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Everything You Need to Know About Maintaining & Replacing Your Roof
How often do you think about the roof of your home?
It’s something a lot of us take for granted, but it plays a pretty important role in protecting you and your belongings from the elements. To help your roof do its job and to prolong its lifespan, it needs to be maintained and cared for properly. Still, even with the right amount of maintenance, all roofs need to be replaced at some point. Not to worry. Below is a guide that will tell you everything you need to know about keeping your topper in tip-top-shape, from maintaining it to replacing it when the time comes.
,A Good Roof: Worth The Investment
,Is it worth pumping a bunch of cash into your roof? The numbers say so. The latest Remodeling Impact Report by the National Association of Realtors® (NAR) ranks new roofing as the No. 1 project for both appeal to homebuyers and its value to the home for resale. For a new roof, NAR estimates the average cost at $7,500, which seems like a hefty price tag, but it can get you a 109% cost recovery upon sale — so it definitely pays off to take great care of your roof!
,Maintaining Your Roof
,Just as you would fix a leak in your car’s gas line or a rip in your shirt before it gets any worse, you need to repair and replace parts of your roof that are damaged ASAP. By allowing a damaged roof to worsen, you risk damaging the subfloor and underlayment, the attic, and eventually the interior of your home. This is not a home-care project to skimp on. Here are some tips for keeping your roof in good condition:
,- Each fall and spring, and after any major storms, do a visual inspection to identify any areas where shingles are loose, damaged, or missing. Get these fixed right away! Also, check flashing and the rubber seals around vents.
- Clean gutters and downspouts regularly. When debris builds up in the gutters, rainwater can’t easily run out through the downspouts, and may back up onto the edges of the roof, making leaks and other damage more likely.
- Clean your roof to remove mold and moss buildup using this soft wash technique (don’t use a pressure washer!).
- Have it inspected by a professional. How often your roof needs a professional inspection depends on a variety of factors, such as the age of your roof, how much tree coverage your house has, and how often your area gets hit with heavy storms. Plan to have your roof inspected professionally every few years.
The costs of repairing a roof are generally manageable, but they vary widely depending on the type of roof you have. The main points to remember are to hire a professional who is experienced with your type of roof (this is not the DIY Pinterest project you want to dabble in!), and don’t delay getting those repairs done.
,When It's Time For A New Roof
,It’s time to replace rather than repair when you’re getting near your roof’s estimated lifespan, you’ve got algae growing up there, or the whole thing is sagging (which is a very big deal and must be addressed immediately). When getting a new roof, you will have the option to tear off the old roof or put the new roof directly on top. The former will most likely save you money in the long run, while the latter is a quicker fix if you’re short on funds. Tearing off the old roof will also allow your roofers to inspect the underlying structure for damage.
,Roofing Materials
,So many choices! From asphalt to slate to solar, the materials you choose for your roof have a lot to do with the cost, installation time, and aesthetics of your housetop. Of course, some roof materials look better on certain house styles and not others. We’ve rounded up some of the most popular materials to help you narrow down your choices and put them in a chart for easy reference.
,Whatever type and style of roof tops your home, it’s a big investment that should be well taken care of, not only for the potential ROI, but also for the safety and comfort of your own family.
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November 12, 2018
Your Daylight Saving Survival Guide
As we turned our clocks back last Sunday, we may be gaining an hour of sleep, but we’re also losing an hour of daylight. With the days growing shorter, it may not be long before you’ll feel like you haven’t seen the sun in forever. A lack of sunshine means that you may not be getting enough vitamin D, which is essential for sufficient calcium, bone health, and a strong immune system. All of these are critical as we head into cold and flu season.
,So what can you do when your exposure to sunlight is restricted in fall and winter? Here are some ways to get this critical vitamin throughout the shortened days:
,As long as the weather permits, be sure you take breaks throughout the day and step outside, even if it’s just for a few minutes. And don’t eat lunch at your desk! Spend your lunch hour on a walk around the park, or even just a walk to and from a café.
,While not many foods contain vitamin D naturally, there are a few that can help you get your daily dose:
,Be aware, though, that many nutritionists do not believe you can get the full recommended daily dose of vitamin D through diet alone. The best way to get your Recommended Dietary Allowance (RDA) of vitamin D is to expose your skin to direct sunlight.
,The time change can throw your internal clock and circadian rhythms out of whack. Need some tips for a good night’s rest? Try these:
,- Turn off all screens an hour before you go to bed.
- Avoid eating and drinking late at night.
- Go to bed at the same time every night.
- And get up at the same time too (no sleeping in on weekends!).
- Make sure your bedroom is dark.
- Spend time outdoors in the sunshine. (Double benefit!)
- Get regular exercise.
- Cut back on sugar.
- Don’t hit the snooze button.
Disclaimer: The information in this article is not intended to replace the care and advice of your doctor. Consult your physician for information about your personal vitamin and sleep needs.
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November 6, 2018
Equity: What It Is, Ways To Build It, & Why You Might Have Some
Jack and Sally are neighbors. Jack rents his house from a landlord, while Sally owns her home. They both pay similar housing costs each month to enjoy the neighborhood in which they live. What’s the big difference between the two? Equity. Sally’s monthly payments are working for her, helping her to gain financial stability. Jack’s, on the other hand, are going straight into his landlord’s pockets.
,More than just a place to live
,When you own your home, it’s more than just a place to live; it’s also a financial asset. As you pay your mortgage each month, the money you put toward principal acts as a kind of forced savings. In other words, your money is never really “going down the drain,” so to speak. That’s because, as you pay down principal, your equity (the amount of your home you actually own) grows. This equity can eventually become liquid cash that you can access, either by selling your home or borrowing against it.
,While there are undoubtedly other ways to grow your wealth, and you should explore all the possible avenues available to you*, the truth is this: We all need a place to live. If you’re going to pay housing costs each month, you might as well build equity while you’re at it.
,5 smart ways to build equity
,Put more down when you buy - If you’re not already a homeowner but are considering taking the plunge, the more you can put toward your down payment, the more equity you’ll have right off the bat.
,Pay your mortgage (and then some) - We’ve already established that paying your mortgage helps you to build equity, but if you can make extra payments, you’ll grow your equity even faster (and be able to pay off your loan sooner).
,Make improvements - Adding a little TLC to your home, like an updated kitchen or bath, can increase its value and boost your equity. Just be careful about which projects you choose. Even though your home’s value may increase, it doesn’t mean you’ll recoup all the money you put into it.
,Add curb appeal - According to Consumer Reports, improving your home’s curb appeal can boost its value by about 3%-5%. And you don’t have to hire a landscape architect to realize a significant change. Simple things like trimming shrubs, planting flowers, painting your front door, and pressure washing the siding can make a big difference for just a few bucks.
,Shorten your loan term - Choosing (or switching to) a 15-year loan can help you gain equity much faster than the more common 30-year mortgage. The tradeoff, however, means much higher monthly payments, which can make it harder to qualify for your loan. Talk to me about whether this would be a good option for you based on your current financial situation.
,Ka-Ching! Why you might already have equity
,If you’re currently a homeowner, there’s a good chance you may already have equity available to you. According to CoreLogic, the average annual equity gain for homeowners in the third quarter of 2017 was $14,888. In addition, data from the Federal Reserve revealed that homeowner equity jumped 10.3% from Q1 2017 to Q1 2018 — with a 3.5% increase in the first quarter of 2018 alone. To top things off, home values have surpassed their pre-recession peaks by 16%, according to the Federal Housing Finance Agency.
,While price appreciation varies by region and even neighborhood, the overall trend is that home values (and, consequently, homeowner equity) have gone up — and will likely continue to do so.
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October 14, 2018
How to Win a Bidding War
You’ve found The One. You’re in love. It all seems perfect … and then someone comes along and tries to ruin everything. Suddenly, you’re in a bidding war for the home you just have to own.
,How do you win and get your happily ever after? In this housing market, where inventories are tight, home prices are rising, and interest rates could go up at any time, we have some steps you can take to get ahead of the competition and snag the home of your dreams before someone else does.
,Offer higher than the listing price
,In 2017, nearly a quarter of all U.S. home sales were above asking price, with an average of $7,000 paid over the listed price. In a seller’s market, you may need to go all in from the get-go. An attractive offer can help you avoid some of the back-and-forth involved in negotiating and get your purchase moving more quickly. But if you’re financing, you also need to be sure the property will appraise for the higher amount. If you’re not sure how high to go, your real estate agent can help you determine the right price when you’re offering to pay more for the home right off the bat.
,Get pre-approved/pre-qualified
,Taking the initiative to work with a lender before you make an offer will let the seller know you mean business. By getting pre-approved or pre-qualified, you’ll know your budget, and you’ll be able to determine how much your monthly loan payments will be and what price range you can shop in.
,Pre-qualification: You may be able to get pre-qualified over the phone. A pre-qualification is an estimate of how much money you might be able to secure for a home loan. With pre-qualification, the lender will run a quick check on your finances and come up with a figure that they would probably agree to loan you.
,Pre-approval: If you get pre-approved, it means that you will be approved for the loan (barring unforeseen circumstances). You’ll have a letter from the lender that you can include with your offer on the home. It shows you’re serious and that your bid should be taken seriously. With pre-approval, you’ll need to gather documents, and your income, finances, and credit will be reviewed and verified.
,Together with your real estate agent, the lender can help you determine whether pre-approval or pre-qualification is the best option for you.
,Waive unnecessary contingencies
,Proceed with caution on this one. Sometimes, waiving contingencies like the appraisal or inspection can make your offer more attractive to sellers, but doing so can come with risks. While you do have the option to forgo a home inspection, it is not recommended, as you don’t want to be stuck with a home that has a crumbling foundation, termites, or other high-cost issues. When you waive the appraisal contingency, if the home appraises for less than what you’ve offered, it’s unlikely that you’ll get financing above the appraisal price. You’d need to increase your down payment to make up the difference in order to have a chance with your bid.
,Write a letter to the seller
,This tactic has become much more common over the past few years as the housing inventory has been shrinking. Making a personal connection with the seller can tip the scales in your favor, especially when the seller has a strong attachment to the home. Write about building your life, raising your family, celebrating important holidays and milestones, and what you love about the home and neighborhood.
,Of course, none of these tactics are 100% guaranteed to make you the winner in a bidding war. The biggest tip we have? Know when to walk away. After all, no house is completely perfect, and if you don’t make this one yours, there’s sure to be another that catches your eye … maybe just around the corner.
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September 9, 2018
6 Ways You’re Wasting Energy and Money…And How to Stop!
Let’s face it: As soon as the summer heat really kicks in and you turn on the AC for the first time, you start to dread seeing your next energy bill. But while we know air conditioning can be a major energy sucker, there are also some other not-so-obvious culprits that could be hiking up your energy bills all year round. Since we’re all looking for ways to save energy (and money!), we drew up a list of some of the biggest energy suckers in your home, so you can stop them in their tracks.
,Incandescent light bulbs
,We’ve been hearing this for years now: Switch to CFL (compact fluorescent lamps) and LED (light emitting diode) bulbs and save money. Well, it’s still true. Using incandescent bulbs will cost you around four times more per year than CFLs, and 10 times more than LEDs. Not to mention the amount of energy they consume.
,"Phantom" power users
,You may have hit the off switch, but if there’s a little glowing light or it tells you it’s in standby mode, then your electrical appliance is still sucking energy. One solution is to group items you don’t use constantly — such as your coffeemaker and toaster, or your charging stations, computer, and TV — onto a shared power strip, and switch that off when you leave for work or head to bed. You’ll take down several of these guys in one fell swoop.
,Old-school thermostats
,If you can’t program it, you are doing yourself a major disservice. We’re not saying you need to go out and buy a Nest right this minute; there are lots of choices these days, many of them very affordable, that will allow you to program your thermostat for peak and minimal usage times. Some will even connect to your phone via an app and allow you to adjust your home temperature if you plan to stay out late or to ready the house for when you come home. Cooling an empty home is just a waste!
,Air leaks
,Air leaks around doors and windows can be a major energy-waster, but they can be easily remedied with some caulking and weatherstripping. This should be part of your routine home maintenance in spring and fall, but if you skipped it this year, there’s no time like now to remedy that. You don’t want to be cooling the whole neighborhood, do you?
,PRO TIP: How old is your insulation? Many types break down after 15 or so years. Water leaks and varmints can further erode its durability. Consider upgrading to new insulation that has a higher R-value, which is a measurement of the insulation’s ability to retain heat or cold.
,Single-pane windows
,If you’re in an older house with single-pane windows, upgrading to double-glazed is the best gift you can give yourself. You’ll reduce energy loss, block street noise, and save money, while also increasing your curb appeal and possibly your home’s value!
,water heater
,There are lots of things you can do to reduce how hard your water heater has to work and make sure it’s running efficiently. Be sure to insulate both the heater and your hot water pipes. The U.S. Department of Energy recommends turning down the temperature to 120 degrees to save up to 22% on your home energy bill annually. Taking shorter showers and only running the dishwasher when it’s full will also help reduce hot-water costs.
,When you know what you’re up against, it’s much easier to defeat these energy-wasters throughout your home. After all, knowledge is power.
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August 12, 2018
Home Upgrades That Make the Most Financial Sense
One of the best parts of being a homeowner is the freedom to customize your space. From painting the walls to knocking them down, there are endless opportunities to put your own personal stamp on your home and make it yours. But before you dive into any renovations, you should know what they will cost you and how much of those costs you can expect to get back through appreciation when you sell.
,To help make this easier for you, we compiled a list of the top three home improvement projects with the highest cost recovery for both inside and outside your home. Whether you’re considering buying a fixer-upper or want to make updates to your current home, here are the projects that will get you the biggest bang for your buck.
,Interior
,Hardwood Flooring Refinish — 100% Cost Recovery
,If you have old wooden floors that are dinged up or hiding under carpet, a hardwood flooring refinish can completely revitalize your space at an affordable price. The project costs around $3,000, and not only are you likely to recoup all of your costs at resale, but it also can help cinch the deal with prospective buyers. If your old wooden floors are beyond repair or it’s just time for something new, brand new wood flooring is a good backup option with an estimated $5,500 price tag and a 91% cost recovery.
,Insulation Upgrade — 76% Cost Recovery
,Energy efficiency is all the rage these days, and for good reason. While a lot less glamorous than shiny new floors, an insulation upgrade is another worthwhile project. Not only will you recover about three-fourths of your costs when you sell (estimating a $2,100 investment), but think of the additional energy savings you’ll gain from having a better insulated home. According to the EPA, homeowners can save an average of 15% on heating and cooling costs simply by sealing their homes and adding insulation in attics, crawl spaces, and basement rim joists. It just makes sense.
,HVAC Replacement — 67% Cost Recovery
,Waiting until your furnace or AC unit completely conks out is never a good idea. If your HVAC system is struggling to keep up with Mother Nature (or if it’s more than 10 years old), it’s probably time to upgrade. The project can run you about $7,475, which is a hefty sum, so be sure to have a professional do an energy assessment on your home to determine what your needs are. As you’re weighing out which system to purchase, look for high-efficiency ENERGY STAR units, as they’ll reduce your energy consumption and can cut your annual energy bill by more than $115.
,Exterior
,New Roof — 109% Cost Recovery
,And the holy grail of home upgrades is … a new roof. With an estimated price tag of $7,500, you’re likely to make back all of your costs when you sell — and then some. A new roofing system has so many benefits. It helps with energy efficiency, reduces costs, improves comfort levels (preventing your heat or AC from escaping), and lessens the chance of water damage (no one wants a leaky roof!). Plus, it instantly boosts your curb appeal and adds value to your home. This project is a smart one for both homeowners who are planning to stay put for a while and those who are looking to sell soon.
,New Garage Door — 87% Cost Recovery
,While probably not at the top of your to-do list, a new garage door makes for a simple — yet smart — home improvement. Think improved functionality and enhanced curb appeal and aesthetics. It will set you back about $2,300 up front, but you’ll get most of that back with an 87% cost recovery. Plus, if you’re still dealing with a manual garage door, it’s time to stop living in the past and upgrade to automatic. While you’re at it, bring your garage into the future by opting for a smart door, which allows you to open and close your door right from your phone.
,New Fiber-Cement Siding — 83% Cost Recovery
,Durable and long-lasting, fiber-cement siding can completely transform the exterior of your house. While more expensive than its cheaper counterpart, vinyl, it is fire-resistant, moisture resistant, and insect- and rodent-resistant, and because it’s a thicker material, it can be texturized to resemble wood. Even with a relatively high cost recovery of 83%, installing new siding is no small undertaking; it will cost you around $18,000, according to the report. Still, if you’re flipping a house or your home is in desperate need of a new exterior, this could be a good option.
,Upgrading your home can be tremendously rewarding and fun. Knowing what these projects will cost you in the long run can help you prioritize the projects that matter while making smart financial decisions.
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May 28, 2018