Protect your home from termite damage

Termite damage

(ARA) - As Americans head outside to tend to their lawns and repair their houses, it's just as important to consider what might be happening out of sight, deep inside the home.

Termites, which are found in every state except Alaska, live in colonies that eat continuously. These wood-destroying pests eat homes from the inside out, making their presence difficult to detect.

Termites annually cause more than $5 billion in damage, and the destruction termites cause is not normally covered by homeowners insurance, leaving owners to pay an average of $3,000 in out-of-pocket costs for repairs, according to Terminix.

"In most cases, it's easy to tell when a house is in need of repair. Either the paint is chipping or the roof is leaking. But that's not usually the case with termite activity," says Paul Curtis, a Terminix entomologist. "Because termites are often active in the least visible areas of a home, it can be difficult for the homeowner to tell whether they have a termite problem or not."

Usually, homeowners will only be able to tell they have a termite infestation during swarm season. That's when winged, reproductive termites leave their colonies and establish new ones.

A swarm can be identified by the large number of flying termites and by the discarded wings they often leave near doors and windows.

"Termites do not discriminate. They eat wooden framing, support beams and the wood flooring inside your home the same way they would a tree in the forest," Curtis says.

5 tips for deciphering your home loan's good-faith estimate

By G. M. Filisko - Knowing how to read your good-faith estimate can help you save money on your home loan.

When you're shopping for a mortgage loan, it's sometimes hard to understand the jargon lenders use in the good-faith estimate explaining the costs and fees you'll pay when taking out a mortgage.

Via Flickr: billaday

When you apply for a mortgage, the lender has three days to give you a good-faith estimate of the fees and interest rate you'll pay, as well as other loan terms. Here are five tips for using the new three-page form to your advantage.

When you apply for a mortgage, the lender has three days to give you a good-faith estimate of the fees and interest rate you'll pay, as well as other loan terms. Here are five tips for using the new three-page form to your advantage.

Know which fees can increase and by how much

In the past, lenders provided an estimate of the costs involved in getting your home loan, and if those costs rose by the time you closed on your home, tough luck. The good-faith estimate shows some fees the lender can't change, like the loan origination fee that you pay to get a certain interest rate (commonly called points) and transfer costs.

The form also lists the charges that can increase by up to 10%, like some title company fees and local government recording fees. The lender must cover any increase over that amount.

Finally, the good-faith estimate lists the fees that can change without any limit, such as daily interest charges.

Look for answers to basic loan questions
In the summary section, lenders explain your loan's terms in simple language. Can your interest rate rise? If so, a lender must spell out how much the rate can jump and what your new payment would be if it does. Can the amount you owe the lender increase, even if you make your payments on time? If it can, a lender must show you the potential increase.

Evaluate the "tradeoffs" on a loan
In the new "tradeoff table," you can ask lenders to provide details on the tradeoffs you can make in choosing among home loans. If you'd like the same loan with lower settlement charges, how will the interest rate change? If you'd like a lower interest rate, how much will your settlement charges increase?

How to assess the real cost of a fixer-upper house

By G. M. Filisko - When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix.

Via Flickr: JC-Pics

Trying to decide whether to buy a fixer-upper house? Follow these seven steps, and you'll know how much you can afford, how much to offer, and whether a fixer-upper house is right for you.

Decide what you can do yourself

TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don't know how to do will take longer than you think and can lead to less-than-professional results that won't increase the value of your fixer-upper house.

• Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.
• Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?

Price the cost of repairs and remodeling before you make an offer

• Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he's going to do.
• If you're doing the work yourself, price the supplies.
• Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.

Check permit costs

• Ask local officials if the work you're going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it'll cause problems when you resell your home.
• Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.
• Factor the time and aggravation of permits into your plans.

Doublecheck pricing on structural work

If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you've uncovered and conservatively budgeted for the full extent of the problems.

Get written estimates for repairs before you commit to buying a home with structural issues.
Don't purchase a home that needs major structural work unless:

1. You're getting it at a steep discount
2. You're sure you've uncovered the extent of the problem
3. You know the problem can be fixed
4. You have a binding written estimate for the repairs

Check the cost of financing

Be sure you have enough money for a downpayment, closing costs, and repairs without draining your savings.

10 steps to a perfect exterior paint job

As we descend further into Fall, the days are running short on opportunities to give your home a new, exterior paint job. If you are planning on giving a fresh coat of paint before the rainy season, here are a number of things you will want to keep in mind.

Via Flickr: Ross

A good exterior paint job isn't cheap, but done right, it can easily last 10 or more years. To get the most for your money, follow these steps.

At first glance, the days of wood home exteriors seem long gone. According to U.S. Census Bureau data, homes with wood siding comprise less than 10% of all new residential construction, the lowest usage of any exterior material.

But if you've got wood siding, there's a solid, money-in-the-bank reason why you'd want to repaint rather than switch to fiber-cement, brick, or vinyl. In the short term, repainting or staining costs less. A mid-range vinyl siding replacement project will cost you around $10,000, according to Remodeling Magazine's Cost vs. Value report. By comparison, hiring a pro to repaint the same 2,000-square-foot, two-story house costs $4,000 to $6,000.

True, if you're planning to stay in your house for a long time, you'll have to spend that money again. But properly applied, exterior paint can easily last 10 years or longer. The key to a successful job is in the preparation. Here are the steps to take to make sure you get perfect results.

Step 1: Check for lead paint
Beginning April 22, 2010, all paint contractors must observe EPA regulations for lead-safe practices and be certified to perform this work. The rule applies to houses built before 1978, when lead paint was banned for residential use, especially those that are occupied by children. (Do-it-yourselfers are exempt.)

To protect against airborne lead particles, contractors must take steps to keep paint dust to a minimum: collecting scrapings, cleaning with a HEPA vacuum, wearing masks and Tyvek suits, and disposing of all materials at an approved hazardous materials site.

The first step is to initiate the process with a lead paint test (homeowner kits are available for $10 to $15 online or at paint and hardware stores). Following the new rules will add as much as 10% to 20% to the cost of a contracted paint job. But since many contractors are still unaware of the regulation, costs will vary widely.

Visalia offers great market for vintage homes

When it comes to vintage homes currently on the market, Visalia seems to be the place in Tulare County to find the cream of the crop.

Well maintained with nice landscaping and good neighborhoods, they range in age from 1900 to the 1920s.
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To find your perfect vintage home, or any great home in Tulare County, call Ruben Olguin, (559) 280-9384, or Vincent Ingrao, (559) 799-9165, to see the best on the market.

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And don't be fooled by some of their humble exteriors. Inside they feature substantial square footage, lots of amenities and plenty of charm. Here's a look at the top five:

415  W. Race Ave,  Visalia, listed at $94,000.

5) 415  W. Race Ave. - This 3 bedroom, 2 bathroom home was built in 1917. It has 1,864 square feet of living space with brickwork throughout.

700 S. Court St. Visalia, listed at $95,000.

4) 700 S. Court St. - This two-story home has 4 bedrooms, 2 bathrooms in 1,928 square feet. This home was built  1910.

407  NE 1st Ave,  Visalia, listed at $109,900.

3) 407  NE 1st Ave. - This turn-of-the-century single story home features 3 bedrooms and 1.5 bathrooms. The home is more than 1,700 square feet and features many of the amenities you would expect from a vintage home, such as a large front porch and wood cabinetry.

707  W. Myrtle Ave., Visalia, listed at $119,000.

2) 707  W. Myrtle Ave. - This 3 bedroom, 1.75 bathroom is well maintained. The 1,552-square-foot home features the original and beautifully maintained hardwood floors.

509  N. Locust St,  Visalia, listed at $170,000.

1) 509  N Locust St. - This vintage home features 3 bedrooms and 2.5 bathrooms inside 1,291 square feet. The home was built in 1901.