Fall Maintenance Checklist

You'll be ready for winter's worst and head off expensive repairs when you complete this checklist of 10 essential fall maintenance tasks.

1. Stow the mower.

If you're not familiar with fuel stabilizer, you should be. If your mower sits for months with gas in its tank, the gas will slowly deteriorate, which can damage internal engine parts. Fuel stabilizer ($10 for a 10-oz. bottle) prevents gas from degrading.

Add stabilizer to your gasoline can to keep spare gas in good condition over the winter, and top off your mower tank with stabilized gas before you put it away for the winter. Run the mower for 5 minutes to make sure the stabilizer reaches the carburetor.

Another lawn mower care (http://www.houselogic.com/news/lawns/lawn-mower-care-sharpen-blade-clean-cut/) method is to run your mower dry before stowing it.

1. When the mower is cool, remove the spark plug and pour a capful of engine oil into the spark plug hole.
2. Pull the starter cord a couple of times to distribute the oil, which keeps pistons lubricated and ensures an easy start come spring.
3. Turn the mower on its side and clean out accumulated grass and gunk from the mower deck.

2. Don't be a drip.

Remove garden hoses from outdoor faucets. Leaving hoses attached can cause water to back up in the faucets and in the plumbing (http://www.houselogic.com/maintenance-repair/preventative-home-maintenance/plumbing/) pipes just inside your exterior walls. If freezing temps hit, that water could freeze, expand, and crack the faucet or pipes. Make this an early fall priority so a sudden cold snap doesn't sneak up and cause damage.

Turn off any shutoff valves on water supply lines that lead to exterior faucets. That way, you'll guard against minor leaks that may let water enter the faucet.

While you're at it, drain garden hoses and store them in a shed or garage (http://www.houselogic.com/home-improvement/rooms/garages/).

3. Put your sprinkler system to sleep.

Time to drain your irrigation system. Even buried irrigation lines can freeze, leading to busted pipes and broken sprinkler heads.

1. Turn off the water to the system at the main valve.
2. Shut off the automatic controller.
3. Open drain valves to remove water from the system.
4. Remove any above-ground sprinkler heads and shake the water out of them, then replace.

If you don't have drain valves, then hire an irrigation pro to blow out the systems pipes with compressed air. A pro is worth the $75 to $150 charge to make sure the job is done right, and to ensure you don't have busted pipes and sprinkler head repairs to make in the spring.

4. Seal the deal.

Grab a couple of tubes of color-matched exterior caulk ($5 for a 12-oz. tube) and make a journey around your home's exterior, sealing up cracks between trim and siding, around window and door frames, and where pipes and wires enter your house. Preventing moisture from getting inside your walls is one of the least expensive - and most important - of your fall maintenance jobs. You'll also seal air leaks (http://www.houselogic.com/home-advice/insulation/home-air-leak-seal-tips/) that waste energy.

Pick a nice day when temps are above 50 degrees so caulk flows easily.

5. De-gunk your gutters.

Clogged rain gutters can cause ice dams (http://www.houselogic.com/home-advice/seasonal-maintenance/preventing-ice-dams/), which can lead to expensive repairs. After the leaves have fallen, clean your gutters (http://www.houselogic.com/home-advice/roofing-gutters-siding/how-to-clean-rain-gutters/) to remove leaves, twigs, and gunk. Make sure gutters aren't sagging and trapping water (http://www.houselogic.com/home-advice/roofing-gutters-siding/rain-gutters-trap-water-easy-fixes/); tighten gutter hangers and downspout brackets. Replace any worn or damaged gutters and downspouts.

If you find colored grit from asphalt roof shingles in your gutters, beware. That sand-like grit helps protect shingles from the damaging ultraviolet rays of the sun. Look closely for other signs of roof damage (#5, below); it may be time for a roofing replacement (http://www.houselogic.com/home-advice/roofing-gutters-siding/roofing-repair-or-replace/).

Your downspouts should extend at least 5 feet away from your house to prevent foundation problems (http://www.houselogic.com/home-advice/foundations/understanding-foundation-problems/). If they don't, add downspout extensions; $10-$20 each.

6. Eyeball your roof.

If you have a steep roof or a multistory house, stay safe and use binoculars to inspect your roof (http://www.houselogic.com/home-advice/roofing-gutters-siding/inspecting-and-maintaining-your-roof/) from the ground.

Look for warning signs: Shingles that are buckled, cracked, or missing; rust spots on flashing. Any loose, damaged, or missing shingles should be replaced immediately.

Black algae stains are just cosmetic, but masses of moss and lichen could signal roofing that's decayed underneath. Call in a pro roofer for a $50-$100 eval.

A plumbing vent stack usually is flashed with a rubber collar - called a boot -- that may crack or loosen over time. They'll wear out before your roof does, so make sure they're in good shape. A pro roofer will charge $75 to $150 to replace a boot, depending on how steep your roof is.

7. Direct your drainage.

Take a close look at the soil around your foundation (http://www.houselogic.com/maintenance-repair/preventative-home-maintenance/foundations/) and make sure it slopes away from your house at least 6 vertical inches over 10 feet. That way, you'll keep water from soaking the soils around your foundation, which could lead to cracks and leaks.

Be sure soil doesn't touch your siding.

8. Get your furnace in tune.

Schedule an appointment with a heating and cooling pro to get your heating system checked (http://www.houselogic.com/home-advice/heating-cooling/essential-heating-system-maintenance/) and tuned up for the coming heating season. You'll pay $50-$100 for a checkup.

An annual maintenance contract ensures you're at the top of the list for checks and shaves 20% off the cost of a single visit.

Change your furnace filters, too. This is a job you should do every 2 months anyway, but if you haven't, now's the time. If your HVAC includes a built-in humidifier, make sure the contractor replaces that filter.

9. Prune plants.

Late fall is the best time to prune plants and trees (http://www.houselogic.com/outdoors/landscaping-gardening/plants-trees/) - when the summer growth cycle is over. Your goal is to keep limbs and branches at least 3 feet from your house so moisture won't drip onto roofing and siding (http://www.houselogic.com/maintenance-repair/preventative-home-maintenance/roofing-gutters-siding/), and to prevent damage to your house exterior during high winds.

For advice on pruning specific plants in your region, check with your state extension service (http://www.csrees.usda.gov/Extension/).

10. Give your fireplace a once-over.

To make sure your fireplace is safe (http://www.houselogic.com/home-advice/fireplaces-chimneys/how-make-sure-your-fireplace-safe/), grab a flashlight and look up inside your fireplace flue to make sure the damper opens and closes properly. Open the damper and look up into the flue to make sure it's free of birds' nests, branches and leaves, or other obstructions. You should see daylight at the top of the chimney.

Check the firebox for cracked or missing bricks and mortar. If you spot any damage, order a professional fireplace and chimney inspection (http://www.houselogic.com/home-advice/fireplaces-chimneys/chimney-inspection-facts/). An inspection costs $79-$500.

You fireplace flue should be cleaned of creosote buildup every other year. A professional chimney sweep will charge $150-$250 for the service.

Article From HouseLogic.com

By: John Riha
Published: October 01, 2012

4 Big Money Mistakes of First-Time Home Buyers

Dreaming about your first home? As any first time homebuyer will tell you, buying a home is an exciting and overwhelming experience. Before you start viewing listings, it pays to learn about your different home financing options. As a first-time home buyer, there’s a good chance that your first purchase won’t be your “forever” home, but instead a temporary starter home. Developing a short-term and long-term perspective on your home purchase can help prevent buyer’s remorse. Here are four common mistakes made by first-time home buyers—and four money management tips to avoid making these same errors.

Mistake #1: Overcommitting

Home loan lenders qualify potential homeowners based on their debt-to-income ratio. Lenders don’t take into account fixed expenses such as commuting costs, childcare, food or utilities. Consequently, many first-time buyers overcommit—borrowing the entire amount for which they are approved. Unfortunately, this can lead to serious payment shock down the road if there’s no flexibility built into the budget. Prior to meeting with a lender, determine how much you can comfortably afford to borrow and still meet your fixed income requirements, build your savings account, and adjust for future changes, like children.

Mistake #2: Failing to be prequalified

Once you run the numbers and determine your housing budget, visit your home loan lender and become prequalified. Even if you’re several months or a year away from purchasing a home, a prequalification meeting is essential to getting your financial affairs in order. You may also realize that an extra year of saving for a down payment or improving your credit score could significantly improve your loan terms. Then, when you find the perfect home, you’ll be in strong position to make your best offer.

Mistake #3: Not knowing your credit score

As a prospective homeowner, you likely realize that a 620 is the minimum credit score necessary to be qualified to purchase a home. However, thousands of dollars in potential savings stand between a 620 and a 720. Do you know your credit score? If you don’t, get a copy of your FICO score from each of the three major credit bureaus. A score between 680 and 720 will land you the best home financing options. Is your score lower than you’d like? Websites like bankrate.com offer free tips for improving your credit score.

Mistake #4: Not understanding home financing options

Thanks to the recent housing crisis, many first time homebuyers are opting for a conservative, 30-year fixed rate mortgage. However, if you plan to sell your home in the next five years, a 30-year fixed rate mortgage is actually a bad deal. You’ll be paying a premium for a product that you don’t need. A five-year adjustable rate mortgage may give you better terms now, while also making it easier to meet your other financial obligations. Understand the pros and cons for each home financing option rather than simply picking the most conservative option.

Source:  The Allstate Blog / http://blog.allstate.com/4-big-money-mistakes-of-first-time-homeowners/
The Allstate Blog » Brendan

The Most Common Ways You Waste Money (and How to Save It)

All too often we focus on cutting out the little things (like a daily cappuccino), when we should really focus on our major expenses for the biggest impact. Here are seven areas we spend or waste the most money—and how to plug those leaks.

Housing

Where you choose to live will make a huge difference in how much you’ll pay not just for housing but also the other cost of living items. Sometimes even moving just a town or a few blocks away can be much less expensive. If you have the flexibility of moving, Sperling’s Cost of Living Calculator can help you evaluate different cities. (And if you're moving to a new country, check out Expatistan’s Cost of Living Index, which compares typical costs across 1,560 cities, according to user-entered data.)

Another option is to get a roommate to share the housing costs or, if you’re a homeowner, refinance to a better rate.

Utilities take up 7% percent of the total expenses. Even if you’re renting, you can still save on your energy bill with small but smart measures like using insulating curtains and using your appliances more efficiently. You can do an energy audit yourself to find the energy leaks in your home, and some utility companies offer free assessments as well.

Transportation

The True Cost of Commuting: You Could Buy a House Priced $15,900 More for Each Mile You Move Closer to Work

We all know that driving to and from work every day is costly, but exactly how much of a toll does each mile of commuting take on your finances? This … Read…

Transportation is the second biggest expense. Gas and motor oil account for 4.8%, while vehicle purchases (i.e., car payments) account for 6.5%. Again, if selecting where you move is an option, choose a location as close your workplace as possible. It could save you not just time, but potentially as much as $125,000 in ten years. Even better: convince your boss to let you work from home.

Also, the average household has roughly two cars. Do you really need the second car? If you can swing it, you can save thousands by getting rid it.

Food

Finally, food is the last of the three biggest expenses. We’ve shared tons of tips over the years forhow to save money on groceries, including:

·         Planning meals with grocery fliers 

·         Sharing bulk buying memberships 

·         Shopping the weeks you don’t get paid 

·         Comparing unit prices 

·         Choosing produce that lasts longer 

·         And making two-for-one meals

It takes a bit of time to learn to make good, inexpensive food and shop smarter, but the payoff can be huge.

 

How to Save Money When Dining Out

Eating out is one of the many pleasures of life and a great convenience when you're too tired or swamped to cook, but it's also one of the…Read…

The other part of the big food budget is eating out—something many of us enjoy or do when we’re too tired to cook. Changing your dining out habits could save the average American hundreds if not thousands a year, and it doesn’t have to be a big sacrifice either. Besides eating out less, you can save money when dining out by timing when you go out and ordering wisely.

Where We Waste the Most Money

10 Financial Blind Spots That Will Cost You (and How to Fix Them)

Over the years, I’ve received many, many emails from readers. A lot of those readers tell me that they’re in a serious financial bind and that… Read…

Besides looking at the major expenses above, you’ll also want to make sure you’re not throwing money away or overpaying for anything. With that in mind, here are the budget items you should pay close attention to, in addition to other financial blind spots.

Any Kind of Loan

10 Ways You Can Improve Your Credit Score Right Now

If you don't understand your credit score and how it's calculated then you're in the dark regarding one of the most important aspects… Read…

If you can reduce or eliminate the interest on any kind of debt—whether it’s a car loan, mortgage, or credit cards—do it. Carrying credit card debt, especially if you only make the minimum payments, is a particularly terrible move that can cost you thousands in addition to lowering your credit score. If you’re carrying that kind of debt, make a debt reduction plan to dig yourself out as soon as possible. Also, boosting your credit score can improve your spending power and save tons on big purchases like a home.

Taxes

If you itemize your tax return, claim every last deduction you can. Not doing so is just handing that money over to the IRS. See the IRS’s guide to itemized deductions and Kiplinger’s list of themost overlooked tax deductions so you can plan accordingly.

Insurance

Are You Getting the Best Auto Insurance Rate at Your Provider? You'll Only Know If You Call and Comparison Shop

Your current auto insurer (and perhaps other service providers) may be holding out on you. If you're eligible for a lower rate, you probably…Read…

Life and other personal insurance account for only 0.6% of the average budget, but getting a lower rate is so easy to do there’s no reason not to. You can save on car insurance by taking an online driving course. Combine insurance policies to get a discount. And simply call and comparison shop each year to make sure you’re getting the best rates.

Entertainment

Ditch Cable TV This Weekend (and Keep Watching Your Shows)

Cable TV is insanely expensive, and with all the cheap video services out there, it's easy to cut the cord without losing your favorite shows.… Read…

Finally, the average household spends about $2,700 a year on entertainment. The first thing people think to do is ditch cable television because the cost is pretty outrageous when there are free or much less expensive options. There are also tons of ways to have fun without spending a cent. See The Simple Dollar’s list of 100 such ideas.

Figure Out Where You Can Cut Back

A Bill-by-Bill Guide to Saving Money on Your Monthly Expenses

Conventional wisdom tells us that everything gets more expensive over time and there's nothing we can do about it. That's not the case. If… Read…

The list above should help you find more room in your budget, since they're the seven biggest expenses or money wasters. For even more savings and advice, check out our guide to saving money on all your monthly bills.

Of course, your own spending habits might differ from the average person, so you’ll also want to track your budget (e.g., with Mint) and see where you money really goes so you can start saving more of it.

By: MELANIE PINOLA / http://lifehacker.com

Should you stretch budget to buy a home?

Should aspiring homeowners "stretch" to buy houses that are as expensive as they can afford? After all, mortgage interest rates are still low, and house prices are rebounding from a deep plunge.

The answer depends on each buyer's unique situation, in finances and in life. For most people, it's not a good idea to stretch homebuying finances to the limit. For others -- well, maybe. But maybe not.

Say, for instance, you're a one-child family but hope to have one or two more kids. Should you stretch to buy a home in a sought-after district with four or five bedrooms that will cost about 20 percent more than a smaller home in a good, but less desirable, neighborhood?

If such a family doesn't expect to move again, it "could make perfect sense" to buy that forever home now, notes Thomas Duffy, a Red Bank, N.J., financial planner.

But the key would is "could," he and other advisers emphasize.

Indeed, financial advisers consider the question of whether to stretch to buy a home differently from a typical homebuyer. Many potential buyers think the limit is simply the maximum mortgage amount the lender will allow, observes Francine Duke, a Vernon Hills, Ill., financial planner.

Lenders have a more conservative playbook than they followed in the boom years, scrutinizing everything from applicants' credit to how they saved every dollar of the down payment.

Even though borrowers are more heavily scrutinized these days, that doesn't mean home purchasers should spend the maximum amount they're approved for, Duke says.

"I have seen people approved for 46 percent by automated underwriting," says Shane Marzullo, chairman of the Ohio Association of Mortgage Professionals.

In other words, Fannie Mae's or Freddie Mac's computer systems approved loans for borrowers who would end up spending 46 percent of pretax income on mortgage and other debt payments. What's left over has to cover food, utilities, taxes, movie tickets and other spending.

Why would a computer approve a loan that would push debt payments to nearly half the borrower's income? Because the program predicts that the loan probably won't go into default. There's still a role for human judgment, which can differ from the computer's judgment.

"I just discouraged a borrower who paid half his income in child support and alimony," Marzullo says. "He was approved for (a Federal Housing Administration) mortgage if his mother was a co-signer. He didn't want her to make payments, and I asked him how he would manage if his overtime got cut back."

Duffy advises relying on "your own cash-flow analysis" to determine what you can afford. He explains that means making room in your budget for emergency expenses, contributions to retirement and savings for other purposes, such as college tuition.

Plus, consider how moving into the "best" neighborhood could pressure you in costly ways, such as joining the pool club or buying a new car to display in the driveway, Duffy says.

The more expensive home will likely carry a higher property tax and you'll pay more mortgage interest -- two items that are deductible. "Congress could decide to do away with those deductions," Duke says. She advises borrowers to consider any tax savings as an extra cushion in their budget and not as a way to stretch the debt amount they can handle.

Moreover, only if you have a realistic confidence that your income is stable and you won't be forced to move again in five years should you stretch to buy a home, advises Columbia, S.C., financial planner Laura Scharr-Bykowsky.

Finally, for those who heed the warning against any stretch that will fray their overall finances, it could very well be the best time to buy the best.

"It's unusual to have both low mortgage interest rates and affordable prices occurring at the same time. These two things usually go in opposite directions," observes Ron Haynie, senior vice president for mortgage finance policy at the Independent Community Bankers of America.

By Marilyn Kennedy Melia • Bankrate.com

More markets see more homes listed for sale

More homes being listed for sale expand buyers' choices and may help to moderate price increases.

More homes are coming on the market, which is a good sign for buyers.

In July, the inventory of homes for sale nationwide was only down 5.2% from a year ago, Realtor.com says.

That's an improvement from January, when for sale inventories were down 16% from the year before, according to Realtor.com.

More markets are also seeing inventories grow.

The for-sale inventory was up year-over-year in 25 markets in July, compared to just seven in April, Realtor.com says.

Three of those were Riverside, Calif., where inventories were up 26% year over year; Atlanta, up almost 18%; and Sacramento, Calif., up almost 17%.

All three cities have seen rapid price appreciation in the past year, in part because of super tight inventories.

"Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers' choices and helping to moderate price increases," says Steve Berkowitz, CEO of Move, which operates Realtor.com.

The national median list price increased 5.3% in July year over year, Realtor.com says.

Home prices were up 11.9% in June year over year, according to the latest data from market researcher CoreLogic.

The supply of homes for sale in June changed only a little.

In June, the supply stood at 5.2 months, the National Association of Realtors says, up from 5 months in May.

That means at June's sales pace, all homes would sell in that time frame if no new inventory was added.

Inventory conditions will continue to broadly favor sellers for months and contribute to above normal price growth, the National Association of Realtors has said.

Julie Schmit, USA TODAY August 13, 2013

Buying or Selling a Home? Where Are Values Headed?

Today, many real estate conversations center around housing prices and where they may be headed. Some believe rapidly rising prices have created a new ‘housing bubble’. Others believe that the sudden rise in interest rates will impact purchasing power to such a degree that it will force prices downward. There is no lack of opinions and there is absolutely no consensus.

That is why we like the Home Price Expectation Survey. Every quarter,Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey

The latest survey was released last week. Here are the results:

§  Home values will appreciate by 6.7% in 2013.

§  The average annual appreciation will be 4.7% over the next 5 years

§  The cumulative appreciation will be 23.7% by 2017.

§  Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 13% by 2017.

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

by THE KCM CREW on AUGUST 12, 2013

Survey: More Renters Want to Become Homeowners

Homeownership as a priority is on the upswing. And a look back shows perceptions about owning weren't as negative during the recession as the media suggested.

Americans have favored buying over renting, even during the recent Great Recession, and this year is no different. The 2013 National Housing Pulse Survey, by the NATIONAL ASSOCIATION OF REALTORS®, found Americans overwhelmingly believe owning a home is a good financial decision, and a majority of renters say homeownership is one of their highest priorities for the future.

During the recession, much media coverage of homeownership focused on the idea that lots of people thought renting was much smarter than buying. But that wasn't necessarily the case as a look back shows.

The decline in home prices and turmoil in the housing markets did influence consumers' perception of housing as a sound investment -- but not by nearly as much as the media made it appear.

From 2007 to 2011, based on earlier Pulse surveys, the share of people who thought buying a home was a good financial decision dropped from about 85% to 73% and the share of people who were "not so strongly" positive grew. By 2013, we're back to 80% thinking homeownership is a sound financial decision.

You can interpret that dip two ways. Some would say homeowners were resilient as prices declined. Others would say the recession was a wake up call for investors who viewed the real estate market as a short-term investment.

Regardless of which way you see it, most of us have returned to the much more realistic viewpoint that real estate is a solid, if long-term, investment.

This year's Home Pulse survey also found:

          •Eight in 10 Americans think buying a home is a good financial decision.

          •68% believe now is a good time to buy a home.

          •36% of renters are now thinking about purchasing a home, up from 25% last year.

          •The proportion of renters who say they prefer to rent dropped from 31% to 25%.

          •Half of renters say that eventually owning a home is one of their highest personal priorities, up to 51% from 42%.

Those renters should be in a good position to buy given that home prices are pretty affordable (unless you're a bus driver in San Francisco). Rising interest rates could come into play, but anything around 6% looks good compared with the double-digit interest rates of the 1980s.

Attitudes toward the housing market have also improved over the years. Nearly four in 10 Americans (38%) said their local market was more active this year, compared with 51% of people who reported a slowdown in local activity last year.

There is also less concern than in the past about the drop in home values; almost half (49%) said housing prices in their area are more expensive than a year ago.

Article From HouseLogic.com

By: Dona DeZube
Published: August 05, 2013