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(Published on - 10/31/2021 3:17:20 PM)
 Article Source: MRED

Preparing Your Home For The Winter Season!

(Published on - 10/24/2021 5:50:24 PM)

It's time to prepare your home to withstand winter weather. Follow our fall checklist for must-do repairs and other seasonal maintenance tips.

As the season begins to change, it's time to prep your home for falling leaves, cooler weather, and, eventually, winter storms. Tackling a few fall home maintenance tasks now can help ward off issues later in the season, so you can enjoy everything you love about autumn worry-free. Most of the tasks listed below are well within the average homeowner's ability. But even if you'd rather hire a professional to handle them, it can be well worth the expense. You'll save money in the long run by preventing costly (and potentially dangerous) damage to your home. Follow this fall maintenance checklist and learn essential tips for cleaning gutters, roofs, fireplaces, and more.

houses-calm-place-autumn-moril-nice-trees-fall -nature-beautiful-lovely-foliage-house-park-falling-background-images - ILHM

1. Clean your gutters.

Your roof's drainage system annually diverts thousands of gallons of water from your house's exterior and foundation walls, so it's vital to keep this system flowing smoothly. Clogged gutters can lead to damaged exterior surfaces and water in your basement. They are also more prone to rust and corrosion. Before the leaves fly this fall, clean your gutters, then cover them with mesh gutter guards to keep debris from returning.

 

2. Seal up air leaks.

A home with air leaks around windows and doors is like a coat left unbuttoned. Gaps in caulk and weatherstripping let cold air into your warm home, and sealing up a drafty house can save up to 20% on your heating bills, according to the U.S. Department of Energy.

Weatherstripping is easily the most cost-effective way to rein in heating and cooling costs. This humble material also reduces drafts and keeps your home more comfortable year-round. Because weatherstripping can deteriorate over time, it is important to inspect it periodically. If you suspect a problem with your weatherstripping, try closing a door or window on a strip of paper. If the paper slides easily, your weatherstripping isn't properly sealing the opening. Alternatively, close the door or window and hold a lighted candle near the frame. (Don't let the flame get near anything flammable!) If the flame flickers at any spot along the frame, you have an air leak.

In addition to inspecting weatherstripping, check for missing or damaged caulk around windows, doors, and entry points for electrical, cable, phone, and gas. Seal any gaps with a suitable caulk. If drafts around windows persist, consider getting your windows replaced. Glass with multiple panes, spacers, or filler gasses (such as argon or krypton) will likely solve these problems. A professional can swap out your problem windows with more efficient models that will increase your level of comfort while decreasing your heating bills.

3. Inspect your roof.

Few homeowner problems are more vexing than a leaky roof. Once the dripping starts, finding the source of the problem can be time-consuming. Stop problems this fall before ice and winter winds turn them from annoyances into disasters.

Start by inspecting your roof from top to bottom, using binoculars if necessary. Check ridge shingles for cracks and wind damage. Look for damage to metal flashing in valleys and around vents and chimneys. Scan the entire roof for missing, curled, or damaged shingles. Look in your gutters for large accumulations of granules, a sign that your roof is losing its coating, which can portend larger problems. Finally, make sure your gutters are flowing freely.

Editor's Tip: Roof-mounted television antennas, even if they aren't in use, may have guy wires holding them in place. Look for loose or missing guy wires. If you see some, and your antenna is no longer being used, consider having it removed altogether.

4. Protect faucets from freezing temperatures.

If you live in an area with freezing weather, take steps to ensure that outside faucets (also called sill cocks) and in-ground irrigation systems don't freeze and burst. First, close any shut-off valves serving outside faucets, then open the outside faucet to drain the line. (There may be a small cap on the faucet you can loosen to facilitate this draining.) If you don't have shut-off valves, and your faucets are not "freeze-proof " types, you might benefit from styrofoam faucet covers ($6, Walmart), which are sold at many home centers.

To freezeproof an in-ground irrigation system, follow the manufacturer's procedure for draining it and protecting it from winter damage.

5. Freshen your furnace filter.

Furnace filters trap dust that would otherwise be distributed throughout your home. Clogged filters make it harder to keep your home at a comfortable temperature, thus increasing your utility bills. Simple monthly cleaning is all it takes to keep these filters free of debris. Disposable filters can be vacuumed once before replacement. Foam filters can also be vacuumed, but they don't need to be replaced unless they are damaged. Use a soft brush on a vacuum cleaner. If the filter is metal or electrostatic, remove and wash it with a firm water spray.

6. Give your furnace a checkup.

Once a year, it's a good idea to have your heating system inspected by a professional. To avoid the last-minute rush, consider scheduling this task in early fall before the heating season begins. Here are signs that you should have an inspection performed sooner:

  • Noisy belts: Unusual screeches or whines could be a signal that belts connected to the blower motor are worn or damaged.
  • Poor performance: A heating system that doesn't seem to work as well as it once did could be a sign of various problems. Your heating ducts might be blocked, the burners might be misadjusted, or the blower motor could be on its last legs. The first step, however, is to make sure your furnace filter is clean.
  • Erratic behavior: This could be caused by a faulty thermostat or a misadjusted furnace.
mantel with natural fall decor
CREDIT: KRITSADA PANICHGUL

7. Ready your fireplace.

Even if you use your fireplace only occasionally, you should check it annually for damage and hazards. First, inspect the flue for creosote, a flammable by-product of burning wood. Too much accumulation in a flue or chimney can result in a devastating fire. Get your chimney inspected annually for creosote buildup. If you use a fireplace or wood stove frequently, have the flue inspected after each cord of wood burned.

For most people, the best option is to have your entire chimney system inspected by a chimney sweep. Once you know what to look for, you can perform the inspection by shining a bright flashlight up the flue, looking for any deposits approaching 1/8 inch thick. These deposits should be cleaned by an experienced chimney professional.

Additionally, check your chimney for damage or flue blockages. Ensure the flue cap (the screen or baffle covering the top of the chimney) is in place. Birds often nest at the top of unprotected flues; a chimney cap can prevent this from happening. If you don't have a cap, look up the flue to ensure that there are no obstructions. Inspect brick chimneys for loose or broken joints. If access is a problem, use binoculars. Inside, exercise the damper, which is the metal plate that opens and closes the flue just above the firebox. Move it to the open and closed positions to ensure that it is working properly.

8. Keep the humidifier humming.

Dry winter air can be tough on your skin and airways, but did you know it can also make fine wood more prone to cracking? You and your home will feel more comfortable if you keep your central humidifier in tip-top shape during the months it is running. First, inspect the plates or pads and if necessary, clean them in a strong laundry detergent solution. Rinse and scrape off mineral deposits with a wire brush or steel wool.

Related: Here's How to Clean a Humidifier—And the Important Step You Should Take Daily

9. Ward off gas problems.

Keeping a gas heater in good shape is both a safety and a cost issue. An improperly maintained heater can spew toxic gases into the air of your home, or it could simply be costing you more to operate. Have a professional check these devices annually. There are also some maintenance items you should address. First, shut off the heater. Then check the air-shutter openings and exhaust vents for dirt and dust. If they are dirty, vacuum the air passages to the burner and clean the burner of lint and dirt. Follow the manufacturer's advice for any other needed maintenance.

stone indoor patio with wood burning stove
CREDIT: KIM CORNELISON

10. Keep wood fires burning brightly.

Wood-burning stoves add cozy ambiance and warmth to your home, but regular inspections are needed to ensure that these devices don't become a safety hazard. Follow these steps to check your wood-burning stove:

  • Inspect stovepipes: Cracks in stovepipes attached to wood stoves can release toxic fumes into your home. Throughout the heating season, you should check for corrosion, holes, or loose joints. Clean the stovepipe, and then look for signs of deterioration or looseness. Replace stovepipe if necessary.
  • Look for corrosion and cracks: Check for signs of rust or cracking in the stove's body or legs.
  • Check safety features: Make sure that any required wall protection is installed according to the manufacturer's specifications and that the unit sits on an approved floor material. If you have young children, be sure to fence off the stove when it is in operation.

11. Repair walkways.

Damaged walkways, drives, and steps are a hazard year-round, but their dangers are compounded when the weather turns icy. Fixing issues in the fall is also critical to preventing little cracks from becoming expensive headaches. Look for cracks more than 1/8-inch wide, uneven sections, and loose railings on steps. Check for disintegration of asphalt or washed-out materials on loose-fill paths. Most small jobs are well within the ability of a DIYer, but save major repairs for experienced hands.

12. Review safety features.

At least once a year, do a top-to-bottom review of your home's safety features. This is also a good time to get the family together for a review of your fire evacuation plan. Use these steps to complete a home safety check:

  • Smoke and carbon monoxide detectors: Replace the batteries in each smoke and carbon monoxide (CO) detector, then vacuum them with a soft brush attachment. Test the detectors by pressing the test button or holding a smoke source (like a blown-out candle) near the unit. If you haven't already, install a smoke detector on every floor of your home, including the basement.
  • Fire extinguishers: Every home should have at least one fire extinguisher rated for all fire types (look for an A-B-C rating on the label). At a minimum, keep one near the kitchen; having one per floor isn't a bad idea. Annually, check the indicator on the pressure gauge to make sure the extinguisher is charged. Make certain that the lock pin is intact and firmly in place, and check that the discharge nozzle is not clogged. Clean the extinguisher and check it for dents, scratches, and corrosion. Replace if the damage seems severe. Note: Fire extinguishers that are more than six years old should be replaced. Mark the date of purchase on the new unit with a permanent marker.
  • Fire escape plans: Every bedroom, including basement bedrooms, should have two exit paths. Make sure windows aren't blocked by furniture or other items. Ideally, each upper-floor bedroom should have a rope ladder near the window for emergency exits. Review what to do in case of fire, and arrange a safe meeting place for everyone away from the house.
  • General cleanup: Rid your home of accumulations of old newspapers and leftover hazardous household chemicals. (Check with your state or local Environmental Protection Agency about the proper way to discard dangerous chemicals.) Store flammable materials and poisons in approved, clearly labeled containers. Keep a clear space around heaters, furnaces, and other heat-producing appliances.

13. Prep your lawn for winter.

To ensure your lawn's health and beauty come spring, there are several important yard work projects to complete in the fall. Raking leaves and aerating will prevent your lawn and garden beds from suffocating. Fertilizing and winterizing grass, trees, and shrubs will allow your greenery to enter its winter slumber comfortably and properly nourished. Professional lawn care services will make quick work of these projects, freeing up your time for family, friends, and football.

14. Touch up exterior paint.

Fall offers plenty of days that are warm enough to work with exterior paint, and a touch-up can help prolong the life of your siding and trim. A fresh coat of paint or sealer on any surface that potentially will be covered with snow, such as porch stairs or wood floors, also is a wise idea. Sooner is better to contact a local painter or attempt the project yourself, as many paints aren't recommended for application on days when the temperature will dip colder than 45 to 50 degrees.

15. Clean your carpets.

Fall is an ideal time to clean your carpets. The humid days of summer have passed, but the below-freezing days of winter have yet to arrive. It's the best time to open windows for ventilation, which should speed the drying process. If you're not comfortable operating a carpet cleaning machine, let a professional wrangle the bulky cleaning equipment. With a house full of wet carpet, you'll be best suited to get outdoors and enjoy the lingering warm days.

Source: Better Homes & Gardens

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com


Should You Renovate Or Move?

(Published on - 10/17/2021 6:45:33 PM)

How to Renovate Your House On a Budget | Student Loan Hero

The Last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:

  • 70% of respondents want more outdoor living space
  • 69% of respondents want a home office (48% wanted multiple offices)
  • 46% of respondents want a multi-function room/flexible space
  • 42% of respondents want an au pair/in-law suite
  • 39% of respondents want an exercise room/yoga space

if you're a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like:

  1. A possible desire to relocate
  2. The difference in the cost of a renovation versus a purchase
  3. Finding an existing home or designing a new home that has exactly what you want (versus trying to restructure the layout of your current house)

In either case, you’ll need access to capital: the funds for the renovation or the down payment your next home would require. The great news is that the money you need probably already exists in your current home in the form of equity.

Home Equity Is Skyrocketing

The record-setting increases in home prices over the last two years dramatically improved homeowners’ equity. The graph below uses data from CoreLogic to show the average home equity gain in the first quarter of the last nine years:The Big Question: Should You Renovate or Move? | Keeping Current Matters

Odeta Kushi, Deputy Chief Economist at First American, quantifies the amount of equity homeowners gained recently: 

“Remember U.S. households own nearly $35 trillion in owner-occupied real estate, just over $11 trillion in debt, and the remaining ~$24 trillion in equity. In inflation adjusted terms, homeowners in Q2 had an average of $280,000 in equity- a historic high.”

As a homeowner, the money you need to purchase the perfect home or renovate your current house may be right at your fingertips. However, waiting to make your decision may increase the cost of tapping that equity. 

If you decide to renovate, you’ll need to refinance (or take out an equity loan) to access the equity. If you decide to move instead and use your equity as a down payment, you’ll still need to mortgage the remaining difference between the down payment and the cost of your next home.

Mortgage rates are forecast to increase over the next year. Waiting to leverage your equity will probably mean you’ll pay more to do so. According to the latest data from the Federal Housing Finance Agency (FHFA), almost 57% of current mortgage holders have a mortgage rate of 4% or below. If you’re one of those homeowners, you can keep your mortgage rate under 4% by doing it now. If you’re one of the 43% of homeowners with a mortgage rate over 4%, you may be able to do a cash-out refinance or buy a more expensive home without significantly increasing your monthly payment.

First Step: Determine the Amount of Equity in Your Home

If you’re ready to either redesign your current house or find an existing or newly constructed home that has everything you want, the first thing you need to do is determine how much equity you have in your current home. To do that, you’ll need two things:

  1. The current mortgage balance on your home
  2. The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To find the current market value of your house, you can pay several hundreds of dollars for an appraisal, or you can contact a local real estate professional who will be able to present to you, at no charge, a professional equity assessment report.

Bottom Line

If the past 18 months have refocused your thoughts on what you want from your house, now may be the time to either renovate or make a move to the perfect home.

Source: Keeping Current Matters

 Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com


The Main Key To Understanding the Rise in Mortgage Rates

(Published on - 10/10/2021 6:36:14 PM)

 

With Mortgage Rates Rising, Buy a Home Now or Pay More Later? | realtor.com®

 

Every Thursday, Freddie Mac releases the results of their Primary Mortgage Market Survey which reveals the most recent movement in the 30-year fixed mortgage rate. Last week, the rate was announced as 3.01%. It was the first time in three months that the mortgage rate surpassed 3%. In a press release accompanying the survey, Sam Khater, Chief Economist at Freddie Mac, explains:

“Mortgage rates rose across all loan types this week as the 10-year U.S. Treasury yield reached its highest point since June.”

The reason Khater mentions the 10-year U.S. Treasury yield is because there has been a very strong relationship between the yield and the 30-year mortgage rate over the last five decades. Here’s a graph showing that relationship:

The Main Key To Understanding the Rise in Mortgage Rates | Keeping Current Matters

 

The relationship has also been consistent throughout 2021 as evidenced by this graph:

The Main Key To Understanding the Rise in Mortgage Rates | Keeping Current Matters

The graph also reveals the most recent jump in mortgage rates was preceded by a jump in the 10-year Treasury rate (called out by the red circles).

So, What Impacts the Yield Rate?

According to Investopedia:

“There are a number of economic factors that impact Treasury yields, such as interest rates, inflation, and economic growth.”

Since there are currently concerns about inflation and economic growth due to the pandemic, the Treasury yield spiked last week. That spike impacted mortgage rates.

What Does This Mean for You?

Khater, in the Freddie Mac release mentioned above, says:

“We expect mortgage rates to continue to rise modestly which will likely have an impact on home prices, causing them to moderate slightly after increasing over the last year.”

Nadia Evangelou, Senior Economist and Director of Forecasting for the National Association of Realtors (NAR), also addresses the issue:

“Consumers shouldn’t panic. Keep in mind that even though rates will increase in the following months, these rates will still be historically low. The National Association of REALTORS forecasts the 30-year fixed mortgage rate to reach 3.5% by mid-2022.”

Bottom Line

Forecasting mortgage rates is very difficult. As Mark Fleming, Chief Economist at First American, once quipped:

“You know, the fallacy of economic forecasting is don’t ever try and forecast interest rates and or, more specifically, if you’re a real estate economist mortgage rates, because you will always invariably be wrong.”

That being said, if you’re either a first-time homebuyer or a current homeowner thinking of moving into a home that better fits your current needs, keep abreast of what’s happening with mortgage rates. It may very well impact your decision.

source: Keeping Current Matters 

 Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com


3 Remodeling Projects That Prospective Buyers Desire

(Published on - 10/3/2021 3:41:38 PM)

Remodeling is a great way to fix, update or upgrade your home while increasing its value, but costs can add up. It’s important to prioritize the projects that will not only benefit you and your family in your daily lives, but also will attract future buyers if and when the time comes to sell.

In general, it’s best to move forward with projects that are cost-effective and useful to anyone who might occupy the property down the line. Here are three projects to consider:

1. Kitchen

When deciding which remodeling project to take on, think about the areas of your home where you spend the most time. For many of us, one of these rooms is the kitchen, a room that potential buyers are certain to notice. Remodeling an entire kitchen can become an overwhelming process, but there are a few areas you can focus on to make a dramatic difference.

Cabinets take up a large portion of your kitchen and can look run down or get damaged over time. Sanding down your cabinetry, giving them a fresh coat of paint and adding new hardware will take a little extra effort, but is a cost-effective update that will be worth it in the long run. If it’s within your budget, consider replacing the cabinets completely.

If your countertops are starting to show their age, think about upgrading to a material like granite or quartz that will resist heat, scratches and stains. Stone countertops will ultimately last longer than laminate countertops, which will save you money in the long run.

2. Bathroom

The bathroom is another area that’s often crying out for a remodel, and is definitely a selling point of a home. At the very least, consider redoing the caulking and updating fixtures like cabinet hardware, faucets and showerheads. These are inexpensive upgrades that will make an immediate visual impact. Redoing or replacing the vanity to add more counter space or storage space is always a good idea as well, if your budget will allow.

3. Floors

Some form of flooring will be in every room of your home and is one of the first things a potential buyer will notice upon viewing your property. While this isn’t typically a budget project, updated flooring will certainly add value to your home. Laminate, tile or wood flooring are more convenient and easier to clean than carpet, though some people do prefer to have carpet in certain rooms, like the master bedroom. Freshening up the materials on the floor can take your home to the next level.

Final Thoughts: Don’t Underestimate the Little Touches.

There are many easy, budget-friendly steps you can take to up the appeal of your home. It's true that a fresh coat of paint in a neutral color can make a world of difference in a room. If selling is something you’re considering down the road, other upgrades like extra storage space, central air and washer/dryer hookups are key attributes that appeal to buyers.

Upping your home's curb appeal is a great way to make a good first impression on potential buyers. Simple touches like painting or replacing the front door can have a major impact. If your home has a walkway, consider pouring new concrete or installing new pavers. Spruce up the front porch with a fresh coat of paint or new steps if the old ones are struggling or need a facelift.

Lastly, lighting is another easy way to upgrade your home. Consider upgrading to modern, energy-efficient light fixtures throughout your home, or tackle a bigger project and install larger windows to let in more natural light.

Any project you decide to tackle in your home should be for the benefit of you and your family, but it's a good idea to consider the return on your investment when putting any additional money into your home. If there’s any chance you might sell in the future, try to choose projects that will ultimately up the resale value of the entire home.

Talk with a local real estate professional today to determine what is the best way to spend your time and money before you sell.

 Article Source: Rismedia Housecall 

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com


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