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Start Here if you Need to Tackle Summer Maintenance

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Winter is hard on your home. The weight of snow puts stress on your roof, and the cold expands and contracts the materials your home is made of. Now that winter weather is behind us, here’s where you should start with post-winter home maintenance.

Roof and shingles: It’s pretty common for shingles to get damaged or detach completely after a long cold winter. Thoroughly inspect your roof to ensure that shingles are in good condition and the roof is structurally sound. It may not be time to replace your roof yet, but consider how many more years it has left and start preparing a budget.

Check your gutters: The weight of heavy melting snow and debris is more than enough to make your gutters sag or loosen. Clear out all the leaves and other debris that’s collected in the gutters, and make sure they’re still securely attached at all points.

Check concrete surfaces: Fluctuating temperatures cause concrete to expand and contract. This can lead to damaged driveways, walkways, and other surfaces, and that can spell bad news for water drainage. Fill the cracks with an appropriate material, and seal your surfaces if possible.

HVAC service: Before you put your central air conditioner through a rigorous summer, clean the coils and change the filter. Better yet, bring in a professional for yearly maintenance.

Five Things to do Right After Closing

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If you just bought your first home, you’re probably still celebrating and feeling the sense of pride and accomplishment that comes with home ownership. You’re shopping for furniture, drawing up plans for renovations … but wait! There are some important tasks to cross off your list before you get to the fun stuff.

1. Change the locks: A lot of people came in possession of your keys during the home sale process, whether it was on the market for a year or a day. Protect yourself by changing all the locks, just in case a set of keys fell into the wrong hands.

2. Make copies: It’s good to have copies of all your closing documents, if only for reference. But in the worst case, you’ll be thankful you have your own copies if something goes wrong.

3. Make sure you get your mail: The post office won’t deliver your mail if the mailbox doesn’t have a name, and it’ll be difficult to sign for packages if UPS can’t get to your front door. If you’re in a multi-unit building, make sure to put your name on your mailbox and verify that the buzzer or call box is working.

4. Meet your neighbors: It’s not just about being cordial. It’s good to exchange contact info with your neighbors in case there’s a problem in the building or someone is being noisy.

5. Prepare for emergencies: Store the contact info for insurance agents and services like plumbers and locksmiths in your phone. You don’t want to waste time searching the internet when you’re locked out on a winter night or your home suffers fire damage.

What to Avoid Before You Buy

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Even with the help of a trusted real estate professional, it’s easy to fall into some common traps when you’re buying a home. Here are some of the most common regrets from home buyers—make sure to consider them before you make similar decisions.

Using all of your savings
It can be tempting to throw all the cash you have into your down payment so that you can have a lower monthly payment. But keep in mind that there are several other costs on the horizon—closing costs, inspection, and more. There will also be surprise repairs, taxes, and home maintenance. It’s a good idea to keep some cash in reserve for hidden or unexpected costs.

Borrowing the full amount offered
Banks will often offer a bigger loan than you can comfortably afford. You may be able to pay the mortgage, but it’ll really tighten your budget. A good rule of thumb is to only take 80% of what’s offered. That’ll give you a lot more flexibility in the long term.

Assuming you’ll like the neighbors
Your neighborhood is part of the package when you buy a home, so it’s important to learn about your next door neighbors. Make an effort to do a little homework on the neighbors, and their history with pets, home maintenance, and general behavior. You don’t want to be stuck living next to someone who is rude or inconsiderate.

Thinking short term with your loan
An ARM with low introductory rate and mortgage payment can be attractive. It’s easy to think “I’ll be making more money when the rate gets adjusted.” But life can throw you some surprises, and there’s great security in knowing that your payment will be consistent for 15 or 30 years. If possible, go for the fixed-rate mortgage.

The Best Things About Home Ownership

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If you own a home, there was certainly a lot that went into your decision to buy rather than continue to rent. Now you’re enjoying all the advantages of homeownership—here are the top five.

1. Building wealth: When you own a home, you have an asset that will likely increase in value over time. It provides great security, and the opportunity to essentially live “rent-free” in your retirement years when the home is paid off.

2. Freedom to make it your own: Landlords can be strict about customizing rental properties. Most don’t even allow their tenants to paint. But when you own a home, the possibilities are endless. Get rid of a wall, or paint it any color you like. It’s your property.

3. Building equity: Every mortgage payment your make, and every improvement you make on the home, is putting money back into your pocket. Unlike with renting, owning a home gives you more than just a place to live. You can use your home equity to get loans and even cash for emergencies.

4. More freedom and stability: Studies show that homeowners have a better sense of pride and security than renters. When you relax in your own home, you know it’s the result of hard work and planning, and that you have the freedom to change it as you wish.

5. Tax advantages: Homeowners can deduct the interest paid on home loans and property taxes—that’s a big break that comes up every April 15.

Housekeeping Tips: Keep Dark Clothes From Fading

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It’s disappointing when your darker garments look faded after a few washes. Here are some suggestions for keeping your favorite clothes looking brand new.

Wash only when necessary: We tend to wash many clothes too often, especially coarser fabrics like denim. Washing is harsh on dark dyes, leading to a quicker fade. Wash denim items less, and if possible, spot clean them rather than washing the whole garment.

Measure detergent: It’s easy to just pour detergent by eye when you’re doing the laundry, but take the time to properly measure, especially when it comes to darker clothing. Using too much will cause your clothes to fade faster. Be careful with drying: Dry your clothes on the lowest setting possible, and turn them inside out to shield them from extra friction with other garments. For the gentlest possible drying, hang dry your clothes on a rack or allow them to dry on a flat surface.

Wash in cold water: Drying on high heat can damage and fade your clothes quickly, and the same is true for washing in hot water. Wash your darker garments in cold water (in the shortest cycle possible), and use a detergent that’s designed for washing in cold water.

Five Ways You Can Get Earnest Money Back!

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No matter how much time you spend on researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips for avoiding rookie mistakes with your first home purchase.

Earnest money is a deposit you pay when you make an offer on a home—it’s a way to show the seller that you mean business. Usually you can’t get it back, but there are several circumstances that allow you to recover your earnest money.

  1. Appraisal contingency: With an appraisal contingency, you can recover your earnest money if the home is appraised for less than your offer. This gives you a better negotiating position—if the seller doesn’t agree to a lower price, you can get your earnest money back and walk away from the deal.
  2. Major problems with the home: It may be your dream home at the surface level, but an inspection could reveal major, major problems—such as issues with the foundation, or flood damage. In that case, you can get your money back if the seller doesn’t agree to a lower price.
  3. The seller backs out: Obviously, if the seller changes their mind about the transaction—maybe they decide not to sell, or accept a higher offer—you get your earnest money back.
  4. Your house hasn’t sold: Many buyers can’t afford a new home if they’re still financially responsible for their old one. In this case, you can work a sale contingency into the contract, and get your earnest money back if the home doesn’t sell soon enough.
  5. Financing issues: Though there are some limits on financing contingencies, you can get your money back if you’re unable to get a loan.

Just Moved In? Here Are Some Must-Haves for Your New Home

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Moving into a new home is an exciting time in your life. You’re making plans for renovations and choosing furniture, but before you get too far ahead of yourself, there are some more important matters to attend to.

Staying safe: Make plans for home security and emergencies. What’s your escape route in case of a fire, or shelter in case of a severe storm? Do you have a home security system, a protective dog, or weapon available in your bedroom? Choose your “Stay Safe” tactics and make a plan for the worst-case scenarios that put your safety at risk.

A disaster kit: Even if it’s as simple an inconvenience as a power outage, you want to be ready. Stock a flashlight, non-perishable food, water, a first-aid kit, and warm clothes/blankets that you can access in case of an emergency.

A spare (secret) key: It’s no fun getting locked out of your house—especially in cold or wet weather—and no one wants to pay a locksmith to access their own home. Hide a key somewhere outside (just be more creative than hiding it under the welcome mat). There are plenty of devices you can purchase, such as magnetic key hiders, that can help you hide your key in places that a trespasser wouldn’t consider

Hidden Homeowner Costs

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Budgeting for buying a home can be difficult enough when you’re just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of them are one-time expenses that you’ll pay during the home buying process, while others will be recurring costs for as long as you own the home.

Closing costs
There are several smaller fees that add up to a rather large sum when you’re going through the closing process—loan fees, attorney fees, underwriting fees, and more. They typically add up to 2–5% of the purchase price. For a $300,000 home—roughly the national median—that’s in the neighborhood of $10,000, so be sure to budget for it.

Appraisal
Your lender will require an appraisal, and the appraisal fee (a few hundred dollars) comes out of your pocket.

Inspection
The few hundred dollars you’ll pay for a home inspection is money well spent, but it’s something you have to keep in mind during the purchase process. You’ll have the peace of mind of knowing the house is free from any major issues, and you’re making a smart, solid investment.

Insurance
Although homeowners insurance isn’t legally required, it’ll almost certainly be required by your lender. Further insurance, such as flood insurance, may also be required (depending on your location).

Home Owners Association
If you’re living in a property or community with shared spaces, you’ll almost certainly have an HOA fee. This pays for things like trash removal, maintenance of common areas, and for recreational facilities like gyms and swimming pools.

 

Avoid These Comments When You’re Buying a Home

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Sometimes you need to keep a poker face when you’re buying a home. It’s not in your best interest to be totally candid with the seller and listing agent when you’re considering a home. Here a few things that are better left unsaid.

“This is at the top end of our budget”: Don’t let the listing agent know that a home is at the top of your budget. You want to keep all the bargaining chips you can, and letting the seller know your budget can hurt you when it comes time to negotiate.

“I hate the paint”: Or furniture. Or cabinets. Or any of the decor. No matter how hideous the wallpaper in the kitchen is, take care not to insult the seller’s taste. If they’re considering multiple offers, you don’t want to be the buyer that offended the seller!

“We can’t wait to renovate”: Customization is one of the big perks of homeownership, but it’s best to keep your renovation plans quiet for the moment. The seller may have a lot of memories in the home, and may not appreciate your plans to immediately tear down some walls.

 

Five Maintenance Resolutions for Your Home

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We may be a little removed from New Year’s Day, but it’s not too late to make some 2016 resolutions for your home.

1. Start a home repair slush fund: Things in your home are going to break and need to fixed. It’s just a fact that comes with home ownership. Rather than letting expensive repairs take you by surprise, start planning for them. Set aside some money each month that you can eventually draw from when an appliance breaks or unexpected damage occurs.

2. Inspect your fireplace: Even if you have a gas fireplace, you should still inspect the valves and ceramic logs yearly to ensure that everything is operating safely and correctly. If you have wood fireplace, hire a certified chimney sweep to do the job.

3. Maintain your garage door: Garage doors are big and heavy, and that puts a lot of stress on the hinges and tracks that are use to open and close the door several times a day. A regularly scheduled $50 inspection could save you hundreds or thousands in the long run.

4.Tune up your furnace: Regular furnace inspections will help identify minor problems before they turn into major ones. Also, set reminders to replace your furnace filter.

5. Clean your coils: The No. 1 refrigerator maintenance task should be cleaning the condenser coils. They can get clogged with hair and dust, reducing your fridge’s efficiency. Have you cleaned yours lately? You can hire a professional to do it, but it’s also an easy do-it-yourself job.