August
2010
Online shopping has been on the rise for everything. I mean you can buy anything online and people are doing it. There is nothing you cannot find online. People have eliminated the fun of going to a store in person and picking stuff out. All they do is hop on their laptop and click away. E-commerce is growing and growing and I don’t see it stopping. Home Improvement online shopping is an aspect that has quickly grown into a more popular way of finding contractors and ordering supplies. Here are some tips so that you can avoid the alway common online glitches.
Finding a contractor online is sometimes difficult, but there are plenty sites specifically devoted to people looking for a good contractor, where they provide consumer ratings. Therefore you can get a feel for the contractor based on prior customers reviews. Be cautious with any sites that have anonymous postings and ads that appear in search results that appear to be positive ratings. NYC, Chicago and LA have a great site called Franklin-Report.com. which has user comments that is similar to Zagat ratings for contractors. Another option is Angieslist.com which is $5/mo paid by credit card to prevent users from making more than one account. Once you find a contractor you are thinking about moving forward with, do yourself a favor and do a background check on them. Get a report about a contractors licensing, bonding, insurance, bankruptcy, civil judgements, criminal background, liens and credit rating. All of that information for only $13 at contractorcheck.com.
Ordering supplies is the next step and some of the big time players like HomeDepot.com and Lowes.com have more of a selection with better prices and discounts. Just keep in mind that if something goes sour, those savings could turn into cost overruns. As with any online purchase, you run the risk of shipping damage or late deliveries, which can derail a project with multiple tradesmen working around one another’s schedules. So be sure to work with your contractor before ordering supplies online. Make sure if gives you the green light and provides technical specs. I’m still all about referrals for contractors and going to a local store to pick out my supplies. Can be done quicker and easier to match items and personally I hate dealing with call centers. But if you have the patience and skill for online Home Improvement shopping just be cautious!
August
2010
Its been a good summer weather wise, for the most part, can’t really complain. Although we have had some severe flash flood storms in June and July. As quick as they were, they brought a lot of damage to plenty of homes across Massachusetts (i.e. my apartment…..). Anyways, roofs have been damaged and when this happens all of sudden there happens to be a thousand different contractors in your neighborhood. Here are some tips to help confirm the legitamacy of some these contractors.
First things first, it is super important to address your damaged roof as soon as possible, it is something that you cannot afford to let sit, the last thing you want is a mold issue on top of this, trust me, I know from experience. Start by giving your insurance company a call, theres a solid chance they’ll be able to recommend you a contractor and cover some or all of your repairs. I find the way best thing to do is use a local roofer with a great, lengthy track record. The convenience of a local roofer mixed with a great history is the ideal worker. The one problem with local contractors is that they are often fully booked after damaging rain storms, there is a great possibility that he won’t be able to squeeze you in for weeks or even months and like I mentioned above, do not wait around on a rain damaged roof. So before you go to an outsider, make sure you check the Better Business Bureau and call state licensing agencies to see if the company has met all licensing and bonding requirements. Its okay to ask to see the roofer’s certificates of workmans compensation and proof of current liability insurance. Also don’t feel obligated to pay the full amount up front, instead pay a deposit of a third or half of the work and then pay the remaining balance once you’re satisfied with the workmanship and have closely examined the invoices made by the suppliers and subcontractors.
Pricing is another concern that should be always looked into. Prices will always vary depending on whether your home is a single story or two story and its also based on the roof’s pitch and the condition of your plywood sheathing. But here is what to expect to pay: between $40 – $80 per square or 100 square feet to tear off old shingles and perhaps an additonal $150 – $300 for flashing for chimneys and another $25 for piping needs. You’ll also need to pay for the cost of the new material and its installation which can run about $75 – $100 per square for basic three tab asphalt shingles, but as long as you are replacing the roof, you should consider an upgrade and for about $125 – $175 per square you can get thicker, impact resistant shingles that resisi hail damage and may make you qualified for a discount towards your insurance. If you can afford it, raise the bar a little and get some more durable long lasting materials like concrete tile or slate which can range between $500 – $1000 per square. No matter what you choose to do, make sure you take care of it quickly through a legitamate contractor. For further contracting tips or to get a referal from us please contact Epapa27@yahoo.com
August
2010
Its a buyers time right now and plenty of people are trying to take advantage of the super low mortgage rates to save some money. The only problem are the closing costs! They can add a fortune on to your expenses and all of a sudden you’re hardly saving anything at all. Fees can be added in the blink of an eye by certain lenders and their vendors. Right now the US Department of Housing and Urban Development (HUD) is working on creating regulations that will simplify the mortgage process and save consumers as much as $1,000 off a typical mortgage transaction – theres no promising when this will come into in affect so for now just follow a couple of these rules that CNN.com has provided for all of you borrowers out there.
Get Friendly with your Current Lender
If you’re looking into refinancing, the first call you should make is to your existing lender, who already has critical information about you and your house on file. With an existing relationship with a lender it opens doors to a potential “streamlined” process which will save you a lot of extra paperwork and money on everything from application fees to appraisal fees. For people who have recently refinanced their home or have taken out a loan, you can save as much as 50% on title insurance by asking for a reissue rate, which your lender will request for you.
Get Nitpicky About Fees…
There are about a dozen different kinds of fees that could show up on your final closing statement, including credit report fees, appraisal fees, document preparation fees, title fees, recording fees and underwriting fees. For example, fees on a $200,000 mortgage could add up anywhere from $1,000 – $3,000 and that is WITHOUT any “discount” points that you pay up front to get the best interest rate. Good credit borrowers should challenge any fees that seem excessive, especially when lenders don’t always control many fees that show up on your statement. Your closing costs could jump a lot from the original good faith estimate you’re given, so keep an eye on everything and keep all fees open for discussion if you’re having second thoughts.
…at the same time, do not forget to keep the big picture in view
First priority should be to get the lowest mortgage rate possible and its important not to lose sight of that. The difference between paying a 6% and a 5.5% on a new loan adds up to nearly $23,000 in interest on a $200,000 30-year mortgage. If you have to pay a few hundred dollars in closing costs to get that rate it is definitely worth it! In fact, sometimes if you’re short on cash you might even want to consider rolling the closing costs into your loan, if that is an option. You’ll want to consider how much more you’ll pay each month as well as in interest over the life of a loan. If you roll $2,000 in finance costs into a loan with a 5.5% rate, for example, you’ll pay an extra $11 a month and about $2,000 extra in total interest. In this case you’re still better off than if you had no refinanced at all.
August
2010
Students are coming to invade an apartment near you! With 20,000 new students on their way to Boston, the rental market is steady. Landlords should definitely review the process of handling last month’s rent and security deposits so there are no problems when the term of the lease comes to an end. Landlords are more liable than they think when it comes to handling these deposits so its an area to be careful in. Here are the requirements for holding a security deposit:
When the deposit is tendered, the landlord must give the tenant a written receipt which provides:
- the amount of the deposit
- the name of the landlord/agent
- the date of the receipt
- the property address.
Within 30 days of the money being deposited, the landlord must provide the tenant with a receipt stating the amount, bank and account number. The security deposit must be held in a separate interest bearing account that is protected from the landlords creditors. Also within 10 days after the tenancy begins the landlord must provide a written statement of the conditions that the tenants received the property in. Which then gives the tenants a chance to disclose any other damages that were not noted. The security deposit MAY be used for unpaid rent or reasonable damage to the unit. But they MAY NOT be used for eviction costs or attorney fees. The security must be returned to the tenants within 3o days of the tenants leaving. If you follow these directions then you’re in the clear!
July
2010
We’ve all had them, the clients that nothing is ever good enough for. You show them a vacant unit with incredible potential, but they just can’t seem to see it! This generation is getting way to picky about where they are going to live, everybody wants to live in the $1800 2 bedroom in The Mandarin (DOES NOT EXIST). Anyway, heres a tip for landlords struggling to rent their vacant condo. Furnish it with some contemporary and attractive furniture, it’ll turn the lonely, dark and empty room into an amazing pad that is ready to move in to. It is a GREAT way to attract potential renters. Whether you wish to leave it furnished and up the rent or if you are planning on removing the furniture after, its a guarantee that this will hurry the process of getting your place rented! For more tips or help on renting your condo please contact Epapa27@yahoo.com
July
2010
Qualified mortgage loaners are in a great position right now as it is a great time to receive one. Last week, rates for 30-year fixed rate loans fell to 4.57%, which reaches the lowest average since 1971. With rates this low, this enables home buyers to get a lot more value in the long term. There are many variables that play into finding a loan, for instance, your credit score must be at least 620 and the amount of cash you’re willing to put down also plays a serious part in getting a good mortgage. Here are some scenarios provided to us by boston.com:
You pay 20% down and expect to retire in the house
.
Take out a 30 year fixed rate loan. The interest rate stays the same (historic lows)
.
You have 20% down paid, but plan on moving again in a few years
.
Take out an adjustable rate loan of five. seven or 10 years. These lows carry a lower initial rate than the 30-year fixed do.
.
You have at least 20% down on a house that is worth over $729,500
.
You will need a jumbo loan which is not going to be backed by Fannie Mae or Freddie Mac.
.
If you put more than 20% down
.
Consider a 20 year fixed rate mortgage. Rates are sometimes lower than for a 30-year-fixed-rate by about a quarter point. But because the loan term is shorter, the monthly payment will be higher.
.
You don’t have a down payment
.
Your options are limited. If you’re a veteran or the surviving spouse of one, consider a mortgage backed by the Department of Veteran Affairs. These loans offer 100% financing without private mortgage insurance at competitive rates. Also if the home you’re buying is in a rural area (as defined by the Agriculture Department), you may qualify for a loan that offer 100% financing.
July
2010
The Kitchen is one of the most important rooms in a home! Its not just a place to sit down for dinner with the family, its become a place for having quick snacks, entertaining a small group, casual dining, paying your bills or even school projects and homework. With that being said, some families are feeling dissapointed with small kitchen space, they feel as if they are missing a crucial part to their home. Renovating and expanding your kitchen is one of the top ways of adding value to your home, but not everyone has the extra $50,000-$100,000 to put into their kitchen, so here are some tips that will enlarge the image of your kitchen and maximize the space.
Quick Ideas & Tips:
Start by RECONFIGURING THE EATING AREA, it is obviously essential to have a eating area, but the normal round tables you see in most kitchen take up way to much room, so try replacing it with a diner-style booth ($2,000-$6,000) which can be propped up against a wall and will only take up 6×8 of space. Another option is extending a countertop and turn it into a breakfast bar (about 15 inches off a peninsula or island). Grab some stools or bar chairs that can be tucked under the counter. That way it will open up the whole entire kitchen! Another great idea is to consider the importance of your dining room. If it is ever hardly at use, then possibly knock down the wall that separates the dining rooms and kitchen and make it one big room for all of your casual and semi formal dining experiences. The construction of that type of expansion would range anywhere from $1,500 to $4,500. Remember to always MAXIMIZE YOUR SPACE, get rid of the congested feel of old-fashioned floor plans and make use of spaces that can be moved. For example, walk-in pantries, mudrooms and laundry rooms. Some of those areas are often attached to some kitchens and would be great additional space to a kitchen. A big plus, is the fact that there are great deals available on stackable laundry units, which take up very minimal space and can be tucked away in almost any closet space. So use that laundry room for kitchen space and hide the ugly washer and dryer in an unused closet! If these options are not available in your kitchen and the only option is to add on space, then DO IT ECONOMICALLY & AFFORDABLE. Its very simple to add adjacent living space, many people desire an extra eating area next to the kitchen, or a small family room or den. It will open the floor plan up and it will make the kitchen seem larger. It will probably run you close to $200 a sqaure foot and save you the headaches and costs of remodeling and adding actual kitchen space. If you’re more interested in just giving your kitchen just that tiny extra little “bump” then there are many easy and affordable ways of doing so. Most of the times you will be able to just hang the space off of the side of your home, by just suspendning the additional square footage from the current structure. It almost is as it is a bay window. Something like that will add some extra room for under $3,000. Those are just a few popular and affordable tips to make your kitchen closer to the kitchen of your dreams! Bon Appetit!