Monthly Archives: April 2015

How safe is your Deck? Check it Now!

Worn Deck“It’s that time of year when we begin to use our decks again.  But what happened to it during the winter months?  Did moisture create cracks or mold?  Have beams warped or started to sag?  It doesn’t take long to check out the basics to give yourself peace of mind.”

Denise Buck & Ed Johnson – Dc Metro Realty Team

Aging deck structures, harsh storms, high temperatures, and a lack of routine maintenance can increase the risk of a deck injury.

There are more than 40 million decks in the United States that are more than 20 years or older, according to the North American Deck & Railing Association, and hundreds of reported deck accidents occur annually.

Check your deck by following these seven deck safety inspection tips from outdoor living company Archadeck:

Boards: Check deck boards for rot, softness, or major cracking.

Every Connection: Inspect every hardware connection on the deck. Look for screws and/or nails backing out, red rust, and other signs of corrosion on metal connectors that can weaken the integrity of the deck.

Structure: Look at the posts, beams, and joists that provide the structural framework of the deck. Is there any noticeable sagging between supports?

Attachments: Most deck failures occur at the attachment site to the home. Ensure that the deck is properly attached to the house with bolts (not nails) and proper flashing for water protection.

Foundation/Footings: The foundation and footings support the weight, or load, on a deck and the columns that bear on them. Look for sinking or a noticeable sag.

Exits: Check deck’s exit areas, usually stairs. Are the stair stringers, treads, and risers ok? Do the stairs require a handrail? Is there adequate lighting to safely use the exits at night?

Rails: Look at rail posts and railing sections to make sure that they aren’t loose or wobbly. All pickets/balusters should be fastened securely and spaced no more than four inches apart.

Source: Archadeck, Originally Appearing on Houselogic

Read more: http://www.houselogic.com/news/decks/7-quick-ways-tell-if-your-deck-needs-help-now/#ixzz3YnM7sU2h
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Pay More or Less – Is an ARM for You?

More or Less GraphicA few years ago, right before the housing bubble burst, Adjustable Rate Mortgages (ARMs) were everywhere.  The problem was they weren’t the right answer for everyone who was using them.  Due to a number of factors at the time; decreased home values, increased unemployment, just plan bad luck, a number of homeowners were negatively impacted by having an ARM.  Consequently ARMs got a bad reputation.  But if used wisely, they can be a great way to purchase a home.

Denise Buck & Ed Johnson – DC Metro Realty Team

Paying more for your house payment does not make your home more valuable. It does mean that the mortgage rate may be higher than it has to be.

Even though fixed rates may never again be as low as they are currently, an adjustable rate mortgage may provide the lowest cost of ownership depending on how long a borrower plans to own a home. There are different types of ARMs but the one in this example is a 30 year mortgage with the rate fixed for five years and can adjust every one year after that based on independent indexes.

Another feature of a FHA ARM is the maximum rate change in one period is 1% and the maximum lifetime cap is 5% over the initial rate.

In the example below, the payment on the adjustable is $153.48 lower for the first five years or 60 payments. Another interesting thing is that lower interest rate loans amortize faster than higher interest rate loans. In this example, the ARM has a lower unpaid balance at the end of the first five years by $4,239.

The total savings on the ARM at the end of the first period is $13,477. If a borrower felt confident they would sell the home prior to the breakeven point of 8.5 years, the ARM would produce a lower cost of housing even if the mortgage rate escalated the maximum at each adjustment period.

To help determine whether you pay more or less, consult with a trusted mortgage professional and your real estate agent to learn the advantages and disadvantages of different programs. To try your own comparison, check today’s rates at the Freddie Mac Mortgage Rate Survey and plug your numbers into an Equity Accelerator

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Basic Legal Documents

Basic Legal Docs

 

How many Basic Legal Documents do you know of?  Probably a Will and a Living Will, but what else?  There are actually 5 that you should know about.  As you move through life, be prepared for when ‘Things Occur’.

Denise Buck & Ed Johnson – Dc Metro Realty Team  

 

 

Many times, young adults feel “bullet-proof” and don’t consider the urgency to get involved or spend the money to take care of certain legal aspects of their lives because they think they’re going to live forever. Since no one is guaranteed longevity of life, if you want to be in control of who gets what and who is in charge now based on an untimely incapacitation or death, it is important to investigate these basic legal documents.

Will – This is a legal instrument that specifies your desires to care for your minor children and to distribute your personal property after you die and who will manage the process. Anyone who has property and minor children needs a will.

Living Will – This legal instrument specifies your intentions regarding end of life decisions or to designate an individual to make those decisions on your behalf. Many times, a person who had been diagnosed with a terminal condition or who is facing a serious surgery or hospitalization might feel a sense of urgency to have this document.

Power of attorney – This document allows you to appoint someone you trust, not necessarily an attorney, to handle important legal and financial matters for you if you are unable to make decisions for yourself. The time limit can be for a specified period of time or indefinitely.

Trust – This arrangement involves an entity called a Trustee who takes control and manages property for someone else’s benefit called a beneficiary. When property is placed in a trust, the trust becomes the owner of the property. There are different types of trusts and a qualified advisor can explain and recommend which type would be best suited for your situation.

HIPPA Release Form – The Health Insurance Portability and Accountability Act, known as HIPPA, was created by Congress to protect the privacy of a person’s health information. Health care providers are prohibited from discussing any aspect of your medical information with anyone who is not directly involved in your care. To allow friends or family who do not have legal responsibility for you to have access to this information, this release form is necessary.

Most of the issues affecting these types of documents are determined by state law. Since they are legal documents, it is recommended that you seek sound financial and legal advice.