- Understanding the full cost of owning a home is becoming ever more critical as people stay in their homes longer.
- New feature gives users one place for a full gamut of resources into home management.
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HomeZada, the home information management app that agents can gift to customers after close, announced last week an update that might push the software into a new territory of personal wealth oversight.
The new app, marketed as an extension of their original home inventory tracker, is designed to help homeowners manage the financial components of their home.
According to a press release, “The app is the first of its kind to bring together home value estimates, mortgage payment schedules, home equity estimates, property expense budgets and even a three-year forecast of future home value.”
What it means for homeowners
Consumers get a colorful look into their home’s current value and projections of future fluctuations. Also included is a mortgage payment tracker that provides equity movements.
HomeZada partnered with real estate analytics provider HouseCanary to process data. It then ” … puts its own spin on the information,” according to company co-founder Elizabeth Dodson.
The new product bridges an important gap for homeowners, allowing them to step up from merely tracking the cost of appliance repairs to understanding how ongoing home costs impact long-term financial plans.
As the country continues on a trend of low inventory and unreasonable price growth, the importance of knowing how much money contributes to home ownership is more critical than ever.
It’s my opinion that once a buyer is in a home, they’re going to stay. Length of ownership will likely grow.
Additionally, tougher competition ruins the positive buying experience, and — speaking personally — offering on a home is more like a painful root canal than a rewarding personal achievement.
Once a buyer is in a home, they’re going to stay.
Tools like HomeZada can help homeowners establish a sense of permanence in their property.
The new home finance app also comes in a Professional version for agents to offer to customers after closing.
Data is projected in vibrant graphs and icons, making it easy to grasp and adjust to different mortgage and ownership scenarios.
Dodson added that while such a feature was in their product roadmap, customer requests expedited its development and release.
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