How Often Should You Replace Major Appliances?

 

Every year, thousands of households invest thousands of dollars on high quality home appliances. While these appliances play a key role in their homes such as making work easier, sooner or later they become inefficient and ineffective. It’s at this point that one has to answer that simple question, should I have them repaired, or should they be replaced?

Since no appliance is designed to last forever, it's important to be knowledgeable about the appliance's lifespan. Failure to do so may lead you to unexpectedly find that the fridge no long works, or that the boiler has gone cold. But since one appliance's lifespan varies from the other, it's wise that you keep a log of each one of them so as to prevent incidences of your family's life being inconvenienced.

 In essence, it's hard to give an exact date of when your appliance will become ineffective. And although some major publications such as Appliance Magazine publishes an annual report showing how long people keep their household appliances, it's worth noting that in most cases, families choose to replace their appliances when they are remodeling rather than when the appliance's lifespan is about to be exceeded.

 How then can one know that it's time to replace their appliance?

 The most reliable way of doing so is by making an approximation or in other words, calculating the appliance's average lifespan. Usually, this is highly determined by the appliance's durability, manufacturing quality, frequency of use, levels of maintenance, the weather, and  how well or how poorly they have been installed.

While a central air conditioning system is designed to last for 15 to 20 years, if you live within the coastal areas, it can end up lasting far less than a decade. In terms of durability and frequency of use, a window air conditioner is more likely to become inefficient a whole lot faster than a freezer. That aside, here's a breakdown on the average number of years some of the major household appliances are likely to last:

Since window air conditioners, washing machines and microwaves are among the most used within the house, they tend to have a lifespan of less than 10 years. To be specific, their approximated lifespan is 5-7, 5-15, and 9 years respectively.

Refrigerators are likely to last for 9-13 years, gas ovens 10-18 years, freezers 10-18 years, kitchen disposals 12 years, dryers 13 years, boilers 13-21 years, and wall ovens 15 years or more.

It’s always important to keep track of your appliance's age. Alternatively, you can pay close attention to the performance of the appliance. Small issues like emitting funny noises and/or frequent malfunctions should be taken as warning signs that the appliance should be replaced.

Should You Get Your Roof Repaired in the Winter?

If the roof of your home is not in very good condition, you might be wondering whether roof repairs and even replacements can be done in winter or not. You may be under the impression that the answer is no, given the tough weather conditions the residents of most areas experience at this time of year which make the task not only unpleasant, but also possibly unsafe to perform. 

Winter roofing repairs can be done- at a price.

While roofing in the wintertime is harder to do and can be unsafe for everyone involved – roofers, homeowners and inhabitants and ever passersby who– the truth is, it can be done if the necessary precautions are taken. This is primarily in the case of an emergency, which is why professional roofers still work during winter if only on a minimum capacity, and usually for a higher fee.

What about a total roof replacement?

So, should you have your roof totally replaced in the winter? Probably not, unless there is a dire emergency. Aside from the fact that it is unsafe and unpleasant, the conditions for roofing aren’t exactly fantastic during winter. Also, failing to respect the need for good weather while fixing or placing a new roof generally tends to result in a less than desirable final product, which will likely not be any safer or less prone to leaking than your current roof.

There are products available that facilitate and make winter roofing possible, allowing for those urgent leak repairs to be done in the colder month. But the fact is that traditional materials don’t dry properly in the freezing cold – or snow – and they don’t dry well with humidity either. This means that the roofing structure will not be fixed properly, and might even become defective and more fragile. Another fact you should keep in mind is that the leaks are harder to find during winter, and looking for them then isn’t the best idea, particularly if you are not experienced and have no idea of what you are doing.

What if you notice a leak in your roof during the winter months?

If you have noticed a leak in the roofing structure of your home during winter, your best bets are: covering the roof with a tarp and waiting for at least a few days of decent weather to appear. Or, take note of any existing problems with your roof, even adding in some photos if possible, and get in touch with a professional roofer to plan for the roof repairs or replacement to take place as soon as possible when the weather becomes more suitable roofing work. 

Should You Refinance to an Adjustable Rate Mortgage?

An adjustable rate mortgage (ARM) is a type of mortgage where the interest rate charged on the outstanding balance varies based on a specified schedule. The interest rate is initially fixed for a given period after which the rate is set periodically. There are many advantages associated with the adjustable rate mortgage especially when compared to the fixed rate mortgage. Below are some of the reasons why you should consider refinancing to an adjustable rate mortgage.

You want a lower interest rate

A lower initial rate is charged on an ARM when compared to the rate charged on fixed rate mortgages. While the initial rate is fixed for a given duration of time, the interest rate is much lower than the rate charged on a fixed mortgage at any given time. This works to your advantage as it frees up some money at the beginning of your loan term. This money can be useful in taking care of other expenses or can be invested in an income generating project.

You’re selling soon

An ARM is ideal for home buyers who wish to sell in the near future. For buyers who foresee a job transfer to another location or a need to upgrade to another house, for example when starting a family, the lower ARM initial interest rate provide a better and cheaper option. Once the house is sold, the loan can then be paid off in full. It is important to note that some contracts stipulate that a penalty is charged if the loan is paid off early. This should be considered while refinancing the mortgage.

You want to improve your financial standing

An ARM mortgage is ideal for homeowners who want to improve their financial standing. The adjustable rates provide short term stability as the homeowners anticipate a better financial standing in the future. The state of the economy also means that homeowners get some relief with the adjustable rate mortgage as they wait for the economy to recover.

Refinancing is not for everyone

It is important to note that an adjustable rate mortgage may not be favorable in some situations, for example where the homeowner is looking to stay in the house in the long haul. You should, therefore, take your time to examine your financial situation and get a professional to advise you on the additional costs to be incurred with refinancing and help you determine whether refinancing to an adjustable rate mortgage will make any economic sense both in the short term and in the long run.

Making Use of Small Spaces

 

If you have just downsized or simply love a minimalistic lifestyle, there are many advantages to your choice. One great benefit to living in a smaller space is that it is less expensive than a big house. This results in savings and keeps you on a budget. Perhaps you are saving for retirement or you want to get your credit in order. Whatever the reason, making smart use of small space will maximize the area that you have and make it an enjoyable home.

 

The key to maximizing your space is making use of every single square inch. It may sound harder than it actually is! Whether you are downsizing to a smaller home or a studio apartment, the following tips will help you to make use of all of your valuable space:

 

Invest in a Murphy bed

 

Not only are Murphy beds a wonderful way to free up lots of valuable floor space, they are incredibly cool! There are even custom-made Murphy beds to fit any space in your home. A Murphy bed on a loft? What could be better? Just don’t roll off when you’re sleeping!

 

Make use of room dividers

 

If you live in a studio apartment, you probably have one large room that doubles as a bedroom and living room. Room dividers work wonders to break up space into two smaller rooms. Plus, they are a great way to add some décor to your home.

 

Organize creatively

 

You can really liven up your small home by adding bookshelves. Even better are shelves that are built into the wall. You can transform any wall space into your very own person library by adding bookshelves, and it also aids in organization. Make use of closet space by adding shelves, and use areas like under the bed for other storage areas.

 

Double-duty furniture

 

It’s a smart idea to make use of furniture that serves more than one function. For instance, a sofa can be a bed for overnight guests, a dining room table could double as a desk, and a storage bin could also be used as a table. You could even move your desk into your closet if there’s ample room!

 

Choose simple designs

 

Your furniture and things like your bedroom sheets should be minimalistic. In other words, simple colors and furniture with spare lines can make a small space seem a lot bigger and roomier.

 

 

Get Your Home Ready for Fall

The crispness of fall is already detectable in some parts of the country. Now that the cooler weather is approaching, it’s the perfect time to get the fall checklist together for your home. There are some things that you should do as a homeowner to get your house ready for the fall season, including weatherization and maintenance. You may choose to some of the tasks yourself or you can hire a professional if needed. Here’s a rundown of some things you should add to your fall home checklist:

Check for peeling paint. Look for signs of blistering or peeling on the paint of the exterior of your home. If you don’t correct the peeling paint, the siding is not being protected and could deteriorate.

Inspect the roof. Leaking roofs can be a big pain when there is a lot of snow and ice. If you don’t nip roof problems in the bud now, they could turn into bigger issues later on in the season. Inspect your roof thoroughly from top to bottom, checking for cracks in the shingles and curled shingles.

Clean the gutters. It’s important to clean out leaves and tree debris from gutters and downspouts in order to avoid clogged gutters. Make sure they are flowing freely and replace old gutters with ones that have leaf guards.

Get a furnace inspection. You should have your furnace and heating system checked annually for best results. It’s best to inspect the furnace before the heating season begins. Check the furnace filter and make sure it’s clean. Also, get your fireplace in working order.

Caulk the windows. In order to prevent heat from escaping your home during the colder months, it’s a good idea to caulk around your windows and doorframes. This avoids moisture getting in and freezing, which leads to cracks.

Take care of cracks in the driveway. If your driveway is damaged, it can be extra dangerous when icy conditions are present. It’s a good idea to inspect for cracks in the fall in order to avoid bigger problems later on. This goes for your walkways, too.

Remove air conditioners. If you leave them in the window, they can allow cold air to seep in. If the air conditioner is sealed properly in the window, at least cover it for the winter to prevent rusting.

Check fire extinguishers and smoke detectors. You should inspect your home’s safety features at least once per year, but every season is better. Make sure they are in working order, including CO detectors.

Winter will be before you know it, so get your home ready for the fall months. This way, you’ll be prepared for any type of weather and your home will remain comfortable and warm.

Refinancing? Consider the Costs

Waiting for the perfect time to change your home's mortgage at a better interest rate or time? With the inconsistency of the economy, homeowners are struggling to find a way to adapt and adjust their expenditures. This includes mortgage payments, which can put substantial constraints to the budget. As a result, many homeowners are looking into the idea of refinancing. 

When you refinance, you pay off an existing mortgage obligation in order to create new one, but under different and under preferable terms. Why consider it in the first place? Aside from lowering your payment, you also have the option of increasing or decreasing your payment terms. This allows you to pay off their debts sooner, build equities, and put more money on their savings. 

Before setting your decision in stone, you need to carefully evaluate your options in order to choose the loan structure that would best work with your plans. You must know your financial goals, and think of how exactly you will pay the loan. Before you could fully reap the benefits of refinancing, it is important to understand the costs that come with it. It may feel like reliving your original encounter with the same procedures and possibly the same amount of spending.

While there is such an offer as no-cost refinancing in which the lender shoulders all possible expenditures in closing costs, you need to take this on with caution. This can result into two things. They can charge you with a higher interest rate or they can add the total expenses to the amount you’ve borrowed. You will be repaying these fees for the entirety of your loan. 

Generally, the following are list of fees that you are most likely to pay when refinancing:

• Application Fee - This includes the costs in checking your credit report and initial processing of request. In most cases, this is not refundable regardless if your proposal has been approved or rejected. This could range from $75 to $500. 
• Origination Fee - It is a percentage of the total loan, used in processing (preparation and evaluation) your mortgage loan. 
• Title examination and Title Insurance - This fee is for the verification of the ownership of the property, whether the broker or lender wishes to access public records. They can also look into the insurance and policy availed in order to relieve the lender of any discrepancies.
• Appraisal Fee - It is an assurance fee that the property they have acquired is worth the loan that has been granted to you.
• Inspection Fee - This covers inspection of the condition of the properties, which may include termite inspection, structural foundation or a water test.
• Legal Fee – The payment for any legal services that a lender has sought.
• Points – These are negotiated fees at closing. A point is equal to 1% of the total loan. There are two-types: Loan-discount points which can reduce the interest of your loan, and points that brokers may charge in order to yield more revenue. 

Keep in mind that buying a home is one of the most crucial financial decisions of your life. Refinancing can be long and tedious. It is important that you get all the facts and figures straight to determine the best plan for you!

 

Should You Refinance This Summer?

 

Are you trying to decide if you should refinance your existing mortgage this summer? Well, we can help in your decision! In order to ensure the best outcome, it’s best to be informed of the refinancing process and how it can potentially benefit you as a homeowner. Otherwise, refinancing could be a costly mistake if you don’t do your research.

Refinancing costs

You need to consider the costs for refinancing in order to determine whether or not it will be worthwhile for your particular financial situation. Unfortunately, you must be willing to invest some money in order to save in the long run. Be prepared to pay multiple refinancing costs that include filing, credit checks, application fees, title examination costs, and appraisal fees.

 What are the possible benefits to refinancing?

• Lower monthly payment
• Tax benefits
• Lower interest
• Obtain cash
• Consolidate debt

Should you refinance?

There isn’t a clear cut and dry answer to whether or not you should refinance without looking at the smaller details. First of all, if you are planning to move in the next few years, refinancing may not be for you. You want to reside in the house and keep the new loan long enough to reap the benefits, and this may take a while.

If your credit score has greatly improved since your original mortgage loan, it may be a great idea to take advantage of low refinancing rates. Also, if you have high-interest loans that you wish to pay off or get a lower rate, refinancing may be a good option. It’s not a good idea to refinance simply to get cash to go on vacation or buy a new luxury car. Refinancing is a good option for those who want to pay for college tuition or get a shorter mortgage.

Right now, you have an opportunity to get some great mortgage rates through refinancing. And don’t forget about HARP, which lets borrowers refinance even though they may owe more than their home is worth. Keep in mind that the borrower's loan must be owned or guaranteed by Fannie Mae or Freddie Mac. HARP expires at the end of December in 2015.