Are you a savvy homeowner?
By Dana Dratch • Bankrate.com

Just how savvy a home owner are you? Find out with this quiz.

It’s your biggest investment, where you hang your hat and, as Dorothy
discovered, there’s no place like it. But how much do you really know
about what it takes to own and care for a home?

Are you the smart homeowner, always in control and wisely managing and
maintaining your investment? Or do you sometimes feel like you’re
hanging on by your fingernails, waiting for the next thing to go
wrong?

Answer these 10 questions to learn how you rate when it comes to the
finer points of homeownership.

1.

The average homeowner stays in a house:

five years

eight years

10 years

2.

If you sell your home, you and your spouse can keep up to how
much of the profits tax-free?

$200,000

$300,000

$500,000

$1 million

3.

Your home loses 40 percent of its energy through:

the roof

outdated appliances

the windows and doors

outdated or malfunctioning heating and air conditioning
systems

4.

On your homeowners insurance, for your belongings you've
elected:

replacement value

fair market value

actual cash value

5.

For the structure itself, the insurance policy should cover:

what it actually cost to build your house

what it would cost to build your house today

what your house would sell for today

6.

You're strapped for cash and instead of taking out the home
equity loan, you decide to rent a room. If you want your basement
apartment to outshine 99 percent of those on the market, it needs:

a large window in the bedroom

a built-in flat-screen TV and entertainment area

a fully-outfitted kitchen

a separate entrance

7.

You're hiring a contractor to do some much-needed renovations.
What should you know before you hire him?

He pays his bills on time.

He has workmen's comp and general liability insurance.

At least three past clients will vouch for him.

You need to know all of the above.

You need to know about his insurance coverage and check
multiple references.

8.

You may find it tougher, if not impossible, to get homeowners
insurance if you:

Rent out a room to strangers.

Have more than three pets on the premises

Have had a water-related claim in the past three years.

Have added a swimming pool.

9.

If you're buying into a community with a homeowner's
association, well before moving day you should see:

a copy of the association bylaws, its insurance policies,
proof of savings and current financial condition, and copies of any
past or outstanding legal actions

a copy of the bylaws and insurance policies

the insurance policies, and proof of savings and current
financial condition

all of the above, but you don't have a right to see any of
the material until after you buy

10.

You're probably a bad candidate for refinancing if:

you have a second mortgage

your first mortgage is for more than your house is worth

you have a lot of debt and problems paying your bills

all of the above

http://www.bankrate.com/brm/news/rea...20040720a1.asp

My sco 50 pts.
Look out! Your house might be on fire and you probably don't even know
it. The good news is that you’ve got plenty of room for improvement.
The bad news is your lack of knowledge could end up costing you big
bucks when it comes to owning a home. But it’s not that hard to catch
up on the finer points of insurance, financing, taxes and home value.
So get to work now before your roof caves in around you!



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"Husbands are like fires. They go out if unattended." -- Zsa Zsa Gabor