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Archive for the ‘Save Money!’ Category

Find Out How Much You Are Spending To Keep Your Appliances Plugged In.

Most homeowners claim to be eco-friendly and want to help the environment, yet they worry that making changes in their home will be costly or inconsequential. This is especially true for someone who is in the process of selling their home and doesn’t want to make any substantial changes to a place they hope to be leaving soon.

However, making-energy efficient home improvements doesn’t have to mean sweeping changes and, by creating a better carbon footprint for your house, you will attract green-conscious homebuyers.

Recent studies have reported that 80% of homebuyers identify energy savings and comfortable surroundings as key factors when deciding between listings, so more agents today are working with home sellers on innovative energy, environmental and ecological approaches and opportunities for selling the home.

One simple and easy change concerns the lighting in your house. Today’s green lighting isn’t limited to the fluorescent light bulbs to which most people have quickly adapted. There are plenty of other options including LED gaining in popularity as a viable and affordable home-lighting source.

LED is a energy-efficient, semi-conducting light source that started growing in popularity in 2007. In the past, LED lighting appeared as unattractive blue hues but today’s LED lighting offers the same bright white output as incandescent lighting. Plus there is an affordable price tag to go with it and people understand the value of it.

LED lighting can also be used in some areas of the home that will better showcase features when one looks around. From track lighting over the fireplace to under-counter cabinet lighting to can lighting in the hall, LED fixtures can cast dramatic light on your home’s best features.

There are plenty of other benefits as well. LED lighting uses 75% less electricity than the standard incandescent light bulbs, and LED bulbs last 50 times longer than standard bulbs, saving you money.

Energy-efficient lighting should also be used in exterior locals of the home, such as around any deck, pool, patio or garden. These low-energy emitting lights are perfect complements to any outdoor features you want to show off.

Of course, once someone buys a home, they can just make the changes themselves, but a savvy real estate agent will tell you that a homebuyer will judge your eco-friendly actions in a positive light and may be more inclined to deal with you.

Taking advantage of these modern lights will not only let you help the environment, but it may benefit your pocketbook as well.

If you are looking to join the Columbia Real Estate market, please feel free to call us.  Prudential Vision Properties can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

Credit Score Requirements Ease for Some

By: Amanda Johnson

Tight lending guidelines have weighed on the U.S. housing market during its ongoing recovery. Most lending institutions during the past two years raised their credit score requirements to as high as 650, making it nearly impossible for many people to obtain a loan.

Wells Fargo made it a little easier for homebuyers this past year, when the lender lowered its credit score requirements on FHA mortgages.

“Under its new policy, Wells Fargo will accept borrowers with credit scores of 500 to 579 if those borrowers can make a down payment of at least 10%,” said Robert Lentini, a mortgage expert who blogs for the website thetruthaboutmortgage.com. “For borrowers with credit scores of 580 to 599, borrowers must put down 5%. Borrowers with credit scores of 600 or higher can make a 3.5% down payment.”

Quicken Loans, Inc. adapted similar policies— dropping to a minimum 580 FICO score. “There are folks who have steady incomes and a solid payment history but were temporarily affected by the economy or a life event in some way. These challenges can lower their credit score significantly,” said Quicken Loans Inc.’s Chief Economist Bob Walters in a company statement. “We believe that a credit score, on its own, is not the sole arbiter of a person’s credit worthiness. This change will open up credit to a significant group of people and allow them to again have access to purchase or refinance a home.”

Such developments have been welcome news to FHA Commissioner David Stevens, who earlier this year urged lenders to lower their minimum credit score requirements to help the real estate industry as a whole. Stevens said that stringent requirements have constrained home sales by as much as 20% over the past year.

Amanda Johnson can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

Then Perform Regular Home Maintenance.

Not performing regular maintenance on your home is like burning money.  So many homeowners neglect basic maintenance like having their A/C and heating units serviced yearly, replacing air filters, and even painting, that instead of having small maintenance costs they end up with huge repair or even replacement costs.

To avoid this cash drain,  keep a monthly home repair and maintenance checklist as a reminder to take care of the little problems before they become big ones. If you have any questions, feel free to ask your Realtor.
Since your home is probably the costliest investment you will ever make, it is crucial to protect it and avoid expensive damage like rotted wood, broken HVAC systems, or the wasteful lack of energy efficiency. Making timely repairs will help both your wallet and the environment.  None of the work is terribly difficult or expensive; the biggest investment is your time.

Here is your month-by-month guide to money saving maintenance:

January Maintenance Checklist

• Check for ice dams or icicles which could cause roof damage.
• Arrange for an energy audit to make sure your home’s energy efficiency (or lack thereof) won’t drain your wallet.
• Replace air filter in HVAC system.

February Maintenance Checklist

• Check for ice dams or icicles which could cause roof damage.
• Tackle indoor painting projects.
• Clean lint from dryer ducts and vents to prevent fires and increase dryer’s efficiency.
• Inspect grout in bathrooms and kitchens, and repair and seal if needed.
• Clean out sump tank and clear screen on sump pump (if you have one).
• Replace air filter in HVAC system.

March Maintenance Checklist

• Fertilize lawn with pre-emergent crabgrass preventer.
• Check your home’s foundation for cracks to prevent damage from mold or mildew.
• Inspect fences, repair if needed.
• Inspect deck, replace protruding nails with galvanized screws, then clean and seal the wood.
• Inspect gutters for sagging or damage and repair if needed.
• Clean and store storm windows, replace with screens.
• Remove insulating covers from outdoor spigots and store for use in the fall.
• Replace air filter in HVAC system.

April Maintenance Checklist

• Clean out gutters.
• Wash roof, siding, and gutters.
• Scrape peeling exterior paint, then prime and repaint.
• Change batteries in smoke detector.
• Wash inside windows.
• Test sprinkler system and arrange for necessary repairs.
• Replace air filter in HVAC system.

May Maintenance Checklist

• Have A/C system cleaned and serviced.
• Check gutter, downspouts and roofs for leaks.
• Clean fireplace, schedule chimney cleaning and have chimney repointed if needed.
• Cut back branches or trees that touch the siding or roof.
• Wash exterior windows.
• Replace air filter in HVAC system.

June Maintenance Checklist

• Check supply hoses to washing machines for leaks or deterioration.
• Remove toe plate from dishwasher and check for leaks.
• Test GFCI circuit in garage or utility room.
• Add root killer to sewer line to prevent blockages.
• Inspect roof and replace any curling or missing shingles.
• Replace air filter in HVAC system.

July Maintenance Checklist

• Check that A/C drip tubes flow freely.
• Have septic system pumped if you have a septic system.
• Repair potholes in driveway.
• Replace air filter in HVAC system.

August Maintenance Checklist

• Have furnace or heating system cleaned and serviced.
• Repair or replace cracked or broken windows.
• Clean and lubricate tracks on sliding doors.
• Lubricate door and window hinges.
• Check for brick and mortar cracks, repair if needed.
• Replace air filter in HVAC system.

September Maintenance Checklist

• Add a programmable thermostat if you don’t already have one.
• Check foundation for cracks or leaks and seal if needed.
• Caulk around windows and doors.
• Drain, flush, and refill water heater, wrap with insulating blanket if not done already.
• Add weather-stripping around attic stairs.
• Add new door sweeps to bottoms of exterior doors if drafty.
• Replace air filter in HVAC system.

October Maintenance Checklist

• Check irrigation system for leaks, drain and winterize.
• Remove garden hoses from spigots and store for winter.
• Cover outdoor spigots with insulating covers.
• Remove window screens, wash and store.
• Wash exterior windows, then re-install storm windows.
• Replace batteries in smoke detector.
• Replace air filter in HVAC system.

November Maintenance Checklist

• Clean out gutters.
• Clean, oil, and store garden tools and lawnmower.
• Check weather-stripping on windows and doors and replace if needed.
• Caulk around pipes and wires where they enter the exterior wall.
• Replace air filter in HVAC system.

December Maintenance Checklist

• Check for ice dams or icicles to prevent roof damage.
• Replace air filter in HVAC system.

To speak with a Prudential Vision Properties’ Realtor today, you can call 573.449.6200 or email us at Info@PrudentialVision.com.  Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company.  Equal Housing Opportunity.

How do you know if refinancing your current mortgage is the right thing for you to do?

The short answer that I have always believed is that if you are able to cut your interest rate at least one percentage point and are going to stay in that home for several more years, it MIGHT be worth it to refinance.

One of the best explanations that I have seen is from USAA Mortgage. It is an exercise that you can do to come up with the number$ to make a decision that is right for you. Here is what they said:

Refinancing Example Current Loan Refinance

Loan Balance $200,000 $200,000

Closing Costs n/a $7,000

Rate 6.50% 4.75%

Years Left to Pay 27 30

Principal/Interest Payment $1,315 $1,043

Monthly Savings $272

Break-even Estimate 25.7 months (2.1 years)

In this example, if you were only planning to stay in that home for two years, it might not be the best thing for your pocket book to refinance.

But there are reasons to refinance other than lowering the interest rate. Some things to consider:

Shorter term – pay off loan faster

Longer term – lower monthly payments

More customer service oriented lenderARM vs. Fixed

Just remember that there is more to consider than an interest rate – all lenders are not created equal. Watch out for hidden fees (and not so hidden fees). Make sure that those fees are reasonable.

And remember that there are a lot of people trying to refinance right now, so the processing time may be longer than you would think – lenders are going to process the new home purchases first, because they have a time constrain that your refinance does not have.

So take a look at it and see if it will make financial sense for you and ask questions until you feel comfortable that you understand the pros and cons.

To speak with a Prudential Vision Properties agent today, call 573.449.6200 or email us at Info@PrudentialVision.com.