Elaine Woods Real Estate

The Value of Home Maintenance

By: John Riha

Published: March 9, 2010

Regular home maintenance is key to preserving the value of your house and property.

“It’s the little things that tend to trip up people,” says Frank Lesh, former president of the American Society of Home Inspectors and owner of Home Sweet Home Inspection Co. in Chicago. “Some cracked caulk around the windows, or maybe a furnace filter that hasn’t been changed in awhile. It may not seem like much, but behind that caulk, water could get into your sheathing, causing mold and rot. Before you know it, you’re looking at a $5,000 repair that could have been prevented by a $4 tube of caulk and a half hour of your time.”

Maintenance affects property value

Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, overall property values are affected.

“If a house is in worn condition and shows a lack of preventative maintenance, the property could easily lose 10% of its appraised value,” says Mack Strickland, a professional appraiser and real estate agent in Chester, Va. “That could translate into a $15,000 or $20,000 adjustment.”

In addition, a house with chipped, fading paint, sagging gutters, and worn carpeting faces an uphill battle when it comes time to sell. Not only is it at a disadvantage in comparison with other similar homes that might be for sale in the neighborhood, but a shaggy appearance is bound to turn off prospective buyers and depress the selling price.

“It’s simple marketing principles,” says Strickland. “First impressions mean a lot to price support.”

Prolonging economic age

To a professional appraiser, diligent maintenance doesn’t translate into higher property valuations the way that improvements, upgrades, and appreciation all increase a home’s worth. But good maintenance does affect an appraiser’s estimate of a property’s economic age—the number of years that a house is expected to survive.

Economic age is a key factor in helping appraisers determine depreciation—the rate at which a house is losing value. A well-maintained house with a long, healthy economic age depreciates at a much slower rate than a poorly maintained house, helping to preserve value.

Estimating the value of maintenance

Although professional appraisers don’t assign a positive value to home maintenance, there are indications that maintenance is not just about preventing little problems from becoming larger. A study by researchers at the University of Connecticut and Syracuse University suggests that maintenance actually increases the value of a house by about 1% each year, meaning that getting off the couch and heading outside with a caulking gun is more than simply a chore—it actually makes money.

“It’s like going to the gym,” says Dr. John P. Harding, Professor of Finance & Real Estate at UConn’s School of Business and an author of the study. “You have to put in the effort to see the results. In that respect, people and houses are somewhat similar—the older (they are), the more work is needed.”

Harding notes that the 1% gain in valuation usually is offset by the ongoing cost of maintenance. “Simply put,” he says, “maintenance costs money, so it’s probably best to say that the net effect of regular maintenance is to slow the rate of depreciation.”

How much does maintenance cost?

How much money is required for annual maintenance varies. Some years, routine tasks, such as cleaning gutters and changing furnace filters, are all that’s needed, and your total expenditures may be a few hundred dollars. Other years may include major replacements, such as a new roof, at a cost of $10,000 or more.

Over time, annual maintenance costs average more than $3,300, according to data from the U.S. Census. Various lending institutions, such as Directors Credit Union and LendingTree.com, agree, placing maintenance costs at 1% to 3% of initial house price. That means owners of a $200,000 house should plan to budget $2,000 to $6,000 per year for ongoing upkeep and replacements.

Proactive maintenance strategies

Knowing these average costs can help homeowners be prepared, says Melanie McLane, a professional appraiser and real estate agent in Williamsport, Pa. “It’s called reserve for replacements,” says McLane. “Commercial real estate investors use it to make sure they have enough cash on hand for replacing systems and materials.”

McLane suggests a similar strategy for homeowners, setting aside a cash reserve that’s used strictly for home repair and maintenance. That way, routine upkeep is a snap and any significant replacements won’t blindside the family budget. McLane’s other strategies include:

Play offense, not defense. Proactive maintenance is key to preventing small problems from becoming big issues. Take the initiative with regular inspections. Create and faithfully follow a maintenance schedule. If you’re unsure of what needs to be done, a $200 to $300 visit from a professional inspector can be invaluable in pointing out quick fixes and potential problems.

Plan a room-per-year redo. “Pick a different room every year and go through it, fixing and improving as you go,” says McLane. “That helps keep maintenance fun and interesting.”

Keep track. “Having a notebook of all your maintenance and upgrades, along with receipts, is a powerful tool when it comes to sell your home,” advises McLane. “It gets rid of any doubts for the buyer, and it says you are a meticulous, caring homeowner.” A maintenance record also proves repairs and replacements for systems, such as wiring and plumbing, which might not be readily apparent.

John Riha has written six books on home improvement and hundreds of articles on home-related topics. He’s been a residential builder, the editorial director of the Black & Decker Home Improvement Library, and the executive editor of Better Homes and Gardens magazine. His standard 1968 suburban house has been an ongoing source of maintenance experience.

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Power-Assisted Roof Vents: Lose the Heat and Save the Money

By: Laura Fisher Kaiser

Published: January 28, 2011

A power-assisted roof vent gives your attic air flow a boost, reducing moisture buildup and possibly lowering energy costs.

Power up your attic ventilation

Power-assisted roof vents work even in still air and ensure vigorous ventilation. They relieve heat buildup in the attic, where temperatures can reach 150 degrees or more in summer. Reducing attic heat buildup prevents trapped, hot air from warming ceilings and radiating back into your living areas--a problem that also is avoided with proper attic insulation.

Mount power-assisted roof vents near the roof peak on the back slope of the roof, where they are less visible from the street, or high on a gable end wall.

Typically, a single power-assisted roof vent will service an average-sized home.

Costs for power-assisted roof vents

Power-assisted roof vents cost between $70 and $300, plus labor to install, and $2 or $3 a month to operate. For another $90 to $150, you can include an optional humidistat and thermostat, which turn on the fan when excessive humidity and/or temperatures are detected inside your attic space.

If your attic lacks electrical wiring, it may be necessary to have a licensed electrician run a circuit or line extension to power the fan. Depending on the complexity of the project, figure on paying $50 to $100 per hour for a job that may take 2 to 4 hours.

Going solar

Solar-powered roof vents have zero operating costs and sell for $350 to $600. Some are eligible for state tax incentives and local utility rebates.

Some builders complain that solar-powered roof vents may not work properly when it’s cloudy, and that these types of vents don’t pull enough air.

Drawbacks of power-assisted roof vents

While roof vents definitely remove hot air from attics, their effect on air conditioning needs is disputed.

Some experts believe that because power-assisted roof vents evacuate hot air, they create negative pressures inside the home, drawing in hot outside air and increasing the load on existing air conditioning systems. However, this potential problem typically is avoided with the addition of adequate soffit vents, which allow fresh air into the attic.

Another concern is that a roof vent adds another penetration through roofing materials, and that the vibrations caused by the motorized fan made lead to the failure of caulks and sealants, increasing the risk of water leaks.

Laura Fisher Kaiser is a contributing editor at Interior Design magazine, a former editor of This Old House, and writes the blog Secret Science Geek. She lives in Washington, DC.

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Ceiling Fans: Keep Your Cool; Save Money, Too

by Elaine Woods | 0 Comments

Air Conditioning Equipment: Repair or Replace?

Air Conditioning Equipment: Repair or Replace?

By: Oliver Marks

Published: December 4, 2009

If you're deciding whether to repair or replace central air conditioning equipment, assess the quality of your house's ductwork and insulation first.

If your air conditioner is more than eight years old, repair is probably not worth the expense, unless it's a simple problem like debris clogging the condenser unit or a worn fan belt. Still, to best weigh your repair-or-replace decision, ask your contractor to assess not just the condition of your existing equipment, but also the ducts that deliver the cool air and the overall quality of the insulation in your house. Improving those elements might increase the effectiveness of the system as much or more than installing new machinery.

Assess the efficiency of your current system

Even if your central air conditioner is just eight to 10 years old, it could suck up to twice the electricity that even a low-end new one would use. That's because it operates at or below 10 SEER, or Seasonal Energy Efficiency Ratio, which is the amount of energy needed to provide a specific cooling output. Until 2006, 10 SEER was standard, but these days, the minimum allowed by federal law is 13 SEER. That translates to 30% less electrical consumption and 30% lower cooling bills than equipment installed just a few years ago.

For an 1,800 square foot house, a new 13 SEER unit will cost $3,000 to $4,000. You can double your energy savings by jumping up to 16 SEER, which will reduce cooling expenses by 60% over a 10 SEER unit. At $5,000 to $6,000, these super-efficient units are more expensive, but they qualify for a federal tax credit of up to $300 and possibly local incentives, too.

"Your installer can run the numbers for you to see whether it's worth the additional cost," says Ellis Guiles of TAG Mechanical in Syracuse, New York. "If you're south of the Mason Dixon line, certainly, you can make up those dollars pretty quickly."

Inspect the condition of the ductwork

You could upgrade to the highest efficiency gear available and still not feel comfortably cool on hot days. That's because the mechanicals are only part of the central air system. The average house's ductwork leaks 10% to 30% of its air before it can reach your living space, according to Pacific Gas & Electric. Before deciding whether to repair or replace your condenser and blower units, your technician should run a duct-leakage test, by sealing the vents and measuring how much air escapes the system.

If the ducts are inefficient, he can locate and seal the gaps, typically for $25 to $35 per vent (per "run" in industry jargon), or replace the ductwork entirely with new, insulated pipe for around $100 per run, according to Guiles. Your technician may recommend doing the duct improvements in conjunction with replacement of the mechanicals or may recommend only one or the other job.

Consider the building envelope itself

If your house is poorly insulated, it's putting a strain on your aging air conditioner. Resolving the house's flaws may mean that your old system will have enough cooling power to continue to do the job for a few more years. Or it may enable you to buy a smaller replacement system, lowering your upfront and ongoing energy costs significantly.

Your heating and cooling contractor should assess and, if necessary, upgrade the building envelope. For example, he might seal gaps and cracks in the outer walls and attic floor, or he might blow insulation into the walls, either of which could knock as much as 30% off your heating and cooling costs. Insulation also may get you a $500 federal tax credit, and in some cases, it may be a more effective solution to your cooling problems than replacing your equipment.

Make sure a new system is sized right

If you decide to replace, make sure the contractor's bid includes a load calculation, which is a computer printout showing how big a system you need and why.

Air conditioning is measured by the ton, which is the cooling power of a one-ton block of ice melting in 24 hours. Some old-school installers use a ballpark estimate for sizing equipment—say, one ton for every 400 or 600 square feet of living space. But that typically leads to systems that are too big, according to Greg Gill of Action Air Conditioning and Heating in San Marcos, Calif. Not only do oversized systems cost more, but they also do their cooling work too quickly, which means more frequent on/off cycles, wearing out components and gobbling electricity. Plus, they don't have a chance to effectively dehumidify the air.

Good contractors use load-calculating software that factors in such data as the number of windows in your house, the thickness of insulation, the configuration of the attic, and the building's orientation to the sun. It produces not only an exact tonnage requirement, but determines how much cool air each room needs. All bids (get at least three, from licensed, well-regarded companies) should include this one-page printout.

A former carpenter and newspaper reporter, Oliver Marks has been writing about home improvements for 16 years. He's currently restoring his second fixer-upper with a mix of big hired projects and small do-it-himself jobs.

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No Sweat: Programmable Thermostats Save on Energy Costs

By: Les Shu

Published: February 17, 2011

Advanced programmable thermostats give you precise control over your heating and cooling, helping to reduce wasted energy.

High-def, high-tech settings

You wouldn’t think of spending much time in front of your thermostat, but the newest advanced models--with their colorful touchscreen displays--are an engaging, interactive experience. They offer separate programs for each day of the week, and can even alert you if service is required.

With its high-definition screen display, Honeywell’s Prestige Comfort System resembles a mini-computer more than a traditional thermostat.

In addition to indoor temperature, the Prestige’s graphical user interface can display outdoor conditions and humidity with an add-on sensor. An onscreen wizard interviews you about your usage based on simple questions, and then sets a program accordingly. A portable controller lets you adjust settings from any room in the house.

The Prestige is priced from $250 and up.

If you can live without a fancy display, an advanced programmable thermostat from HAI costs around $300 to $400, while a simpler seven-day programmable model from Hunter costs $99.

Control from afar

What if you’re on your way to a long vacation, and you suddenly realized you’d forgotten to turn down your home’s thermostat?

If your home is equipped with the Smart Thermostat from ecobee, you can tap into the system through a personalized web portal anywhere there’s Internet access. Log in to check on your HVAC’s performance and make adjustments on the fly. The unit sells for $469.

Manage your home’s HVAC via a home automation app from Control 4. The sophisticated system allows you to change thermostat settings from your smartphone, pad, and PC. In addition, you can control the lighting, music, window treatment motors, and a wide range of Control 4 devices.

Know the price before you turn it on

Pilot programs for installing smart thermostats that display “time of use” pricing information are underway in regions like Florida and California. These thermostats receive a wireless signal from the utility company, and adjust the temperature according to the price of electricity during different times of the day.

With costs for air conditioning at about 70 cents to $1.20 per hour, reducing AC usage only an hour per day would yield a savings of $65 to $110 over the course of a summer.

Check with your utility company to find out if such a program is available in your area.

A writer covering the latest technologies and trends for a variety of national publications, Les Shu is currently automating his home with the newest doodads to make it smarter than he is.

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Home Security Systems: Installation and How They Work

By: Joseph D'Agnese

Published: November 12, 2010

Understand how a home security system works and how to choose professional installation that best fits your needs and budget.

How a home security system works

A home security system works like this: a keypad in your house’s entryway communicates with sensors and motion detectors around the home. The brain of the system—the control panel—is installed in the attic or utility room.

If an intruder breaks a window or kicks in a door:

• The sensor sends signals to the control panel, which typically uses your phone line to contact an off-site monitoring station.

• Simultaneously, it sets off an ear-splitting siren within the house.

• Staffers call the house immediately and ask for a password.

• If there’s no response, or if the person who picks up the phone gives the wrong password, monitors will notify the police.

Types of installers

Once you’ve elected to invest in a home security system, you’ll need to decide whether to go with a national installer or a local company. Security experts recommend choosing a company with at least ten years' experience. Either way, you’ll spend $35 to $75 per month on monitoring fees.

• National firms boast that their call centers are fully redundant, which means if a center in Oshkosh loses power, the Vancouver center will pick up the slack.

• Local installers are going to be close by, and those companies have an incentive to do a great job in order to maintain their reputation in the community.

• Full service companies—ones that operate and control all aspects of your home security system, from installation to service and monitoring—generally provide good personalized care and attention to detail.

Before you sign a contract:

• Talk to neighbors who own a home security system about their installer; if you’re new in town, ask firms for letters of reference.

• Choose a company that offers 24-hour repair service.

• Finally, educate yourself online before making a call; websites such as www.alarmsystemreviews.com offer useful information about home security systems.

Joseph D’Agnese is a journalist and book author who has written numerous articles on home improvement. He lives in North Carolina.

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Digging Your Own French Drain: Save Money — and Your Back — With These Tips

By: John Riha

Published: June 16, 2011

Do you need to wear waders to mow your grass? If seasonal flooding makes your property more lake than lawn, which isn’t doing your foundation any favors, you need some serious drainage. Good news: You can do it yourself — if you’re up for the digging.

Do you need to wear waders to mow your grass? If seasonal flooding makes your property more lake than lawn, which isn’t doing your foundation any favors, you need some serious drainage. Good news: You can do it yourself — if you’re up for the digging.

Where I live, in the Pacific Northwest, the last few springs have been some of the soggiest on record — and in the Northwest, that’s really saying something. Around April, my side yard turns into my own private Everglades, complete with frogs.

Finally, I decided to do something about it. Enlisting the help of a friend (I owe him big-time) and my son, Nick, (strong backs are required), I set out to dig a French drain, and along the way save some bucks by doing it myself.

A French drain is simply a plastic drain line embedded in a gravel-filled ditch. Surplus ground water enters the pipe, and gravity whisks it away, either to a drier spot in your yard, to a storm drain system, or out into the street.

Sound simple? It is — except for the digging. Here’s what I learned about putting in a 50-foot-long French drain:

• Tell everyone it’ll take three days. You’ll probably finish in two, which sort of makes up for the back-breaking work.

• Schedule the job for when the ground is moist but not saturated. Wet dirt clogs everything up; really dry dirt is tough to dig.

• Dig smart and safe. Call 811, the “dig safely" hotline, to mark underground utilities before you start.

• Rent a trenching tool (about $125 to $200 per day). This gas-powered digger resembles a big rototiller, and it’ll do a lot of the digging for you. But heads up: It’s heavy, and you’ll need three people just to wrestle it on and off a truck. Ask if your rental company delivers and picks up.

• Lay big pieces of scrap plywood next to your ditch line, and let the trenching tool throw the excavated dirt onto the plywood. This makes it about one thousand times easier to deal with the dirt afterward. You’re going to have to put it somewhere because you’ll fill in the trench with gravel. A raised flower bed is great.

• Note that even with the trenching tool, you’ll still have to shovel a lot of dirt and gravel. A couple of shovels and two wheelbarrows make the work go a lot faster.

All in all, this was one of the most labor-intensive jobs I’ve done. Was it worth it? I figure I saved about $1,000 over the cost of a pro, minus those two beers I served my buddy.

Would you dig your own French drain? What’s the toughest DIY home improvement you’ve done?

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New Program to Help Home Owners Has Great Benefits, But Tough Rules

By: Dona DeZube

Published: June 21, 2011

If you’re having trouble making your mortgage payment, there are a billion reasons to check out the latest federal government mortgage assistance program. The U.S. Department of Housing and Urban Development’s Emergency Homeowners Loan Program, now running in 27 states and Puerto Rico, will dole out $1 billion in interest-free loans to about 30,000 home owners who are unemployed, under-employed, or suffering financially due to a medical crisis.

If you’re having trouble making your mortgage payment, there are a billion reasons to check out the latest federal government mortgage assistance program. The U.S. Department of Housing and Urban Development’s Emergency Homeowners Loan Program, now running in 27 states and Puerto Rico, will dole out $1 billion in interest-free loans to about 30,000 home owners who are unemployed, under-employed, or suffering financially due to a medical crisis.

It’s a federal program, so of course there’s paperwork. And you only have until July 22 to get it filled out and over to one of the counseling agencies helping to run the program. Call 855-346-3345 for information about participating agencies in your area. 

You’ll know by Oct. 1 if you’ve been approved for EHLP because the money has to be obligated before the federal government’s fiscal year ends on Sept. 30th.

The toughest thing about the program may be the eligibility rules. If you want to be approved for EHLP, you can’t:

• Have federal tax liens

• Have past-due student loans (deferments and forbearance are OK)

• Have more than one 60-day late mortgage payment in the past two years

• Be in bankruptcy

• Have family income of more than $75,000 or 120% of the area median income

Then there are things you must have to get into EHLP:

• Be a minimum of three months late on your mortgage payment.

• Income that’s at least 15% less than what you were earning in 2009.

• The ability to make your full mortgage payment again in two years, because you’re likely to be working or have another source of income again by then.

That last requirement will be hard for HUD to prove; it’ll likely be up to an underwriter to decide who qualifies.

But if you can meet those requirements (as well as a bunch more that the credit counselors running the program will tell you about), EHLP is a sweet deal.

You have to agree to pay 31% of your family’s monthly income toward the mortgage payment (minimum payment is $150). The federal government loans you the money to pay the rest of your mortgage payment.

You can keep getting that subsidy for two years, or until you’ve borrowed $50,000.

The best part is that if you make your mortgage payments on time, the government forgives 20% of the EHLP loan every year. So in five years, your loan is completely forgiven.

If you think there’s even the slightest possibility you’d qualify for the program, you should go for it. You’ve got nothing to lose and a lot of mortgage payment help to gain.

What do you think of this program and its requirements? Do you think many home owners will be able to meet those stringent requirements -- especially the student loan and tax lien rules -- and do so within a month?

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Water Damage: What to Salvage? What to Toss?

By: Caroline Mayer

Published: April 28, 2011

Water damage doesn’t have to be fatal. Here’s a guide to which items to keep and which to toss.

Salvage these water-damaged items

• Concrete, cinder blocks, and plaster walls: Wash first with soap and clean water, then disinfect quickly with a bleach solution. (1 cup to 5 gallons water to clean and sanitize; 1 cup to 1 gallon water to remove mold.) Allow to air dry.

• Linoleum and hardwood floors: These are salvageable if you can dry them quickly. Run high-powered fans.

• Subflooring: Dry thoroughly to prevent warping. Remove floor covering and use fans to circulate air and mitigate water damage.

• Drapes, linens, and clothes: Items that can’t be washed or dry-cleaned, such as mattresses and upholstered furniture, should be air-dried in the sun and sprayed thoroughly with a disinfectant.

Toss these water-damaged items

• Drywall, wallboard, and batt insulation: All hold water, so remove to prevent mold and decay.

• HVAC ducts: Replace water-soaked, insulated ducts to prevent mold from spreading throughout the house.

• Ceiling tile: Unless damage is minor, toss sodden soundproofing tiles.

• Large rugs with foam backing: Wet backing often deteriorates and takes forever to dry. You may be able to save the rugs, but toss the pads.

• De-laminated furniture: Soaked particleboard or pressed wafer board furniture probably is a lost cause: Re-glued laminate skins never look right.

• Food and medicine: Anything that touched the water is unsafe. Throw out wooden cutting boards, plastic utensils, baby bottle nipples, and pacifiers.

• Toys and play equipment: If they're water-logged or you're unable to disinfect them, throw them away.

Caroline Mayer is a former Washington Post reporter who specializes in consumer issues, most recently writing for AARP and other general-interest publications.

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Home Improvement Apps for iPhone, Android, and BlackBerry: Your Digital Toolbox

By: Les Shu

Published: February 17, 2011

Downloadable iPhone and Android apps offer ways to maintain, improve, and save money on your home.

Match that paint color

If you see a color at a friend’s house that would look great in your home, use Benjamin Moore’s Ben Color Capture or Sherwin-Williams’ ColorSnap, free mobile apps for iPhone, to conjure up a matching paint color and code in a jiffy. Take a photo with your phone, and the app matches the paint as closely as possible, and will display secondary and complementary colors. (ColorSnap is also available for BlackBerry.)

Get rid of stains

Good Housekeeping magazine has placed all their best stain-removal and cleaning advice into their free @Home app. It also includes decorating ideas and a searchable list of the 5,000-plus products that have earned a Good Housekeeping seal.

Look for recycled stuff

If you’re searching for a cheap replacement part, or looking for a deal on slightly-used appliances and materials, eBay’s free Mobile app lets you search the auction site’s entire marketplace from iPhone, Android, Windows Phone 7, and BlackBerry devices. You can also put any of your disused-but-functional household items up for sale and recoup some cash.

For listings close to home, search the popular Craigslist site through the free Craigsnotifica for Android or Craigspro for iPhone.

Price comparison

Finding lower prices on electronics and appliances used to mean driving from store to store or scanning Sunday circulars. With the free Price Check by Amazon, you can scan a product’s barcode at a store and compare the price against Amazon and other merchants. (Android and BlackBerry versions are also available.) PriceGrabber has a similar app for iPhone and Android.

Carpenter’s tools in one

For $1.99, the iHandy Carpenter app puts a ruler, protractor, bubble level, surface level, and plumb bob into your iPhone, allowing you to make measurements without lugging out the tool box. It’s perfect for simple jobs like hanging frames and mirrors.

Need just a level? There’s a free app for iPhone from iHandy and for Android from Johnson.

Calculate materials you’ll need

Before you approach a home improvement project, use the $1.99 Handy Man DIY to record dimensions of flooring, windows, walls, and more. It calculates how much material you’ll need and gives you a cost estimate.

Order supplies

If you’re in the middle of a home improvement job and need supplies, use the $4.99 Work Shop app to order them from your iPhone. It’s also a great tool for keep track of expenses or plan your budget for a future project.

Light the way

With the iPhone’s bright display and the super-bright LED flash, you can use it in place of a traditional flashlight to illuminate crawl spaces, attics, cabinet recesses, and other dark spots. There are many apps for this purpose, but two favorites are the 99-cent Flashlight (and 99-cent Flashlight+.

Know what and when to plant

Wonder why certain vegetation isn’t growing in your yard? Landscaper’s Companion provides a reference guide to more than 2,000 plants. You can search for a plant based on your garden’s sun exposure and garden zone, helping to ensure you won’t get any dead leaves after planting. The app costs $9.99.

Find a stud

Using your iPhone’s magnetometer, StudFinderPRO can help you locate studs by locating the magnetic fields emitted by metal objects like screws and nails. The app costs $2.99. A free Magnetic Stud Finder is available for Android devices.

Hire a virtual designer

Need decorating ideas for inspiration? Check out Home Interior Layout Designer--Mark On Call for $2.99. Created by an interior designer, the app can help you plan a space and determine if furnishings will fit. Also consider the $4.99 Living Room app for iPad and the 99-cent Dream Home app for iPhone. 

A writer covering the latest technologies and trends for a variety of national publications, Les Shu is currently automating his home with the newest doodads to make it smarter than he is.

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6 Tips for Buying a Home in a Short Sale

By: G. M. Filisko

Published: March 19, 2010

By preparing for a real estate short sale, you can emerge with a great home at a favorable price.

1. Get help from a short sale expert

A real estate agent experienced in short sales can identify which homes are being offered as short sales, help you determine a purchase price, and advise you on what to include in your offer to make the lender view it favorably. Ask agents how many buyers they've represented in short sales and, of those, how many successfully closed the transaction.

2. Build a team

Ask agents to recommend real estate attorneys knowledgeable in short sales and title experts. A title officer can do a title search to identify all the liens attached to a property you’re interested in. Because each lienholder must consent to a short sale, a property with multiple liens, like first and second mortgages, mechanic’s and condominium liens, or homeowners association liens, will be harder to purchase.

A title search may cost $250 to $300 up front, but it can help weed out less desirable properties requiring multiple approvals.

3. Know the home’s fair market value

By agreeing to a short sale, lenders are consenting to lose money on the loan they made to the sellers to purchase the home. Their goal is to keep those losses as low as possible. If your offer is dramatically less than the home’s fair market value, it may be rejected. Your agent can help you identify the price that’s good for you. The lender will determine whether approval is in its best interest.

4. Expect delays

There are two stages to a short sale. First, the sellers must consent to your purchase offer. Then they must submit it to their lender, along with documentation to convince the lender to agree to the sale.

The lender approval process can take weeks or months, even longer if the lender counteroffers. Expect bigger delays if several lienholders are involved; each can make a counteroffer or reject your offer.

5. Firm up your financing

Lenders will weigh your ability to close the transaction. If you're preapproved for a mortgage, have a large downpayment, and can close at any time, they’ll consider your offer stronger than that of a buyer whose financing is less secure.

6. Avoid contingencies

If you must sell your current home before you can close on the short-sale property, or you need to close by a firm deadline, your offer may present too many moving parts for a lender to approve it.

Also, consider ordering an inspection so you’re fully informed about the home. Keep in mind that lenders are unlikely to approve an offer seeking repairs or credits for such work. You’ll probably have to purchase the home “as is,” which means in its present condition.

This article includes general information about tax laws and consequences, but isn't intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws



G.M. Filisko is an attorney and award-winning writer who luckily has avoided the need for a short sale on her properties. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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7 Hot Home Improvement Trends that Make Your Home Work for You

By: Lisa Kaplan Gordon

Published: May 13, 2011

Home improvement trends embrace energy efficiency, low maintenance exteriors, and double-duty space.

Trend #1: Maintenance-free siding

We continue to choose maintenance-free siding that lives as long as we do, but with a lot less upkeep. But more and more we’re opting for fiber-cement siding, one of the fastest-growing segments of the siding market. It’s a combination of cement, sand, and cellulosic fibers that looks like wood but won’t rot, combust, or succumb to termites and other wood-boring insects.

At $5 to $9 per sq. ft., installed, fiber-cement siding is more expensive than paint-grade wood, vinyl, and aluminum siding. It returns 80% of investment, the highest return of any upscale project on Remodeling magazine’s latest Cost vs. Value Report.

Maintenance is limited to a cleaning and some caulking each spring. Repaint every 7 to 15 years. Wood requires repainting every 4 to 7 years.

Trend #2: Convertible spaces

Forget “museum rooms” we use twice a year (dining rooms and living rooms) and embrace convertible spaces that change with our whims.

Foldaway walls turn a private study into an easy-flow party space. Walls can consist of fancy, glass panels ($600 to $1,600 per linear ft., depending on the system); or they can be simple vinyl-covered accordions  ($1,230 for 7 ft. by 10 ft.). PortablePartions.com sells walls on wheels ($775 for approximately 7 ft. by 7 ft.).

A Murphy bed pulls down from an armoire-looking wall unit and turns any room into a guest room. Prices, including installation and cabinetry, range from $2,000 (twin with main cabinet) to more than $5,000 (California king with main and side units). Just search online for sellers.

And don’t forget area rugs that easily define, and redefine, open spaces.

Trend #3: A laundry room of your own

Humankind advanced when the laundry room arose from the basement to a louvered closet on the second floor where clothes live. Now, we’re taking another step forward by granting washday a room of its own.

If you’re thinking of remodeling, turn a mudroom or extra bedroom into a dedicated laundry room big enough to house the washer and dryer, hang hand-washables, and store bulk boxes of detergent.

Look for spaces that already have plumbing hookups or are adjacent to rooms with running water to save on plumbing costs.

Trend #4: Souped-up kitchens

Although houses are trending smaller, kitchens are getting bigger, according to the American Institute of Architects’ Home Design Trends Survey.

Kitchen remodels open the space, perhaps incorporating lonely dining rooms, and feature recycling centers, large pantries, and recharging stations.

Oversized and high-priced commercial appliances—did we ever fire up six burners at once?—are yielding to family-sized, mid-range models that recover at least one cabinet for storage. 

Since the entire family now helps prepare dinner (in your dreams), double prep sinks have evolved into dual-prep islands with lots of counter space and pull-out drawers.

Trend #5: Energy diets

We’re wrestling with an energy disorder: We’re binging on electronics—cell phones, iPads, Blackberries, laptops--then crash dieting by installing LED fixtures and turning the thermostat to 68 degrees.

Are we ahead of the energy game? Only the energy monitors and meters know for sure.

These new tracking devices can gauge electricity usage of individual electronics ($20 to $30) or monitor whole house energy ($100 to $250). The TED 5000 Energy Monitor ($240) supplies real-time feedback that you can view remotely and graph by the second, minute, hour, day, and month.

Trend #6: Love that storage

As we bow to the new god of declutter, storage has become the holy grail.

We’re not talking about more baskets we can trip over in the night; we’re imagining and discovering built-in storage in unlikely spaces--under stairs, over doors, beneath floors.

Under-appreciated nooks that once displayed antique desks are growing into built-ins for books and collections. Slap on some doors, and you can hide office supplies and buckets of Legos.

Giant master suites, with floor space to land a 747, are being divided to conquer clutter with more walk-in closets.

Trend #7: Home offices come out of the closet

Flexible work schedules, mobile communications, and entrepreneurial zeal are relocating us from the office downtown to home.

Laptops and wireless connections let us telecommute from anywhere in the house, but we still want a dedicated space (preferably with a door) for files, supplies, and printers.

Spare bedrooms are becoming home offices and family room niches are morphing into working nooks. After a weekend of de-cluttering, basements and attics are reborn as work centers.

Lisa Kaplan Gordon is a HouseLogic contributor and homebuilder.

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by Elaine Woods | 0 Comments

Know Before You Owe: Government Wants Your Opinion on New Mortgage Disclosure Forms

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Know Before You Owe: Government Wants Your Opinion on New Mortgage Disclosure Forms

By: Dona DeZube

Published: May 23, 2011

When was the last time the federal government asked your opinion on anything? Hold on to your citizenship hat. The feds are taking a cue from "American Idol" and asking for your input on something--by May 27.

When was the last time the federal government asked your opinion on anything? Hold on to your citizenship hat. The feds are taking a cue from "American Idol" and asking for your input on something--by May 27.

Remember the wildly confusing disclosures you got a few days after you filled out your last mortgage application? Well, a new federal consumer watchdog agency wants to know what you think of a new, stripped-down mortgage disclosure form that’s supposed to clearly reveal the thing you must know before you take out a home loan: Can I afford this mortgage?

“The current forms can be complicated and difficult for consumers to use. They’re also redundant and can be costly for lenders to fill out,” says Elizabeth Warren, assistant to the president and special adviser to the secretary of the treasury on the Consumer Financial Protection Bureau.
 
“Complicated and difficult” is putting it mildly. "Incomprehensible to the average American who didn’t major in finance" would be more accurate. Instead of saying: “Shop around for the best deal on home owners insurance,” the old Truth-in-Lending form reads, “You may obtain property insurance from anyone you want that is acceptable to the creditor.”

The new forms have pretty much everything the old mortgage disclosure forms had, with one exception—they don’t tell you how much you’re going to end up paying the lender if you make it to the end of the loan without refinancing. You know this number. It’s the one you looked at during closing and thought, “I’m going to be paying the lender how $#@*(* much for this loan?”

So you’ve got until Friday, May 27 to check out the forms and tell Warren what you think at an interactive website called Know Before You Owe.

Warren's new approach is a refreshing change from the classic regulator approach to consumer protection in which the agency proposes a rule, the industry comments, and the agency then tells everyone its original proposal was right and it’s sticking with it.

Compared with the current three-page good-faith estimate and the two-page Truth-in-Lending Estimate forms, the two versions of the new proposed form look fairly straightforward and simple. Both versions manage to use one page (back and font).

After the consumer comment period, the CFPB will do five rounds of testing, review, and revision with consumers and lenders in six cities: Albuquerque, N.M.; Baltimore; Birmingham, Ala.; Chicago; Los Angeles; and Springfield, Mass., through September 2011 to select and refine a single draft disclosure.

Initial rounds of testing will include both English- and Spanish-language versions.

So voting for a disclosure form might not be as exciting as casting a vote for your favorite "American Idol," but just like on the TV show, you’ll wait for the results longer than you’d like. The final form won’t be ready to go until July of 2012.

Will you be submitting comments about this form? What do you think of the government’s approach to this process?

by Elaine Woods | 0 Comments

Quick Ways to Make Some Shade, But Don’t Forget: Trees Are Best

By: Lisa Kaplan Gordon

Published: May 24, 2011

If you prefer a drier cool, as opposed to the misters we mentioned yesterday, read on to find some quick ways to make some shade. Plus, get some tips on getting shade with some quick-growing trees.

If you prefer a drier cool, as opposed to the misters we mentioned yesterday, read on to find some quick ways to make some shade. Plus, get some tips on getting shade with some quick-growing trees.

Immediate relief

Umbrellas, awnings, and quick-assembly patio tents are quick, although sometimes costly, methods of creating shade instantly.

The ubiquitous patio umbrella—found even in grocery stores for $30—can either stand alone upright or offset, or slip into a hole in your patio table.

Choose an umbrella that tilts, so you can block the sun at any angle. Or get one that’s fabulous, like Frontgate’s Rimbou Lotus Shade, which looks like a giant palm frond. (Cost: $1,795.)

Retractable awnings, a permanent feature of older southern homes, are traditional shade makers for outdoor areas up to 12 feet from your house. Motorized awnings take the fuss out of opening and closing. Depending on size and what kind of bells and whistles they come with, awnings typically cost from $400 to $3,000.

Portable awnings are my favorite, because they make shade wherever, not just areas close to the house. SunSetter’s Large Oasis Freestanding Awning, measuring 16 ft. by 10 ft., can provide 160 sq. ft. of shade. (Cost: $1,549 manual; $2,099 motorized.)

A cloth gazebo (aka patio tent or canopy) is another option that’s great for entertaining. You can go simple and inexpensive ($50 for Target’s Outdoor Patio Pariesienne Gazebo Canopy, though online reviews indicate you get what you pay for). Or you can step it up with the Garden Oasis Lighted Gazebo, complete with lights and netting for $700 at Sears.

Long-term re-leaf

Growing shade trees is the greenest—and slowest—way to block the sun on patios and decks. There’s nothing as cool as sitting under the shade of an old oak tree.

If you can’t wait 20 years for a little shade, plant a quick-growing variety which, in tree language, means it grows a couple of feet or more each year. You can rush the process by paying more and buying big trees, and you’ll see a return on your investment. Here are some species to consider.

• American Elm: (Zones 2-9) Grows rapidly up to 100 feet tall and 120 feet wide. Adapts to varied climates and soil conditions.

• October Glory Red Maple: (Zones 4-9) Provides a 35-foot spread and grows to 40 feet high.

• Sawtooth Oak: (Zones 4-9) Dark green summer foliage turns yellow to brown in fall. Wildlife will love its acorns.

• Chinese Pistache: (Zones 6-9) Wonderful wide canopy and grows in all but the coldest zones.

• Natchez Crape Myrtle: (Zones 7-10) Lots of long-blooming white flowers and cinnamon-colored bark.

How do you block the sun from baking your patio or deck in summer? Did you plant a tree a few years back that is now rewarding you with lots of shade? We’d love to know!

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by Elaine Woods | 0 Comments

Ants, Wasps, & Mosquitoes: Do-No-Harm Defense or All-Out War?

Article From BuyAndSell.HouseLogic.com

This week we've been helping you make patios and decks more comfortable (http://www.houselogic.com/blog/outdoor-living/) during hot and humid days. Today, we're focusing on how to prevent ants (try Cream of Wheat), yellow jackets, and mosquitoes from ruining your outdoor fun this summer.

Would you rather shoo bugs away naturally? Or take no prisoners with warfare?

We'll help you do both (depending on your mood). That way, when you eat hot dogs, the bugs don't eat you.

Mosquitoes

Mosquitoes have graduated from whining pests to West Nile disease-carrying stalkers. So getting rid of mosquitoes, and preventing them from hatching, should be a top priority. Try these tips.

Do-no-harm defense:

•Eliminate standing water-empty buckets and watering pails-where mosquitoes breed. Reduce puddles with a push broom.

•Attract bug-eating wild birds by growing sunflowers or filling bird feeders and birdbaths.

•Clean birdbaths and keep water moving with battery- or solar-powered wigglers (http://www.birdbaths.com/bird-bath-accessories/bird-bath-wigglers-&-bubblers/waterwiggler.cfm).

•Spray oil of eucalyptus, which repels mosquitoes.

•Don't wear perfume-it attracts mosquitoes.

•Light torches or citronella candles. Smoke repels mosquitoes.

Warfare:

The U.S. Centers for Disease Control, which is trying to protect you from the West Nile virus, recommends applying insect repellent whenever you work or play outdoors. The CDC recommends:

•DEET: Still the most widely used and effective mosquito repellent, though not recommended for young children, and must be reapplied throughout the day. It also eats plastic, like your sunglasses or water bottle. (Ben's 30% DEET Spray: $4)

•Picaridin: An ordorless DEET alternative that is less irritating and obnoxious, but not as long-lasting (8 hours vs. 11 hours). (Cutter Advanced Sport: $8)

Ants

Ants want to enjoy your barbecue, too. Here's how to get rid of these uninvited guests.

Do-no-harm defense:

•Ants won't cross lines made of chalk, salt, talc, baby powder, or cinnamon. They also shy away from bay leaves.

Warfare:

•Spread borax around ant hills and patio/deck perimeters. Ants will eat it, causing them to dry up.

•Try feeding them Cream of Wheat (while not a chemical, it does have the same effect), or another food that expands. It will explode their stomachs.

Bees and yellow jackets

Most bees won't harm you unless you accidentally stumble over their nest. They're good for your landscaping and the planet in general, so leave the bees be.

Yellow jackets, on the other hand, are stinger missiles. These common wasps can sting the same person or animal several times. They leave telltale pheromones that mark the victim for a mass attack from hive-mates.

Do-no-harm defense:

•Yellow jackets love protein foods, so cover your meal during prep time, and wrap or throw out leftovers.

•Cover garbage cans and quickly clean up after raccoons or dogs that get into your trash.

•Wasps won't invade other wasps' territory, so trick them into thinking your patio is already claimed: Fill a paper bag with newspaper and hang it from a tree.

•Make a trap (http://www.getridofthings.com/get-rid-of-yellow-jackets.htm) with a soda bottle and fruit juice.

•Avoid wearing bright, flower-like colors that make you look like a giant flower.

Warfare:

•Chemically controlling yellow jackets requires finding the nest, which is risky. Baits, which wasps bring back to nests so you don't have to visit, are a better bet. Mix protein-tuna, chicken, cat food-with insecticides such as fipronil (http://www.getridofthings.com/get-rid-of-yellow-jackets.htm).

Which is your favorite bug eradication method? Do-no-harm defense or all-out war?

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by Elaine Woods | 3 Comments