"Move-in-ready homes may be selling like hotcakes, but older homes or damaged properties are often passed over," says Margaret Kelly, CEO with RE/MAX. "This is a big opportunity for smart buyers who are willing to overlook cosmetic or other imperfections."
If buyers can look beyond aesthetic characteristics like paint color, hardware and floor coverings, they may discover a diamond in the rough, especially if the home is in the neighborhood where they prefer to live. For example, if they like the overall design of a particular home, but the kitchen is old and the deck needs major repairs, a renovation loan can help them purchase the property while upgrading the kitchen and outdoor space exactly how they want them.
"Many homebuyers are surprised you don't need a ton of money in the bank to fund improvements," explains Kelly. "A special type of loan called a renovation loan is ideal for these types of homes because it covers both the cost of the mortgage and repairs."
Renovation loans can also help buyers who want to purchase in a particular neighborhood where most home prices exceed their budget. Properties that need work are typically listed at a lower cost and often go unsold, creating an opportunity for people willing to make improvements. Buyers can use a renovation loan to get into the neighborhood of their dreams, quickly build equity and customize a home to their personal preferences.
Several variations of renovation loans are available. FHA renovation loans are called 203(k) loans. How much money you want to borrow and the kinds of improvements you plan to make will determine which of the two 203(k) types you need. Freddie Mac and Fannie Mae have their own specific types of renovation loans.
Requirements for the borrower, the amount you can borrow, and the overall structure of the loan are different for each program. Typically, the loan is based on the estimated home value after improvements, and buyers will need to get bids from licensed contractors to help determine the total loan amount as well as a timeline for the work to be completed.
Because finding a home and getting approval of a renovation loan can be complicated, it's wise for buyers to work with a real estate specialist who has experience in these types of sales. For example, RE/MAX agents lead the industry in professional designations and many have experience working with buyers who want a renovation loan. Visit www.remax.com to find an agent in your area.
"A renovation loan really does give homebuyers an edge in today's competitive market," says Kelly. "It's definitely something to research and determine whether it's right for you."
(BPT) - Give Dad a break from his "to do" list and instead handle some of those easier DIY tasks for him. From simple fixes to bigger projects, sometimes all you need is the right tool at the right time to get the job done.
Here are some helpful ideas to get you started.
Fix that door that won't stay open: Having a door that shuts when you want it to stay open can be a real annoyance. Try tightening the screws on the top door hinge with a power screwdriver like the new 360 Quick-Select from SKIL. This tool comes with 12 of the most commonly used screwdriver bits in a rotating compartment located at the front of the tool so you don't have to put your project on hold to switch bits.
Put together a ready-to-assemble (RTA) piece of furniture: RTA furniture looks like an easy project in the store, but once you get it home it can quickly get the best of you. But with a little patience and the right tool, the project can provide self-satisfaction besides a new piece of furniture. In fact, using a power screwdriver can help eliminate frustration and get the project finished even faster, plus you'll know each screw is secure to avoid anything falling apart later.
Give old furniture a new life: If the office desk is looking shabby (or maybe it's a table or dresser), give it an easy makeover. Use sandpaper to take off old varnish and help the new paint adhere to the piece. Wipe off any dust with a clean dry cloth, then apply 1-2 coats of fresh paint with a brush, roller or spray can. Let the paint dry thoroughly then seal with a coat of Polyurethane for a protective finish.
Update ceiling fixtures: Most of us don't realize how ceiling fixtures can quickly change the look of a room. Always turn the power to the circuit off before changing a fixture. Remove the old fixture by unscrewing the cover plate and disconnecting the electrical wires. Reconnect the new fixture according to the directions included in the box. Using a lightweight power screwdriver for this project will prevent your arms from getting tired while working above your head.
Day to day repairs: Keeping a power screwdriver in the kitchen drawer will let you make those little repairs as they happen. So when that drawer knob or towel bar comes loose again because the kids are forever pulling on them too hard, grab the power screwdriver out of the draw and get it fixed on the spot. Lithium ion batteries can stay charged for up to 18 months so the power screwdriver will be charged and ready when you need it.
SKIL Tools has all the tools you need to complete at-home projects whether you're a beginner or have advanced skills. Visit www.SKILTools.com/360 for information on the new 360 Quick-Select, and take advantage of the Where to Buy feature.
Here are 5 things you can do to successfully reduce your home energy consumption and save money in the process courtesy of Washington Energy Services in Seattle, Washington:
1. Seal the leaks around windows and exterior doors. This is easy to do, and will help your home keep the heat in. Caulk, spray foam or use weather stripping and it will have an impact on improving your comfort and reducing utility bills. Don't want to fuss with this - contact a handyman, or a reputable window, insulation or painting company. Many of them provide this service.
2. Fix your insulation situation. Insulation is typically the #1 way to save energy in your home. According to the Department of Energy (www.ornl.gov) "heating and cooling account for 50 to 70% of the energy used in the average American home. Inadequate insulation and air leakage are leading causes of energy waste in most homes." And according to EnergyStar, you could "save up to 10% of your total annual energy bill" just by sealing and insulating.
3. Clean and seal heating ducts. Almost 20% of the air that moves through your duct system is lost due to leaks and poorly sealed connections. Over time, ducts can sag or collapse. Vermin and other animals can chew holes in crawl space duct work. Ducts can also come apart at the seams. When this happens, any air that should be going to the rooms in your home is instead being wasted by ending up in your attic, your walls, or under your house. If duct tape was used on your duct work originally, it's best to have it replaced with aluminum or foil tape. Traditional duct tape deteriorates quickly. Metal seams should be cleaned and then sealed with duct mastic, which doesn't crack. It creates a permanent seal.
4. Let your equipment breathe. Your heating and cooling systems depend on a flow of air to maximize their efficiency. Homeowners can take easy steps to help - change the furnace filter, and check for leaves/debris around an outside heat pump or air conditioner. A clogged air intake outside or dirty indoor furnace filter limits air flow to the equipment and causes it to function inefficiently. It can eventually lead to costly breakdowns and repairs. This is similar to changing the air filter in your car. Electronic filters typically need cleaning at least twice per year and paper filters need replacing. Check your product warranty for your manufacturer's specific instructions.
5. Open those registers. Many people close floor registers to push heat into certain parts of their house. Since about the late 60's the products installed in homes have been forced air furnaces. These are designed for a specific amount of air to flow through the furnace while operating. The duct work is designed for this amount of air also. When air registers are closed it reduces the airflow and allows heat to buildup in the system. That heat has to go somewhere, and that somewhere is up the flue and out of your house. Closing 1 or 2 registers is fine in rooms that get too hot. Keep as many registers open as possible so your furnace can operate at maximum efficiency. This is the same for heat pumps and central air conditioning. Airflow is key to efficient heating and saving money.
Not sure where to start to make your home energy efficient? Consider a home energy audit. A certified audit uses the latest technology to analyze your house, measuring heat loss, combustion and air leakage. An audit will show you how your home uses and wastes energy. This will help you prioritize what you can do to get the most energy savings. Learn more about audits at
washingtonenergy.com.
By: Gretchen Marks
Department of Energy - http://www.ornl.gov/sci/roofs+walls/insulation/ins_01.html
Energy Star - http://www.energystar.gov/
Washington Energy Services - www.washingtonenergy.com
http://www.articlecity.com/articles/environment_and_going_green/article_1146.shtml
Your garage's main function is usually to safeguard and store your car, truck or motorcycles. That can't take place if your garage has turned into a glorified storage unit, stuffed to the rafters with boxes, toys, tools, bikes, strollers and everything else you either don't have room for or just don't want in the house.
Below are 6 easy to follow steps that will help you clean and organize your garage and seize control once again.
Step 1 - get everything out of the garage and sort it all into groups. Categorize it all and put everything into groups with like items. For example, toys with toys, carpentry tools with carpentry tools, yard tools with yard tools etc. Make a pile for trash, anything you don't want that you can sell in a garage sale and items to give away.
Step 2 - Get the appropriate organizational tools and supplies. After you've grouped everything, decide on exactly what tools and resources will help you organize these items better.
For example,do you need shelves? If so what kind... a free standing shelving system or shelves mounted to the wall? Do you need storage bins, cabinet systems, tool chests, peg boards, hanging roof systems, hanging bike racks, hooks etc.
Step 3 - Clean garage. As soon as you empty your garage it's important to take time to sweep out all the loose debris and remove cobwebs. You'll appreciate your garage much more if it's clean so make sure to sweep and dust routinely.
Step 4 - Decor. This does not mean you need to remodel your garage into pseudo-living room, however you could think about a fresh coat of paint on the walls. Next think about the floor?
Lots of people prefer to paint and seal the floor of their garage to protect it from stains and also makes cleaning easy. Transforming your wall and floor surfaces will have a enormous effect on the appearance of your garage.
Step 5 - Arrange Items For Storage. As soon as you are done with cleaning the garage (floor and walls) now's the time for you to put everything back. Place those items that you use on regularly within easy reach.
Put items less frequently used further back in the garage or higher up on shelves or in cabinets. Putting labels on shelves, bins and boxes will make it a lot easier for you to find what you're looking for.
Step 6 - Lastly, make some rules for yourself and family members and implement them. Rules along the lines of, "Always return the items you used back to where you got them," needs to be put into practice at all times if you plan on keeping your garage clean and organized.
If you follow these 6 simple steps, in no time you will have a clean and well organized garage. Not only will you be able to park your car in your garage but you'll also be able to find anything want when you need it. One more thing, don't forget to have a garage sale to help get rid of all those unwanted items and put some cash in your pockets!
by: Walter Jensen
http://www.articlecity.com/articles/home_improvement/article_7210.shtml
"Investment strategies must evolve to accommodate complex modern markets," says David Giunta, president and CEO of Natixis Global Asset Management - U.S. Distribution, creators of Durable Portfolio Construction, an investment philosophy that draws on a variety of asset classes in an effort to produce reasonable returns and avoid dramatic losses. "The ultimate goal is to pursue returns in a way that carefully considers the risks." According to Giunta, there are five pillars of smart investing that can help limit risk caused by unexpected market swings and position portfolios for consistent long-term returns. These are the founding principles of durable portfolio construction:
1. Put risk first
Rather than first considering the potential rewards of an investment, start by making risk your top priority. Ask yourself how much you are willing to risk and base your investment decisions on this principle. When you understand risk and what to expect, you'll be better positioned to weather difficult market conditions.
2. Maximize diversification
Diversification creates a solid foundation for building a more durable portfolio. Think of the simple adage we've heard since childhood: "Don't put all your eggs in one basket." It can make a lot of sense for investors. If you include a wide range of asset classes in your portfolio, then you will be better prepared to handle the challenges that modern markets can present. When one type of investment is down, the losses may be offset by the potential gains in another. Overall it's an approach that may provide a more consistent performance in all kinds of markets.
3. Use alternatives
When diversifying your portfolio, you may want to investigate alternative investments. Since markets around the globe often have high correlations - that is, they move up and down in synch with each other - it's important to look for investments with low or no correlation to the broad markets. Keep in mind that some alternative investment techniques can amplify a gain or loss.
4. Make smarter use of traditional asset classes
Investors have often looked to stocks for growth and bonds for stability, but these two asset classes can play other roles in a portfolio. Equities have historically delivered growth that has outpaced inflation, but they can be volatile. Bonds, on the other hand, may not always be stable and can be volatile in periods of rising interest rates. Multisector bond funds may help address these concerns by diversifying bond holdings to include those that may be less interest rate sensitive and more focused on total return. However, keep in mind that multisector bond funds include a variety of fixed-income assets which may not always complement each other or provide the investment results desired.
5. Be consistent
In today's world, there can be a lot of noise that may distract you from the big picture. That's why staying consistent is one of the best things you can do for yourself as an investor. Setting your investment plan and sticking with it through market fluctuations can help you weather the storms and pursue your goals. To learn more, visit www.durableportfolios.com.
"It's only human to watch the markets go up and down and want to react, but you shouldn't let short-term market movements distract you from your long-term goals, " says Giunta. "These five principles will help investors create a strategy that is timeless, and one that will accommodate the realities of today's global markets."
