Real Estate & Properties For Sale

Wednesday, 20 June 2012

5 Expensive (and Unexpected) Things That Can Happen to Your Home

For most people, a home is one of the most valuable assets they'll ever own. Unfortunately, there are some major perils that can befall a house and put a serious dent in the value of that asset. Many of these perils are much more insidious than a fire or natural disaster. Read on to learn about some of the most expensive damage that can occur in your home, how much it costs and how to avoid it.

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Foundation
If you have bowed basement walls, cracks in walls or floors or a tilting chimney, you may be aware that these are signs of a problem foundation. But many people don't realize that difficulty opening and closing doors and windows can also be early signs that your home is shifting. And whether you have a new home or an old one, foundation problems often require major repairs -- and a big cash outlay. According to the Concrete Network, a consumer website devoted to concrete services, foundation problems can be caused by the type of soil the house is built on, an improperly laid foundation or drainage problems. Whatever the cause, a bad foundation is bad news and, depending on the severity of the problem, can cost the homeowner well over $10,000.
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How to prevent it: Assuming your home was properly built, the most you can do to prevent problems in your foundation is to ensure that your home has proper drainage. This means that gutters and eavestroughs should be kept clear and in good repair, and your yard should be properly graded to ensure that water runs away from your house.
Mold
Unlike major water damage, such as that caused by flooding, minor or hidden water damage in your home, perhaps from a defective water pipe, hot water heater or window seal, can cause just as much damage -- and you may not notice it right away. Similarly, if your home suffered through a flood in the past and did not adequately dry out, mold can also thrive. (If you live in a flood-prone area, flood insurance is a must.)
A 2005 study by the National Resources Defense Council showed that New Orleans homes that had been flooded or were even near areas of flooding showed extremely high levels of mold spores that could pose health threats to residents, even in the homes that had been repaired and treated for mold. And the more humid the area in which you live, the harder it will be for you to get rid of mold and keep it from coming back. According to the Environmental Protection Agency, if the mold growth in your home is larger than 10 square feet or was caused by sewage or other contaminated water, it's time to call in a professional. Although home insurance may cover some of the costs depending on your policy, the cost of mold remediation is about $3,000 per wall, according to Environmental Solutions Group, an environmental management company that inspects homes for mold -- and that doesn't include the cost of replacing any mold-infected materials such as drywall, carpet or ceiling tiles.
How to prevent it: Mold can't grow without moisture, so it's important that you check for and fix any leaks in your home immediately, use fans in kitchens and bathrooms to vent moisture outside and clean up any mold growth immediately to prevent it from spreading.
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Water Damage
If your home isn't water tight, this isn't something you can ignore. Beyond the possibility of mold, long-term water damage can cause rot, which can lead to all kinds of expensive repairs to the structure of your home. It's difficult to estimate the cost of this type of repair, but it can easily run into the thousands depending on how much wood needs to be replaced and how intrusive the repairs are.
How to prevent it: Be vigilant about water damage in your home; if you find leaks or areas that tend to be damp, have them repaired before long-term damage occurs. If you find rotten wood in your home, repair the problem before it gets out of hand.
Bedbugs
If you're a homeowner rather than a renter, you may think you're immune to this one. Not so. According to Bloomberg, a recent nationwide infestation of bedbugs has seen the little blood-sucking critters popping up all over the place -- including movie theaters, office buildings and hotels, making it very easy for anyone to bring the infestation home. And, because many of the most effective chemicals for killing bedbugs have been found to be dangerous, eliminating the spread is harder than ever. According to a July 2009 story in the New York Times, paying more than $5,000 to eliminate a bedbug infestation is not uncommon.
How to prevent it: Avoid bringing home used furniture, mattresses or bedding. If you travel, inspect your hotel carefully for bed bugs (even upscale hotels have suffered from this problem), and avoid placing your luggage on the floor. If you find bed bugs in your home, contact an exterminator.
[10 Hidden Hazards in Your Home]
Sewer Line Problems
The portion of the sewer line that extends out from a home and onto city property is often the homeowners' responsibility when it comes to repairs. Sewer line problems are most common in older neighborhoods, where the line may have sagged or has been damaged by tree roots. If you have slow running or gurgling drains, frequent backups in your plumbing system or sewage smells outside your home, these may be indications of a problem. Again, your home insurance policy may cover this cost, expect this doozy to cost anywhere from $5,000 to $15,000 for a 100-foot sewer pipe.
How to prevent it: If you experience signs of sewer problems in your home, have a professional inspect your lines. Clogs and tree roots can often be removed at a lower cost, without complete replacement of the pipe.
The Bottom Line
With careful inspection and proper maintenance, you can avoid many of the worst perils that can befall your home -- or at least fix them before they become so expensive. Homeowners should also create an emergency fund to pay for unexpected home repairs.
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4 Steps to Take When Preparing to Buy a Home

Interest rates are at record lows, and many homeowners have priced their homes to sell. Many buyers who waited for rock-bottom prices know that now is the time to buy. Whether you want to buy a home before the end of the year or wait until 2012, there are some things you can do now to prepare.

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1. Find out how much home you can afford. Before you do anything else, find out how much home you can afford. To do this, look online for a quality mortgage calculator (Zillow has one that works well). Mortgage calculators show you how much home you can afford based on your income, an average interest rate, and the length of the loan.
You also need to calculate your debt-to-income ratio, which shows the amount of your income that goes toward paying your debts. The higher your ratio, the less likely you will qualify for a home loan. Find out if you can get a mortgage before you begin searching for your dream home. If your debt-to-income ratio is more than 36 percent, you should think about getting out of debt, or at least reducing your debt immediately.
Your credit score also plays a role in your loan eligibility. If you have a higher credit score, you will be eligible for better loan rates. If you have a low credit score, on the other hand, you should first learn how to improve your credit score before you get pre-approved for a loan.
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2. Get pre-approved. Take the time to get pre-approved before you begin looking at homes. In fact, many real estate agents won't work with you until you have received pre-approval for a mortgage. Regardless, you should look to get pre-approved anyway. You might find the perfect home, and then find out the bank denied your loan application. This heartbreaking scenario wastes your time and your agent's time, too.
Going through the mortgage-approval process can be a frustrating experience, so be prepared. In addition to all of the paperwork, you have to answer a lot of very pointed questions about your income, net worth, and credit worthiness. If you have a 20 percent downpayment, a high credit score, and a steady job, then you have a better chance of being pre-approved for a loan.
3. Find a real estate agent. Once you've improved your credit score and you know how much home you can afford, you need to find a great real estate agent. Your agent acts as your representative, provides you with information about market prices, and helps you find a home. Finding a real estate agent you can trust can take time. Talk to friends, family, and co-workers for potential referrals, and use your intuition. If you feel uncomfortable with a real estate agent, keep looking.
[See 5 Reasons You Should Buy a Small House.]
4. Take stock of your financial situation, again. By the time you get ready to buy a home, you may be sick of thinking about money. After following each of these steps, look at your available income one more time, and review your short- and long-term financial goals. Ask yourself: Do I really want to invest $100,000 or more into a home? Do I want to stay in this neighborhood, or state, for the next several years? Or do I want to put that money towards some other dream?
Final thoughts. We're currently experiencing a buyer's market. You can find wonderful deals on homes, and you may qualify for a low interest rate. However, this also means that if you buy a home in the next year, you may need to stay in it for several years until home prices begin to significantly appreciate. Review your short and long-term goals carefully to make sure buying a home is right for you. Follow the steps outlined here, and when the time is right, get ready to buy your home.
If you're looking to buy a home in the next few years, what steps are you taking to prepare?
Heather Levin writes about real estate, green living, and sustainability on Money Crashers, a personal finance website aimed at educating young people about important financial issues.

More From US News & World Report

Most Affordable U.S. Cities to Buy a Home

Based on home prices, median income and mortgage rates, these 10 cities have the most affordable home prices in the nation, according to the National Association of Home Builders and Wells Fargo.

1. Indianapolis

Courtesy: Indianapolis Convention & Visitors Assn./VisitIndy.comMedian home price: $102,000
Median income: $66,900
Affordability score: 95.8%

From its mainly manufacturing roots, the state's capital has greatly diversified, attracting employers in the health care, pharmaceutical and retail industries. Even tourism has become a big industry here, as sporting events like the famed Indianapolis 500 and the NCAA basketball championships draw crowds each year.

All of that has helped Indianapolis' population bring in a median income that is on par with the nation's as a whole. Housing, however, is much cheaper than the national average, making it a lot more affordable for local residents to buy.

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Helping to keep prices down is the fact that there is so much room to grow. "There's an ample amount of land available for housing development any time there's a rise in demand for housing," said Kyle Anderson, a professor of economics at the Kelley School of Business of Indiana University.

2. Dayton, Ohio

Photo: John Rigano/City of DaytonMedian home price: $81,000
Median income: $63,300
Affordability score: 93.7%

Dayton is shrinking -- or at least its population is.

The metro area lost about 1% of it residents over the past 11 years as businesses, like NCR Corp., moved out of town and others cut staff.

While that hasn't necessarily been a good thing for the local economy, it has kept homes extremely affordable. Since there's such an ample supply on the market, home prices have come down significantly. The median home price in Dayton is currently $81,000, about half the national level, according to the National Association of Home Builders.

Luckily, the employment picture is improving, too. The unemployment rate fell 1.2 percentage points over the past year to 8.2%, close to the national rate.

3. Lakeland, Fla.

Courtesy: Visit FloridaMedian home price: $85,000
Median income: $54,500
Affordability score: 93.2%

Located on an interstate highway between Tampa and Orlando, Lakeland's residents are used to people just passing through. But those who decide to stay don't find it very difficult to afford a place.

While both home prices and incomes have been hit hard here over the past several years, the decline in home values has far surpassed falling wages, said Ken H. Johnson, professor of real estate at Florida International University.

Home prices have fallen 58% since the housing bubble burst, to a median of $85,000. Taxes are also low. With today's low interest rates, a family who buys a house at the median price and puts 20% down would have a monthly payment of under $400, including taxes.

Meanwhile, the jobs picture is improving. Long a pit stop for travelers, Lakeland has recently become a destination, thanks to the opening of the Legoland theme park in October.

Legoland now employs 1,000 people. And a water park just opened this month, which should create even more jobs. That should help to further improve the unemployment rate, which fell to 9.5% in March, down from 11.3% the year before.

4. Modesto, Calif.

Courtesy: Modesto CVBMedian home price: $127,000
Median income: $62,000
Affordability score: 92.5%

Modesto would make the perfect poster child for California's housing bust.

Construction and home prices both boomed prior to the 2006 peak, as buyers sought homes that were cheaper than those on the coast, according to Daren Blomquist, a spokesman for RealtyTrac.

"People bought there even though they worked far away, closer to the coast," he said. "They were willing to make that commute to get lower prices."

Much to those buyers' dismay, once the bubble burst the prices kept falling. Home prices in Modesto have sunk 67% from their 2005 peak to the current median of $127,000, almost $40,000 below the national level.

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Foreclosures still plague Modesto. The metro area had the second highest foreclosure rate in the nation during the first quarter of 2102, with foreclosure paperwork filed on one out of every 60 homes, according to Blomquist.

Meanwhile, the unemployment rate stood at a very high 17.4% in March, more than twice the national rate. Families with working members, however, can easily afford the beaten down home prices in the area.

5. Grand Rapids, Mich.

Courtesy: Experience Grand RapidsMedian home price: $100,000
Median income: $60,300
Affordability score: 91.2%

As in many once-booming Midwestern cities, Grand Rapids was built up during an era of prosperity and high population growth. Now it's left with a large inventory of fine, old houses that are weighing on home prices.

In addition, several local non-profits are working to save area neighborhoods by renovating older homes and renting them out or reselling them, said Kara Wood, the city's director of economic development.

With population growth slowing over the past few decades -- the metro-area population grew at about half the national rate over the past 10 years -- there's more than enough homes to meet buyer demand.

Meanwhile, the city's economic base, which once relied heavily on the furniture-making industry, has become more diversified. Health care is now a driving force in the local economy, said Wood.

And there are plenty of good-paying jobs. Spectrum Health, which runs several hospitals in the area, employs more than 16,000 local residents, plus 1,500 physicians.

6. Buffalo, N.Y.

Courtesy: Buffalo Niagara CVBMedian home price: $94,000
Median income: $66,100
Affordability score: 91.2%

A world away from the Big Apple -- one of the most expensive housing markets in the nation -- Buffalo is the most affordable major metro area to buy a home in the state of New York.

Part of the reason is that demand for housing is very low. The area's population has shrunk by about 5% since 1990 as its Rust-Belt manufacturers either closed shop or laid off workers.

As a result, demand for housing is very low -- and home prices reflect that. The median home price in Buffalo was only $94,000 for homes sold during the first three months of 2012, according to the NAHB. That's far below the national median of $162,000.

Fortunately for home buyers, incomes aren't as depressed. The median income here is at just about the national level, making it very affordable to buy a home.

7. Ogden, Utah

Photo: Out of Bounds Creative/VisitOgden.comMedian home price: $166,000
Median income: $71,500
Affordability score: 91.1%

Ogden's population has been rapidly expanding, thanks to the large families of Mormons that reside here, according to Jaren Pope, an economics professor at Brigham Young University.

Pro-business policies have attracted many private employers, such as FJ Management, an oil services company, Convergys, a business consultancy, and Autoliv, an automotive safety systems company, all of which are based in Ogden. And there's also the IRS, which runs a big facility with 5,000 workers.

A high growth rate, in both the population and the economy, isn't usually a recipe for affordable home prices. Indeed, home prices in Ogden slightly exceed the national median.

However, Utah's pro-business policies also extend to real estate developers. And, as a result, home building can be done much more economically.

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The biggest problem in Ogden is finding land to build on since the town runs up against the Wasatch Mountains, said Pope.

Still, with the median home price at $166,000 and incomes high here, Ogden is one of the most affordable of all western markets.

8. Syracuse, N.Y.

Courtesy: CenterState Corporation for Economic OpportunityMedian home price: $106,000
Median income: $66,600
Affordability score: 90.6%

Syracuse University, with its 20,000 students and 1,500 faculty members, helps keep the area's economy humming. Teachers, nurses and bank clerks far outnumber factory workers these days, according to the non-profit Syracuse Economic Development Corporation.

That has helped push the area's median income to a level that is slightly higher than the national average.

All of those jobs are not doing much to attract new residents, however. In fact, the metro area has seen less than a 2% increase in population since 2000, compared with nearly 10% nationally. As a result, there's very little competition for housing.

Those factors combined make buying a home in Syracuse very affordable. The current median home price of $106,000 is only 60% higher than the annual median income of a typical family.

9. Akron, Ohio

Courtesy: Akron/Summit CVBMedian home price: $96,000
Median income: $66,500
Affordability score: 90.6%

In the 20th century, Akron's economy grew in lockstep with the auto industry.

"It was the big rubber capital," said University of Cincinnati professor of finance and real estate Shaun Bond. Tens of thousands of local area residents went to work each day in the plants of Firestone, Goodyear, Goodrich and other tire manufacturers.

With factory jobs harder to come by, the Akron metro area has become a slow growth zone. The population has only increased by less than 7% since 1990, a period when the U.S. population soared by about 26%. Even favorite son LeBron James split town for fancy Miami.

And home prices are depressed, down 22% from their 2007 peak, according to NAHB. With family income just above the national median and such beaten down prices, most families can easily afford to buy a place.

10. Cincinnati

Photo: Philip Groshong/Cincinnati DVBMedian home price: $110,000
Median income: $71,300
Affordability score: 90.2%

Name-brand employers offering nice salaries, combined with reasonable home prices make Cincinnati one of the most affordable places to live in the country.

Big retailers Kroger and Macy's and consumer goods giant Procter & Gamble all have headquarters here.

"With all the Fortune 500 companies located here there are quite a lot of high-salaried individuals," said Shaun Bond, a professor of finance and real estate at the University of Cincinnati. "And the Midwest housing market has always been more affordable; there are fewer constraints on growth."

With median income at more than $71,000 a year, workers earn about 10% more than the national median. Meanwhile, median home prices have never exceeded $148,000, according to NAHB.

"We don't have the kind of volatility in income or home prices that cities with more concentrated industries have," said Bond.

Most affordable U.S. cities to buy a home.

Monday, 24 October 2011

Today's Scripture: Titus 3

Today's Scripture: Titus 3

1Put them in mind to be subject to principalities and powers, to obey magistrates, to be ready to every good work,

2To speak evil of no man, to be no brawlers, but gentle, shewing all meekness unto all men.

3For we ourselves also were sometimes foolish, disobedient, deceived, serving divers lusts and pleasures, living in malice and envy, hateful, and hating one another.

4But after that the kindness and love of God our Saviour toward man appeared,

5Not by works of righteousness which we have done, but according to his mercy he saved us, by the washing of regeneration, and renewing of the Holy Ghost;

6Which he shed on us abundantly through Jesus Christ our Saviour;

7That being justified by his grace, we should be made heirs according to the hope of eternal life.

8This is a faithful saying, and these things I will that thou affirm constantly, that they which have believed in God might be careful to maintain good works. These things are good and profitable unto men.

9But avoid foolish questions, and genealogies, and contentions, and strivings about the law; for they are unprofitable and vain.

10A man that is an heretick after the first and second admonition reject;

11Knowing that he that is such is subverted, and sinneth, being condemned of himself.

12When I shall send Artemas unto thee, or Tychicus, be diligent to come unto me to Nicopolis: for I have determined there to winter.

13Bring Zenas the lawyer and Apollos on their journey diligently, that nothing be wanting unto them.

14And let our's also learn to maintain good works for necessary uses, that they be not unfruitful.

15All that are with me salute thee. Greet them that love us in the faith. Grace be with you all. Amen.

learn
What is the Meaning of this Text?

bedience to magistrates, and becoming behaviour towards all, are enforced from what believers were before conversion, and what they are made, through Christ. (1-7) Good works to be done, and useless disputes avoided. (8-11) Directions and exhortations. (12-15)

Verses 1-7: Spiritual privileges do not make void or weaken, but confirm civil duties. Mere good words and good meanings are not enough without good works. They were not to be quarrelsome, but to show meekness on all occasions, not toward friends only, but to all men, though with wisdom, (Jam 3:13). And let this text teach us how wrong it is for a Christian to be churlish to the worst, weakest, and most abject. The servants of sin have many masters, their lusts hurry them different ways; pride commands one thing, covetousness another. Thus they are hateful, deserving to be hated. It is the misery of sinners, that they hate one another; and it is the duty and happiness of saints to love one another. And we are delivered out of our miserable condition, only by the mercy and free grace of God, the merit and sufferings of Christ, and the working of his Spirit. God the Father is God our Saviour. He is the fountain from which the Holy Spirit flows, to teach, regenerate, and save his fallen creatures; and this blessing comes to mankind through Christ. The spring and rise of it, is the kindness and love of God to man. Love and grace have, through the Spirit, great power to change and turn the heart to God. Works must be in the saved, but are not among the causes of their salvation. A new principle of grace and holiness is wrought, which sways, and governs, and makes the man a new creature. Most pretend they would have heaven at last, yet they care not for holiness now; they would have the end without the beginning. Here is the outward sign and seal thereof in baptism, called therefore the washing of regeneration. The work is inward and spiritual; this is outwardly signified and sealed in this ordinance. Slight not this outward sign and seal; yet rest not in the outward washing, but look to the answer of a good conscience, without which the outward washing will avail nothing. The worker therein is the Spirit of God; it is the renewing of the Holy Ghost. Through him we mortify sin, perform duty, walk in God's ways; all the working of the Divine life in us, and the fruits of righteousness without, are through this blessed and holy Spirit. The Spirit and his saving gifts and graces, come through Christ, as a Saviour, whose undertaking and work are to bring to grace and glory. Justification, in the gospel sense, is the free forgiveness of a sinner; accepting him as righteous through the righteousness of Christ received by faith. God, in justifying a sinner in the way of the gospel, is gracious to him, yet just to himself and his law. As forgiveness is through a perfect righteousness, and satisfaction is made to justice by Christ, it cannot be merited by the sinner himself. Eternal life is set before us in the promise; the Spirit works faith in us, and hope of that life; faith and hope bring it near, and fill with joy in expectation of it.

Verses 8-11: When the grace of God towards mankind has been declared, the necessity of good works is pressed. Those who believe in God, must make it their care to maintain good works, to seek opportunities for doing them, being influenced by love and gratitude. Trifling, foolish questions must be avoided, and subtle distinctions and vain inquiries; nor should people be eager after novelties, but love sound doctrine which tends most to edifying. Though we may now think some sins light and little, if the Lord awaken the conscience, we shall feel even the smallest sin heavy upon our souls.

Verses 12-15: Christianity is not a fruitless profession; and its professors must be filled with the fruits of righteousness, which are by Jesus Christ, to the glory and praise of God. They must be doing good, as well as keeping away from evil. Let "ours" follow some honest labour and employment, to provide for themselves and their families. Christianity obliges all to seek some honest work and calling, and therein to abide with God. The apostle concludes with expressions of kind regard and fervent prayer. Grace be with you all; the love and favour of God, with the fruits and effects thereof, according to need; and the increase and feeling of them more and more in your souls. This is the apostle's wish and prayer, showing his affection to them, and desire for their good, and would be a means of obtaining for them, and bringing down on them, the thing requested. Grace is the chief thing to be wished and prayed for, with respect to ourselves or others; it is "all good."

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How can We Apply this Scripture familyto our Life?

In our Bible Study here in the book of Titus we have made application in Titus chapter 1 for the Right Leadership in the Church, in Chapter 2 our responsibility to live right in the Church, and here in Chapter 3 to Obey Government, Avoid useless arguments. We all have a responsibility to live what we study in the scriptures. To not just hear the Word but Obey and live it out in every decision we make. Keeping the main thing, the main thing, Sharing what God did for us through His Son. Once we learn it, we live it, then teach it to the next generation. I have heard of Churches splitting because of the color of the carpet in a building plan. I have heard of Christians not paying their taxes. Fighting within the Church for anything and everything. Be tolerant of believers for their standards and level of their Christian growth. It is really simple, get saved, share Christ, and love others as Christ has loved us. Keep the main thing the main thing.

Saturday, 16 October 2010

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