Provided By Trulia
When you are looking to purchase a home, it's a good idea to get it inspected first. Think of it as a test drive before you plunk down your life savings and most likely, commit yourself to lengthy mortgage. You want to make sure you're getting a quality home. Below is everything you need to know about getting a home inspection.
Why get an inspection?
A home inspection is the examination of a home, from top to bottom. Just like a routine physical that will alert you to any hidden health problems, an inspection will reveal if a home's structure or if any of its systems are in need of significant repair. Purchasing a home is a big investment -- you're likely to be spending thousands of dollars to buy your new home -- so, you'll want to be sure that your purchase is a smart one. (And that you don't buy the real estate equivalent of a lemon.)
In fact, 99% of all agents counsel their clients to have a home inspection performed of homes they are looking to buy.
Hire a professional
When you hire an inspector, look to hire the best -- it only make sense, since buying a home can be an expensive endeavor.
Look to get a professional who's knowledgeable about a home's system -- that person is likely to be a licensed professional engineer (PE). You can search for a PE in your area on Nabie.org, the website for the National Academy of Building Inspection Engineers. You may also want to check up on inspectors you're considering on sites like the Better Business Bureau and Angie's List.
What does a home inspector check?
A home inspector will conduct a visual inspection of the home, from the roof to the foundation. He will examine the roof, attic, insulation, the home's heating and air-conditioning systems, the plumbing and electrical systems, walls, ceilings, floors, windows, the basement and the foundation. The exterior of the home will also be inspected, taking into account factors like the condition of the driveway, fences, sidewalks, grading of the property, etc.
How long will it take?
The average inspection of a single-family home should take two to three hours, according to hud.gov, the website for the U.S. Department of Housing and Urban Development.
What is the cost?
The fee for a home inspection can vary widely, depending on your home's location, size, age and the services being performed -- e.g., if there is a septic system that needs to be inspected, or if the home is being checked for radon. Typically, a home inspection for a single-family house will fall within the range of $300 to $500, according to hud.gov.
How do I get the results?
A quality home inspector will provide a printed (not hand-written) copy of the results. Ask any inspector you're thinking of hiring about what kind of report he will provide and exactly what will be covered in the report. The report should note what systems in the home are defective and what needs repair. Also ask how long it will take for your inspector to get the report to you.
What should the results tell me?
Your inspection report should reveal the overall condition of the home, what repairs are needed, the severity of the needed fixes and their potential cost. You can then use the results of the inspection to determine your next step -- e.g., if you're happy with the home as it is, or if you want to negotiate with the seller to complete some fixes or lower the price on the property.
Wednesday, November 30, 2011
Monday, November 28, 2011
Ask the HOA Expert
Provided By Realty Times
Question: Our annual meeting was held yesterday and a motion was approved to distribute meeting minutes and other communications via e-mail. We are a small HOA and 3/4ths of the people do email and the rest don’t. Is this a problem?
Answer: Distributing HOA information by email makes perfect sense labor and budget-wise. But since HOA websites are very cheap, it would be even better to post HOA information on your very own HOA website and merely put a link in the email to the website when new information is available. Those that are email challenged will still need to be provided the information by mail. At least you’ve saved 3/4ths of the cost.
Question: Our HOA treasurer has the most time-intensive position and in the past has been paid $70/month to perform those duties. At our annual meeting, a motion was made to stop paying the treasurer. The motion passed.
Four months went by and the treasurer proposed the board reinstate the compensation based on the job duties and time required to get it done. Can the board reinstate this payment and overturn a decision made by the homeowners at an annual meeting?
Answer: Generally speaking, the governing documents prohibit board members from taking compensation for their board duties. If this is true for your HOA, no, the treasurer should not be paid nor should the board disregard a matter the members have clearly expressed their wishes on. There are professional bookkeepers that can provide this service although it may cost more money.
Question: If the HOA board decides not to enforce a specific rule, can it still enforce other rules?
Answer: It's in the best interest of the HOA for the board to enforce all rules consistently. But not enforcing one rule does not negate all rules. But if the board fails to enforce a particular rule for an extended period of time, the board may compromise its authority to enforce it all. Another common HOA issue is that different boards enforce rules more or less consistently. If a particular board feels strongly that renewing enforcement of a particular rule that has long gone unenforced is a good thing, the matter should be discussed in the annual homeowner meeting or, at minimum, in a newsletter that clearly informs all members of the issue and the board's intention to enforce it. Catching members by surprise is bad policy.
On the other hand, maybe a particular rule isn't needed at all. It's okay to take a rule formally off the books by an appropriate vote of the members. Don't just have rules for rules sake. There are plenty to follow already.
For more innovative homeowner association management strategies, subscribe to www.Regenesis.net
Question: Our annual meeting was held yesterday and a motion was approved to distribute meeting minutes and other communications via e-mail. We are a small HOA and 3/4ths of the people do email and the rest don’t. Is this a problem?
Answer: Distributing HOA information by email makes perfect sense labor and budget-wise. But since HOA websites are very cheap, it would be even better to post HOA information on your very own HOA website and merely put a link in the email to the website when new information is available. Those that are email challenged will still need to be provided the information by mail. At least you’ve saved 3/4ths of the cost.
Question: Our HOA treasurer has the most time-intensive position and in the past has been paid $70/month to perform those duties. At our annual meeting, a motion was made to stop paying the treasurer. The motion passed.
Four months went by and the treasurer proposed the board reinstate the compensation based on the job duties and time required to get it done. Can the board reinstate this payment and overturn a decision made by the homeowners at an annual meeting?
Answer: Generally speaking, the governing documents prohibit board members from taking compensation for their board duties. If this is true for your HOA, no, the treasurer should not be paid nor should the board disregard a matter the members have clearly expressed their wishes on. There are professional bookkeepers that can provide this service although it may cost more money.
Question: If the HOA board decides not to enforce a specific rule, can it still enforce other rules?
Answer: It's in the best interest of the HOA for the board to enforce all rules consistently. But not enforcing one rule does not negate all rules. But if the board fails to enforce a particular rule for an extended period of time, the board may compromise its authority to enforce it all. Another common HOA issue is that different boards enforce rules more or less consistently. If a particular board feels strongly that renewing enforcement of a particular rule that has long gone unenforced is a good thing, the matter should be discussed in the annual homeowner meeting or, at minimum, in a newsletter that clearly informs all members of the issue and the board's intention to enforce it. Catching members by surprise is bad policy.
On the other hand, maybe a particular rule isn't needed at all. It's okay to take a rule formally off the books by an appropriate vote of the members. Don't just have rules for rules sake. There are plenty to follow already.
For more innovative homeowner association management strategies, subscribe to www.Regenesis.net
Friday, November 25, 2011
Garage Organization
Provided By Southern Living Magazine
For many homeowners, the words "garage" and "storage space" are synonymous, but that assumption wears thin when parking the car inside requires divine intervention. So the next time you're forced to squeeze past a barrier of boxes and various yard items to get in the house, take advantage of the following tips--along with warm summer days--for a better, more organized vehicle-and-storage shelter.
From Cluttered to Contained
While organizing a garage certainly isn't rocket science, knowing the fundamentals will lead to a more successful outcome.
Get rid of those things you don't need. Sounds simple, but most of us harbor pack rat tendencies that are difficult to break. Whether you hold a garage sale (see "Garage Sale Advice" on the following page for some tips), donate the stuff to charity, or rent a dump truck, your actions will pay off. Those old hedge clippers with both blades broken--chuck them. The 1970s hi-fi stereo that still works, complete with turntable and eight-track player--sell it. Whatever the condition of the items, chances are your garage needs a long-awaited purging. (Note: If you plan to set things out for trash pickup, be sure to verify what your local sanitation department will and will not take.)
Group similar things together. Again, this is another simple idea, but it is equally important. What good is a toolbox when its contents are scattered from one end of the garage to the other? The same applies to yard equipment. You may own four different rakes, a couple of shovels, and various other tools, but when the time comes to use them, they're nowhere in sight. Solve this problem by designating certain areas for specific items. Locate those things you use on a regular basis up front, near the garage door. Put boxes of holiday ornaments and other out-of-season items where they're not in the way. When everything has a place, it will be much easier to keep the space organized. (Tip: Park your car in the garage, open all doors, and draw boundary lines with a piece of chalk on the floor. Now, back the car out--with doors shut, naturally. What's left inside is a defined guide for storage and parking.)
Good Storage Sense
Maximize wall and ceiling space. The options are endless here--hooks, Peg-Board panels, shelving units, storage bins, racks, and so on. Even garage attic space, if exposed or accessible, allows a way to get things up and out of the way. Two notes of caution, though: Always make sure that you have correctly secured a chosen storage system into the garage's wall studs or ceiling joists. Also, don't overload shelving or bin units. Instead, place heavier items on lower levels and lighter objects on top. Elevating things off the floor will help with sweeping and cleaning as well.
Stow hazardous materials well out of harm's way. Products such as paint thinners, gas and antifreeze containers, fertilizers, cleaning supplies, and other chemicals can prove dangerous in the wrong hands. Likewise, certain substances placed together can chemically react, resulting in explosions and even fires. Group like items, and store in cabinets that lock and provide ventilation. Also, before tossing these materials, contact your community's sanitation or fire department for proper disposal techniques.
Garage Sale Advice
Here are some tips to make your next sale more manageable.
Check with your local town hall or city council for any ordinances pertaining to garage sales. Also, be aware of any laws that limit or prohibit neighborhood advertising.
Plan. The more time for deciding what to sell and how much each item should cost, the better. Also, give iffy items the benefit of the doubt. One man's trash is another's treasure.
Advertise. Take advantage of community and workplace bulletin boards and local newspapers. Once your sale is over, don't forget to remove any signs or flyers.
If possible, keep all sale items out of sight or behind closed doors until you're ready for the mad dash to begin. Allow yourself just enough time to set up. (Tip: Post a sign on your garage door stating the correct starting time; stress that early comers will just have to wait.)
Arrange items either by category or by similar price. Make sure that prices are clearly marked.
Have an ample amount of change, along with $1 and $5 bills. Be willing to negotiate on price as well--within reason and with a smile, of course.
Getting ready to sell your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com!
For many homeowners, the words "garage" and "storage space" are synonymous, but that assumption wears thin when parking the car inside requires divine intervention. So the next time you're forced to squeeze past a barrier of boxes and various yard items to get in the house, take advantage of the following tips--along with warm summer days--for a better, more organized vehicle-and-storage shelter.
From Cluttered to Contained
While organizing a garage certainly isn't rocket science, knowing the fundamentals will lead to a more successful outcome.
Get rid of those things you don't need. Sounds simple, but most of us harbor pack rat tendencies that are difficult to break. Whether you hold a garage sale (see "Garage Sale Advice" on the following page for some tips), donate the stuff to charity, or rent a dump truck, your actions will pay off. Those old hedge clippers with both blades broken--chuck them. The 1970s hi-fi stereo that still works, complete with turntable and eight-track player--sell it. Whatever the condition of the items, chances are your garage needs a long-awaited purging. (Note: If you plan to set things out for trash pickup, be sure to verify what your local sanitation department will and will not take.)
Group similar things together. Again, this is another simple idea, but it is equally important. What good is a toolbox when its contents are scattered from one end of the garage to the other? The same applies to yard equipment. You may own four different rakes, a couple of shovels, and various other tools, but when the time comes to use them, they're nowhere in sight. Solve this problem by designating certain areas for specific items. Locate those things you use on a regular basis up front, near the garage door. Put boxes of holiday ornaments and other out-of-season items where they're not in the way. When everything has a place, it will be much easier to keep the space organized. (Tip: Park your car in the garage, open all doors, and draw boundary lines with a piece of chalk on the floor. Now, back the car out--with doors shut, naturally. What's left inside is a defined guide for storage and parking.)
Good Storage Sense
Maximize wall and ceiling space. The options are endless here--hooks, Peg-Board panels, shelving units, storage bins, racks, and so on. Even garage attic space, if exposed or accessible, allows a way to get things up and out of the way. Two notes of caution, though: Always make sure that you have correctly secured a chosen storage system into the garage's wall studs or ceiling joists. Also, don't overload shelving or bin units. Instead, place heavier items on lower levels and lighter objects on top. Elevating things off the floor will help with sweeping and cleaning as well.
Stow hazardous materials well out of harm's way. Products such as paint thinners, gas and antifreeze containers, fertilizers, cleaning supplies, and other chemicals can prove dangerous in the wrong hands. Likewise, certain substances placed together can chemically react, resulting in explosions and even fires. Group like items, and store in cabinets that lock and provide ventilation. Also, before tossing these materials, contact your community's sanitation or fire department for proper disposal techniques.
Garage Sale Advice
Here are some tips to make your next sale more manageable.
Check with your local town hall or city council for any ordinances pertaining to garage sales. Also, be aware of any laws that limit or prohibit neighborhood advertising.
Plan. The more time for deciding what to sell and how much each item should cost, the better. Also, give iffy items the benefit of the doubt. One man's trash is another's treasure.
Advertise. Take advantage of community and workplace bulletin boards and local newspapers. Once your sale is over, don't forget to remove any signs or flyers.
If possible, keep all sale items out of sight or behind closed doors until you're ready for the mad dash to begin. Allow yourself just enough time to set up. (Tip: Post a sign on your garage door stating the correct starting time; stress that early comers will just have to wait.)
Arrange items either by category or by similar price. Make sure that prices are clearly marked.
Have an ample amount of change, along with $1 and $5 bills. Be willing to negotiate on price as well--within reason and with a smile, of course.
Getting ready to sell your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com!
Wednesday, November 23, 2011
Monday, November 21, 2011
Learn from the Mistakes of Others & Avoid Your Own
Provided By Realty Times
The same financial mistakes that are playing out on a global scale can undermine us as individuals, families, and small businesses. Would you rather make the same financial errors yourself, or simply avoid the mistakes of others?
When you watch, read, or listen to news of the European financial crisis, don’t just shake your head because the billions involved seem so removed from your daily challenges with the Loonie. Instead, zero in on three valuable lessons-learned from the Eurozone that can translate into financial resilience as real estate owners:
1. Economic Vulnerability: False sense of security à la “too big to fail” “Seventy percent of Italy’s debt matures in 2012," stated one international business expert in responding to questions concerning Italy’s greatest challenge as the European Crisis deepens. As I write this column, speculation concerning “too big to fail” has moved from lending institutions to countries. The occurrence of previously-impossible “big” financial failures, should have taught us that the impossible does happen in this globally-interconnected world. Ignoring increasing financial vulnerability got the European Union where it is today. What are you ignoring? What could sneak up on you?
Are you living with a “too big to fail” illusion about your own financial situation? Reigning in unrestrained spending may have helped weather the 2008 crisis, but as a long-term strategy it leaves a lot to be desired. If you’ve taken the smart step toward debt reduction, you’ve explored strategies for reducing the total amount of interest you’ll pay on your mortgage and other debt. However, even that may not be enough.
Knowledge is power as the next phase of the global crisis emerges. Have you crunched the numbers so you know exactly where you stand if you or your spouse experience pay cuts or lay offs? How long could you continue to meet debt payments and living expenses if one or both of you lost your job? Hoping this is not going to happen is not a strategy. Searching out ways to cut costs, barter goods or services, and earn additional income before a problem arises are strategies. Wait until something negative occurs and you may not have enough time for solutions to kick in.
Beware of false economies like not servicing the furnace or skipping the eavestrough clean. These and other essential annual maintenance tasks can cause very expensive problems if ignored. But isn’t that what happened in Europe?
2. Get Everyone Onside: Not cross-purposes, but common purpose Political machinations overshadow economic solutions. One minute a sound financial strategy has been announced; the next, a political manoeuver has squashed it. If you co-own real estate with a mortgage, taking the time to be sure you’ve agreed to deliberate repayment strategies and are both committed to them is essential. Paying off the mortgage more aggressively than through traditional monthly payments will require reworking of the family budget. If you don’t have a written monthly financial plan, money can slip through the cracks. Saving on mortgage interest carries less overall value if credit card debt is rising dramatically to cover the siphoning off of income into mortgage debt. Involve all family members, so they share the belt tightening and the triumph of reduced expenditures.
3. Keep the Facts Straight: Perceptions distract from reality European prosperity turned out to be an illusion. Perceptions of economic well-being mattered more than reality, and over-spending reigned. This glorified “keeping up with the Jones” is often parallelled in everyday life, and it can be just as destructive. Living beyond your means was an acceptable standard earlier in the 21st Century, but it endangers your financial future as national and provincial deficits rise. You know that, but have you really adapted spending habits to this reality? Too many property owners spend on dining out and travel, but let their real estate become out-dated, which in turn reduces value.
Of the overall housing market, Canadian homeowners have about C$2,035 trillion in equity, equivalent to about 68 per cent of the total housing value, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP,org) recently released consumer report, “Annual State of the Residential Mortgage Market in Canada.” Seventy-eight per cent of borrowers with a mortgage or line of credit have at least 25 per cent equity in their home. On the whole, unless you lose your job, CAAMP considers mortgages affordable for 84 per cent of borrowers at these interest rates and higher. However, that leaves 16 per cent unable to afford an increase of C$200 or more per month.
To preserve and build home equity, keep analyzing all that goes on around you. Lessons learned the hard way by others, even countries, in one context can translate into inspiration in yours.
World economic turmoil will continue for some time—turmoil which is now having an impact on our personal lives. Are you prepared to weather the
The same financial mistakes that are playing out on a global scale can undermine us as individuals, families, and small businesses. Would you rather make the same financial errors yourself, or simply avoid the mistakes of others?
When you watch, read, or listen to news of the European financial crisis, don’t just shake your head because the billions involved seem so removed from your daily challenges with the Loonie. Instead, zero in on three valuable lessons-learned from the Eurozone that can translate into financial resilience as real estate owners:
1. Economic Vulnerability: False sense of security à la “too big to fail” “Seventy percent of Italy’s debt matures in 2012," stated one international business expert in responding to questions concerning Italy’s greatest challenge as the European Crisis deepens. As I write this column, speculation concerning “too big to fail” has moved from lending institutions to countries. The occurrence of previously-impossible “big” financial failures, should have taught us that the impossible does happen in this globally-interconnected world. Ignoring increasing financial vulnerability got the European Union where it is today. What are you ignoring? What could sneak up on you?
Are you living with a “too big to fail” illusion about your own financial situation? Reigning in unrestrained spending may have helped weather the 2008 crisis, but as a long-term strategy it leaves a lot to be desired. If you’ve taken the smart step toward debt reduction, you’ve explored strategies for reducing the total amount of interest you’ll pay on your mortgage and other debt. However, even that may not be enough.
Knowledge is power as the next phase of the global crisis emerges. Have you crunched the numbers so you know exactly where you stand if you or your spouse experience pay cuts or lay offs? How long could you continue to meet debt payments and living expenses if one or both of you lost your job? Hoping this is not going to happen is not a strategy. Searching out ways to cut costs, barter goods or services, and earn additional income before a problem arises are strategies. Wait until something negative occurs and you may not have enough time for solutions to kick in.
Beware of false economies like not servicing the furnace or skipping the eavestrough clean. These and other essential annual maintenance tasks can cause very expensive problems if ignored. But isn’t that what happened in Europe?
2. Get Everyone Onside: Not cross-purposes, but common purpose Political machinations overshadow economic solutions. One minute a sound financial strategy has been announced; the next, a political manoeuver has squashed it. If you co-own real estate with a mortgage, taking the time to be sure you’ve agreed to deliberate repayment strategies and are both committed to them is essential. Paying off the mortgage more aggressively than through traditional monthly payments will require reworking of the family budget. If you don’t have a written monthly financial plan, money can slip through the cracks. Saving on mortgage interest carries less overall value if credit card debt is rising dramatically to cover the siphoning off of income into mortgage debt. Involve all family members, so they share the belt tightening and the triumph of reduced expenditures.
3. Keep the Facts Straight: Perceptions distract from reality European prosperity turned out to be an illusion. Perceptions of economic well-being mattered more than reality, and over-spending reigned. This glorified “keeping up with the Jones” is often parallelled in everyday life, and it can be just as destructive. Living beyond your means was an acceptable standard earlier in the 21st Century, but it endangers your financial future as national and provincial deficits rise. You know that, but have you really adapted spending habits to this reality? Too many property owners spend on dining out and travel, but let their real estate become out-dated, which in turn reduces value.
Of the overall housing market, Canadian homeowners have about C$2,035 trillion in equity, equivalent to about 68 per cent of the total housing value, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP,org) recently released consumer report, “Annual State of the Residential Mortgage Market in Canada.” Seventy-eight per cent of borrowers with a mortgage or line of credit have at least 25 per cent equity in their home. On the whole, unless you lose your job, CAAMP considers mortgages affordable for 84 per cent of borrowers at these interest rates and higher. However, that leaves 16 per cent unable to afford an increase of C$200 or more per month.
To preserve and build home equity, keep analyzing all that goes on around you. Lessons learned the hard way by others, even countries, in one context can translate into inspiration in yours.
World economic turmoil will continue for some time—turmoil which is now having an impact on our personal lives. Are you prepared to weather the
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