 |
 |
|
Don't wait until selling to make repairs
Home maintenance ranks low on many homeowners' priority lists. When the washing machine breaks, you might fix it to keep from having to go to the Laundromat. But, if there's no pressing need, home maintenance chores are often put off.
...more |
| |
Lender demands PMI despite 50 percent equity
DEAR BENNY: My mother-in-law's mortgage was sold to another lender. The new lender is asking for PMI, which was not required by her previous lender. She has more than 50 percent equity in her home. She really cannot afford the PMI. Does the new lender have this right? What are her options? –Craig
...more |
| |
What to do if your home won't sell
Homes take longer to sell today than they did in 2005. This is due to a slow home-sale market that has resulted in a build-up of the inventory of unsold listings. Although there are exceptions, this situation is expected to continue until late 2008 or 2009 -- at least. What options do sellers have whose homes aren't selling quickly enough?
...more |
| |
Sellers, pay attention to lowball offers
Selling a home can be an emotional experience because most sellers have a lot more than money invested in their homes. So, it's understandable that sellers might be reluctant to respond to an offer that is for less than the asking price.
...more |
| |
How buyers, sellers are closing deals in today's market
Negotiation is back in style, and is likely to remain a necessary part of buying or selling a home in today's beleaguered residential housing market. Other key elements to a satisfactory closing are flexibility, perseverance, creativity and diligence.
...more |
| |
'Creative financing' tactics to lure home buyers
DEAR BENNY: I recently retired and am planning to move out of the country. I own a single-family house in a desirable area. I owe only about $70,000 on my current mortgage. The value of the house before the recent market crash was about $470,000. Despite the current market, numerous people have looked at the house, but only one has made an offer (a very lowball offer). I am not desperate to sell, but I want to move on with my retirement plans. The house is older, but has recently had about $30,000 in improvements in order to appeal to buyers.
...more |
| |
Power tools make house painting a cinch
A sure-fire way to make your home look better, prolong the life of your siding and add resale value all at once is to give the exterior a fresh coat of paint. But with a contractor paint job running in the thousands of dollars, you may be considering undertaking the task on your own this summer. If so, here are some tips and a couple of new tools from Wagner that will help you get the job done quickly with professional results.
...more |
| |
Recycling codes: What they mean
According to the Environmental Protection Agency (EPA) (http://www.epa.gov), in 2006, the U.S. produced more than 251 million tons of garbage -- approximately 4.6 pounds of waste per person per day. Of that, recycling diverted 82 million tons of material away from disposal. In short, Americans are putting plastics into their recycling bins.
...more |
| |
Who pays off loan when home sells?
DEAR BENNY: I bought a house five years ago and am considering moving to another city where real estate sells for much less. I'm a real beginner at this. If the balance on my home loan is about $148,000, what happens when I sell it? Does the buyer pay off my loan? Or do I pay it with the selling price, or what? –Judy
...more |
| |
Price it right when selling in today's market
We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.
...more |
| |
Green Your Home
There’s a movement underway to lessen the impact that homes have on the environment, and both new and existing homeowners alike are doing their part by taking simple steps in the right direction. If you’re not sure how to join in, here are six ways to make your own home a little greener right now:
...more |
| |
Home sellers who understand market prosper
Buyers aren't the only ones holding back in today's housing market. Many sellers are postponing putting their homes on the market because they are convinced that now is not a good time to sell. They would prefer to wait for a better market.
...more |
| |
Enforcing HOA rules
DEAR BENNY: As a member of my homeowners association board of directors, are there any legal issues in my taking photos of shabby properties as proof to show other board members to deal with an enforcement issue. Or can a resident/property owner in the HOA take photos to submit to the board in order to get the property owner to clean it up? –John
...more |
| |
Protect property owners’ rights by voting “YES” on Prop. 98
There’s an important measure on tomorrow’s ballot that, if approved, would provide essential protection for anyone who owns private property, including homes, businesses, and farms, from having their property taken through the use of eminent domain by local municipalities for private – not public – gain.
...more |
| |
No such thing as a "green" car, but there are "greener" options
Unless you've been cut off from all forms of media for the last two years, you're aware of the fact that vehicle transportation is a major contributor to climate change. According to the Environmental Protection Agency (EPA), transportation accounts for 29 percent of total greenhouse gas emissions in the United States. Transportation also is the fastest growing source of emissions, accounting for 47 percent of the net increase in total U.S. emissions since 1990. And that's just getting from point A to point B -- the figures don't factor in the emissions created by manufacturing automobiles or refining fuel.
...more |
| |
Vinyl adhesive a nightmare to remove
Q: Do you have an easy way to remove adhesive that was used to put down vinyl on top of concrete? I would like to stain the concrete instead of tiling. I don't mind the imperfections in concrete, but I do want a continuity look of imperfections. My biggest hurdle is that it's a great room and half of the room is vinyl and the other half is carpet. I will have to patch holes where the tack strip comes up. I don't want to paint just stain. Any suggestion would be greatly appreciated. --Jayne P.
...more |
| |
Despite lower jumbo rates, refi may be unwise
Borrowers assumed when the conforming loan limit increased from $417,000 to $729,750 in high-priced areas like New York City, Los Angeles and the San Francisco Bay Area that lower rates on jumbo financing would follow. Unfortunately, the conforming jumbos (also called jumbo lights) were initially priced considerably higher than the conventional conforming loans.
...more |
| |
Buying an existing home that’s “green”
With rising energy costs and growing awareness – and availability – of environmentally friendly products, it's no wonder that interest in purchasing green homes is rising. Green remodels on existing homes both save the environment and save homeowners money on monthly bills. As green home remodeling becomes more abundant, so does the demand to purchase these homes. This increased interest in existing green homes has created a need to educate buyers on what is really considered "green."
...more |
| |
Beware of kitchen-range fire hazard
Q: I purchased a 27-inch, four-burner Wolf commercial range, with an oven, about 30 years ago. I was told when I purchased the range (commercial) that there should be at least six inches between the range and cabinets on both sides; the rear was tiled already. I had my kitchen remodeled in November 2006. Is there a way to protect my cabinets by installing any fireproofing products so that the range can set within the one or two inches against the cabinets, or should I tile the rear wall and the two sides next to the cabinets? --Fran K.
...more |
| |
Will shopping multiple lenders hurt credit?
It's not uncommon for home buyers to talk with several mortgage brokers or lenders to compare loan products and interest rates. One buyer who shopped around was scolded by a mortgage broker when he found out she was talking to more than one broker. He told her that she was ruining her credit score by allowing multiple credit inquiries.
...more |
| |
Pest repairs are turnoff for buyers
In a perfect world, houses wouldn't deteriorate over time. In reality, the wear begins as soon as a house is built. Older houses tend to have more maintenance issues. But even new homes can develop problems within a few years if they were poorly constructed.
...more |
| |
Organization tips for kitchen pantry
Designers and homeowners agree that ample, easily accessible storage is one of the most important aspects of a great kitchen, and one of the best ways to achieve that is through the use a pantry. Pantries take two basic forms -- the pantry cabinet, which is essentially a tall, wide cabinet that is part of the overall kitchen, and the walk-in or semi walk-in pantry, which is a separate space similar to a small closet.
...more |
| |
Sellers: Don't withhold bad inspection report
Inspections are an important part of home buying, but the inspection process can be nerve-racking for both buyers and sellers. Both parties want the deal to go through without a hitch. However, sometimes problems surface that the buyers weren't aware of when they entered into contract.
...more |
| |
Home seller quandary: Fix up house or offer credit?
Sellers who anticipate losing money if they sell their home may wonder why they should spend a dime fixing the place up for sale. Isn't this throwing good money after bad? Even sellers with plenty of equity in their homes often figure the way to get the most out of the sale is to cut sale costs to a minimum.
...more |
| |
Get started on the house hunt
Mortgage interest rates dropped recently and home prices have moderated in many areas, making it a good time to buy. If you've never bought a home before or if you currently own a home but have never bought and sold at the same time, the process can seem intimidating.
You can ease your anxiety by formulating a game plan and by assembling the best team of professionals you can find, including a mortgage person; a real estate agent or two if you're buying and selling in different locations; inspectors; an insurance agent; a closing agent or escrow officer; and an attorney, depending on where you're buying.
...more |
| |
Sellers list right to avoid price reductions
In most areas of the country, 2007 marked a change in the residential home-sale market. Buyers gained clout for the first time in over a decade. Inventories of homes for sale grew to record levels in some places. Price reductions, which carried a negative stigma when listings were easy to sell, came to be seen as a necessary part of the home-sale process.
...more |
| |
Facing foreclosure: When must I move out?
DEAR BENNY: I am one of the unfortunate who has to deal with eventual foreclosure. Can you tell me how long I can remain in my home until legally having to vacate? –Constance
...more |
| |
Condo foreclosed but HOA fees keep coming
DEAR BENNY: Recently my condominium unit was foreclosed upon, but the association has now sued me for unpaid condominium assessments. Am I still responsible for this debt? –William
...more |
| |
Why home purchases fall apart at last minute
Most buyers and sellers feel relieved when the negotiations are done and the purchase agreement has been signed by all parties. It's a milestone. But, you might want to hold off celebrating until the transaction closes.
...more |
| |
Deck-staining that can't fail
Q: I have a deck that was built in October 2006. Does it need to be stained this soon? This will be my first deck-staining experience, and I was also wondering what things to be aware of, and if there are any suggestions for easier application, especially on the posts and railings. --Margaret M.
...more |
| |
Buying to flip not smart in today's market
There are deals to be made in the current real estate market. Home buyers in many areas finally have the upper hand. Ironically, buyers tend to pull back when the market is soft and buy when the market is high.
...more |
| |
Update wills when moving cross-country
DEAR BENNY: My elderly parents (dad is 90, mom is 86) had been living in Florida for the past 20 years, but due to bad health, I moved them to California. Do they need to change their wills or do the provisions still apply "as is"? I have power of attorney but would like to leave things as they are, if possible. –Beverly
...more |
| |
How to divvy up mortgage-interest tax deduction
DEAR BENNY: I purchased a townhome in January 2005 with a very low, interest-only loan, and have been paying approximately 20 percent extra towards the principal each month. My fiancée moved in about 15 months ago and has been paying $600 a month. The monthly interest-only payment is $1,600. Recently we decided to double the monthly payment in addition to paying an extra $10,000 towards the principle to lower the interest portion of the monthly payment. My fiancée has asked about taking advantage of the interest deduction on her tax returns. What is the best way (if any) for us to divide fairly the interest towards our yearly tax returns? I am thinking about giving her a quitclaim deed with her name on it in addition to mine. Is that a viable option? –Chuck
...more |
| |
Sellers use disclosure to their advantage
Forty years ago, seller disclosures weren't part of the home-buying process. The rule of the game was buyer beware. Now most states have seller disclosure requirements, although they vary from one state to the next. Consult with a Realtor, the Department of Real Estate, or a real estate attorney in the area where you're buying or selling if you have questions about what a seller is required to disclose.
...more |
| |
Selling home to offspring has its benefits
SCIN. No, it's not the stuff that covers our body. It's a highly complex legal and financial transaction that may be of interest to elderly homeowners.
...more |
| |
Building permits are nothing to fear
"Do I really need a building permit?"
...more |
| |
Bathroom remodel bad for water heater
Q: My natural gas, 40-gallon water heater discharges about a quart or quart and a half of water from the relief tube every day. This seems to happen when the water heater turns itself on to heat the water, and has been going on since we had our bathrooms remodeled.
...more |
| |
How to keep water flowing during remodel
The one consistent thing about remodeling your home is that it's disruptive. There's dust, disorganization and even periods without electricity. But perhaps the most disruptive element of all is being without water.
...more |
| |
Backyard deck a perfect DIY project
Building a deck remains one of those perennial favorite projects. A well-built deck definitely adds to the enjoyment of your home, while also adding resale value. With a few carpentry skills and tools, the construction of a basic -- or even not so basic -- deck is something that's well within the reach of most do-it-yourselfers. And there's something about that combination of fresh air and fresh sawdust that's irresistible!
...more |
| |
Is buying a home to live in a good investment?
Anecdotal evidence suggests that in some markets investors are buying foreclosure properties at bargain prices. These properties are located in areas that appear to have good growth potential, and they generate enough rental income to at least offset the holding and maintenance costs. The deal needs to make sense financially regardless of whether there is a big run up in appreciation. The plan is to hold the property for the long term.
...more |
| |
Extra insurance coverage urged for condos
Sometimes, we need a painful experience to prod us into doing what we should have done in the first place.
...more |
| |
What makes food “organic”?
Organic food is hot and with good reason—current research shows that it does indeed live up to the hype. Recent studies at UC Davis and the Danish Institute for Agricultural Research have detected higher levels of antioxidants, vitamins, and minerals in organically farmed foods than in their conventionally produced counterparts. While this news makes their often-higher price tag easier to swallow, navigating the organic options at Whole Foods can be anything but simple. Here, a run-down of the terms so you’re ready to face the aisles:
...more |
| |
Some plumbing materials shouldn't be mixed
If you're doing any remodeling or repair work on the plumbing system of an older home, it's a pretty safe bet that you'll encounter the need to transition from an older type of pipe to a one of today's newer materials. It might be a transition from threaded galvanized water pipes to copper pipes, or from old cast-iron sewer lines to today's ABS.
...more |
| |
Recycled rays
California residents are tapping a seemingly unlimited source of free electricity.
...more |
| |
Sustainable gardens bloom without chemical magic
Lush gardens and sustainable or “green” design and maintenance practices are mutually exclusive, right? Not so.
...more |
| |
Swapping vacation homes easier under IRS rule
Many investors are taking advantage of the like-kind exchange, which is authorized under Section 1031 of the Internal Revenue Code. These exchanges are commonly referred to as "Starker" exchanges.
...more |
| |
Lithium-ion battery wins over remodelers
You've no doubt heard about lithium-ion batteries by now, and have probably heard some of the claims about what an improvement they are over past battery technologies. So what exactly is lithium-ion, and is it really any better?
...more |
| |
Detox your indoor air
Everyone seems to love that new-house smell and pine-scented air. Unfortunately, such aromas frequently are the stench of toxins being emitted by construction materials, cabinets, paint and adhesives. Formaldehyde, mold, dust mites and a multitude of other nasty bits may make up the chemical soup that you’re breathing.
...more |
| |
No real benefit to paying off mortgage
Q: Our condominium unit is now worth approximately $350,000, and we owe only $25,000 on our mortgage. We are from the old school, and want to own this property free and clear. We have the money, and are considering paying off the loan. Is this a good idea, and if so, how do we go about making sure that it is done correctly?
...more |
| |
Top home-buying mistakes revealed
The first rule of inspecting a home you want to buy is to stay intimately involved in the process, and to leave no stone unturned. If you're busy or traveling during the time period, you have to complete your due diligence investigations by enlisting the aid of a friend you trust to stand in on your behalf -- someone who will keep you well informed as inspections proceed.
...more |
| |
