Home Repair: Which Jobs Come First? - via @Yahoo Finance

Check Out This Article! See What Home Improvement Projects

Are Worth Investing In

"Lean times call for budgetary triage. But while you should clearly opt for orthodontics before Disneyland, the choice is tougher when it comes to home maintenance.

Should you get a paint job or a new furnace? "There's no homeowner's manual that tells you when to do what," says Naperville, Ill., home inspector and structural engineer Mark Waldman.

Emergencies aside, the project that could cause the most damage and expense if left unfixed is the priority. Below, the order in which to tackle your biggest repair needs.

1. Electrical system

 

Wiring problems claim the No. 1 spot for good reason: They can lead to fires and electrocution. "That trumps everything," says Waldman.

Danger signs: Circuit breakers that trip frequently, lights that dim when you turn on the vacuum or outlets that are loose, hot, or accept only two-prong plugs.

How to check: Spend $300 to $500 for a licensed electrician to open up your main panel to look for trouble and to tighten any loose connections. He'll also spot-check switches, outlets and light fixtures to ensure that the wiring is in safe working order.

Replacement cost: $4,000 to $10,000 to rewire the house.

Prolong its life: Flip every circuit breaker off and on again once a year to prevent corrosion. Add new circuits ($100 to $500 each) to take the heaviest electrical loads, like window air conditioners, off the old wires.

2. Basement

Structural problems downstairs mean shifting and cracking upstairs -- at the very least -- so there's little point in doing other repairs until you've fixed the building's foundation.

Danger signs: Bowed or split beams, rotted posts, piles of sawdust (evidence of wood-boring insects), tiny mud trails (indications of termites), or large cracks in the masonry foundation -- especially if the cracks are horizontal, which tends to indicate a bigger problem.

How to check: A contractor will usually take a look free of charge. If he recommends significant repairs, hire a home inspection engineer (find one at nabie.org) to investigate ($350 to $500).

Replacement cost: Major foundation work can cost $3,500 to $8,000; new posts or beams could run $1,200 to $2,500.

Prolong its life: Water is the cause of cracked concrete, rotten timbers and wood-eating pests. So keep your basement dry by making sure the landscape slopes away from the house and maintaining the next two items on the list: the roof and gutters.

3. Roof

 

pic via expertroofrepairtoronto.ca

 Water leaking into your home from above can lead to a host of pricey problems: rot, insects, electrical shorts and mold.

Danger signs: Dampness or stains on ceilings; curling, missing, or broken shingles; smooth spots where the granules have worn away; green algae growth.

How to check: Have a roofer inspect your home. This is typically free, but the pro, of course, is looking for business. So check the company's reputation at angieslist.com ($5 a month).

Replacement cost: $5,000 to $15,000

Prolong its life: Prune tree limbs so they're at least 10 feet from the roof to keep squirrels away and to let moisture evaporate quickly after storms. If shingles blow off, replace them immediately, and repair small leaks promptly.

4. Gutters

Your gutters are just as important as the roof. The only reason they're lower on this list is that if you replace gutters first, they're likely to get damaged when you reroof later. So if you need a roof too, it's better to wait -- or do both projects at the same time.

Danger signs: Dented or disconnected gutters, pooled water around your home's foundation, or basement flooding near the downspouts.

How to check: Head outside during a rainstorm and watch the gutters in action, says Caitlin Corkins, stewardship manager for Historic New England, which maintains dozens of historic properties. "The best time to see clogs and overflows is when the system is working," she says.

Replacement cost: $1,500 to $3,000

Prolong its life: Hire a gutter company to clean, check, and repair your gutters ($100 to $200) at least once a year -- two or three times if you're in a wooded area. And have someone clear the eaves of deep snow to prevent icing, which can split open gutters or rip them right off the house.

Read More regarding...

5. Exterior walls and

6. Aging equipment

    at finance.yahoo.com

 

These investment projects increase your home's value over time-and help to elevate the interest in buying your property! It gives future homeowners the assurance that your property has been properly maintained and updated as needed.

And When You are ready to look at selling your home-Hire a Professional, to make sure that the process is a smooth one!

Posted via email from Toronto East Homes

Why It's A Good Time To Buy A Home (Here in Canada) via @moneyville .ca

"There has never been a better time to buy a home. I haven’t seen so many positive signs for housing, whether you are thinking of buying or locking in a mortgage.

Here’s why:

Mortgage rates at historic lows: They can’t get any lower. Four to five-year fixed mortgages at 3 per cent are unheard of. It is lower than the variable rate that most Canadians have been paying for years. Rates have nowhere to go but up, either later this year or next. If you are paying a variable interest rate, lock in now.

Canada’s appeal: This country has everything going for it — a stable banking and political environment, steady real estate market, the natural resources people want and few social tensions. That makes us a safe haven in a volatile world.

pic via allpics4u.com

Our immigrant draw: Because of the above, we’re a draw for immigrants, often wealthy ones. When they get here, they need a home. So in my view while the real estate market may level off in some areas of Ontario, it should stay strong in most of the GTA and likely Canada’s other large urban centres as well.

pic via blogto.com

Mortgage defaults: According to CMHC, over 99 per cent of Canadians pay their mortgages on time. It's quite a different picture in the U.S. where 7 million homes are in foreclosure and perhaps another 7 million homeowners are under water. This represents almost 15 per cent of all homes. So while the American housing market will likely be weak for the next few years, this should not occur in Canada. Our banks are not dumping homes onto the market, so there is no downward pressure on prices.

Recourse Mortgages: In many U.S. states, if you can’t pay your mortgage, the only thing the bank can do is foreclose; they cannot sue you for any shortfall. So when homes go under water, owners give the keys back to the bank. In Canada, loans are almost all Recourse, meaning if you don’t pay and there is a shortfall, the lender can sue you for the difference. This is another reason why, in my opinion, even if times do get tough, Canadian homeowners will find a way to make the payments until things improve.

Income-to-price ratio: Another misleading statistic is that in major markets, like Toronto, the average price of a home is now 4.6 times the income of the average Canadian. This same statistic was found just before the U.S. and UK markets went into the tank. However, if you look at median incomes of Canadians against the median cost of homes, this average comes down to around 3.5, which is not dangerous. Using averages are wrong. A person receiving social assistance will not buy a home, and should not be included in any relevant statistic.

High consumer debt: The warnings about rising debt ratios must be examined carefully. The Governor of the Bank of Canada is worried that the average personal debt ratio is now 156 per cent in Canada. This means a household making $100,000 per year, owes $156,000, two-thirds of which is mortgage debt. Why is this so bad? At an interest rate of 3 or even 5 per cent, the amount needed to service the debt is manageable. Most people do not pay off their mortgages in one year. Still, this is another good reason to consolidate your debt now, at these low interest rates, and lock in.

No guarantees: Nobody can predict the future and there’s always the possibility of a major economic shock. Yet, in a U.S. presidential election year, politicians will do whatever is necessary to prevent it. If the economy goes into the tank, so do re-election chances. The U.S. is already showing signs of economic recovery.

No matter what, do not take on a monthly payment higher than what you can afford. Meet with your lender or mortgage broker in advance to figure out what you can afford before you start looking for a home. It may be the best time to buy, but you need to buy smart."

Source:  Mark Weisleder in Moneyville.ca.

Posted via email from Toronto East Homes

STAGING… FOR A FASTER SALE AND HIGHER PRICE

pic via diva decor

There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.

Start with the Basics

Everything from floors to windows must be spotless. Remember to clean the oven and other major appliances.

Skylights should be crystal-clear, too.

Kill the offensive odors. They're the first thing buyers notice, and often a permanent turnoff.

Eliminate clutter.

Put away small kitchen appliances and other items that are sitting on countertops and tables.

Remove photographs from table-tops.

Organize the closets.

Outside Tasks

Clean the drain gutters. Buyers almost always comment if gutters are full of leaves and it makes them question other maintenance issues.

Store or organize items that make the yard look messy.

Make your front entry inviting. Decorate it, paint the door or buy a new door. It's the first look at your house, so make it a good one.

pic via http://abodelove.blogspot.com

Tips for Vacant Homes

Vacant homes often greet Real Estate Sales Representatives and home buyers with a blast of stale or mildew-laden air. As soon as buyers smell mildew, they are out the door. Deal with the mildew before you list the house.

Have you ever noticed that during colder months the interior of a house without heat always feels colder than it is outside? Leaving the heat or air conditioning running while a home is on the market reduces odors and makes the house more inviting. Keep the lawn and landscaping tidy, even if you have to hire someone to do it.

Don't Take it Personally

The first step is to separate yourself from any personal feelings you may have about your home. It's not your home now; it's a commodity you intend to market. As the seller, you must trust your own instincts. Try to evaluate your house as if you are seeing it for the first time.

If you were a home buyer, what would you think about the house?

What changes would make immediate improvements?

What are the home's best features and how can you show them off?

How about a look that says "comfort" or a popular decorating theme, such as the vintage, casual look of Shabby Chic.

Create a Mood

Is there a mood that you’d like to create? If you're near water, how about breezy fabrics and blue-green colors that remind us of the beach? If you're in the mountains, perhaps you could go rustic. Study the house, brainstorm, and speak to your friends or family members about possible ideas.

pic via http://vi.sualize.us

Pack It Up

Pack away most of your family photos. Buyers should be able to imagine their own possessions in the home. When home buyers start deciding how their furniture will fit into your rooms, you're on your way to a contract.

Pack up the bulk of large, personal collections, so that buyers don't get so distracted by them that they forget to look at the house.

Make It More Spacious

Remove excess furniture to make rooms appear more spacious.

Clean and organize the closets.

Store boxes in an out of the way location or rent a temporary storage unit so you can de-clutter every part of the house.

Expose Desirable Features

Remove rugs if they’re covering up nice hardwood floors.

Remove heavy drapes that keep out natural light, especially if there's a great view out the windows.

Add Some Life

Living (not artificial) plants go hand-in-hand with nearly any home staging theme.

 

Freshen Up

How about a coat of fresh paint? Are walls in the house dingy? Are the colours dated? Should you clean curtains or other window ornaments?

Create a Mood

Bake bread during showings, or place a fresh loaf in a basket on the counter to create a warm and homey atmosphere.

Classical music playing softly in the background is nice, but choose something that enhances the mood you are trying to create. For example, in the Blue Ridge Mountains, locals and out of town buyers react positively to Appalachian folk music playing softly in the background.

Essential Curb Appeal

In addition to keeping the lawn nicely trimmed, there are other elements you can add to grab a buyer's attention before they walk in the door:

Use outdoor lighting. It does wonders in the evenings when many homebuyers do drive-bys of properties.

Buy an attractive doorknob set.

Sweep the driveway; pressure wash the house or sidewalks if necessary.

Enhance landscaping.

A great overall impression is often enough to make a buyer more lenient about minor repairs that may be required. You want them to fall in love with the house as soon as they see it from the street.

pic via http://estateinlajolla.com/gallery.php

Posted via email from Toronto East Homes

Weigh In on Various House Toys-Are They Worth It? @sharoncrann @RealEstate

Of course a basement waterfall and grotto is a practical and useful addition to any home.  That’s pretty much the only thing standing between you and the playboy lifestyle you’ve always dreamed about, right?   But who’s going to clean it? It’s easy to fall in love with certain features of a home, but to find out that those same features, in the long run, are your least favorite.  Here are a few common ‘extras’ and a quick assessment of their relative values. 1. In-floor Heating Also referred to as radiant heat, in-floor heating is a brand new invention.  Well, except that the Romans did it a couple thousand years ago by channeling hot air under the floors of their villas.  And Frank Lloyd Wright did it in the thirties with hot water, but other than that . . . For:  In-floor heat comes in two primary forms: hot water heat and electric heat, and there are many advantages.  The dramatic energy savings promised shouldn’t prompt you to ask for a decrease in salary just yet, since the more popular hot water radiant heat usually requires a second hot water heater and won’t shave too much off of your bill, but there are some notably appealing elements to in-floor heat in general.  Radiant heat is just that – even and consistent, without the up-and-down temperature shifts associated with most conventional heating systems.  It’s also silent and invisible, with no bulky radiators or even register vents ruining the feng of your shui.  Radiant heat also won’t dry the air, and won’t have you hopping about looking for your slippers on a cold morning. Against:  In-floor heating systems are still considered a luxury, and can add a fair bit to the value of a home.  They are new, and potential long-term issues have not been entirely worked out.  A handful of people also are leery about the prospect of piping a significant amount of water throughout their cherished home for fear of potential leakage.  All relatively minor concerns. Assessment:  Find someone with in-floor heating who doesn’t love it.  I dare you. 2. Backyard Pool   It’s the quintessential luxury item that announces once and for all that you are a big dog, even in parts of the country like this one where it can only be used about ten minutes per year.  It is the swimming pool.  From pools that are little more than big pits of standing water to jewel-encrusted infinity pools that usually adjoin large bodies of water, pools were once the thing.  Are they still? For:  A 2004 4-state NAR study found that having a pool increased property values from 8 to 15%.  The idea of kicking back all summer with a piña colada, sitting next to the lapping water with friends can be quite attractive.  And rightfully so. Against: Safety issues have not been blown out of proportion by the media.  Pool deaths happen all the time, there’s no getting around that fact.  Pools are expensive to maintain, even without hiring a pool cleaner, and are a lot of work.  As beautiful as a pool can be when it is maintained properly, it can be an eyesore if it is not.  A pool tends to negate having any significant usable space for a backyard.  Am I missing anything? Assessment:  The issues involved with owning a pool can be overcome, and many people enjoy having a pool very much.  You just have to want one really badly for it to be worthwhile. 3. Dream Kitchen   Kitchens do cool things these days.  Appliances paneled to look like cabinets, an extra tap above the stove for filling large pots of water, $15,000 pounded-copper range hoods, and 460 different countertop materials . . . For:  Kitchens are finally being designed with maximum utility in mind.  When shopping for a home, focus on the kitchen – it is where you will likely spend a great deal of your time, and the room in which every party tends to congregate.  Before you fall in love with that Kohler faucet, however, analyze the kitchen’s layout from a purely utilitarian standpoint.  Is the magic triangle of sink-stove-fridge arranged conveniently?  Are cabinets and other storage in logical places?  Is there sufficient light?  And most importantly, is this a space you will feel comfortable and happy in?  Don’t underestimate the importance of a functional and attractive kitchen. Against:  Be careful not to fall in love with the impermanent fixtures in a kitchen.  While those glass-front, backlit uppers may brilliantly display the seller’s Royal Daulton bone china, will your mixed collection of garage sale Melmac have the same effect?  Likewise, if your idea of cooking is heating up last night’s pizza, perhaps space would be better used elsewhere.  Assessment:  The kitchen is the hub of virtually any home.  Don’t underestimate its importance. 4. Activity Rooms   This is an overly broad categorization, of course, but activity rooms like workshops, games rooms, and exercise rooms tend to hold common appeal – and common drawbacks. For:  Having the right setup for a particular activity can be inspiring.  Having a single power tool in each room of your house and each corner of the garage and shed is not exactly the ideal situation for building that crib you started on for your daughter and are determined to finish before the birth of you granddaughter.  Likewise, if you have the latest elliptical trainer and weight set in a room next to your bedroom with a 12 foot plasma TV facing it, perhaps you will find that six-pack after all. Against:  If you can’t make a dovetail joint, all of the tools in the world will not give you that knowledge.  If you haven’t lifted anything heavier than a handful of pork rinds in the last decade, a workout room will likely soon become just a TV room with uncomfortable seating.  Unreasonable expectations usually develop into unreasonable decisions. Assessment:  Your home should inspire you and will, to a certain extent, dictate your lifestyle.  Be rational in your decisions, however, and aim for versatility rather than rooms that are locked in to a particular use that may not be as useful in the future. The Bottom Line With all of your dream home features, try to let reason prevail (or at least get a word in edgewise).  You may absolutely worship the tumbled marble rainforest shower with the heated towel rack, but it will be of little comfort every morning and night when you are cursing the home’s lack of closet space.  It is often the most boring attributes of a home that will give you the most pleasure. Now, off to luxuriate in my rainforest shower.  I had to take out the bedroom to install it, but that’s okay, I don’t mind sleeping in the kitchen .

Posted via email from Toronto East Homes