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Preparing Your Home For Winter

We have had the luxury of enjoying a very long fall this year but it is December and winter is here. If you haven’t already winter-proofed your home, here are somethings to do to keep your home safe and comfortable throughout the winter. Starting with the exterior, disconnect your outside hose from the spigot and drain it. Invest in a faucet protector to keep the cold air from getting into the pipes. You can buy one for under $10 at the home improvement store. If you have exposed pipes in your basement or garage, make sure you wrap them with insulation to keep them from freezing. Make sure your gutters are cleaned out and free from leaves. Gutters that are clogged will cause water from melting snow to freeze and expand causing them to crack or worse yet, forcing the water in through the foundation. Fixing that problem can be very expensive. If you are unable to clean the gutters yourself, hire it done. It may cost 100 to 200 dollars but it is much cheaper than repairing your foundation or having to buy new gutters. Walk around your house and look for any cracks or gaps around windows and doors. Caulk can close the gaps very inexpensively and can save heat loss and save on your heating bill. If you have old or ill- fitting windows that requires more than a tube of caulk. If replacing them is not in the budget, you can get plastic wrap kits at the home improvement store that can help keep the heat from escaping and cold air from coming in. They...

Renew Your Lease or Buy a Home-How Do You Know It’s Time?

It’s almost time to renew your lease and you have been watching a lot of House Hunters on HGTV. It looks easy enough on TV to buy a house and you think you are ready to take the big step, but how do you know if now is the right time? The very first thing you need to consider is your financial situation. Make an appointment with a local lender to get pre-qualified for a home loan. Resist the urge to jump on a website and get a quick pre-approval on line. This is usually not a complete pre- qualification with a credit check, but rather you plug in a few numbers and they spit a number back at you of how much house you can afford. This is seldom reliable and you certainly won’t be able to ask the questions that you need answered. Local lenders will pre- approve you free of charge and take the time to explain the different loan products that are available and how the process works. This is critical if you are serious about trying to buy a home. It will let you know how much house you can afford so you know you are looking in the correct price range. There is nothing more discouraging than finding your dream house only to discover you can’t afford it. A pre-approval letter also tells Sellers you are qualified to buy their home and puts you in a much better negotiating position. When you speak with a lender, they will look at your income, your current debt load and your credit score. Make sure you...

I Bought a House, Now What Do I Do?

You just closed on your first house. Congratulations! You are now a home owner! After all the excitement of finding your perfect home, navigating the paperwork for the Realtor, the lender and the title company and the exhaustion from packing and moving, now what? Owning a home is a big responsibility and a big investment. You want to protect your investment and get the most out of your new home. Here are some things you should now about home ownership and maintenance. The very first thing you should do after the closing is change the locks. You will get keys at the closing to get you in the home, but how many other people might have keys to your new home? Especially if the home you are buying was a bank owned property or foreclosure, there could be lots of people out there with access to your house. Former owners, landscape people, cleaning people, contractors, realtors or just about anybody else could have keys to your property. For the price of some new locks and a few hours’ time (or better yet, call a locksmith to do it for you), you can have the peace of mind of knowing the only person with keys to your house is You. The next thing you should do is locate your main electrical box and the water main shut off. If you have had a home inspection, the inspector showed you where these things are located and how to shut them off, but if you didn’t have an inspection or need a refresher, locate them now. You should change the furnace filter...

Update on “Know Before You Owe “Mortgage Regulations

If you have bought or sold property with a mortgage since October of 2015 you probably noticed some things have changed. If you are in the process of buying or selling right now, there are some things you should know. The new mortgage rules that the government put into effect last fall have changed the way borrowers compare loan products and fees and regulates the timing of loan disclosures. The law that went into effect in October of last year is called the TILA-RESPA Integrated Disclosure rule or TRID. The idea behind this change was to allow consumers to shop around for a loan and have time to compare payments and fees. The new disclosure form has all the closing costs and estimated cash to close in a standardized format which makes comparing loan products easier for the consumer. There are benefits to the buyers with these new disclosures which not only give them a clearer picture of the costs, but a period of time to go over the figures and ask questions before they commit to the loan. The government felt that one of the reasons for the lending crisis was that consumers were not given adequate time to read the loan documents and ask questions before they had to close on the property. These new rules require waiting periods before final loan documents can be signed. There is also a low threshold for any changes in costs from the initial disclosure period. The new regulations require the buyer to be given the Closing Disclosure form at least 3 days before the closing so they have time to...

Priced to Sell

One of the most difficult parts of putting your home up for sale is determining the listing price. Price it too high and it won’t sell, price it too low and maybe you are leaving money on the table. If you are like most homeowners, you are somewhat emotionally attached to your home. You loved it enough to buy it right? You have family memories there, you have it decorated just the way you want it and you know it’s the best house on the block! Do you really think you can be objective when it comes to setting a sale price? The answer, if you are being honest, is probably not. One of the things a professional Realtor does is help the homeowner arrive at a listing price. This is a delicate combination of part math, part skill, part experience and part timing. The Realtor has no emotional attachment to the property and can be completely objective. They will look at the “comps” or comparable sales and listings to help establish a price range. This process is called a Comparative Market Analysis or CMA. It is not an appraisal, which can only be done by a licensed appraiser, but a study of market activity of similar properties. After looking at what comparable properties have recently sold for, your Realtor will look at the active listing competition you will be facing. These two studies will help establish a range of value for your home. That range will then be adjusted up or down for condition and amenity differences between your home and the comparable properties. If your home has...

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