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Stay Focused on Home Purchases THUNDER BAY - MONEY - The housing market is hot, in part to low interest rates and home prices that were low for many years. Given that the purchase of a home is typically the largest purchase one will make in their life, jumping into the market and competing against other aggressive bids can be intimidating. The last thing anyone would want when buying a home or property is to have regrets afterwards, especially for those first time home buyers. Here are some tips to consider for first time home buyers. Make sure to get Pre-Approved It would seem like it's a given, but many first time home buyers will assume they'll know how much they can spend on their home based on online mortgage calculators. It's important to setup a meeting with your bank or mortgage specialist, since they can provide information to you on what price range you should be looking in, and specifics to consider like property taxes, and other monthly expenses you'll want to factor in. Consider Renting for the Short-Term Despite all the good that comes in owning a house, such as building home equity, it's important to ask yourself how long you plan on staying in that house. If your long term plan is still not known because of your job, or personal situation, it may be better to rent in the short term. Buyers need to realize all of the expenses renters don't need to worry about like property taxes, and home owners insurance. This also isn't considering any unforeseen maintenance costs that could arise. Skipping the Home Inspection Many new home buyers may try to cut costs and skip out on a home inspection.

Save money and get the right insurance coverage for your business with these tips. * Premiums for fire, casualty and burglary insurance on business property are all deductible for tax purposes as trade or business expenses. If a business taxpayer has a self-insurance plan, however, all payments into the self-insurance reserve will not be tax-deductible for purposes; the actual losses incurred by the taxpayer would be the deductions. * Premiums for life-insurance are tax-deductible. But premiums paid on a policy covering the life of an officer, employee or other key person are not deductible if the business is a direct or indirect beneficiary under the policy. Premiums paid on a life insurance policy of which the business is a beneficiary are not deductible, since life-insurance proceeds would not have to be included in taxable income when received by the company. Other Tips * Before speaking with an insurance representative, write down a clear statement of your expectations. * Do not withhold any important information from your insurance representative about your business and its exposure to loss. Treat the individual as a professional helper. * Get at least three competitive bids using brokers, direct agents and independent agents. Note the interest that the representative takes in loss prevention and suggestions for specialty coverage. * Avoid duplication and overlap in policies; you will be paying for insurance you do not need. * Ask your insurance firm if it's an "admitted insurance company." If so, it should have a solvency fund should a catastrophe put the insurance company in danger of going under. An unadmitted carrier has no such solvency fund. * The small businessperson should not consider any form of self-insurance. The pool of funds necessary to safely insure losses is extraordinarily large