31 Mar 2016

Don't Make These Mistakes Home Owners Do!

Mistakes Home Owners Do_Home Insurance

Home is where the heart (and all your hard earned money) is.

Buying a property in Singapore is expensive and it is no surprise that home owners here take great pride in turning their homes into their dream sanctuaries. Renovations, furnishings and home appliances can set home owners back by tens of thousands of dollars and yet, many make these mistakes which could potentially cost them more money.

Too Focused on Aesthetics
Yes, looks do matter but not when you end up wasting precious spaces in your apartment or spending more time and money maintaining your home. That Swarovski chandelier may be to-die-for but it can be a pain to clean, upkeep, and repair and may even contribute a substantial amount to your monthly electrical bill! Unless you have a domestic helper or enjoy dusting as a hobby, it's best to stay away from that intricate chandelier. Tip: Choose lights that are energy efficient! They can be aesthetically pleasing too and use less energy and gives off less heat so you can keep your hands off that air-con controller.

Also, think of designs and layout that maximises storage, light penetration and air flow in your home. These little details can help you save more money and effort in the long run. Even the choice of flooring can influence the mercury in your home!

Costs over Quality
It's human nature to source for the best deal for your furnishings and appliances but never compromise on the quality especially on your big ticket items. If you love to cook, invest in a cultured marble, granite or stainless steel counter top as these materials are sturdy and long-lasting. A cultured marble counter top can last for as long as 30 years!

Good quality materials, furnishings and appliances may be more expensive but it definitely beats having to replace or repair them frequently.

Inadequate Protection
Now, here's a big one!

If you're a HDB owner, chances are you already have fire insurance. But is this enough? While the fire policy covers your home against perils such as fire, lightning, explosions, burst water pipes and malicious damage, it only provides protection to the structure of your home. This means that your furniture, appliances, personal belongings and home fixtures like your built-in wardrobe and kitchen cabinets are not covered. To have them covered, you need a home contents policy.

Home contents insurance will also cover things like alternative accommodation expenses while your damaged home undergoes repair, accidental breakage to light fittings, mirrors and glass furniture, loss of important papers like your passports and identity card, and even the accidental death of your beloved pet! Tip: Always re-assess your home contents annually to ensure proper cover!

With all the investments you've put into your dream home, why save on the necessary!