Archwood Properties

Temperatures aren’t the only numbers on the rise during the summer months, so are energy costs.  On average, cooling costs are around $400 a year per homeowner, but let’s be real honest — I know for a fact I have spent a significantly greater amount than that.  I’m always looking for ways to keep my costs to a minimum, and what I’ve found are methods that can be applied to both central air systems and window units.

SIZE: 

In terms of window units, the size is measured in Btus and the amount of energy required is dependent upon the size of the room.  Getting an over-sized window unit will cool the room faster but then will turn on and off more frequently, which defeats the purpose of saving energy. The EnergyStar website will provide a standard chart on the number of Btu’s recommended for various room sizes, but then you have to evaluate your own specific factors as well.  Remember, a sunny room will need more power while a darker room could still be comfortable with a smaller unit.  

If you’re dealing with a central air system, you aren’t left entirely to your own resources for guidance, as you will probably work with a contractor.  One thing to remember is that central air units come in multiple parts, so make sure your contractor is using pieces that compliment each other for maximum savings on energy, rather than piecing together a random unit.  A rule of thumb to follow is if your unit is more than 15 years old, even if it’s still ticking along, thing about investing in a new system.  The money you will save in efficiency is certainly going to be worth shelling out the initial cost.  And don’t forget that you can opt for the $1500 tax credit if you purchase a new unit before the end of the year!

SEAL & MAINTAIN: Even with an energy-efficient model, you still may be sucking out more cold air than what is necessary.  If there is a leak anywhere in your home, you’re just throwing dollars down the drain.  Be sure to install window units accurately per the instructions so that you aren’t leaving any gaps in the windows.  Air filters is another factor that will change how much energy you use on air conditioning.  If the filter has too thick of a film, the unit has to work harder to push air through to the vents, in turn costing you more on your energy bill. 

HABITS: A final thing you can do to lower your energy bills is to tweak your living habits.  Very small chances can lead to very big savings over time.  Buy a programmable thermostat so that you can set the temperature to be warmer during your anticipated routine hours away from the home.  If you have a window unit, get one with a built-in timer.  Also, if it’s not a blistering hot day — keep cool with your ceiling or area fan and add a few degrees to the ‘ole thermometer.  Even keeping your home 2 degrees warmer in the summer can save you money.  Also, if you have curtains or shades in your home, close them before you leave for a given period of time so the room doesn’t sit there and bake. This will keep your AC unit from running full-blast just to maintain a comfortable temperature. 

I know it seems almost impossible to save money and cut corners when it comes to A/C in the summertime, but just with a little thought and effort, you can keep a few extra pennies in you pocket!

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

With the economy in repair, the new-home sales are also back on the rise, only this time the properties are more affordable.  Just like any major purchase, it’s imperative to understand what you’re getting into with new construction. 

When dealing with realtors, make sure to get a realtor that represents you, as the agents suggseted by the builder are paid to represent them as the seller.  High-pressure tactics may be used by the builder’s agent to persuade you to sign the contract and they won’t discuss any drawbacks to this transaction.  Your own agent will represent you, act as your fiduciary and disclose the positives as well as the negatives.

Be fully aware of all of the factors of a builder’s lender before making the committment.  Builders often are one step-ahead, since their lenders will keep them fully-informed of your personal progress.  Also, if the actual builder owns the lending company they recommend, chances are, they aren’t giving you the best deal.   Sure, if they offer you 15% off the value of the home, it sounds like a great idea, but look closely and see if they require that you use their lender.  Committing yourself to a single lender before shopping the market will pigeon-hole you into higher rates and closing costs.  One important thing to remember is you need to know exactly what your credit report looks like and you are entitled to getting your own report before even speaking to lenders.  Once you know where you stand in terms of credit and you’ve begun shopping around for the best rates, insist that your lender guarantee their Good Faith Estimate.  If they shy away from it, take your business elsewhere — there is someone out there who really wants your business.

If one buyer has a bad experience with a builder, word can often spread like rapid-fire, but it’s important to accruraltey assess the builder’s history overall.  Take time to check public records for any lawsuits or complaints and evaluate how you feel about their resolutions.  This will give you better insight to the company’s values and if you trust your investment in their product.  This is not the time to be shy — speak with the neighbors in the development and see what they have to say about their experience. 

Also, even though you have a brand-new product that the builders may swear by, just like buying  a used home, hire your own home inspector.  While new homes usually come with a 12-month wall-to-wall warranty, some of the significant problems with a house may not surface in the first year.  If your selected inspector recommends calling an additional professional out, figure out if he is just not licensed to inspect a specific concern or if there is major potential problems down the line. 

One final tip is to consult a real estate lawyer before signing a contract with a home builder.  Standard agreements may keep you out of court, but they dont’ necessarily include terms that protect you as the buyer.  It is pertinent to understand you liability and commitments and to know what rights you have to cancellation or removal of contingencies.  Additionally, if the contract includes a health warnring regarding the types of materials used, that’s a huge red flag and it’s time to go back to the drawing board. 

Building a brand new home that is made just for you is a very exciting process, despite the headaches that come along with it.  Being educated, asking the right questions and standing up for yourself as a buyer will eliminate many of the speedbumps along the road. 

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

With summer kicking into full-swing, backyard pools will be the ‘hot’ hit for the next couple of months. 

With about 260 children under the age of 5 drowning each year, pool owners need to take safety precautions.  One method of protection isn’t enough when you’ve got smart, dare-devil kids around.  Most importantly, 100% supervision is the key to keeping your back yard pool a safe haven for children.  Even though you may keep a close eye on kids at the pool, you may not be close enough to them to save them from a potential accident.  Having a protective barrier around the edges of the pool will also deter such traumatic events from happening.  Don’t forget that automatic safety pool cover that secures over the top of the water and is sturdy enough to withstand a child’s weight.   

Keep in mind that barriers around the immediate area of the pool are designated to protect your children and guests, but what about those neighborhood kids that might see a pool and make a B-line for the water???  In most cases, it is regulated to have a fence around back yard swimming pools, but what kind of fence is appropriate?  It is recommended that a wooden fence of at least 4 feet in height and without footholds to prevent climbing should be installed.  Also, it’s important to remember that if the fence has any gaps between the vertical members, they should not be wide enough to allow children to squeeze through.  The gate on such a fence should be self-closing and self-latching, with the latch being high enough to be out of the reach of small children.  It is important that if you plan on leaving the house for a given period of time, put a lock on that latch so nobody can enter your backyard while you aren’t there to supervise. 

A final method of security is to get a pool sensor that will go off if it recognizes a disturbance in the water, such as a child falling in.  Two types of sensors are made, one to monitor surface waves and another to monitor subsurface disturbances.  The most effective are the subsurface monitors, as they do not have as many false alarms due to weather, etc.  These can also work with a pool cover, whereas the surface wave sensor cannot.

The summertime is often the most-anticipated time of the year for children and they often proceed without any caution.  Even though the pool tragedies are few and far between, even just one drowning is too many. 

Have a fun and SAFE summer!

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

If you are still able to somehow manage your mortgage even though you may be underwater in what you owe vs. what it’s worth — don’t just walk away from it.  Many people believe that taking a hit on their credit score is worth ridding themselves of a headache of never getting out of their property what they owe. 

Many of those who actually choose to default on their mortgage believe that over a little time, if they pay all their bills on time, no worries — financing another home is a piece of cake.  For those homes that are lost due to financial hardships, the turnaround time for buying another property is 2-5 years, but if you opt to walk away from your mortgage, that time can easily double. 

A credit score is only a factor in the overall decision for lenders to accept your application for a home loan and underwriters will closely scrutinize every possible reason why you may have defaulted.  If those reasons don’t include any financial hardship or health issues, they won’t be so lenient on lending to you again.  For walkaways, even having a good credit score isn’t a strong enough indicator of your willingness to pay your note on time.  The only thing strategic defaults do is work against you. 

Having said all this, it doesn’t mean it is impossible to get another loan after you’ve walked away from a previous mortgage.  There are lenders out there who still want to make interest, so they might just take a bite at a high-risk borrower.  Of course, this will all be at a steep interest rate to protect the lenders in the event of a second default and a hefty down payment of around 30%.   

Obviously, there are economic factors that are often beyond a homeowners’ control which may devastate their financial status, forcing them to default on their home and lenders are accepting of that fact.  Trying to get ahead by getting behind, on the other hand, isn’t going to get you very far.  This is a good rule of thumb to remember while in the situation of being upside down in a mortgage or even before you purchase a home.  Sometimes what we think will help us out, ultimately does the exact opposite. 

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com