Owning a Home

There's nothing like the feeling of being a homeowner. Your home is where you and your family spend a lot of time, so keeping it healthy, well tended, and safe is important. Owning a home is an ongoing commitment; new issues and responsibilities can come up at any time. So, it is important for you to be prepared for any challenges that may arise. Here are some helpful tips.

Perform General MaintenanceInspecting your home on a regular basis and following good maintenance and repair practices are the best way to protect your investment in your home and your wealth. Whether you take care of a few tasks at a time or several all at once, it is important to get into the habit of doing them. Establish a routine for yourself and you will find the work is easy to accomplish and not very time consuming. Here are few tips to help you put a stop to some of the most common and costly problems before they occur.

General Safety Guidelines

• Regularly check the house for safety hazards such as a loose handrail, lifting or buckling carpet, etc. Replace or repair hazardous rails and carpeting quickly to avoid accidents.
• If there are young children in the house, make sure electrical outlets are equipped with safety plugs.
• Check smoke, carbon monoxide, and security alarms and replace batteries.
• Inspect fire extinguisher; check indicator on pressure gauge to make certain extinguisher is charged; make sure lock pin is intact and firmly in place; check discharge nozzle to be sure it is not clogged; check for dents, scratches, and corrosion.

Doors and Windows

• Ensure all doors to the outside shut tightly, and check other doors for ease of use.
• Replace door weather stripping if required; check and replace damaged caulking and weather stripping around windows and doorways, including the doorway between the garage and the house. This will conserve energy.
• Check all door and window screens; patch or replace as needed; check storm windows and doors; clean and repair as needed.
• Lubricate garage door hardware and ensure it is operating properly.

Heating System, Air Conditioning Unit, and Filters

• Have furnace or heating system serviced by a qualified service company every two years for a gas furnace, and every year for an oil furnace.
• Have a qualified person service the air conditioning unit annually.
• Make sure the exterior of the air conditioning unit is not blocked by high grasses, weeds, or other debris.
• Check and clean or replace air filters regularly.
• Check dryer vent, stove hood, and room fans. Clean them if necessary.

Hot Water Heater

• Drain hot water heater and remove sediment from bottom of tank.

Faucets, Refrigerator, and Stove

• Check all faucets for leaks, and replace the washers if necessary.
• Make sure seals on refrigerator and freezer doors are tight.
• Clean refrigerator coils as needed.

Fireplace

• Remove ashes from fireplace.
• Make sure damper closes tightly.
• Have chimney professionally cleaned regularly.

Basement and Attic

• Check basement walls and floors for dampness; if too moist, remedy as appropriate.
• Check attic for proper ventilation; open vents.

Driveway, Walkways, Decks, and Porches

• Have your driveway and walkways repaired as needed.
• Repair any damaged steps that present a safety problem.
• Check all decks, patios, porches, stairs, and railings; repair as necessary. Decks and wood fences should be treated every four to six years, depending on how much exposure they get from the sun and the rain.

Roof and Gutters

• Check roof for leaks, and have them repaired if necessary.
• Clean gutters and drainpipes so leaves won’t clog them.
• Check flashing around vents, skylights, and chimneys for leaks.

Siding and Paint

• Check outside of house for cracks and holes in siding, and cracks or peeling paint. Caulk and repaint if necessary.

Sprinkler System

• Check lawn sprinkler system for leaky valves, exposed lines, and improperly working sprinkler heads; repair if necessary.

Make your Home Energy EfficientAn Energy Efficient Home helps you save money all year long. In fact, you can save about $200 - $700 a year on your utility bills. That is money you can apply toward building your wealth. The US Environmental Protection Agency (EPA) and the US Department of Energy run an energy efficient program called Energy Star. According to Energy Star, a typical household spends about $2,000 a year on energy bills. By using Energy Star appliances and other energy-efficient components in your home, they estimate homeowners can save as much as a third on their energy bill!

Through the Energy Star program, you can learn about Energy Star products in over 60 categories. You can purchase these items to use less energy and save money. They also provide tips for making your home energy efficient. For more information visit the energystar.gov web site.

Did you know that there are federal tax credits available for certain energy-efficient home improvements? Here are some of the tax benefits you may qualify for:

For existing homes, federal tax credits may be for the following home improvements:

• Windows and doors
• Insulation
• Roofs (metal and asphalt)
• HVAC (heating, ventilating and air-conditioning)
• Water heaters (non-solar)
• Biomass stoves

For existing and new construction homes, federal tax credits may be available for the following types of home improvements:

• Geothermal heat pumps
• Solar panels
• Solar water heaters
• Small wind energy systems
• Fuel cells

For additional information about these tax credits, including how to claim your credit visit the energystar.gov web site. We recommend that you consult a tax professional for further information regarding these tax credits and similar considerations.

Maintain Proper Homeowners InsuranceOwning a home is the largest investment most people will ever make. To protect your investment and your wealth, it is important that you maintain proper hazard insurance coverage, including coverage for natural disasters applicable to where you live such as flood, earthquake, and hurricane. A best practice is to have a coverage amount that is equal to or more than the full market value of your property.

You should check your homeowner’s insurance policy annually to make sure you have adequate coverage and that you are protecting any improvements you might have recently made to your property.

Did you know that your credit history is an important factor in determining how much you pay for your policy? Well, it is. So, maintaining a good credit history and paying your bills on time may mean lower insurance rates. Contact your insurance agent for more information about homeowner’s insurance.

Increase the Value of your HomeAt some point you may want to do some home improvements. Tapping into your home equity to increase the value of your home can be a smart investment. The key, however, is to choose home improvement projects that will likely yield the highest return on your investment. Generally, the improvement upgrades that have the most impact on your home value are:

• Energy efficient changes;
• Remodeled kitchen or bathroom; and
• Deck and patio restoration or installation.

Avoid ForeclosureIt is important that you have a household budget and that you manage your monthly expenses to avoid the risk of losing your home. However, when an unexpected financial event occurs like losing your job or taking care of an elderly loved one you may find it difficult to make your mortgage payments. If you think you will miss a payment, we recommend you follow these tips for avoiding foreclosure and losing your wealth:

1. Contact your Lender Immediately
   It is important that you call your lender as soon as you know you are having difficulties making your mortgage payments. Lenders have options available that may help you avoid foreclosure. However, the longer you wait to contact your lender, the harder it will be for your lender to assist you with your financial difficulties.
2. Don’t Ignore your Lender
   If your lender calls or sends correspondence, don’t ignore the calls and fail to read the correspondence. Ignoring your lender will not make your problem go away, it only increases it. You may miss out on valuable information that could help you save your home.
3. Examine your Spending Habits
   Review your finances to see where you can cut spending in order to make your mortgage payment. Reduce expenses like cable TV, gym or club memberships, dining out, movies, etc. If reducing your expenses is not enough, consider taking on a part-time job or selling things you own or no longer need to make extra income.
4. Know your Mortgage Rights
   Read your loan documents so that you know what your lender is allowed to do if you are unable to make your payments. Additionally, learn about foreclosure laws in your state and your foreclosure prevention options. If you are a California resident and would like assistance understanding your options, our sister company, Nfinit Solutions, has a Home Retention Advantage program with no upfront fees that may be able to help you. Additionally, foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. To find an agency in your area, visit the U.S. Department of Housing and Urban Development or call 800-569-4287.
5. Avoid Foreclosure Scams
   To avoid foreclosure scams and fraud, Nfinit Solutions recommends the following:
   • Do not pay your mortgage payment to someone other than your lender or servicer.
   • Investigate the qualifications of a third party provider of home retention or loan modification services.
   • Do not pay an advanced fee for loan modification if you have received a Notice of Default.
   • Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

The material provided herein is general and for basic educational purposes only and does not purport to be comprehensive. We are not attorneys, tax accountants, or brokers. Nothing contained herein should be construed as legal, accounting, tax or other professional advice. You should consult with a licensed attorney, accounting or tax professional for any specific questions you may have regarding your situation and should not rely on any information contained herein as being a substitute for professional legal, tax or accounting advice.

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