DIY tips to increase curb appeal

What happens – or doesn’t – between the curb in front of your home and the home’s front door is known as curb appeal. It makes or breaks the potential buyer’s first impression.

It’s that important.

But, it’s the area around the front door that’s considered the focal point of the exterior of the home. While they may not be conscious of it, this area will be the potential buyers’ first impression.

Many homeowners are quite successful taking the DIY route to staging this area for maximum appeal. We’ve gathered some tips from the experts to help you get started.

Understanding landscape design is important

One of the principles of landscape design, according to the experts at Environmental Landscape Associates (ELA), a Doylestown, PA landscape architecture firm, is to ensure the landscaping near the entry area matches the home’s architecture.

For instance, while a free-flowing cottage garden in the home’s front yard may be the perfect choice for a Tudor cottage, when planted in front of a modern home it creates confusion and appears chaotic.

“Is your home a traditional colonial or a casual contemporary? The style of your home should trump your personal style preferences for the greatest curb appeal,” caution the pros at ELA.

Staging the exterior of the informal-style home

Informal-style homes, such as bungalow, ranch-style, Craftsman and cottage demand informal landscaping. Here, you can be creative in your use of hardscaping and plants. The aforementioned cottage garden works well.

Additional ideas to help you update the front of an informal-style home include:

  • Line the walkway with flowers or evergreen plants to help draw the eye to the front door.
  • Place lanterns near the front door.
  • Add a coordinating door mat.
  • Change the door hardware and house numbers to compliment the home’s architecture.
  • Check all the lighting to ensure the covers are clean and the bulbs function.

Tips to spiff up the exterior of a formal-style home

Popular formal-style designs include colonial, Georgian and Greek revival. To coordinate and compliment the home’s exterior, landscaping should rely on organization and symmetry.

A good example of this is a carefully staged entryway with “two of everything,” according to the experts at betterhomesandgardens.com. Identical planters holding identical plants on either side of the door creates symmetry and balance.

Consider well-manicured boxwood shrubs, grown as a hedge, to line the walkway.

The key to success with a formal home is to avoid over-staging the exterior entry area. Keep it sophisticated and simple.

There is a lot to consider when it comes to increasing curb appeal. We’re happy to answer any questions you may have.

What you need to know about homeowner’s associations

A Dallas homeowners association (HOA )sent a letter to homeowner Frank Larison, a 58-year-old Vietnam veteran, threatening to have his car towed, at his expense. His crime? Displaying Marine Corps decals on the car’s bumper and in the rear window.

Jim Lane decided that the common areas in his community needed some sprucing up so he planted pansies. The HOA slapped him with a fine and, when he refused to pay it, they placed a lien against his home.

Joseph Prudente’s sprinkler system died and, subsequently, his lawn started turning brown. Prudente, 66, had fallen on hard times and couldn’t afford to repair the system and, in the Florida heat, the lawn began turning brown.

His HOA, the Beacon Woods Civic Association, requires homeowners to have lawns in the front yard and notified Prudente that he was in violation of the community’s covenants. He pleaded his case to the board, but to no avail. They filed a complaint in court, which Prudente ignored, landing him in jail.

For not re-sodding his lawn.

Say the words “homeowners association” and many Americans conjure an image of a group of meddling, power-hungry, petty tyrants. Think Elmira Gulch in “The Wizard of Oz,” and you’ll have a picture of how this group is portrayed in the media and pop culture.

The reality

Despite what we read in the media, 70 percent of Americans who live in communities governed by homeowners associations say they are satisfied with their communities, according to the Community Association’s Institute 2020 Homeowner Satisfaction Survey.

71% of those surveyed say that their HOA’s rules and regulations “protect and enhance property values.”

Whether their reputation is well-deserved or overhyped, HOAs offer both advantages and disadvantages to residents living in managed communities. One of the most obvious disadvantages are the fees or dues required of residents. Don’t pay them, and the HOA can not only slap a lien against the home, but push you into foreclosure.

Why homeowners have to pay dues

When you buy a condo or single-family home in a managed community you are essentially agreeing to share in the costs of maintaining the common areas and amenities shared by all residents.

The payments are a lot easier to swallow if you think of them as helping to ensure your property’s value.

HOA fees vary, depending on amenities and services provided by the association. “Some estimates claim these fees are between $100 and $700, with roughly $200 as an average,” according to the staff at Investopedia. Payment due dates also vary, from monthly to quarterly, semi-annually or yearly.

Where does the money go?

The HOA uses the fees collected to pay for expenses, such as the improvement and maintenance of landscaping, parks, clubhouses, pools and tennis courts. HOA responsibilities and duties vary, however and may include:

  • Paying taxes on the common areas
  • Enforcing the rules
  • Legal fees
  • Insurance for the common areas

The reserve account

The HOA also uses a portion of the fees to fund the reserve account. This money is set aside to pay for major or long-term projects, such as replacing the roof on the clubhouse, installing a new pump for the community’s pool and painting or landscaping projects.

The reserve fund will also pay for any needed natural disaster emergency repairs

Special assessments

The HOA reserve fund may not hold enough money to take care of an unexpected large expense so homeowners may be asked to pay a special assessment. Typically, the governing board will determine whether or not an assessment is required and in what amount.

The HOA board is typically required to use these funds only for the stated purpose and, if there is money left over, the bylaws should outline whether it is to be redistributed to homeowners or held in the general fund.

If you are considering buying a home in a managed community

Shortly after signing the agreement to purchase, you’ll be given a huge packet of HOA documents to look over. Filled with legalese, this paperwork isn’t light reading.

In fact, we hope that our clients will consult with their attorneys if they find anything in the paperwork that they don’t understand.

Once you sign off on your acceptance of the HOA documents, there is no turning back. If you purchase the home, you are bound by them.

Pay close attention to the following documents:

  • The Declaration of the Covenants, Conditions & Restrictions — A fancy way of saying “rules and regulations,” the CC&Rs, as they are known, dictate how you can and cannot use the home. Some HOAs also issue a separate document outlining rules and regulations.
  • From pet ownership, landscaping and the appearance of the exterior of the home to whether or not you can smoke in your backyard and what color your mailbox can be painted, everything you need to know to decide whether or not the HOA is too restrictive for you can be found in these documents.
  • Financial documents – How well does the HOA’s board handle the association’s finances? You can find out in the financial documents. You should find a statement of the amount of the current dues, the history of special assessment requests, the amount of money in the reserve fund and the HOA’s budget.
  • Meeting minutes – Most HOA document packages contain copies of minutes from recent HOA meetings. Read through these with an eye toward finding frequent and repeated homeowner complaints. Repeated complaints may be an indication of an unresponsive board.

Buying a home in a managed community not only adds to your house payment each month, but it means allowing an association to govern how you use your property and, thus, impact your lifestyle.

Take your time reading the HOA documents so you go into the process with your eyes wide open.

What to consider when buying a used refrigerator

It’s the sad truth: we can’t all afford to pop into Home Depot and plunk down $3,000 for a brand new “French Door Refrigerator in Fingerprint Resistant Stainless Steel.” Heck, many Americans, especially right now, don’t have the $620 for the rock-bottom priced new fridge sans bells and whistles.

It makes sense, then, how so many of us take to websites such as Facebook Marketplace, Nextdoor, Craigslist and OfferUp before hitting local garage sales in search of a used refrigerator.

It can be a long search to find one that’s not a lemon in disguise, so let’s take a look at what you need to think about before buying a used refrigerator.

Will it fit?

If you don’t know the measurements of your current fridge, take them now and keep them with you when you shop.

You’ll need to measure length, width and depth. According to the experts at Bosch, add an extra inch to each side and the top for clearance.

Figure out how much you can spend

Since you’ve opted to buy a used appliance instead of a new one, price is obviously important. Figure out the most you want to spend and vow to keep to the budget.

It helps to do a bit of research first. Head over to the appliance section of Home Depot, Lowe’s or Best Buy and check out which manufacturer’s garner the best reviews. Make a list of them.

Now, you not only have price as a guide, but manufacturer as well.

How much is that used refrigerator really worth?

There is no formula for determining the value of a used refrigerator. Experts recommend that you first check ads for others selling similar brands in similar condition to the one you have your eye on.

Check websites of used appliance shops in the area for prices of similar models. Don’t forget to factor in features, deducting the value if the one you’re thinking of buying doesn’t include the comparable’s features and adding value if it does.

Where to shop for your “new” old refrigerator

We’ve mentioned some shopping spots earlier, but here’s a longer list.

  • Facebook marketplace. Navigate to your Facebook page and click on “Marketplace” on the left side of the page. Then, click on Home Goods in the list on the left and, finally, in the Search Marketplace box at the top of the left side of the page, type in “Refrigerator.” Refine your search further by clicking on a delivery method or local pickup.
  • OfferUp.com: Type “Refrigerator” in the search box at the top of the page. The list of options to refine the search is on the left, although you’ll find that it’s not extensive.
  • Craigslist.org: Yup, it’s still around.
  • Garage sales
  • Used appliance outlets
  • Large retailers’ scratch and dent outlets, such as American Freight (formerly Sears Outlet) and Best Buy Outlet.
  • Ask around at work.

Questions to ask the seller

Make a list of all the questions you’ll ask. This might include:

  • Why are you selling your refrigerator?
  • How old is it? (A refrigerator more than 10 years may not be as big a bargain as you think. The lack of energy efficiency may create higher utility bills for you.)
  • How long have you owned it?
  • Did you buy it new?
  • Are there any problems with it?
  • If you haven’t seen photos of the fridge, ask if the seller would mind emailing or texting them to you.
  • Does it need any parts? This is an important question because even the tiniest part for a refrigerator can be pricey. If it needs a handle or shelf, research the cost before agreeing to buy the appliance. You can do this online at appliancepartspros.com or partselect.com.

What to look for when viewing the refrigerator in person

  • Plug it in to ensure that it runs
  • Is it cool? If you’ve had to plug it in, keep in mind that “Initial cool-down takes time,” according to the pros at American Appliance Repair. In fact, it can take up to 24 hours to reach the proper temperature. At least wait a few minutes to see if it’s getting cool.
  • Check the seal. “An easy way to test for air leakage is to close the door on a piece of paper; when you attempt to pull out the page, you should feel some resistance,” claim the experts at hometips.com. “A poor seal could signify a bad gasket around the door’s perimeter or hinges that need to be adjusted,” they conclude.
  • Does it stink? Reconsider purchasing it. Bad odors are exceptionally difficult to remove from a refrigerator.
  • Inspect the coils. The location of condenser coils isn’t universal, so you may have to do some sleuthing to find them. Often, they are at the bottom of the refrigerator, behind the grill. Or they may be on the back, under a covering. Look for excessive dust buildup. This is a clue that the owner hasn’t maintained the unit, and the “motor may have endured undue strain,” according to the pros with Appliance Repair Specialists.
  • Inspect the compressor. “Open the door and leave it open for a few moments to get the compressor to turn on,” instructs Nick Gromicko and Ben Gromicko at the International Association of Certified Home Inspectors. “The temperature control can also activate the motor. The compressor should operate, and start and stop smoothly, without a noticeable shudder that rattles the refrigerator.” The authors offer additional refrigerator inspection tips at nachi.org.

Out with the old

Finally, recycle the old unit. Compactappliance.com offers a brilliant article on the various ways to get rid of the old refrigerator in a responsible manner.

Should I buy a new or an existing home?

One of the choices you may be faced with when you decide to buy a home is whether to buy a newly-built home in a new home community or an existing house. Sure, you can remodel an older home to suit your needs, but do you have the time and the money to do so? A new home, on the other hand, can be built to your specifications.

Building a home isn’t without its drawbacks, however. There are many decisions to be made along the way and if you aren’t careful you may end up spending more than you’d anticipated.

There is something to be said for both choices, so let’s take a look at some things to consider while making up your mind.

What you’ll spend

Although most homebuyers claim they want a brand new home, according to a Harris Research poll, few said they were willing to pay a 20 percent premium for it.

What these respondents failed to understand is that a new home may cost them less over the long haul.

Most new construction features energy efficient appliances, windows and other items. These help save money on heating and cooling bills. Then, because the home is new, maintenance won’t be as expensive as it is with an older home, at least for the first few years.

Builders often offer incentives if the buyer uses the in-house lender. If the builder offers a discount on points for the loan, the savings over the life of the loan may just be enough to offset that new construction premium.

Your lifestyle

If you need space for hobbies or if you work at home you may appreciate the perks of being able to choose how your home is laid out while it’s being built. If, on the other hand, you enjoy the charm of tree-lined streets and mature landscaping, an older home may fit the bill.

When deciding whether to buy a newly-constructed home or an existing home, it all boils down to your lifestyle. Existing homes are typically in closer proximity to city conveniences so if you enjoy walking to your favorite eatery you may want to consider an older home closer to downtown.

If the thought of an after-work dip in the community pool gets your pulse pounding, a new-home community may be your answer.

Whichever you decide, we’re happy to show you homes that fit the bill.

3 easy ways to live a greener life

Green – a word that can indicate envy or inexperience, it can conjure up a frog named Kermit, or immature fruit.

It’s also a descriptor of a lifestyle that is concerned with environmentalism.

While many Americans take this concern to the max, others adopt pieces of a green lifestyle. This way, they can do their part to help the environment while saving money in the process.

A Home Improvement Research Institute (HIRI) study found that more than 40% of us will purchase green products for the home. If you’re among this group, read on to learn three easy ways to make your life at home a bit greener.

1. Go green when you clean

You’ll find lots of cleaning products at the supermarket, labeled “eco-friendly” or “green.” Do they work as well as traditional cleaners?

“Indeed they do, according to according to research analyst Samara Geller with the Environmental Working Group (EWG). “They have been demonstrated to be just as effective at tackling various cleaning chores as traditional cleaning products,” she claims.

But not all so-called eco-friendly products are created equal and even the experts at EWG.org admit that. In fact, they recommend that when shopping for cleaners to use in the home, ensure that they are:

  • Certified by Green Seal or Ecologo
  • Fragrance-free
  • Free of quaternary ammonium compounds or triclosan

Go online to the Environmental Working Group’s website to find out which cleaners they recommend.

2. Save the environment by installing a new thermostat

If you haven’t read up on programmable thermostats, what are you waiting for? Basically, you program in the times you want the home’s temperature to warm or cool and to regulate what it should do when nobody is at home.

Look for a “smart thermostat,” which will “learn” your heating and cooling habits and you can control it from an app.

The folks at the U.S. Department of Energy find that you could save up to 10% on cooling and heating your home just by dialing back the thermostat 7 degrees while you’re at work.

3. Save  with this simple tip

What’s simpler than changing a light bulb? If you ensure that the new bulbs are ENERGY STAR® certified you’ll save up to 90% in energy consumption, according to the owner of the ENERGY STAR registered trademark, the EPA.

Take these three steps to a greener home to help protect your family, your pocketbook and the environment.

When shopping for a new home, consider location carefully

The real estate industry loves to harp on “location;” so much so that we repeat it three times to let you know how important it is.

Location, location, location not only determines a home’s value but the homeowner’s enjoyment of the home as well.

For instance, if you can’t tolerate noise, don’t buy a home near an airport or railroad tracks. If traffic drives you nuts, avoid looking at homes on busy streets.

We know how easy it is to focus on the homes you view and ignore the location. So we’ve come up with three things for you to consider before you sign on the dotted line of that purchase agreement.

1. “There are no homes on either side of this one!”

Yes, open space nearby is an attractive enticement, but beware. If the land isn’t a government set-aside (meaning that it’s privately owned), you’ll need to do some investigating.

A few years ago, the residents of a peaceful, 25-year-old Minneapolis suburb were shocked to find out that the open space nearby was zoned for commercial development.

They learned about it while reading news reports that the city approved construction of a 24-hour superstore directly across the street from the subdivision’s entrance.

Imagine living there after the store’s completion—the traffic, the huge trucks making deliveries in the middle of the night and glaring parking lot lights pouring through their windows.

The lesson here? Check the zoning of all vacant land in the vicinity of the home you have your eye on.

2. How’s the neighborhood?

If that adorable house you’ve fallen in love with is the only adorable house in the neighborhood, you may want to think twice about it.

The condition of surrounding homes has an impact on the value of all of them. Nearby homes with peeling paint or trashy yards drag down the value of those nearby.

Then there are the bigger impacts on nearby home values. These include homes near:

  • Foreclosed homes
  • Power plants
  • Funeral homes
  • City dump
  • Noise pollution
  • Sex offenders
  • Poor-performing schools

When you tour a home that you’re interested in, drive through the neighborhood at different times of the day, weekdays and weekends.

Then, drive around the area surrounding the neighborhood to check for anything that may impact the home’s value now and down the road when you sell. This includes railroad tracks, airport noise, dumps, etc.

3. Crime rates

Especially if you’re a single woman or a family with children, checking the area’s crime rates is critical. Even the cutest neighborhoods could be in high-crime areas.

You can find crime statistics online at various websites. Neighborhood Scout offers reports for a fee but many police departments offer them free, online.

The United States Department of Justice offers, at no charge, a way to search for sexual predators on its National Sex Offender Public Website.

Knowledge is power, especially when shopping for a home. Ensuring that the location of a new home fits your needs and desires is part of your due diligence. Neglect it, and you may be sorry.

You may not notice them, but your home has eyesores

You can clean your home like a professional. Organize and decorate ‘til the cows come home. Nine times out of 10, however, what your guests will notice first are those little eyesores that you’ve grown so accustomed to that you no longer notice them.

It’s the snake’s nest of cables and cords near the TV and/or the computer, the art work hung too high and the car keys and mail haphazardly thrown on a table or counter. The neater and cleaner a home is, the more a guest’s eyes will be drawn to the eyesores; they’re out of place and catch our eyes.

We rounded up some of the more common household eyesores and the solutions for them. Easy DIY projects, you can get started on them this weekend.

1. Cords and cables galore

They’re found in the kitchen, living room, bedroom, office and even in the exercise room. Wherever there are electronics you’ll find cords, chargers and cables, typically in a tangled mess.

Even one cord, say from the cable outlet to the TV mounted high on the wall, can be an eyesore.

Thankfully, there are some pretty nifty inventions to help you hide the mess.

Check out the cable management boxes at Amazon.com. We like the D-Line Cable Management Box for its understated branding, making it a bit more stylish than the others.

Other ideas include:

  • Clipping the mess to the back of furniture. Amazon carries non-damaging plastic clips for this purpose.
  • Hide that cord from the wall-mounted TV with a cord concealer kit.
  • Check out the Cable Slinky, a rubber, spiral cord wrap.
  • For cords and cables that snake through the home, consider baseboard cord channels. These self-adhesive channels are attached at the bottom of baseboards for a seamless solution to the cord clutter problem.
  • Finally, check out this ingenious solution (fake books!) from an Etsy seller.

2.Heating/cooling ugliness

Used only a few months out of the year, the window-installed AC unit can become an eyesore. We found several projects that will help you conceal it and its cousin the radiator, during the periods they aren’t in use.

  • An adorable DIY window AC unit enclosure that cost the creator only $30 in supplies. Find it online at vintagemeetsglam.com.
  • Wall-mounted radiators? We love this clever DIY solution we found at thespruce.com.
  • Camouflage air vent returns with covers. You can buy them online at beaux-artsclassicproducts.com  or fancyvents.com.
  • If you’re handy with tools, you may want to try this DIY hide-the-AC-unit shoe rack project at engineeryourspace.com.
  • Love Ikea hacks as much as we do? Check out this amazing, trendy project to hide the AC unit at popsugar.com.

3. Dress up the box spring mattress

Sure, you can buy a dust ruffle to hide the box spring mattress in the guest bedroom, but there are more on-trend solutions you can try.

DIY the project with stunning fabric and a staple gun. Get the how-to at rainonatinroof.com or thisoldhouse.com.

Earlier we touched on one eyesore that drives designers nuts and is an eyesore to visitors: pictures hung too high. So, just how high on the wall should you hang them? Find out from bobvila.com.

 

Should You Skip the Home Inspection to Win a Bidding War?

It’s hot out there, and we don’t just mean the weather. The real estate market is one of the fastest moving in the country’s history and, although there are signs it may be slowing, we aren’t holding our breath.

Sellers are large and in charge and know it. They have the luxury to be uncompromising in what they want for the homes, both in price and terms.

This, in turn, helps fuel bidding wars on homes in good condition and located in decent areas.

Getting swept away in a multiple offer situation is common, but be on guard. It’s ok to compromise on the lesser important aspects of the purchase, but carefully consider any decision to waive the home inspection.

What a Home Inspection Won’t Do

Just as a professional home appraisal won’t let you know about the problems with a home’s systems, a professional home inspection can’t determine a home’s market value.

Not directly. It may impact the value if something major comes to light, but it isn’t something a lender requires before lending money for a home.

Because a home inspection is visual, it won’t give a potential buyer any information of anything that may be hidden behind the walls or beneath floors. It won’t tell a homebuyer if there are dangerous levels of toxins in the air, such as radon.

The inspector will look at the home’s roof, structure and major systems, such as electrical, heating and cooling, ventilation and plumbing. Even among these items, if there is a defective part or component that can’t be seen with the naked eye, it won’t end up in the report.

The home inspection is also not a guarantee that the home will be in the same condition when you take possession as it was when the inspection was performed.  Anything can happen between those two periods.

What a Home Inspection Will Do

Most of all, a home inspection provides the homebuyer with at least some peace of mind.

Inspectors who are worth hiring are those who have extensive experience and know the signs of hidden problems. They don’t hesitate to recommend additional inspections by a specialist.

For instance, if she notices evidence of wood destroying pests, such as termites, she may recommend that you have the home looked at by a pest inspector.

Should you Skip the Home Inspection?

In a multiple offer situation, with price and all other terms being equal, the offer from a buyer who waives the home inspection is most likely going to be the one the seller chooses.

If you have a hefty home maintenance or emergency fund, it’s worth considering waiving the inspection contingency. If not, doing so is a gamble.

Buying a home without having it checked out by a qualified inspector is the same as buying a home as-is. Understand that you may be buying someone else’s problems.

This isn’t the same as buying a used car as-is because the potential problems you inherit with a home can cost into the tens of thousands of dollars.

While it’s true that a home inspector can’t possibly tell you about all of the problems a home has, or is about to have, the peace of mind that you’ll get with at least knowing that the home’s major systems are in working condition is something to carefully consider before giving it up.

 

 

The 4 most common mortgage mistakes that homebuyers make

Let’s face it, looking at homes for sale is a lot more fun that sitting down with a lender to find out how much you can spend on a home. Unfortunately, the latter is the very first step you should take and, sadly, not doing so is the biggest mortgage mistake homebuyers make.

Secondary to that is the assumption that once someone is approved for a mortgage, nothing else can go wrong.

Loan preapproval isn’t a loan guarantee. The preapproval is conditional on a number of factors and it can be revoked at any time during the process – including just before closing.

Do yourself a favor and avoid some of the more common mistakes homebuyers make when it comes to getting a loan for a home.

Mistake #1: Not checking their credit reports

Did you know that nearly 34% of Americans’ credit reports contain errors? According to the experts at consumerreports.org, these errors often result in a lower credit score and the denial of credit.

Mortgage experts recommend that homebuyers check their credit reports before visiting a lender for loan preapproval. Find a list of the most common errors on credit reports at consumerfinance.gov.

Get your free copy of your credit reports (once a year) at AnnualCreditReport.com. This is the only source that is authorized and recommended by the U.S. government to provide free credit reports with no strings attached.

Dispute any issues on your report before applying for a mortgage.

Mistake #2: Not being honest on the mortgage application

Prior to the Great Recession, lenders were busily providing what have come to be known as “liar loans.” These were mortgage loans to people that couldn’t afford them and were obtained by means of a “no document” process, meaning the applicant didn’t have to prove his or her income or verify assets.

Those days are over and obtaining credit is nowhere near as easy as it once was. Although you may be tempted to stretch the truth on your application to ensure you get the loan, don’t give in to the temptation.

More than half of the mortgage fraud cases that the FBI deals with are those with lies on the mortgage application, according to a FBI special agent at fbi.gov.

There is no such thing as a “little white lie” on a mortgage application. Mortgage fraud penalties, by the way, can be … “… as high as 30 years in prison and a $1 million fine,” according to Kirk Haverkamp at credit.com.

Lenders verify everything on the application.

 Mistake #3: Taking a new job before the close of escrow

One of the first things the lender will look at is your employment history, looking for a minimum of two years with your employer or in your current line of work.

While switching employers during the loan application process may not derail the loan, it will most likely delay the process while the new employment and salary are verified.

Mistake #4: Making major purchases on credit during the escrow period

When you finally get an offer accepted on a home, it’s normal to think about shopping for furnishings and appliances.

Don’t do it.

Lenders typically pull a borrower’s credit history one last time just before closing to ensure that the financial picture hasn’t changed.

The new debt will raise your debt-to-income ratio and you may no longer qualify for the loan.

Put the credit cards away and save the shopping for after the loan closes.

The mortgage process isn’t nearly as fun as house hunting, but it’s the most important step in the process.

Don’t make any major financial or life changes between applying for the loan and closing escrow and you should have no problems.

 

Need a new water heater? Consider a tankless version

The average water heater’s life span is 10 to 15 years, according to energysaver.gov. This is a general rule because not all water heaters fit that time frame.

Because many homeowners don’t understand that these appliances require annual maintenance, some water heaters poop out much sooner.

If you’re shopping for a traditional, tank-style water heater, do yourself a favor and compare them to tankless units. Read on to learn about the advantages and disadvantages.

The benefits of tankless water heaters

A standard water heater holds water that is constantly being heated. “That means you’re paying to have hot water whether you need it or not,” according to the researchers at consumerreports.org.

Tankless water heaters, often referred to as “on-demand” units, offer heated water only when you need it. They do this by flash-heating the “… water as it passes through the unit, using a heat exchanger to rapidly bring it up to temperature,” explain the folks at Consumer Reports.

This benefit alone saves homeowners from $70 to $100 a year on energy bills, depending on how much hot water is used.

Tankless water heaters last longer than the fuel-powered variety. Most will last more than 20 years while, as mentioned earlier, heaters with a tank have a life expectancy of 10 to 15 years.

Additionally, tankless water heaters don’t contain the sediment and rust of their tank counterparts so they provide cleaner water.

Finally, with a tankless water heater, you’ll receive hot water on demand. No longer will you have to waste water waiting for the cold to turn to hot.

And, the downside

Tankless water heaters cost more than their larger cousins. “The average homeowner pays $2,811​ for an installed 150,000 BTU tankless whole-house gas water heater,” according to the researchers at fixr.com.

Installation charges vary, however, depending on size, whether it’s electric, solar or gas, whether you need additional gas lines added and other items. You’ll find many of these listed at homeguide.com.

Remember, though, that tankless units have longer life spans than traditional water heaters and they cost less in both energy usage and operating costs.

Learn more about tankless water heater advantages at energystar.gov and find out if rebates are offered by entering your ZIP Code here.