Feb 26, 2014 | Around The Home
An entire gutter system around the home might seem expensive to many homeowners.
However, not having one could mean water pooling around your home creating a moat and costing you thousands of dollars in damage to your foundation.
So it’s a good idea to install gutters and take care of them.
Below are tips for gutter maintenance to help keep water away from your home.
Unclog The Gutters
Annual gutter maintenance includes cleaning them of debris, such as leaves, sticks or animal nests. Remove downspout cages and clean them.
Determine if they’re still in good shape or need to be replaced.
If a downspout is clogged, try to use a plumbing snake to dislodge the debris. Then use a hose to force water down the spout and hopefully remove the rest of the clog.
Check The Pitch
Gutters should be set on an incline of 1/4 inch for every 10 feet. For example, if your gutter is 20 feet long, then it should have a drop of 1/2 inch. If your gutter doesn’t have enough of an incline, then you might have water overflow because it can’t drain quick enough.
Most gutters also come to a point in the middle so the water runs both ways to downspouts on each end.
Seal Leaky Gutters
Right after a rainstorm, inspect your gutters for leaks. Look for water-saturated areas along your home underneath the gutter.
Constant leaks can cause water damage to vinyl, brick or stone siding. Use a sealant to repair small leaks or purchase a gutter maintenance patch kit for larger holes.
Replace Damaged Areas
If part of your gutter falls off or is damaged beyond repair, then you’ll need to replace it. You’ll need two ladders, a helper, new gutter cut to fit, joint connectors and sealant.
Remove old joint connectors and clean the area. Fit the new joint connectors with sealant and then install the new piece of gutter.
Install A New Downspout
You’ll need roughly the same tools for replacing the gutter, except you’ll also require downspout sections and self-tapping gutter screws.
Make sure the drop outlet at the end of the gutter fits securely into the downspout to prevent leaking.
Then fasten the joint with gutter screws and add sections as needed.
Finish with an elbowed section that extends five feet into the yard.
Feb 25, 2014 | Homebuyer Tips
In your imagination it seems like a great idea – you purchase an older run-down property and you have the chance to fix it up and turn it into the home of your dreams.
To Renovate, Or Not To Renovate
However, the renovation project that is simply a quick montage in your imagination will actually take several months or years and thousands of dollars in real life.
The concept of renovating a “fixer-upper” property is exciting, but the reality is a lot of work and investment. How can you make sure that you are making the right choice for you?
One of the main advantages of buying a fixer-upper property is that you will usually be able to get the property for a much cheaper price. But is it worth it for the amount of time and money you will need to invest in the property?
Here Are Some Questions You Should Be Asking Yourself When Making Your Decision:
- Do you (or your friends and family members) have the skills to be able to perform most of the renovations yourself? If you do the labour yourself, you will be able to save thousands of dollars that you would have spent hiring contractors, which will make the renovation a much more profitable project.
- Are you comfortable with the idea of living in a construction zone, perhaps for several months or more? There will be dust and noise everywhere and you might have to cope without a kitchen or a shower for a while.
- Make sure that you have a thorough inspection of the home performed so that you can see whether the home has a sturdy foundation, good wiring and plumbing, etc. If your inspection reveals any structural issues or water damage, you might be in for more than you bargained for. You need to start with a house that has “good bones”.
- If the home has serious structural, plumbing or wiring problems you should stay away – these repairs are very expensive but “invisible”, so you are unlikely to recoup your costs when you sell the home.
- Add up the estimated costs for renovating the property along with the cost of the home – does it still work out to be a better deal or would you be better off buying a new property.
- What is your strategy for financing the renovations? If your only option is putting it on the credit card, you might want to think twice because this is a very high interest option.
Buying a fixer-upper property can be a great investment and can give you the opportunity to transform a run-down old house into the property of your dreams. However, make sure you that you consider the choice carefully before making your decision.
For more information about about buying or selling a fixer-upper or any questions regarding real estate, contact your trusted real estate professional.
Feb 24, 2014 | Mortgage Rates
Last week’s economic data supported recent reports indicating that housing markets are slowing, The National Association of Home builders/Wells Fargo Home Builders Index (HBI) dropped by 10 points to a reading of 46 for February.
Home builder confidence dropped to its lowest reading in nine months, and fell below the benchmark of 50, which indicates that more builders are pessimistic about current market conditions than not.
Severe weather was blamed for the lower builder confidence reading, which fell below the expected reading of 56.
Regional readings of builder confidence were also lower:
- Northeast: Builder confidence fell from 41 to 33 points. This suggests that weather is a major concern as this area has experienced a series of nasty winter storms.
- South: The HBI reading fell from 50 in January to 46 in February and was the smallest decline among the four regions. Fewer index points lost in the South appears to support builder’s concerns about bad weather in other regions.
- Midwest: Builder confidence dropped from 59 points to a reading of 50.
- West: Builder confidence fell by 14 points to February’s reading of 57. Desirable areas in the West had been leading the nation in home price appreciation. February’s reading may signal an easing of buyer enthusiasm as rapidly rising home prices have reduced affordable options for first-time and moderate income buyers.
Builders also cited concerns over labor and supplies as reasons for lower confidence readings.
Housing Starts Lower, Mortgage Rates Higher
On Wednesday, Housing Starts for January were released. Although analysts predicted a figure of 945,000 housing starts as compared to an upwardly adjusted 1.05 million housing starts in December, only 880,000 housing starts were reported for January.
The Department of Commerce also cited extreme winter weather as a cause for the drop in housing starts, which reached their fastest pace since 2008 in November. There is some good news. Economists said that housing starts delayed during winter could begin during spring.
According to Freddie Mac’s weekly survey, average mortgage rates rose across the board. The rate for a 30-year fixed rate loan rose by 5 basis points to 4.33 percent. The average rate for a 15-year fixed rate mortgage rose by two basis points to 3.35 percent.
The average rate for a 5/1 adjustable rate mortgage moved up by three basis points to an average rate of 3.08 percent. Discount points for all three products were unchanged with readings of 0.70 for 30-year and 15-year fixed rate mortgages and 0.50 percent discount points for 5/1 adjustable rate mortgages.
The Bureau of Labor Statistics reported that weekly jobless claims came in at 336,000 against expectations of 335,000 new jobless claims. The prior week’s reading was for 339,000 new jobless claims. Analysts said that job growth may be slowing after last year’s growth, but also noted that winter weather had slowed hiring in labor sectors such as construction and manufacturing.
Existing home sales fell by 5.10 percent in January according to the National Association of REALTORS®, which reported a seasonally-adjusted annual rate of home sales at 4.62 million sales against expectations of 4.65 million and December’s reading of 4.87 million sales of pre-owned homes. The national average home price rose to $188,900, which was 10.70 percent higher year-over-year.
January’s inventory of available existing homes was 1.9 million homes; this represented a 4.90 month supply of existing homes for sale. Real estate pros prefer to see at least a six month inventory of available homes for sale.
What’s Ahead
Next week brings a series of economic reports and opportunities for good news. The Case Shiller Home Price Indices, FHFA Home Price Index will be released. Consumer Confidence and the University of Michigan’s Consumer Sentiment report along with New and Pending Home Sales reports round out next week’s scheduled news.
Feb 21, 2014 | Homebuyer Tips
If you enjoy history and fixing things, then it may be hard to drive by historic homes for sale without feeling the urge to buy one and fix it up.
Before you do, you need learn the three R’s of fixing up historic homes and the differences between them.
The three R’s of fixing up historic homes are restoration, renovation and repair. Some of the differences are minor, but they can make all the difference in cost, time and problems.
Restoration
“Restoration” literally means returning something to its original state.
Restoring historic homes for sale involve city and state programs. It’s essential that you check to see if the home is listed on the National Register of Historic Places (NRHP) or if it’s located in a historic district.
If either of these is the case, there is a specific set of rules that you must follow while renovating.
Cost: Restoration is not a cheap endeavor. For a home to keep its historic value, the materials used need to match the original materials, including furnishings. These can be very expensive due to their antique value.
Renovation
Renovating is less complicated than restoring, at least when talking about what you can and can’t do. However, with a renovation, you’re generally turning the home into a more modern living place, which lowers its historic value. Make sure it isn’t listed in the NRHP or located in a historic district.
Cost: Depending on the amount of renovations, i.e., modernizing, gutting or remodeling, this can also be expensive. However, it’s much easier to find deals on modern appliances than it is on antiques.
Repair
Repairs differ because they generally aren’t as in depth as the others. For restoration repairs, it’s important to use materials that fit the house, such as plaster walls and wooden floors. For renovation, original materials aren’t as important.
Cost: Again, the cost depends on the number of repairs, as well as, whether you’re keeping the historic value.
Whether restoring, renovating or repairing historic homes for sale, the key is cost. Don’t get so caught up in the possible that you miss the probable. Thinking of buying or selling an historic home? I can help! Call your trusted real estate professional today.
Feb 20, 2014 | Home Selling Tips
Selling your home is a complex process and there are a lot of factors that you will need to consider. Your goal will be to sell your home in a timely manner, while getting the highest price you can.
However, many properties sell at a discount because the buyer is able to negotiate a lower price on the property.
Although it is impossible to guarantee that you will receive your full asking price when you sell your home, there are things that you can do to increase the likelihood of this happening. You will need to have a strategy that attracts highly motivated buyers and improves competition.
Here Are Some Tips To Keep In Mind That Will Help You To Get The Full Asking Price When You Are Selling Your Home:
- First of all, make sure that you have a reasonable asking price to start with. Research your local real estate market and find out what other buyers paid for homes comparable to yours.
- Hire a home inspector to perform a full inspection of your home, so that you can fix any problems. If you can show the buyer the repair receipts and inspection report, you will be in a better position to ask for full price.
- First impressions are very important and can improve a buyer’s perception of your home’s value. Make sure that your property has plenty of curb appeal and feels welcoming.
- De-clutter and clean your home – this makes it appear more spacious and luxurious and will make a buyer willing to pay more.
- Ask your real estate agent to create a flyer that compares your home’s price to other similar listings in the area – showing that your home is a great deal. This will convince buyers that your asking price is already discounted.
- Schedule your property tours as close together as possible. This can mean that you get multiple offers at around the same time, which will encourage the buyer who is eager to seal the deal to pay full price.
- If you have any rooms with bright colours that might not appeal to the average buyer, give them a quick makeover with neutral tones. These are safe colours that will increase the odds that your home will sell.
- If you have the budget to renovate one of the rooms in your home, it should be the kitchen or the bathroom. Studies have shown that renovations and upgrades in those two rooms have the most impact on the potential selling price of the home.
With these tips, you should be more likely to achieve the full asking price when you are selling your home. For more tips, contact your trusted real estate professional.
