|
|
|
|
|
|
|
| Real Estate Info for you! From Rebecca Alvarado |
|
Articles and Advice |
|
 |
|
| It still pays to remodel By Dian Hymer The home-sale market has taken a beating in the last few years, which begs the question: Does it makes sense financially to invest in home improvements? Remodeling Magazine's annual “Remodeling Cost vs. Value Report for 2009-10,” published in agreement with the NATIONAL ASSOCIATION OF REALTORS®, indicates that remodeling still pays off, but more so on less expensive projects. Most high-end remodeling projects don't return dollar for dollar on the investment even in a good market. That is, unless homes are appreciating at a fast clip. In this case, you might get your money back due to appreciation. But the profit on the sale might not be as much as it would have been if you hadn't done a high-end renovation. Just as today's homebuyers are making pragmatic decisions, so are today's homeowners when it comes to making improvements. Most of the remodeling projects with the largest return were for such things as replacing exterior siding and windows. On average the cost involved was less than $14,000, according to Remodeling Magazine. These projects returned from 71 to 83 percent nationally depending on the materials used. The project that paid back the highest return was a midrange front-door replacement that cost approximately $1,200 and returned an average 128.9 percent nationally. Sellers may wonder why it would make sense to invest in an improvement just for the sake of selling if it won't repay the amount invested. In today's challenging home-sale market, these improvements may be warranted for the home sell at all if there is a lot of inventory in your neighborhood. Buyers expect more for their money and gravitate to listings that are in the best condition for the price. HOUSE HUNTING TIP: Be judicious about how you spend your money fixing your home up for sale. For example, if your kitchen is a disaster, it makes more sense to do a midrange than an upscale renovation. According to the “Remodeling Cost vs. Value Report,” a midrange minor kitchen upgrade will return an average of 78.3 percent nationally. A major upscale kitchen remodel will pay back only 63.2 percent. The national average returns on remodeling investments do not give an accurate picture of the renovation returns that might be typical in your neighborhood. For instance, the payback for Honolulu homeowners for most of the 18 remodel projects analyzed returned 100 percent of the investment. San Francisco was close behind with 10 projects paying back the full investment. The cost versus value report recommends the following cost-effective improvements you might consider to prepare your home for the market: tidying up the kitchen cabinets using organizers will make your cabinets roomy; add an inexpensive tile backsplash to a tired kitchen, and use inexpensive tile to give an old bathroom a new look; add a breakfast bar by cutting an opening between the kitchen and family room; and install granite tile rather than slab. Other suggestions include: Replacing outdated light fixtures; freshening up the basement; giving the kitchen cabinets a new look by reconditioning and adding new knobs or having cabinet doors and drawers replaced; updating a bathroom without replacing tile by changing the medicine cabinet, light fixtures, vanity, cleaning the grout or replacing it and adding glass shower doors. The findings of this report were based on a survey sent to 150,000 appraisers and real estate agents in the summer of 2009. The survey included information about the cost and description of the remodel projects and median price data for the 80 metropolitan areas surveyed. Some 6,233 survey respondents estimated how much value the improvements would add to the house at resale in the current market. THE CLOSING: Before starting any fix-up-for-sale projects, seek your real estate agent's advice so that you don't waste money on improvements that won't pay back much in your area. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author. |
|
| Final walkthrough a buyer's best friend By Dian Hymer Imagine this. You move into your new home for the first time after closing and, although you transferred the utilities into your name, the lights don't turn on. There isn't a single light bulb left in the house, the yard is overgrown, and the leaky faucets the sellers were to have fixed still leak. Most homebuyers aren't faced with such an unpleasant surprise. You can gain some degree of control over the situation by completing a walkthrough inspection of the property within five days of closing. Your purchase contract should include a clause that grants the buyers permission to do a final walkthrough inspection sometime close to the closing date. A final walkthrough provides the buyers an opportunity to verify that the property is in substantially the same condition it was when the sellers accepted their offer. The walkthrough is not a contingency of the contract that gives the buyers the right of approval or disapproval. Your purchase contract should require the sellers to maintain the property in its present condition until closing. So, if a window breaks before closing, the sellers would be responsible for fixing it, depending on the verbiage in the contract. During the walkthrough, the buyers can also confirm the completion of any work the seller agreed to do before closing. Ask the sellers to provide you copies of invoices for work done before closing. Keep these documents in your house file for future reference. If sellers made repairs themselves, they should provide an itemization of work completed that describes what they did. HOUSE HUNTING TIP: It's a good idea to have your REALTOR® accompany you on the final walkthrough and take notes as necessary. If the property isn't in the same condition it was when you agreed to buy it, put this in writing and have your REALTOR® contact the sellers' agent to inform them of the items remaining to be done before closing. Your purchase contract should include a provision for the sellers to deliver the property to the buyers free of personal property and debris, unless otherwise agreed to in writing. For example, the sellers might have agreed to leave the washer, dryer, and refrigerator with the house, and the buyers accepted the offer. These items are usually considered personal property, unless they're built in. If the sellers moved these items out or the movers did by mistake, they would need to be returned by closing unless you make other arrangements with the sellers. It can be very helpful if the sellers agree to do a walkthrough with the buyers to show them things about the home that the buyers would have difficulty figuring out on their own, like the location of obscure light switches or how to operate retractable skylights. If something is disclosed about the property that should have been disclosed earlier, put it in writing. If it's something significant, talk to your real estate agent or attorney about how best to resolve the issue. Keep in mind that most real estate agents are not licensed to practice law. Also, seller disclosure laws vary by state. Doing a final walkthrough to verify the condition of your new home can be complicated if it's tenant-occupied. If you are buying a tenant-occupied property to live in, your contract should provide for the property to be vacant several days before closing. THE CLOSING: That way you can walk through the property free of tenants' belongings before you close the deal. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author. |
|
| Mortgage payoff in a divorce By Benny Kass DEAR BENNY: My wife and I are in the process of getting a divorce. I am prepared to give her the family home so that our children will not be disrupted any more than they already are. I know that our mortgage lender will not relieve me of our joint obligation to make the monthly payments, but hopefully that will not be a financial problem for us. We have been advised that a lender can use the "due on sale" clause in the mortgage documents to block this transaction. Can this happen? --Tom DEAR TOM: The short answer is no. Federal law permits certain real estate transfers even though the loan documents contain the "due on sale" clause. Let's look at this concept. Mortgage lenders are in the business of making money, and obviously they do not like to allow people to assume a low interest rate when rates are much higher. While this scenario sounds unlikely in today's marketplace, many readers will recall the excessively high mortgage interest rates during the past decade. Thus, many years ago, the mortgage industry came up with the concept of "due on sale." Most mortgage loan documents contain language to the effect that if property that is secured by a mortgage is sold or transferred without the lender's prior written consent, the lender has the right to call the entire mortgage due, and insist on payment in full. This is known as the "due on sale" clause. There has been much litigation over this concept throughout the country, and the great majority of the court cases have upheld the lender's right to enforce the due-on-sale concept. In 1982, however, Congress enacted the Garn-St. Germain Act (12 UCA 1701j-3), which imposed certain restrictions on the enforcement of this clause. This law contained nine specific exemptions where a lender was not permitted to exercise its option pursuant to a due-on-sale clause. When there is a real property loan secured by a lien on residential real property containing fewer than five dwelling units -- including a lien on the stock of a cooperative housing corporation or a residential manufactured home -- a lender cannot enforce the due-on-sale clause under the following circumstances: • a transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property; • a transfer where the spouse or children of the borrower become an owner of the property; • a transfer to a relative resulting from the death of a borrower; • a transfer by operation of law on the death of a joint tenant or tenant by the entirety; • a transfer into an "inter vivos" trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property (i.e., the so-called "living trust"); • the creation of a purchase-money security interest for household appliances (i.e., where you pledge your house in order to replace your heating and air conditioning system); • the granting of a leasehold interest of three years or less not containing an option to purchase; • a subordinate lien that does not involve a transfer of rights of occupancy in the property, and • any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board. I highlighted your situation by listing it first on the list. Clearly, if you and your spouse enter into a formal, legal separation agreement, or actually have a court order granting a divorce -- which contains language reflecting the house transfer -- you are protected under the law and the lender cannot exercise the due-on-sale clause, which I suspect is contained in your mortgage documents. However, here are some suggestions before you proceed to transfer the property to your wife: First, before the divorce is finalized, arrange to transfer the house. Normally, when real property is sold or transferred, there is a transfer and recordation tax that has to be paid to the local jurisdiction. For example, in the District of Columbia, where I practice law, if the property is appraised at more than $400,000, the local government will want to collect 2.9 percent of the appraised price. Normally, if you sell to a third party, each side will split these costs, paying 1.45 percent. (If the property is worth less than $400,000, the taxes are lowered to 1.1 percent each). However, if you are married and transfer the property to your spouse, you do not have to pay either of these taxes. You pay only a nominal fee to record the deed -- usually less than $30. So discuss this with your attorney and arrange to transfer the property before the divorce decree becomes final. Second, what is your current mortgage interest rate? Rates are quite low today, so you might want to consider refinancing first, so as to take advantage of that lower rate. After that, you can have the property transferred to your wife. You will, of course, have to explain your pending divorce situation to the lender, but if you can qualify, there could be substantial monthly savings. Finally, I strongly recommend that you advise your lender of your plans. Legally, it has no legal right to contest your decision, but it always makes sense to keep lenders informed before you take any steps to change the ownership. |
|
| Tax time over, but many credits still available By Paula Hess If you’re a homeowner, it’s a given that you claim the mortgage interest deduction on your tax returns. If you are a green-minded homeowner, you may be eligible for a federal tax credit if you purchase or have purchased (keep those receipts) an energy-efficient product or a renewable energy system for your home. These credits apply to the following if purchased between Jan. 1, 2009, and Dec. 31, 2010: Biomass stoves; insulation; heating, ventilation, and air conditioning upgrades; windows and doors; roofs; and non-solar water heaters. The credit allows homeowners every two years to claim 30 percent of the cost of the system, for a maximum credit of $1,500. This credit expires Dec. 31, 2010. Please note that some of these tax credits do not apply to installation costs, and not all ENERGY STAR products qualify for the tax credits. Please consult http://www.energystar.gov/index.cfm?c=tax_credits.tx_index for specifics. If you’ve decided to purchase small wind turbines, a geothermal heat pump, or a solar energy system for your principal residence or a new home construction, you have until Dec. 31, 2016, to make the purchase. You also can receive a tax credit of 30 percent of the cost (no upper limit). Check out the following resources: • Database of State and Federal Incentives for Renewables & Efficiency (http://www.dsireusa.org/): Provides a comprehensive list of all local, state, and federal rebates, tax credits, and property tax reductions for green enhancements to homes and new construction. • Better Than a Credit: If you participated in the Cash for Clunkers program and purchased a more fuel-efficient car, remember, your $3,500 or $4,500 rebate is not considered taxable income. If you actually purchased a hybrid, you may qualify for an energy tax credit (http://www.fueleconomy.gov/Feg/tax_hybrid.shtml). Cars purchased after Dec. 31, 2010, are no longer eligible for the energy tax credit. • ENERGY STAR Rebates and Partners: Type in your ZIP Code and find tax exemptions, rebates, or discounts on ENERGY STAR-rated products in your local area--everything from DVD players to water heaters at http://www.energystar.gov/index.cfm?fuseaction=rebate.rebate locator. |
|
| Closing costs vary by location By Dian Hymer Closing costs, the costs associated with buying or selling a home, can add up. It's wise to get an estimate of how much you're likely to pay in closing costs before you make an offer to buy a home or accept an offer to sell. Closing costs reduce the amount the seller nets from the sale. Buyers need to know in advance of entering into a home-purchase contract that they have enough cash to cover both the downpayment and closing costs. Closing costs vary with location. Often who pays what fees -- buyer or seller -- is dictated by local custom. For instance, in Northern California, buyers usually pay the title insurance premium, while sellers usually pay the premium in Southern California. HOUSE HUNTING TIP: Some real estate agents use 1 percent of the expected selling price to estimate a seller's closing cost. This might be close to accurate in some cases. But, there are so many variables that can affect the closing costs in any given sale transaction that it's preferable to have your real estate agent give you an itemized list of the costs you are likely to pay. Sellers' closing costs can include such things as the real estate broker's fee; transfer taxes, if there are any; costs associated with any mandated compliance requirements; title insurance, in some places; attorney fees, in some cases; closing or escrow agent fees; inspection fees, unless they were paid directly to the inspectors; a home warranty, if applicable; fees for drawing, notarizing, and couriering documents; recording fees; property taxes (if seller has overpaid, the buyer will credit the seller that amount); and homeowner association dues, if there are any. In addition to the closing costs listed above, the sellers pay off the liens secured against the property and any outstanding interest owed at closing. When you make a mortgage payment, it pays interest owed for the previous month. So, if you were to close on March 1, you would owe the lender interest from Feb. 1 through the date the lender receives the funds, which may not be until a day or so after you close. With short sales, where the sale price is insufficient to pay off the liens and closing costs, additional closing costs may apply, such as a short-sale process fee charged by the escrow or closing agent. If a third-party short-sale negotiation company is involved, there could be a fee as high as 1 percent of the sale price charged at closing. Sellers who live in an area where a property survey is required and who customarily pay the cost might have significantly higher closing costs than would a seller in Oakland, Calif., for example, where there aren't any expensive point-of-sale compliance requirements. Buyers' closing costs customarily cover such things as the fees associated with the buyers' new mortgage; transfer taxes, if there are any; title insurance, depending on the area; homeowner insurance premium for the first year (usually required by the lender); buyer's broker fee, if appropriate; attorney fees, in some cases; escrow or closing agent fees; miscellaneous fees for document preparation and notarizing signatures; and proration of property taxes and homeowner association dues, if there are any. Buyers' closing costs can differ significantly depending on how many points their lender charges. "Points" is a term used for the loan origination fee; one point equals 1 percent of the loan amount. On a $600,000 mortgage, one point would add $6,000 to your closing costs. It would add only $1,500 if you paid 1/4 point, but your interest rate on the loan would likely be higher. THE CLOSING: Even though local custom usually prevails, who pays a particular closing cost is negotiable. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author. |
|
| No benefit to refi with current lender? By Benny Kass DEAR BENNY: I am shopping for a new mortgage (I will refinance about $160,000 remaining on a condo worth about $300,000) and discovered my mortgage holder wants about $2,200 in closing costs. I just financed with this bank three years ago and have stellar credit. There seems to be no special benefit for refinancing with this lender. Their broker told me as much. I don't understand why they wouldn't want to keep a good customer. Any insight? --Janelle DEAR JANELLE: I am not a defender of banks, but just because the bank performed a title search and a refinance three years ago does not mean that there are no clouds (i.e., impediments) on your title now. The bank must have clear title in order to make you a loan. Accordingly, it must again perform a title search. Additionally, there are administrative costs that have to be paid because the lender will have to look at your financial situation again. There will also be closing (escrow) costs to the settlement attorney or title company. My suggestion is to shop around. Rates are now quite low and mortgage money is becoming more available. Get some quotes from other lenders (including all costs), and then go back to your bank. Tell them you would like to work with them, but their costs are high, and you want them to give you a discount. If that works, go with your current lender. If not, you have the right to refinance with any lender of your choice. DEAR BENNY: In addition to our primary residence, my husband and I own a commercial property that houses our business on the first floor and a residential apartment on the second floor. We currently rent out the apartment. The property is zoned commercial (C-4), dual use. Before selling this property, is there any advantage to selling our primary residence and moving into the second-floor apartment for two years to establish residency? Since each floor is 1,250-square feet, would we then be exempt from paying capital gains taxes on that portion of the profit from the sale that represents the residence? And if so, in determining what portion is considered residential use, would the land that surrounds the building (approximately 4,000 square feet of concrete driveway/parking lot) be considered part of the commercial property although part of this area would be used for parking our personal vehicles as well as customer parking? --Pauline DEAR PAULINE: Excellent suggestion. The law that allows homeowners to exclude up to $500,000 of gain is not a "once-in-a-lifetime" situation. It can be used over and over again. The only conditions are that the property must be owned and lived in two out of the five years before it is sold. So, you can sell your current home and if you have owned and lived there for the requisite period of time, you can exclude up to $500,000 of your profit. In fact, if you have lived in that property for a long time, you can even move into the upstairs apartment now, so as to start the clock running on the second exclusion. However, be careful --if you cannot sell your current house within the next three years, you will lose the right to exclude the profit. And here's another suggestion: When you sell the second property, you have the right to do a 1031 "like-kind" exchange on the first-floor business, and at the same time take the exclusion for the upstairs apartment. This would mean, however, that you will have to be a landlord for at least one or two years on the replacement property that you obtain through the exchange. Talk with your financial advisers about this. As for allocation of the parking area, I really don't know how the IRS would treat this. I suspect, however, that if you carefully allocate the square footage for your personal usage as compared to the business operation, that calculation would be acceptable. DEAR BENNY: Can you tell me what steps a board of directors/management company should take in the event a water-damage claim against the master policy is made by a condo owner? Should the board/management company investigate, take pictures of the damage, and stay actively involved throughout the claims process or merely turn the whole matter over to the insurance company and, in the event of litigation, its attorney? --Paul DEAR PAUL: That's a very good question. On the one hand, the board -- which has a fiduciary duty to the owners -- must make sure that the claim is being processed correctly and honestly. On the other hand, boards of directors are volunteers, and must be able to rely on the professionals who are paid to assist, including management. I think the answer lies somewhere in between doing nothing and being too proactive. Management should monitor the progress of the claim and make sure that the insurance carrier has taken pictures of the water damage. Management should also confirm with outside consultants that the amount of money the carrier is prepared to pay is sufficient to make the repairs. And since insurance companies usually have their own contractors to do the repair work, management should also periodically monitor the work to determine whether it is being done correctly. And management should submit a status report to the board on a monthly basis. Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. |
|
| Not all woods absorb stain the same By Paul Bianchina Q: First-time homeowner and first-time stainer here! I had a small porch made out of untreated wood built last summer that I would now like to stain. I like the redwood look I see throughout the neighborhood, what I think of as the most common color of stain around! I purchased two sample packets of stain, both by Olympic. One was a toner and one was a semi-transparent version of the same redwood color. I applied them both to a piece of wood leftover from my porch and they both went on like a watercolor paint -- very thin, very clear and not deep colors at all. I feel it colored it maybe only a shade darker than what the natural wood is. I do realize this wood is not the optimal wood to build with, but it has got to be stainable! (Please tell me it is!) Do you have any suggestions as far as getting a deep red/brown coloring to soak in the wood and give it the rich look? Is there something I'm doing wrong? Is there a better stain for this type of wood, or do I just start considering paint? Any suggestions would be great. A: No need to start considering paint just yet. All wood is made up of fibers and cells in different degrees and configurations. The more "open" the cell structure, the more readily it will absorb liquids, such as stain. So all woods will accept stain to some degree, some more than others. Some woods -- pine and oak for example -- will even absorb stain very differently within the same piece. Other factors include how wet or dry the wood is, how weathered it is, how smoothly sanded, etc. One of the first things you need to do is determine what type of wood was used to build the porch. You mentioned that it was not pressure-treated and it is apparently not redwood. Fir, hemlock, cedar, and pine would be some other common porch woods, but there are others as well. I would suggest that you either ask the person who built the porch, or take a sample down to your local lumberyard and ask one of the people there to identify it for you. Stick with a dedicated lumberyard, not a home center. Armed with that knowledge, I want you to next go to a paint store -- again, a dedicated paint store, not a home center. Show them the type of wood you're working with and the color you're hoping to achieve, and they can work with you to select the proper type of stain and the proper color, as well as giving you tips on how to apply it. Bring the wood sample with you as well, and they may be able to test it for you to see if the color is going to come out the way you want. Q: I am going to be building a cover over my deck. I am going to have to put it about 15-18 inches up on the existing roof (about the back of the eve) in order to get the slope needed for drainage. I have been looking for a bracket that will hold a ledger board up slightly off the roof, so water can go under and not rot the board. I have not found a bracket that will do this. The closest thing I have found is a basic 90-degree, one-inch-wide, angle bracket that you can find in any hardware store, but I do not think it will be strong enough. Any suggestions? A: Because you are looking at a bracket that needs to have the proper slope to match both the house roof and the roof over the deck, you may not find a stock item that fits exactly. I would suggest you check out the Simpson Strong-Tie Web site at www.strongtie.com. Simpson is probably the largest manufacturer of metal hangers, brackets and connectors for the construction industry, and if anyone will have it they will. If you find something in their online catalog that will work, just jot down the stock number -- and if your local lumberyard or hardware store doesn't have it, they can order it for you. If you can't find anything there, you'll have to have ones made. If you can make a simple sketch of what you need, any local welder will be able to weld or bend brackets to your specifications, and the cost should be pretty reasonable. I'll also suggest another alternative. Install a ledger board flat on the roof, parallel with the eaves, and secure it to the roof by screwing it down into the rafters. Cut the ends of the deck covering rafters on an angle so that they lay down flat on the ledger and create the angle of slope you want for the roof over the deck, then fasten the rafters to the ledger board. Install your roofing on the deck cover, and then install a sheet metal flashing that tucks under the house roofing and goes over the deck cover roofing. Water coming down off the roof will be channeled up onto the deck cover, where it will then run off. Since the ledger is completely under cover, it won't get wet. For a little additional assurance, you can use pressure-treated lumber for the ledger. |
|
| Six ways to green your pool By Michelle D. Alderson It’s always a good time for pool owners to think about ways to save both money and water. Not only are utility companies offering rebates for “green” upgrades to existing pools, also many states, including California, are on the verge of droughts and the state will soon call on homeowners to ration their water usage. In response, we’ve complied a few ways you can green your pool, which will benefit both your pocketbook and the environment. Variable Speed Pumps The hottest product on the market right now is the variable speed pump. It helps that both Pacific Gas & Electric (PG&E) (http://www.pge.com/myhome/saveenergymoney/rebates/seasonal/poolpumps/) and Southern California Edison (SCE) (http://www.sce.com/residential/rebates-savings/pool/pool-pump-motor.htm) are offering rebates to install such pumps. The pumps act similar to a light dimmer so that the speed can be adjusted as needed, thus saving both energy and water. With these pumps, pools that were using 2,000 watts of energy per hour are now down to 200 to 300 watts. They also cut down on noise, which means you can run it at off peak hours. Solar Heaters Using solar technology (http://www.epa.gov/cleanenergy/energy-and-you/affect/non-hydro.html#solar) has been touted most recently by the federal government as one of the best ways to conserve energy. Solar heaters for pools have been around for decades, but in time have become less expensive and better made. Essentially, a solar heater uses a pool’s water, pumps it through a solar collector, warms it, and pumps it back into the pool. Installation costs between $2,000 and $4,000, and homeowners can see a return on their investment anywhere from a year to seven years, depending on the climate and location of a pool. Pool Covers Evaporation is the number one cause of energy inefficiency for pools without covers. By using a pool cover, you can conserve water by reducing the amount of make-up water needed by 30 percent to 50 percent. In addition, covering a pool when it is not in use is the single most effective means of reducing pool-heating costs, with a possible savings of 50 percent to 70 percent. There are several types of pool covers: Costs will vary with pool size, type of material used, and whether or not a manual or automatic cover is installed. Check out the U.S. Dept. of Energy Web site at http://www.energysavers.gov/your_home/water_heating/index.cfm/mytopic=13140 for more information. LED Lights By replacing a pool’s standard light bulbs with LED (Light Emitting Diode) light bulbs, homeowners can save a substantial amount of money on their energy bill. A typical pool light uses 500 watts. The LED light uses 70 watts. Replacing your pool light is one of the least expensive ways to go green. A new LED bulb can range from $500 to $1,000. If you want to find out how much you can save each month with LED lights, go to Pentair Pools’ calculator (http://www.pentairpool.com/led_calc/index.htm). Automatic Timers Installing an automatic timer for a pool’s pump and filter allows homeowners to run them in several short cycles during the day, thus conserving energy; manual timers are usually run once continuously for several hours a day. You also can run them at non-peak hours, and set them to automatically adjust your pool filter to run your pump more in the summer and less in the winter. Organic Materials First check your pool for any leaks; this can save money and conserve water. If your pool needs new paint, lining, or textiles, replacing them with organic materials is another way to go green. Good for the environment and your health, waterborne acrylic paint emits little to no VOCs (volatile organic compounds) (http://www.epa.gov/iaq/voc.html) and is strong enough for pool use. You also can install insulating concrete form (ICF) (http://www.energysavers.gov/your_home/insulation_airsealing/index.cfm/mytopic=11640) made with recycled materials. Tiles that use recycled materials, such as bottles made into glass, can be used for a pool’s walls or floors. |
|
| Water conservation tips By Amy Westervelt It seems you can hardly open a newspaper these days without reading the headline "Water is the new oil." But what does that mean exactly? In fact, water shortages may cause more severe problems than oil shortages: our lives literally depend on water, plus there are several alternatives to fuel but none really to water. We can technically "make" more water through techniques like rainwater catchment and desalination, but few individual homeowners have their own catchment tanks and even fewer are likely to rig up their own desalination plant. Even if such things were easy, it would still behoove us all to reduce our water usage first, not only because water is scarce, but also because we could all stand to shave a few dollars off our water bills. With that in mind we compiled the following tips to help you do exactly that. In the Shower Install water-saving shower heads or flow restrictors. Readily available at any hardware or home store, low-flow shower heads deliver 2.5 gallons of water per minute while traditional shower heads use 5 to 7 gallon per minute. Take a Shorter Shower. You don't have to be a hero, just shave off a couple of minutes. According to the EPA, even a one or two minute reduction in shower time can save up to 700 gallons per month. Use the Cold Water. If your shower takes awhile to warm up, catch the cold water in a bucket and use it on your lawn or in the garden. In the Bathroom High Efficiency Toilets. If your toilet is from 1992 or earlier, you probably have an inefficient model that uses between 3.5 to 7 gallons per flush. New and improved high-efficiency models use less than 1.5 gallons per flush - that's 60 to 80 percent less than their less efficient counterparts. According to the EPA, over the course of 10 years, one high-efficiency toilet can save a family of four roughly $1,000 without compromising performance. Displace Water. Here's an old-fashioned trick: Put a plastic bottle or bag weighted with pebbles and filled with water into your toilet tank. Displacing water in this manner allows you to use less water with each flush, saving between 5 and 10 gallons per day. Check for Leaks. To check your toilet for leaks, put dye tablets or food coloring into the tank. If color appears in the bowl without flushing, there's a leak that should be repaired. To check showers and faucets for leaks, read your water meter before and after a two-hour period during which no water is being used. If the meter does not read exactly the same, you probably have a leak. Fixing a leaky toilet saves up to 400 gallons of water per month, while fixing a leaky faucet can save up to 225 gallons per month. Brush and Shave Efficiently. Turn off the water while brushing your teeth or shaving. Fill the bottom of the sink with a few inches of water to rinse your razor. Turning off the water while brushing and shaving saves six gallons of water a day. In the Yard Timing Is Everything. Sprinklers running when it's raining? Not cool. Put your irrigation system on a weather-based schedule. If you set it to water in the early morning, that's even better. Using weather-based irrigation scheduling on a moderate-sized yard can save up to 37 gallons of water per day Maintenance. Make sure a leaky sprinkler head isn't costing you dollars and gallons. Go Native. Use native plants in your landscaping that are adapted to the local weather, and you won't have to water them as much (if at all). Native plants in the yard can reduce residential water use by 20 to 50 percent. |
|
| Six ways to boost curb appeal By Paul Bianchina If you're thinking of listing your home this spring, now is the time to be thinking about one of the most important elements of real estate marketing: Curb appeal. It's your one and only chance to make a first impression on a potential buyer, so make it a good one! Here are some suggestions to make your home stand out from the rest: 1. Get some new eyes: The thing about curb appeal is that you need to look at your house through a stranger's eyes, not through your own. You don't even notice the faded paint on the trim or the missing house numbers, but other people do. So if you can't be honest and objective about the overall condition of the exterior of your home, find someone who can. If you have a friend, relative, or neighbor who you trust to be honest with you (and that you have a good enough relationship with that it will survive their bluntness, then ask them). Ask your real estate agent. If necessary, hire a landscaper or a contractor to act as a consultant. The main thing is to get a comprehensive, written list put together of what needs to be done to the outside of your home to improve the first impression it makes. Concentrate on the front, but don't overlook the sides and back either. 2. Start with basic repairs: The very first thing on your curb appeal list should be basic repairs. Is there a broken window? A torn screen? A loose gutter or downspout? A sagging screen door? It doesn't matter what it is or how small it is, fix it. They may seem like little things, but making sure that everything is in proper working order can make a huge difference in how people perceive your house and the care you have taken with it as a homeowner. Make sure you have big, bright, easily visible house numbers. Oh yeah -- and don't forget to squirt a little oil on those squeaky door and gate hinges. 3. Next, do some cleaning: Break out the broom and clean the outside of your house better than it's ever been cleaned before. Rent a pressure washer, and clean the driveway, walkways and patio. Clean your decks and your siding (a scrub brush is a better choice in these areas than a pressure washer, to avoid damage to the wood). If your wood deck is badly weathered, consider a deck cleaner and brightener made specifically for that purpose -- available at paint stores. Wash all your windows, inside and out, including the window screens. 4. Declutter: Just as you would with the interior, you want to declutter the outside of your house as well. Pick up the kids' toys, and put away the garden tools and hoses (remember, you're going to have people visiting the house, so this is also a liability issue). Remove all that accumulated junk from the sides and back of the house, and haul it to the landfill. 5. Next, tackle the landscaping: As part of the decluttering and general cleaning, do the landscaping areas as well. Prune overgrown plants and trim back overhanging tree limbs. Pull out anything that's dead. Rake up leaves and needles, and pull weeds. If you have an underground sprinkler system, make sure everything is working properly. If you have a lawn, fertilize and water it regularly to green it up, and run an edger along sidewalks and driveway edges. In your planter areas, you can make a huge difference in how your house looks with the simple addition of some fresh bark and colorful flowers. And if you don't have any planter areas, create a few, or add some simple planter boxes to do the same thing. There's nothing like color to really catch the eye and give your home a bright, fresh appeal. 6. Consider a trip to the paint store: Few things help your home show better than a fresh coat of paint. If it's been awhile since the outside of your home's been painted, this might be a worthwhile investment, especially in a tough seller's market. If you're handy with a brush and an airless sprayer, you might just want to undertake the project yourself. A long weekend and a few hundred dollars in paint can make a world of difference in how well the home shows and how quickly it sells. Otherwise, talk with a licensed painting contractor for an estimate. Maybe painting the entire house isn't really necessary. Sometimes just a fresh coat of paint or maybe a new color on the trim, exterior doors, garage door or window shutters can make a big difference as well. A word of caution about paint colors: When painting the house for resale, select colors that complement the house and the neighborhood and that will appeal to the greatest number of buyers, whether they happen to be your favorites or not. You may really have been itching to paint the house purple with black trim, but save that for another day. |
|
| Pros' guide to window screen replacement By Paul Bianchina It's getting to be that time again. The windows are open, and the bugs are clamoring at the window screens, trying to come in and join the party. If a few too many of these uninvited guests are getting in, it's probably time to get that damaged screening replaced. Luckily, this is a great do-it-yourself project that you can take care of in no time. To do your own window screen replacement, all you'll need is some new screening material and a simple re-screening tool, both of which are available at home centers and hardware stores. Screening is available in both fiberglass and aluminum, but the fiberglass is much easier to work with and is the preferred choice for most applications. It's available in different widths, so purchase one that's a minimum of 2 inches wider than the screen frame itself. Remove the window screen frame from the window, and set it on a workbench or work table. You'll notice that one side has a groove running around all the way around it that the screen is tucked into that. Place that side face up. Look closely at the groove. What you'll notice is a gray or black vinyl spline that's tucked down into the groove, holding the screening in place. Look for the end of the spline, which is usually in one corner. With a small screwdriver or a utility knife, carefully pry up the end of the spline until you can get a hold of it. Lift the spline out of the groove all the way around, and then remove the old screening. Clean the groove with a screwdriver tip or some compressed air to remove any dirt and debris. Now examine the spline. If it looks fairly flexible and seems undamaged, you can clean and reuse it. If it's worn, stiff or cracked, you'll want to replace it with a new one. Splines are available at the same place where you purchased the screening -- take the old one into the store with you to be sure you get the same size. With the screen frame lying flat on the workbench, unroll the new screening over it. Make sure that you have minimum of 1 inch of overlap on all sides, and then cut the screening off the roll. You'll be installing the new screen into two adjacent sides of the frame, then stretching it across the frame and installing it into the other two sides. Make sure that the new screening material is lying straight on top of the frame before you start. Begin at one corner, and press about an inch of the spline part way into the groove with your fingers, trapping the screening in the groove. Next, you'll be using the screen roller tool. The roller has a wooden or plastic handle, with a plastic roller at each end. Using the roller with the concave (inward-curving) edge, set the roller on top of the spline. Pressing down with moderate pressure, use the roller to press the spline about halfway down into the groove. Continue across the entire first side of the frame, rolling the screen and the spline into the groove. With the first side in, check again to be sure that the screening material is sitting square on the frame. If it gets off, the screening will appear to run diagonally across the screen frame, rather than vertically and horizontally. Turn the corner with the spline, and use the roller to set the screening into the second side, adjacent to the first. Try not to stretch the spline too much as you set it. With the first two sides set, lightly stretch the screening material across the frame with one hand while continuing to set the spline in place with the roller. Don't worry about stretching the screening too tight or if you have some minor wrinkles – those will come out in the next step. However, if the screening is really loose or is crooked in the frame, simply pull out as much of the spline as necessary, reposition the screening, and try again. When you get to the final corner, you may find that you have more spline then you need, even though you're reusing the original spline. That's the result of stretching the spline as you install it, so simply cut off the excess with a utility knife. You now have all the screening and spline installed, with the spline about halfway down into the groove in the frame. Using the roller tool, carefully work your way around the entire frame again, rolling and pressing the spline the rest of the way into the groove. This will finish stretching the screening, and should leave you with a tight, smooth installation. The final step is to cut off the excess screening. Use a sharp utility knife, and place the tip of the knife between the spline and the outer edge of the groove. Hold the knife relatively flat in relation to the screen, and work your way around the entire frame, slicing off the excess. |
| Spring into home maintenance By Paul Bianchina Spring is always an ideal time to be checking the exterior of your home and catching up on any maintenance items that have come to light since last summer. As always, maintenance begins with a stroll around the house and a careful examination of its condition. Take a tablet with you, make some notes as you go, and then sit down and work up a list of things to take care of -- sort the list in order of the most pressing items first -- and then list the tools and materials you'll need for each task. By sorting and organizing your list in this manner, you can take what may sometimes be a long list of projects and make it a lot easier to undertake. THE ROOF Roof damage is an obvious area of concern. You'll want to actually go up on the roof so that you can make a thorough and careful inspection of several different things, so if you're not comfortable with the height or steepness of your roof, consider hiring an experienced, licensed roofing company to do the inspection for you. As you walk around the roof, look for missing or loose shingles, including ridge cap shingles. Examine the condition of the flashings around chimneys, flue pipes, vent caps, and anyplace where the roof and walls intersect. Look also for areas of overhanging trees that could damage the roof in a wind storm, as well as buildups of leaves, pine needles, and other debris. If you have roof damage in a number of areas, or if the shingles are of an age and condition that makes patching impractical, now may be the time to consider having the entire roof redone. Also, remember that if the shingles have been damaged by wind or by impact from falling tree limbs or other items, repair of the damage may be covered by your homeowner's insurance. SIDING Siding can suffer damage from exposure to sun, wind and rain. As you work your way around the house, you'll want to look for areas of siding that may be loose, cracked or sagging. In the case of plywood siding, look for areas of delamination -- separation of the layers of plywood -- or for an overlap seam that may be working loose. In addition to examining the siding, check the condition of any wood trim, and the condition of both paint and caulking. Peeling or missing paint will need to be spot primed and painted, and the caulking around windows, doors, and trim may need to be cleaned out and replaced to prevent moisture and air from creeping into open gaps. GRADE Heavy snow and rain can often cause the soil around your home to move -- washing away in some areas and piling up in others. This type of alteration in the grade levels around your home can result in drainage problems and potential damage to your home, so look for areas of water staining on the concrete, or dirt or water stain patterns on siding -- if they're present, plan on moving and contouring some soil to redistribute the drainage patterns. FENCES Ground water can play havoc with fences and gates as well -- soft, wet soil allows fence posts to loosen up and eventually sag or fall over. Check fences by wiggling the posts to see if there is movement -- if there is, plan on removing soil around the base of the posts and pouring additional concrete to reinforce them. This is also the time to check the condition of fence boards and the condition and operation of gates. SPRING CLEANING Once you've completed your examination of these and other areas of your home's exterior and completed any necessary repairs, spring is also the ideal time to undertake a good exterior cleaning. In addition to gutters and roof, remove and store your storm windows and clean your windows; use a broom or water to remove cobwebs and dirt from under eaves, as well as on siding and exterior doors; pressure wash patios and walkways (pressure washers can be purchased or rented); and care for exterior wood decks. SMOKE DETECTORS Every spring and fall, you want to check your smoke detectors. Replace the batteries, clean the covers, and test the detector's operation before it's too late. If you have gas-fired appliances in the house, including a water heater, now is also a great time to consider adding a carbon monoxide detector. CO2 detectors are inexpensive and easy to install, and are available at most home centers and other retailers of electrical parts and supplies. |
| Short sale success strategies By Dian Hymer Some buyers have made offers on short sales, then waited as long as six months to a year, only to be denied lender approval. Approval from the seller's lender(s) of current loans secured by a short-sale listing is necessary if the proceeds from the sale aren't enough to pay back the lender and cover the seller's closing costs. About one in three short-sale listings never sell. The Obama administration is encouraging lenders to do short sales for their financially distressed borrowers rather than let the property go into foreclosure. Incentives are given to lenders who approve short sales. Slowly, the process has been improving, but it still involves more time and uncertainty than a conventional sale. The benefit of buying a short sale is that you might get a break on the price and be able to afford to buy in a neighborhood that would otherwise be unaffordable. HOUSE HUNTING TIP: A critical component to buying a short-sale listing is to pick the right property and the right agent to represent you. You don't want to set your sights on one of the short-sale listings that will never close. Your agent can help you make the decision about whether or not it's worth it to pursue a certain listing. Make sure that you select a real estate agent to work with who is up for the challenge of the short-sale process and understands how it works. A lot of agents have had little or no experience. Furthermore, many of them don't want to do short sales. You could be steered away from a property that might work for you just because the agent doesn't want to get involved. If you discover that you're missing out on short-sale listings that sell for a price you would have paid, ask your agent or a colleague who purchased a short-sale listing to recommend an agent who is willing and able to work with short-sale buyers. Before even looking at a short-sale listing, have your agent collect background information from the listing agent. You will have a better chance of closing a short-sale deal if the listing agent has experience doing short sales and has a plan for how to accomplish a sale. Have your agent find how many loans are secured against the property and if the sellers are in default. If there are more than two loans secured against the property, it will be difficult to close a short sale. The time clock is ticking if the property is already in default. Short sales have been approved the day after the property is sold to someone else on the courthouse steps. Find out if the sellers are mentally prepared to sell their house short -- because many sellers aren't. Does the listing agent have all the supporting documentation from the sellers that will be needed to submit a package to their lender after you and the seller reach agreement on the purchase contract? The documentation a lender will require from the sellers includes such things as a hardship letter, financial statement, copies of bank statements, IRAs, 401(k)s, W-2s, pay stubs, and an authorization letter giving the listing agent the authority to negotiate with the lender on the seller's behalf. A seller who hasn't provided this information to the listing agent may be uncooperative. Sometimes, concessions have to be made by buyers and sellers in order to obtain lender approval of a short sale. To close a recent short-sale transaction, the buyers needed to raise their purchase price by $5,000 and the seller had to contribute $9,000. THE CLOSING: Closing a short sale requires cooperation from all parties involved. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author. |
| Roof shingles to rave about By Paul Bianchina When it comes to shingles, there are choices galore. But one of the most attractive from a number of standpoints is the laminated composition shingle. Durable, reasonably priced, and compatible with a wide range of architectural styles, laminated shingles long ago destroyed the notion that composition shingles are suitable only for lower-end housing. "Composition" refers to the fact that the shingle is made up from a composite of different materials. Most are made up of a flexible and durable fiberglass matt that's blended with asphalt. The fiberglass and asphalt layers are then topped with mineral granules, which give the shingle its durability, weather resistance and color. Virtually all composition shingles carry an Underwriter's Laboratories Class A fire rating, which is the highest available. This makes them a great choice for fire-prone areas as well. The term "laminated" comes from the way that the shingles are layered. Originally, composition or the older plain asphalt shingles were a single, flat layer. Laminated shingles stack two or three layers together on the same shingle, sometimes uniformly, sometimes randomly. The result is a shingle with more shadow lines and more three-dimensional depth, which is considerably more attractive. The extra lamination also makes the shingle heavier and denser. This keeps the shingle flatter on the roof, reducing its tendency to curl and making it less likely to be affected by high winds. Each shingle has a strip of adhesive on the back, which is softened by the heat of the sun after installation. This allows the upper shingle to bond to the one below it, sealing it down for additional resistance to wind lifting and ice damming. The combination of heavier weight, fiberglass matting and thicker granule layers also adds to the shingle's life span and to the length of the warranties offered by the manufacturers. Laminated composition shingles typically offer 30- or 40-year warranties, and some are even higher. Installation Laminated composition shingles are installed over a base of plywood or OSB sheathing. A base layer of 15-pound felt is laid over the roof sheathing first. In ice-prone areas, an additional ice protection sheet is installed, extending from the eaves to a point past where the unheated eaves cross over the exterior walls of the house. A starter course is laid first at the edge of the eaves. The first course of laminated shingles is then installed over the top of the starter course. Each subsequent course is staggered over the preceding course, in a pattern that's set by the manufacturer. This staggering -- called "stair-stepping" -- ensures that the butt joints in the shingles will not fall directly over the butt joints in the course below. The shingles are fastened with standard roofing nails, or, more commonly, with wide-crown roofing staples shot from a pneumatic staple gun. Full installation instructions, including instructions for valleys, are included with each package. Accessories and availability For covering a roof's hips and ridges, most manufacturers offer matching ridge shingles. These shingles are the same style and color as the regular shingles, but are precut shorter for fast installation over ridge areas. Ridge shingles can also be cut onsite from regular shingles. Special ridge vents that match the shingles are also available, or there are universal ridge vent materials that can be installed for ventilation and then covered with ridge shingles that match the roofing. To complete the installation, some manufacturers offer accessory paint, which is formulated in colors to match the various shingle colors. The paint can be used for vents, flashings and other rooftop areas to help blend them in with the surrounding shingles. Laminated composition shingles are manufactured by several different companies. You can see samples at roofing material suppliers, home centers, most lumberyards and some discount outlets. Many of the more popular colors and styles are kept in stock, and others are available through special order. |
| The lot-line shocker By Benny Kass DEAR BENNY: I purchased my home in September 2000. My survey indicated that my fence was encroaching on my neighbor's property by three feet. My home was built in 1955 and I am the second owner. The four-foot chain-link fence has encircled this property for approximately 40 years, and my neighbor (who inherited his home from his parents) indicated that he had no plans of erecting a fence because his companion is claustrophobic. Recently, however, my neighbor and his contractor began constructing an addition to his home that will include a six-foot wooden fence. Of course, now he wants his three feet back. His proposal is to move my fence over three feet, reset it, remove/replace my existing double gate with a single one at his expense, and draw up a contract for both of us to sign. I went to both my city assessor's office, and maps and surveys office. Both offices confirmed that my fence was on his property in the back of the house (three feet) and that his fence was on my property in the front of my house by three feet. I did speak to him about this new development, telling him that I wanted an attorney to intercede on my behalf. Needless to say, he wasn't too pleased with my decision. What can I do? --Francine DEAR FRANCINE: You, or preferably your lawyer, should explain that he may lose the three feet based on the concept of "adverse possession." This means that if you have used someone else's land openly and without permission, you can file a suit for adverse possession. Different states have different periods of time in which you have to use that property. However, if you pursue this avenue, you run the risk that he countersues you claiming adverse possession of the property in front of your house. I strongly suggest that you try to resolve this on a friendly basis. It may be that you will have to retain an attorney who can try to mediate an amicable solution. Perhaps each of you can give up a portion of your land. Otherwise, litigation may be your only recourse. DEAR BENNY: I just read your response on a question about publishing the names of delinquent owners. I served as our first treasurer since turnover of our 234 single-family-home association. I, too, was asked that question and responded as you suggest, deeming it a confidential matter. Would there be any legal problem if the names of members in good standing were posted and kept current as payments are received? Those not on the list would then be considered in arrears. I can see a possible problem in which a delinquent owner pays before an updated list appears, causing him or her to feel falsely accused of delinquency. I guess I may have answered my own question, but would appreciate a response. --Les DEAR LES: You are a brave man for serving as treasurer in your community association. Service on a board of directors is frustrating, time-consuming and without pay. But, it is your home and you want to make sure it keeps its value; that's why most board members take the time to serve. Yes, you have answered your own question. I support letting homeowners know who is delinquent with their association fees. But, as you suggest, there is risk involved. If you state in some public communication that, for example, "Mary Jones owes the association $350," what happens if Mary just paid the money? She has been defamed and could sue the association for libel. So whether you post the names of delinquent owners or you post the names of current owners, you have to make sure that you put a date on that published information. I see nothing wrong with saying that "as of Dec. 31, 2009, Mary Jones owes $350.” Even if she made a payment the next day, your publication was accurate. More importantly, however, every association should adopt a zero-tolerance policy about delinquencies. If an owner is delinquent for more than 30 days (or whatever the legal documents state) immediate collection efforts must be taken. Of course, the board can consider hardship cases on a "case by case" basis. DEAR BENNY: My contractor still has many small jobs to finish with our house. If he doesn't do these jobs that we've already paid him for, what are my options? I am completely frustrated with our contractor. --Rex DEAR REX: I hope this will be a lesson for homeowners who hire contractors for remodeling or other work in their house: Make sure that you hold back 10-15 percent of the total job until (1) the work is completed, (2) you are satisfied with the job, and (3) the contractor gives you a release of liens signed by the contractor and all subcontractors. Although there are forms for this release of liens, you can just prepare a statement saying that all payments have been made and have it signed by everyone. The first thing you should do is determine whether the contractor is licensed as a home improvement contractor in your state. Many such laws state that if a contractor does not have a license and takes some money up front, he must give back all of the money you've paid, regardless of how good the job is. Next, talk with the contractor and see what the problem is. Give him a deadline to complete the job, and tell him that you will have to terminate him, get another person to complete the job, and sue him for the difference between what you paid him and what you may have to pay another contractor. If you are dissatisfied with his work, try to find a consultant who will inspect the work. If it is determined that it is not up to quality standards, again tell your contractor that you will have to sue him if he does not immediately make the necessary corrections. Unfortunately, it may be that your only remedy is to file suit. But litigation is time-consuming, expensive and always uncertain. Sometimes it makes more sense to tell yourself that you made a bad deal, fire the contractor and complete the job with someone else. One more suggestion: Many contractors ask you to sign what I call a "two-page special" contract. It merely states in general terms what work will be done and how you will pay for this work. If you are planning to do a job that costs $25,000 or more, I recommend that you insist that the contract be on an American Institute of Architects (AIA) form. The AIA has a number of balanced form contracts that contain a lot of consumer protections. You can find the AIA on the Internet at www.aia.org. Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. |
| Hot Links |
| Search Available Homes http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=CPuIcQqGxVshwz5fnBwT1g%3D%3D |
|
| Your Newsletter is Powered by: |
 |
|
 |
