Albany, NY

The temperatures are falling, but before winter's chill descends, there are a lot of things to do inside and outside your home to get it ready for the cold months ahead.

Safety check

• Make sure your smoke detector has fresh batteries and that the fire extinguishers are fully charged.
• Since your heating system will soon be getting a work out, you'll need to change or replace filters and clean the vents. Now might be the time for a professional duct cleaning as well.
• You'll also want to have your chimney cleaned to prevent dangerous creosote build up.

Get the yard ready

• Give the yard and gutters a thorough cleaning and move debris away from the perimeter of the house.
• This is a good time to trim back the branches of shrubs and trees that are touching the house. You can reduce the damage from winter ice and snow storms, which often send tree limbs crashing through roofs, with some prevention now.
• Make sure to keep up on your leaf raking so you don't smother the new grass of cold-weather growers like fescue. Remove dead summer vegetables, flowers and perennial foliage and add to the compost pile, along with all those leaves.
• It's time to plant early spring bulbs and fertilize established beds. Weeding now can save you a lot of time next year. Dig up tender warm-weather bulbs that can't make it through the winter and store them in a paper bag at in a dry cool place -- 65 degrees F or cooler.

In and out of the shed

• Detach hoses for storage in the shed, and, since you won't be using your sprinklers until the spring, check the system for leaks, drain it to prevent burst pipes and shut it down.
• You'll want to protect your outdoor furniture from winter weather too. Cover up or store items like seat cushions or umbrellas. Larger pieces and grills will need a waterproof cover.
• Lots of things we keep in garden sheds won't make it through a freeze, so be sure to remove paints, caulks and liquid materials to a warmer location, like a basement.

Check roof and windows

• Protect your roof by replacing any shingles that are loose or missing. To keep the weather from finding other ways inside your home, be sure to caulk any gaps around window or door frames.
• It's also time to remove screens and put up storm windows. Be sure to clean windows outside while you're at it, and label the screens so you'll have an easier time replacing them in the spring.
• Your clean and checked chimney won't do much good without the wood for a fire. So cover up the woodpile to keep it dry and make sure you have a supply of kindling ready to go.

What is exclusive buyer representation and how did it develop?

In 1983, a Federal Trade Commission study revealed that over 72% of all home buyers nationwide mistakenly believed they were being represented by the agent who was showing them homes. As a result, laws requiring agents to disclose exactly who they represent have been passed all over the country. When consumers became aware that most agents worked for the seller, they began demanding their own representation.

New home communities are more popular than ever! With good reason – new home builders are using popular, open floor-plans, including appliances, sod, and blinds, and helping make it easier than ever to get into a new home with little or no money. New home transactions typically seem a lot easier, as well. If a buyer chose to, they could get through a new home transaction without contacting anyone except the on-site sales agent! However, this would open you up to HUGE losses. Take these simple steps to protect yourself in a new home transaction, and to ensure that yours is a success.

Use a Realtor Who Has New Home Sales Experience

Many people think that they can save money by not using, or don’t need the services of a Realtor when buying a new construction home. This couldn’t be further from the truth! New homebuilders typically try to monopolize a transaction – they only give you their attractive incentive packages if you agree, in writing, to use their lender, their title company, and sometimes even their insurance company! A Realtor will walk you through the transaction and will make sure that you’re protected every step of the way. If you’ve agreed to use the builder’s lender, your Realtor will make sure that you get a fair interest rate & fair closing costs. Your Realtor will know what the industry standards are, and will make sure that the builder doesn’t try and stretch beyond these. And best of all, a Realtor with a lot of new home transactions under their belt will have established relationships with your homebuilder. Because of this, the homebuilder will be on their “best behavior.” The homebuilder doesn’t want to run the risk of getting a bad reputation in the Realtor community, who can potentially bring the builder lots of homebuyers in the future.

Don’t Sign ANYTHING Until You’ve Worked Out Every Detail of the Sale

Buying a home can be very emotional – and it should be. You’re not simply picking out a house; you’re picking out where you’ll spend the holidays next year, where your parents will come visit you, and where you might raise your children. However, the on-site sales agent will try and play on this emotion and get you to “write up the contract so that no one else can get your house.” That’s just fine, as long as you understand what you’re signing, and everything is okay with you. Just remember – no matter what is said, everything will be done as it is outlined in the contract.

GET A HOME INSPECTION!!!

Most people who buy new construction homes don’t bother to get a home inspection. Most new homes come with a one year “bumper to bumper” warranty that includes everything, and many homebuyers feel that they can find out if there are any construction flaws during those 12 months. The problem with this mindset is that many problems won’t surface until well after the 12 months. Remember, your home was built by humans, and humans make mistakes. And, no matter how much experience and reputation a builder brings to the table, it’s still next to impossible for that builder to double check every part of the job their subcontractors have completed. A licensed inspector will go through a very thorough checklist to make sure that everything has been accounted for. At the very least, get an inspection so that you can sleep soundly at night, knowing that an independent third party has given your new home their stamp of approval.

Research the Builder

Most builders are “good” builders. They take simple steps to protect their neighborhoods. Research your builder, or ask your Realtor if your builder takes these simple steps to make sure that your neighborhood won’t instantly go down in value:

1. Limit the # of investor purchases – this makes sure that the neighborhood doesn’t turn into a “rental” neighborhood & allows the “pride of ownership” to shine through.
2. Continues to build equal or greater value homes in the same and surrounding neighborhoods. Builders who avoid doing this create a “vacuum” in home prices and instantly devalue new home purchases.

Research City Plans

New neighborhoods are typically on the outskirts of town – the land is readily available and less expensive, which means that you can buy a bigger house for the same amount of money. In these outskirt communities, it’s very important to know what the city has in store in the way of roads, zoning, public transportation, parks, and schools. These factors will dictate whether your new neighborhood will become the next “big thing,” or the next “cheap thing.” If you’ve decided to use a reputable Realtor, your job will be easy! Simply ask your Realtor and he/she will be able to provide you with lots of information about city plans that have been approved, and city plans that are still being talked about.

How do you lock in an interest rate?

Locking in a mortgage rate with a lender is one way to ensure that same rate still will be available when you need it.Lock-ins make sense when borrowers expect rates to rise during the next 30 to 60 days, which is the usual length of time lock-ins are available. A lock-in given at the time of application is useful because it may take the lender several weeks or longer to prepare a loan application (though automated loan practices are cutting this time dramatically).

However, some lenders require borrowers to pay lock-in fees to assure particular rates and terms. Be sure to check that the rates and points are guaranteed and that your lock-in period is long enough. If your lock-in expires, most lenders will offer the loan based on the prevailing interest rate and points. Lenders may have preprinted forms that set out the exact terms of the lock-in agreement. Others may only make an oral lock-in promise on the telephone or at the time of application.

What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

How do you increase the value of your property?

The biggest factor that can affect property value - market conditions - are outside of your control. But other factors - including the condition of the property, certain home improvements and neighborhood stability and safety - are not. For example, specific home improvements can increase your property value above the cost of the improvements themselves, such as remodeling a kitchen, adding a bathroom, finishing a basement or upgrading landscaping. Just be sure that quality pays with remodeling. A bad remodeling job will do little to boost your property value.

If you live in a high-crime area, an organized community watch program not only will lower the crime rate but can enhance property values, too. It also helps to live in an area where other homeowners are upgrading their homes, which can help pull up your property value, too. The bottom line is to measure the cost of any improvements you want to make against the overall values in your neighborhood. If you overimprove for the neighborhood, you may not necessarily recover your costs or boost your property value significantly.

What are the standard ways of finding out how much a home is worth?

A comparative market analysis and an appraisal are the standard methods for determining a home's value. Your real estate agent will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood. Be sure you get listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet. An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

How can I improve the value of my property?

The biggest factor outside of a homeowner’s control is market conditions. But other issues - including the condition of the property, specific home improvements and neighborhood stability and safety - can influence property values. The greatest rise in home prices occurs when the economy is strong and the number of home sales is increasing. Though markets vary, that has occurred several times in recent history - including the early 1970s, late 1980s and late 1990s. Specific home improvements can increase the value above the cost of the improvements. According to Remodeling magazine, which publishes an annual "Cost vs. Value" remodeling report, a remodeled bathroom returns 81 percent to the owner, a bathroom addition, 89 percent and a master bedroom suite, 82 percent. Remember, quality pays. Well-planned and well-executed remodeling jobs are a good investment while bad work seldom enhances value or livability. The safety and security of a neighborhood can affect property values, too. If you live in a high-crime area, an organized community watch program not only will lower the crime rate but give home values a boost, too.

Should I add on or buy a bigger home?

Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:

• How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house?
• How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
• What do local zoning and building ordinances permit?
• How much equity already exists in the property?
• Are there affordable properties for sale that would satisfy housing needs?
  

Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value.

What kind of return is there on remodeling jobs?

Remodeling magazine produces an annual "Cost vs. Value Report' that answers just that question. The most important point to remember is that remodeling a home not only improves its livability for you but its curb appeal with a potential buyer down the road. Most recently, the highest remodeling paybacks have come from updating kitchens and baths, home-office additions and extra amenities in older homes. While home offices are a relatively new remodeling trend, for example, you could expect to recoup 58 percent of the cost of adding a home office, according to the survey.

Where do I get information on housing market stats?

A real estate agent is a good source for finding out the status of the local housing market. So is your statewide association of Realtors, most of which are continuously compiling such statistics from local real estate boards. For overall housing statistics, U.S. Housing Markets regularly publishes quarterly reports on home building and home buying. Your local builders association probably gets this report. If not, the housing research firm is located in Canton, Mich.; call (800) 755-6269 for information; the firm also maintains an Internet site. Finally, check with the U.S. Bureau of the Census in Washington, D.C.; (301) 763-2422. The census bureau also maintains a site on the Internet. The Chicago Title company also has published a pamphlet, "Who's Buying Homes in America." Write Chicago Title and Trust Family of Title Insurers, 171 North Clark St., Chicago, IL 60601-3294.