly mortgage payment is homeowners insurance. It is standard for the insurance cost to be part of your mortgage payments, and mortgage lenders will often not loan you money if you do not have it. If anything should happen to your property, the lenders want to make sure that they can recover their costs. However, having the right home insurance policy isn’t just for them — it’s for you. You’ll want to be protected in case your home is damaged, and the right homeowners insurance policy can give you peace of mind.

You get to pick out the home insurance policy that works for you, and you should have it ready at the time of your closing. Here at Vargas and Vargas Insurance, we can guide you through the process. Contact us today for more information.

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3 Things Your Homeowners Insurance Doesn’t Cover. Number 3 is a DOOZY!

We encourage people to conduct an annual review of their insurance policies.  Too often, when consumers purchase insurance, they approach the transaction with an eye towards prompt resolution and a focus on price.  This formula of speed+money is a formula for failure in the event of a future claim.

The reason is simple.  A carelessly prepared insurance policy, one prepared in the heat of the customer’s desire for a quick resolution and demand for lowest price could result in a “skeleton” policy that may not properly cover the consumer for a catastrophic eventuality. 

The quality insurance agent, interested in protecting the consumer with the best possible risk coverages, and in protecting their own professional reputation, will take the time to educate the consumer and provide a comprehensive insurance policy.

You may be surprised to discover that there are 3 items, indicated below, that may not be covered by your current Homeowners Insurance Policy.  Spoiler alert, #3 may surprise you!  We’re happy to assist you with a comprehensive, careful, review of all of your insurance needs.  And, education is a key element to how we’ll proceed with assisting you to fully understand risks you can protect for with the right insurance.

#1: Sewer Backup.  Whether your home is connected to a public sewer or you have a septic system, a backup due to a blockage, storm-surge, or other calamity, can damage electrical systems, furniture, floors, and precious possessions. Standard homeowners insurance policies may not cover you at all for such damage or may only provide very limited coverage.  You can upgrade to more comprehensive insurance to include special coverage for sewer backup.

#2: Precious Collectibles.  Basic insurance policies may not cover your stellar baseball card or antique cookie jar collections.  If the policy does cover your collection, the limit of coverage may be far below the actual value of your collection.  When you review your insurance, be sure to mention your collection and an assessment of its value.  To be sure, consider obtaining an independent appraisal of your collection to include that with your upgraded, comprehensive Homeowners Insurance policy. 

#3: Termite infestation and damage.  Not covered by a standard, basic policy. Period.  Depending on where you live, especially in the Northeast of the United States, termites and the damage they cause are a real and impending menace.  Homeowners often realize there’s an infestation long after the termite colony has ensconced itself within the wooden borders and interior of your home.  The cost of treating and removing the infestation, along with the costs of repairing the damage, can easily escalate.  Be sure to address these concerns in your annual review.  Consider also contracting with a local exterminating company to inspect your home annually for these nasty pests.

Insurance involves assessing a future, unknown risk.  That risk could affect your health and/or your wealth.  A carefully prepared insurance policy protects you for a comprehensive array of possible risks.  But in the rush to purchase the insurance, the consumer shops without the appropriate due diligence.  And, in the interest of making the sale, an insurance agent may simply provide the basics of a policy to appease the consumer’s request for speed and low price. 

Call us today for your free annual insurance review.  We’re thrilled to spend the time with you to find you the best policy that comprehensively protects your health and your wealth at an affordable price!

Call now at 617-298-0655 or text us at 617-409-0329. Click here to Visit our Contact Us page.

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Review Condominium Financials Before You Purchase

Condominium (Condo) Buyers should obtain and review the financial statement of the Condo as part of your purchase process.  Have the statement reviewed by a professional such as an Attorney or CPA.  The financial health of the Condo can affect you in the future as you settle into ownership of your Condo unit.  The financial statements can also give you a good indication of the competence of the Condo Board and Managing Agent.

Condo Complexes on the smaller size may be exempt from having their financials audited. The ByLaws will identify if an audit is required.  Audited financials means the CPA firm has verified the numbers presented in the statement rather than compiling from information provided by the Condominium Board Members and/or Managing Agent.

The financial statement should cover the previous two years (three is preferable) and often a Year-to-Date statement.  A Financial Statement includes:

  • Income and Expenses for the entire Condominium.  This is also known as “Operating Statement.”
  • Balance Sheet demonstrating Assets and Liabilities.
  • Cash Flow Statement.

Some key areas you want to focus on include:

  • Reserve Fund (for major capital repairs and improvements),
  • Cash Flow to determine if the building is taking in as much money as it is paying out monthly, Maintenance Fees owed (an indicator of the financial responsibility of your soon-to-be-neighbors),
  • Footnotes.

The financial well-being of your future home is as important to the transaction as every other aspect of your purchase.  Request the Financial Statement as early as possible in the negotiating process, even before you’ve presented your Offer, if possible.

Review your current insurance policy now to be 100% sure you have all the appropriate coverages before it’s too late. The review is free of charge. Call us now at 617-298-0655 or text us at 617-409-0329. Click here to Visit our Contact Us page.

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Common Home-Buying Mistakes You Should Avoid

Here at Vargas and Vargas Insurance Agency, we have a lot of clients that are looking to buy home insurance for a new house. Since we see a lot of folks that are going through the home insurance process, we want to share just a few of the more common mistakes that you should aim to avoid when you purchase a Massachusetts home:

Not making a “Wish List”

When you’re looking to buy a home in Boston, you will probably look at many different options. After a while, they will begin to blend together, so it is up to you to stay organized. Sit down with everyone that is involved in making the home-buying decision and make a “Wish List” for what you would ideally want in your new home. Take a copy of your list to each home you tour, and mark off the items on your list, taking notes as you go. This will make it much easier to decide on a home in the end.

Forgetting to budget for closing costs

Many home buyers (especially first-time buyers) are so focused on saving up the money for a down payment on a home that they forget that they will also likely be responsible for the cost to close, which can be significant. Instead of struggling to deal with these costs at the last minute, remember to include them when creating your budget as you prepare to search for your new home.

Not saving to cover move-in expenses

Unfortunately, closing costs aren’t the only bill that home-buyers forget to account for. After you pay your closing costs and get the keys to your new home, you will probably need to spend some money to get your home ready for occupation. This could mean making a few repairs or improvements, or simply buying some additional furniture to fit the new space. Budgeting for these costs ahead of buying your home – your wallet will thank you later!

Not doing your homework about an inspection

An inspection is a home buyer’s best friend. That being said, though, every inspection has its limitations. It’s important to know what your home inspection isn’t testing for. Ask your inspector if he or she will be looking for mold, pests, and radon, and anything else you should be on the lookout for that won’t be covered in the inspection.

You should also make sure to attend the full inspection and take your own notes. You can learn a lot about the house you are buying from the inspector, and they are often happy to answer all your questions, so don’t be afraid to ask!

Buying a home for the present

A home is a long-term investment, so it is important to consider your future before you choose a property. If you’re planning to expand your family, you may want to look for a home you can grow into. If you have kids leaving the nest soon, you may want to get a slightly smaller home knowing that their room will become the guest room when they leave.

Failing to negotiate

If you’re not negotiating when you buy your home, you may be missing out on major savings. There are many different things that you can use in a negotiation. The first thing that many people think of is the price of the home, and this is often where negotiations start. In addition, consider negotiating with the homeowner to have them cover repairs that need to be done, or ask them to include an allowance for you to upgrade the home (new carpeting, for example). You can also ask for the seller to pay all or part of the closing costs.

While you may not have much opportunity to negotiate on hot properties where there is a bidding war happening, these strategies will often pay off on homes that have been on the market for a while, where the seller is starting to feel the pressure to sell quickly.

Not buying enough home insurance

At Vargas and Vargas Insurance, we always aim to make sure that our clients have the perfect amount of Boston home insurance. After all, having too little insurance can be a financial disaster if you are ever involved in a major incident, whether it’s damage to your home or a liability issue.

To find out if your current home insurance policy has enough coverage, or to get a quote on a Massachusetts home insurance policy for your new home, call our agency at 617-298-0655. One of our agents can help you with all your home insurance needs. And if you need a referral to a Massachusetts real estate agent, just let us know! We have a vast network of local professionals and can connect you with someone to help you find the perfect home for you and your future.

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Recap: RE Agents Good Appearances

“People sometimes talk about the power of first impressions, and believe me, there is truth to it.” – Ann Brashares

When a client starts the search for a real estate agent to help buy or sell a Massachusetts home, it is known that they will make their decision at least partially based on intuitions and gut feelings. Because of this, it is critical that you do everything in your power to ensure that you make a good first impression on your potential clients. Think about what kind of impact you are making with the following:

  • Your ‘first point of contact’ with the client, often an advertisement or your website.
  • Your office location and décor.
  • Your personal wardrobe and presentation.
  • Your attitude and interactions when you first meet someone.
  • Your vehicle, especially if you are using it to transport buyers.

Take a minute to ask yourself, “What could I be doing to make a better first impression on my potential clients?” If you need help, ask a friend to give their unbiased opinion on how they feel about any and all of the items in the above list, and where they see the most room for improvement.

To continue improving your relationship with your clients, refer them to a great home insurance agent! Vargas and Vargas Insurance Agency will take care of all of your client’s home insurance needs, and we will keep you informed of every step along the way as you’re working toward closing day. To find out more about how we can help your clients, call us at 617-298-0655 and ask about why you should refer your clients to our agency.

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Real Estate Agent Advice: Making First Impressions

As you have heard “There’s no second chance at a first impression.” But did you know that a large percent of home buyers and home sellers choose their real estate agent based on first impressions and gut feelings? If this is the case, then a savvy Realtor knows that making a good first impression on potential clients is one of their keys to success! Here are a few tips for how to make sure that your potential clients are impressed with you and your business from the very beginning:

First Point of Contact

How do your clients find you? You need to make sure that all of the first points of contact are going to put you and your business in the best possible light. This means making sure that all of your advertisements are of good quality, and that your website is attractive and easy to navigate. It also means making sure that a friendly voice always answers your office phone.

In addition, one of the best forms of marketing for real estate agents is word-of-mouth. This means that it’s your job to make sure that your past clients have only good things to say about you and your services. If someone hears from a friend or relative that they know of a great Boston Realtor, you’re already off to a great start!

Location, Location, Location

After a potential client finds you and schedules a meeting, the next first impression you control is when they step into your office. Make sure that your reception area is neat and welcoming, with comfortable furniture and inviting décor.

Also ensure that the conference room or office where you chat is going to make a good impression on your client. Remember – it only takes one slip-up for someone to get a ‘bad feeling’ and move on to someone else!

Dress for Success

When it comes to making a good first impression, dressing for success is the first thing on most people’s minds. It’s important to note, however, that dressing the part doesn’t necessarily mean dressing to the nines. You want to look neat and presentable, but you don’t want to be too over-the-top dressy and make clients uncomfortable. The trick is finding a wardrobe that makes you look professional but still casual and comfortable. And, as any seasoned real estate agent will tell you, find a pair (or several) of good shoes! There isn’t much worse than being stuck with bad shoes during a day of showings and open houses.

Be Welcoming

As a real estate agent, you know that clients are looking for someone that they like and trust to help them buy or sell their home. This means that when you meet a new client, you need to put on your most friendly face and be a good host. If the client comes to your office, offer them a refreshment and ask them if they were able to find your office without any trouble. If you visit them for your first meeting, offer to take off your shoes when you enter their home, and tell them that the neighborhood is lovely.

Wheels in Motion

Nothing makes an impression on a client quite like the car you drive. It’s something that both buyers and sellers will notice, so you want to make sure that you invest in a reliable car that will make heads turn. Choose something roomy for any time that you are driving around buyers, and make sure to invest in some of the trim upgrades. Bonus points will be handed out if you can get a car with heated seats and a refreshment cooler!

If you need help with a top of the line Massachusetts auto insurance policy for your mobile office, have a chat with the agents here at Vargas and Vargas Insurance Agency. We can create a policy that’s sure to impress!

Continuing the Practice

Once you resolve to start making sure that you make a good first impression on your clients, you need to treat it like you would a New Year’s Resolution. Making the decision to focus on impressing with your appearance is a great start, following through shows your commitment to your profession, but the real magic happens when it becomes a habit. When you are making good impressions on those around you without even having to work on it, you will be well on the way to success as a Boston real estate agent.

At Vargas and Vargas Insurance Agency, we are always looking to make a good impression on new clients, and this will always be the case with the people that you refer to us! We promise to give your clients a great home insurance experience, and to keep you in the loop at every step of the process. To talk more about why our agency should be your go-to home insurance referral, call us at 617-298-0655, and let us know if we make a good first impression!

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Recap: Choosing a Real Estate Agent

“I still think buying a home is the best investment any individual can make.” – John Paulson

Looking to sell your Massachusetts home? There are lots of great real estate agents here in the Boston area that can help you through the process. If you’re trying to find the right Realtor for the job, look for these qualifications when interviewing potential candidates:

  • Full time agent – Make sure that your agent is committed to the local real estate market, and sees their job selling your house as more than just a ‘side gig.’
  • Expert on homes – Some Realtors focus their time on signing as many clients as they can, where they should be focused on helping you do everything you can to get top dollar for your home.
  • Proactive communication – There isn’t much more frustrating in the home selling process than feeling like you’re constantly in the dark about what’s going on with your home. Find an agent that will communicate early and often about the home selling process.

And remember, if you’re moving within Massachusetts, talk to Vargas and Vargas Insurance Agency about how to insure your new home. As always, we will make sure to get you a home insurance policy that protects you and your loved ones without causing undue stress on your wallet. Our award-winning insurance agency is only a phone call away – just dial 617-298-0655 to speak to an agent!

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Recap: What to Do After Closing on a Home

“The American dream is still to own your home.” – Barry Sternlicht

Congratulations! You’ve just closed on a home in the Boston area, and are wondering what to do next. Thankfully, the Boston home insurance experts here at Vargas and Vargas Insurance Agency are here to help you. After closing is complete, your ‘to-do’ list should include the following tasks:

  • Change the locks around the house – this should be your first priority since you never know how many copies of the old key are floating around with the old owner’s family and friends.
  • Usually, the seller will clean the home to a reasonable degree before moving out, but this is your chance to do a deep clean without any furniture in the home. You can take on the task of doing it yourself or hire a professional cleaning crew for a one-time job.
  • Again, since there’s no furniture or boxes in the house yet, now is the perfect time to take on projects like painting or resurfacing floors.

And to make sure that your new home is fully insured, place a call to Vargas and Vargas Insurance Agency at 617-298-0655. We will review your needs and match you with a home insurance policy that fits the needs of you and your family. Our agents are always happy to answer questions and provide free home insurance quotes, so don’t hesitate to call when you’re on the road to homeownership.

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Choosing a Real Estate Agent to Sell Your Home

Whether you’re moving across the country or across the street, selling your home can be a stressful process. You want to make sure that you get top dollar for it, while also working on picking out a new place to live that’s (as Goldilocks would say) just right for your family.

Thankfully, you have lots of options when you choose someone to help you sell your home. If you’re looking for advice on how to choose a Massachusetts real estate agent, look no further. Here are a few tips from our Boston home insurance professionals.

Who Should You Trust to Sell Your Home?

When you’re looking to put your home on the market, you have several options of how to list it. Let’s break them down:

You could sell “By Owner,” but this is often a huge mistake. Selling a home is a complicated process, and it’s not worth it just to save a little bit of money on a real estate agent’s commission. In fact, you may even lose money by not getting the best possible sale price.

In the worst-case scenario, you could potentially end up in a legal battle because of your lack of knowledge and expertise. Just like you probably wouldn’t consider representing yourself in court, don’t sell a home without a qualified and knowledgeable professional guiding you. This is where a Realtor comes in.

The Signs of a Great Real Estate Agent

When you’re scouting out real estate agents to meet with, make sure that you find out if your candidates are full-time agents. You want to make sure that you work with someone that is knowledgeable about your neighborhood and knows what they are doing, so try to avoid those ‘part time’ agents who consider real estate a ‘side job.’

It’s important for your Realtor to know about the process of buying and selling a home, but make sure that you choose one that is also knowledgeable about houses themselves. Your real estate agent should be able to walk through your home and point out things that buyers will like, and things that you should consider changing to make the property more attractive.

In addition to being knowledgeable about how to stage your home, your agent should also have marketing expertise. The real estate marketing game has changed a lot in recent years, so you need to make sure that you hire an agent that is going to leverage the most current techniques to get the word out about your house. Ask agents about their typical marketing plan, specifically the digital channels they will use to make sure that potential buyers see your home.

You will need to talk to your real estate agent a lot throughout the process of selling your home, so make sure that you talk to candidates about their communication. Don’t settle for someone that is going to agree to sell your home and then move on to another client – find a Realtor that is going to keep you informed about what they’re doing to sell your home, preferably someone who will proactively communicate so that you never feel like you’re always the one asking for updates and details.

Last (but certainly not least), make sure that you find a real estate agent that truly cares about you and your home. Your real estate agent should be focused on getting to know you and helping set you up for success in selling your home – not solely on increasing their commission. While you’re interviewing potential real estate agents as you prepare to list your home, make sure that you never feel like the means to a bottom line.

When choosing an agent, you need to also do your homework. Instead of relying solely on interviews with the agents themselves, ask for a list of each agent’s recent clients. Call a few and ask about the experience they had with the agent. Also check the agents license to ensure that it is current and that no formal complaints or disciplinary actions have been filed against the agent.

All of this can be a little overwhelming, but it doesn’t have to be. If you’re having trouble finding the right Massachusetts real estate agent to sell your home, call us! As an insurance agency, we have worked with many Realtors in the area, and we would love to give you a referral for an agent that will meet all of the qualifications outlined above.

When you’ve sold your home and are ready to move into a new place, make sure that you make the call to 617-298-0655 to talk to a Vargas and Vargas Insurance agent. We can set you up with a new home insurance policy in no time! We will evaluate your needs and risk tolerance along with the details surrounding your new home to craft a policy that fits your needs.

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Steps to Take After Closing on a Boston Home

Whether you’re a first-time home buyer or you’ve been through the home buying process before, you may ask yourself: “Ok, closing is over… now what?” The truth is that once all the paperwork is signed, you’ve got your work cut out for you! Here are a few things to add to your “Post Closing To-Do List.”

Store Your Important Documents

When you close on a home, you will be entrusted with many papers regarding your home. When in doubt, don’t throw it out! Keep these papers in a safe place in case you need them in the future. One of the best things that you can do is scan these papers and store them in the cloud, keeping the originals in a safe deposit box.

Put Safety First

Without question, one of the first things you should do when you get the keys to your new place is to change the locks. You never know who holds a copy of the existing locks, so it’s best to start fresh. The cost that you incur will be well worth the peace of mind that it brings to know that copies of your homes keys are floating around the neighborhood, especially given the possibility that previous homeowners could have given out copies to maintenance workers or others. Also make sure that you update the pin number on the existing security system, if you choose to renew the service.

Clean to Your Own Standards

The home is empty, so this may be your only opportunity to do a deep cleaning without having furniture in the way. If you are particular about how things are done you may opt to do the initial cleaning yourself. Otherwise, there are many home cleaning services in the Boston area that would be happy to do a one-time job that will get into every nook and cranny so that you can start with a (literal) clean slate.

Now is also a great time to have a pest control service come to treat your property. Some mortgage lenders will require this as a part of their contract, but it is probably a good idea regardless.

Make Improvements

After everything has been cleaned, you may choose to make some improvements to your new home. The complexity of the improvements that you choose is up to you! You could decide that your home is perfect as-is, or that it simply needs a new coat of paint. Painting is an easy way to give a home a fresh feeling, and to make it feel more like your own space.

There are also more involved projects that you may want to take on, like remodeling the kitchen or adding a pool. It’s your home – the sky is the limit!

Familiarize Yourself with Necessities

When you own a home, there are a few things that you need to be able to locate in a jiffy. One is the water system shutoff. If a pipe ever bursts, you don’t want to have to wonder where to go to stop the water. Also check the breaker box and make sure that everything is well labeled, and that there is a battery-operated light nearby so that you’re ready for a power outage.

Before you move in, have a professional check and perform maintenance on your home’s cooling and heating systems, as well as the electrical outlets and plumbing. You probably already had a professional inspection, but it never hurts to have the first maintenance out of the way so that you can establish a routine.

Now is also a great time to ensure that the home’s smoke detectors and carbon monoxide detectors are working properly. Add a recurring reminder to your calendar to check these detectors twice a year – typically it is recommended that this be done during the Daylight Saving Time clock changes.

Move In!

Once you have done the things outlined above, it’s time to start moving in! This is pretty self-explanatory, just make sure that you’re careful if you or any loved ones does any of the heavy lifting – the last thing you need when trying to set up a new home is an injury. If you’re hiring professional movers, check to make sure that they have the right insurance coverage so that you can’t be held liable if any of their workers are injured on the job. Last but not least, ask your Massachusetts insurance agent about how your possessions will be covered during your move, and how you should file a claim if anything is damaged or broken.

Ensure That You’re Prepared

You never know when trouble will strike, so make sure that you’re ready for anything. Create or practice your family emergency plan. Make sure that all members of your household know where the emergency kit is kept, and how to use everything in it. Also keep a list of emergency contacts where everyone can access it, including the phone number for your favorite local insurance agency.

As a new homeowner, you need to make sure that you have the right insurance protection. This means buying the right amount of coverage, not just the minimum amount required by your lender. To find out what types of coverage you should have for your Boston home, call Vargas and Vargas Insurance Agency at 617-298-0655.

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