It's that time again! The start of the fall season is a good time to catch up on recurring home maintenance tasks that help keep us and our real estate in good working condition through the winter.
Below are some home maintenance projects you'll want to have checked off your list by the end of this year.
(You can also keep track of important tasks throughout the year with the handy Yearly Home Maintenance Checklist. Just click on the graphic to open and save this two-page checklist of interior and exterior home maintenance projects.)
Fall and Winter Projects · Have the heating system serviced.
· Have fireplaces and chimney flues cleaned.
· Remove debris from gutters and downspouts.
· Make sure downspouts direct water
away from the home, and install splash blocks if necessary.
· Check roof and flashings for defects.
· Drain exterior faucets, hoses and sprinkler systems.
· Cover faucets with Styrofoam covers if you expect below-freezing temperatures.
· Make sure roof vents are unobstructed and allow air flow.
· Check the attic to verify that ventilation ducts are securely connected and vent to the exterior.
· Check exterior siding, and repaint or caulk where necessary.
Home Safety
· Replace batteries in smoke and carbon monoxide detectors.
· Check all fire extinguishers.
· Review insurance coverage limits.
· Review fire emergency plan, and make sure it is easily explainable to guests.
Energy Efficiency
· Install programmable thermostats to automatically lower and raise the temperature of your home.
· Check window and door seals.
· Add caulk or foam strips around windows and doors that leak.
· Add insulation to match optimal building standards.
Helpful Home Maintenance Links How to care for and maintain fire extinguishers, from the Fire Extinguisher 101 website:
http://www.fire-extinguisher101.com/careandmaintenance.html Tips on fire safety and preparing a fire emergency plan, from the University of Oklahoma Police Department website:
www.ou.edu/oupd/fireprev.htm Recommended home insulation amounts, from the Simply Insulate website:
http://www.simplyinsulate.com/savings/index.html And here's the link again to the complete Yearly Home Maintenance Checklist, which downloads as a pdf. (Right-click on the link to save it to your computer, or just click on the link to open and print the document.)
Is It Time for a New Mortgage? Interest rates are low! Just take a look at this
BankRate.com graph showing the trend for 30 Year Fixed Mortgage rates over the last five years:
This creates a good opportunity to obtain a home loan with a low fixed rate. As always, however, it's crucial to do some research first.
Regardless of how low rates are, you can still lose out if you get charged too much in fees for your loan, or if you decide to refinance at the wrong time.
Here's some great information that clarifies the mortgage shopping and refinancing processes, provided by the Federal Reserve Board:
(These are web pages, not documents, so the links take you directly to the pages without requiring you to download anything.)
This web page gives a clear explanation of important home loan details, including points and fees. It also provides a Mortgage Shopping Worksheet.
This web page covers an extensive list of important topics about refinancing, including how to tell when it's a good idea to refinance and how to shop for a home loan.
This web page tells you all you need to know about adjustable-rate mortgages (ARMs), including types of ARMs and how to understand payment caps.
This is the main page that the links listed above came from, and it is an invaluable mortgage resource. Other guides available here include one on how to understand mortgage settlement costs, tips on protecting a home from foreclosure, and a mortgage comparison calculator.
First-Time Buyer Tax Credit Update Will the First-Time Home Buyer Credit be extended?The real answer is that no one knows for sure right now, but more than a dozen pieces of draft legislation that would extend the First-Time Home Buyer Tax Credit into 2010 are under consideration.
The current program allows home buyers who have not owned a home in the previous three years to receive 10% of the price of the home as a tax credit, up to a total of $8,000. There are income restrictions, and the home must close on or before November 30, 2009. (You can find out more details at the
Federal Housing Tax Credit website.)
Proposals for extending the tax credit range from moving the deadline out an additional six months, to extending it an entire year, increasing the credit amount to $15,000, and letting it apply to all purchasers rather than just first-time home buyers.
Growing concerns about the cost of the program have made extending it a bit of a tough sell; however, many politicians are pushing hard for the government to extend the program before it expires at the end of November 2009.
Tip: Don't assume the credit will be extended! If it plays a significant part in a home buying decision, be on the safe side and plan for the purchase to close on or before November 30 of this year.
Tax credit is almost sure to be extended for service members. The
Service Members Home Ownership Tax Act of 2009 would extend the first-time home buyer tax credit deadline to Dec. 1, 2010 for military service members who were deployed outside the U.S. for at least 90 days between January 1 and December 1 of 2009.
On October 8 the House of Representatives voted unanimously to pass the bill, and it is widely expected to be approved by the Senate later this year.
Do you have questions about any of these topics, or would you like a recommendation to a trusted service provider? Click "Reply" to this email, or call me directly - I'm happy to provide you with any real estate information you need!
* What the lawyers make us say... This information is not presented as professional legal or financial advice, and is deemed reliable but is not guaranteed. Please consult with a qualified professional regarding any decisions involving these topics
