What is HOA? What You Need to Know About Rules and Regulations

Lobbying for change in your homeowners association’s rules requires procedure, compromise, and perhaps joining the board.

If you live in a newer suburban community or planned unit development, you're probably a member of a homeowners association. More than 74.1 million Americans live in homeowners associations, condominium communities, cooperatives, and other planned communities, according to Community Associations Institute. It’s also a good bet that you hadn't given your HOA much thought until you had a problem.

Since HOAs make and enforce the community rules, it’s smart to understand what you can do if you can’t or don’t want to follow them.

How an HOA Works

Each HOA, a volunteer group of neighbors who manage common areas and community property, creates its own covenants, conditions, and restrictions (CC&Rs). These CC&Rs cover subjects such as:

• Resident behavior (no glass containers around the pool)

• Architecture (no fences higher than eight feet)

• Common responsibilities (fee schedules and fines for non-compliance)

The mean monthly dues for a homeowners association is $191, according to the U.S. Census Bureau American Housing Survey 2021. And there’s value in the fee.

Disputes With the Board Can Escalate

Some boards can impose what some homeowners believe are invasive, silly, or even inconsistent rules. Yahoo! News reported a situation in which a homeowner submitted a plan for four window when the other homeowners had eight windows. The board rejected the first plan she submitted, but approved the second one, which was for four windows.

After the homeowner installed the four windows, a dispute started between the homeowner and the board about who would pay to switch the number of windows back to eight. The homeowners ended up being fined thousands of dollars, and the board put a lien on her house, and threatened to foreclose. The homeowner then sued the board and won. But the board plans to appeal.

Steps to Take When You Don't Like the Rules

Even if you disagree with the rules, keep paying your dues. HOAs have broad legal powers to collect fines and fees and regulate activities. If you don’t respond to letters from the board, property manager, or a collection agency, the HOA can and will turn to small claims court or file a lien against your property.  

You can handle some issues with a phone call. For example, adding recycling to the garbage collection route is a budget, not a rules, issue. Call the board member who oversees trash collection to find out if there’s leeway in the budget. If you want to do something that’s against the rules — like flying the American flag in your yard — start by:

• Making a written request for variance, using the appropriate HOA form in your CC&R documents. A variance gives you permission to be the exception to the rule. Submit your request to the board and property management company. 

• Seeking a compromise: For example, you could request permission to fly the American flag only on national holidays.

Don’t Expect a Quick Solution

Some HOA boards meet as infrequently as twice a year. If the board decides the issue is worth pursuing, it may require a community vote. If it passes a majority, the board will adopt it. Board members also may consult the HOA attorney to see if there’s a legal liability if they rule against you.

If you don’t get a timely response, request a hearing and resubmit your request for variance with as much support for your cause as possible. 

If the board rules against you without a community vote, you can appeal the ruling with a petition signed by a majority of other homeowners.

Fine Reality

If you fly your flag without permission, however, expect to be fined. Fines can range depending on the issue. Your CC&Rs will indicate the fine schedule — per day, per incident, etc. Interest for nonpayment can accrue, and the HOA can sue you in small claims court. 

If you think the ruling or the fines are unjust, the last resort is to hire an attorney and sue the HOA.

Become the Rule-Maker

If you don’t like the rules, the best way to change them is to become part of the process.  

Know your CC&Rs, annual budget, and employee contracts — Do you see areas where expenses can be cut? Are service providers doing their jobs? 

Volunteer for a committee or task — If the board needs to enforce parking rules, for instance, you can volunteer to gather license plate numbers of residents’ vehicles. In addition, put your professional expertise to work: Assist the board with data entry, accounting, or website design. 

Stand for election to the board — When a position becomes open, the board notifies the members, and you can put your name forward. New board members are elected at the annual meeting by member majority vote. Many boards are three to nine members large, with terms of one to two years.

Involvement Drawbacks

As a board member, be prepared to spend two to four hours a month:

• Reviewing property management reports

• Monitoring budgets

• Talking to other board members and residents

Most boards meet quarterly; small boards meet only twice a year for a couple of hours.  

Accept that you might become less popular if homeowners don’t like your decisions. In the worst case, you could be sued, along with the rest of the association.

Involvement Benefits

There are rewards. You’ll feel more in control of your community’s fate. You may find that some rules you didn’t support have merit after all. But most of all, you’ll know you’re doing all you can to protect your quality of life and your home’s value.

For the original article by BLANCHE EVANS visit Houselogic.com.

Why a Vacation Home Is the Ultimate Summer Upgrade

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.

An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): 

• Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.

• Better weather (49%) – Buying in a place where there may be nicer weather can be a great escape, especially if it’s cold or rainy where you usually live. It lets you enjoy sunny days and warm temperatures, even when it’s not so nice back home.

• Rental income (41%) – You can rent it out to other people when you’re not using it, which can help you make some extra money.

• Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.

• Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, regular family trips, and create fun memories.

Ways To Buy Your Vacation Home

And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:

• Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable.

• Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly.

Finding Your Dream Spot with a Little Help from an Agent

If the idea of basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. Summer’s when everyone’s trying to buy their slice of paradise, so it’s best to start early.

Your first move is to team up with a real estate agent. They know all the ins and outs of the area you want to be in, and which homes you should look at. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. The same article from Bankrate says:

“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”

Bottom Line

If the idea of owning your own vacation home appeals to you, connect with a real estate agent.

For the original article, visit Keeping Current Matters.

6 Questions First-Time Home Buyers Never Ask Themselves (but Really, Really Should)

There’s a certain point in the lifecycle of renting where you say to yourself: I just can’t do this anymore. Maybe it’s the upstairs neighbors, who relentlessly stomp across their apartment into the wee hours of the morning. Maybe it’s the numbingly dull white walls you’ve stared at year after year. Or perhaps it’s that bitter pill of knowledge that your hard-earned money is circling down the drain—en route to paying someone else’s mortgage.

No matter the reason, most of us eventually hit a breaking point with renting, and vow to become first-time home buyers.

But just because you want to buy a home doesn’t mean you should buy a home. Even if you’ve already evaluated your finances and told yourself, “I can swing a down payment,” there are some additional key questions to ask to determine whether you’re ready. Here, we unveil some oft-overlooked, soul-searching inquiries that you really should ask yourself before you make the biggest financial commitment of your life. Ready?

Find a real estate agent

A local real estate agent can answer questions, give guidance, and schedule home tours.

1. Have I recently experienced a loss?

If you’ve recently gone through a breakup, lost your job, or suffered any other kind of negative life event, you might feel like the answer is to start over. A reset can indeed do you a world of good, but taking on a mortgage probably won’t be the fresh new beginning you’re looking for.

“The most challenging time in someone’s life to buy a home is during a time of loss—and that can be many kinds of loss,” says Tyler Whitman, real estate agent with TripleMint in New York. “If it’s truly a high-stress moment, adding a move on top of that only makes things worse.”

Even if you think you’re in a good place, emotionally speaking, Whitman warns that stress might cause you to subconsciously make your housing decisions out of fear. It’s better to wait until you’re past a situation and can know you’re making the best choice for you.

2. If I get a new job, will I have to move?

The job market has changed drastically since the days when your parents bought a home, and you should know how that will affect you before you buy.

“Previous generations planned to get one job, keep it forever, and retire. Buying into a house because they were looking for a permanent living situation made a lot more sense,” says Chandler Crouch, broker for Chandler Crouch Realtors in Fort Worth, TX. “Now, job-hopping is prevalent.”

Changing jobs won’t be a big deal if you can keep—or raise—your salary, and your new gig is in your current city. But if there aren’t a ton of jobs in your industry in your area, you may find yourself having to relocate a year after you bought your home.

“It honestly isn’t a good idea to buy a house unless you plan on staying there for at least five years,” Crouch says. If you sell earlier, you may end up taking a loss on the deal.

3. Am I ready to write (a lot) of checks beyond the down payment?

Here’s the good news: Mortgage requirements have been loosening since the credit crunch, and you may very well be able to buy with less than 20% down. But the bad news is that won’t be the end of your upfront costs. Hire a mortgage broker and you could pay a 1% to 2% fee on the amount of the loan. A home inspection will cost you a few hundred. Your closing costs could add up to 7% of the total cost of the home. And then there’s the Murphy’s Law of it all: If something can go wrong, it probably will.

“If the air conditioner breaks a month after you close, or the dishwasher gives out, that’s now up to you,” Whitman says.

If you don’t have the funds to cover your closing costs and a separate emergency account for the inevitable “just moved in” headaches, it might be better to wait until you do.

And don’t forget about the additional costs of things like homeowner insurance and taxes. (Although you’ll likely be eligible for some pretty sweet tax deductions for being a homeowner, you’ll still have to pay property taxes—and that can mean a bit of sticker shock for long-term renters.)

4. Am I OK with owing the bank lots of money for a long time?

One of the biggest benefits of homeownership, of course, is the equity. Instead of handing all your hard-earned cash over to a landlord, you’re putting it back into your home—which you (hopefully) will sell for a profit down the line. But that equity doesn’t happen immediately. In fact, for many buyers, it takes time. Sometimes a long time.

Unless you pay for your house in cash, you’ll be on the hook for not only your monthly mortgage payment but the interest on the loan as well. Stretching out your payments over more years—as with a 30-year fixed-rate mortgage—can help reduce (and stabilize) your interest charges. But it can be hard to pay down your principal when you’re constantly trying to cover other costs.

It’s part of being a homeowner, and you need to decide if you’re good with it.

“Anyone considering buying needs to look at an amortization schedule to see exactly how much out of their monthly payment will be going toward paying off the house,” Crouch says.

5. Is buying truly cheaper in the long run?

This one depends quite a bit on where you live.

So do the math. Understand that when you’re buying, you’ll be taking on a big down payment and all those additional costs. On the other hand, you’ll want to take a look at your local rental market. If your rents are increasing steadily year over year, you might be shelling out more on temporary housing then you would on your own home each month. And you may find yourself with your savings too depleted to buy.

“On average landlords raise rent 7% per year,” Crouch says. “This is a compounding increase in expense.”

That could mean that buying, while a punch to the wallet now, will be more affordable in the long run. But if you live in a more stable rental market, it could be better to sock away some cash and wait a few more years to purchase a home. You can use our handy Rent vs. Buy Calculator to crunch the numbers and decide what’s right for you.

6. Am I secretly trying to talk myself into it?

Your co-workers don’t understand why you’re still renting. Your friends are all buying their first homes. You’ve been saving for years specifically so you can buy a house and become a key-carrying member of the Great American Dream. It may seem like you should just buy already, but try asking yourself: Do you really, truly want to?

Even if it might make sense on paper, Crouch still recommends asking yourself three questions before you finally decide:

• Am I trying to sell myself on the idea of buying a home?

• Am I trying too hard to justify it financially?

• Do my reasons to buy outnumber my reasons not to buy?

After all, buying a home is arguably the biggest financial (and, sometimes, emotional) commitment you’ll ever make. You need to be sure it’s right for you—no matter what anybody else says.

For the original article By Angela Colley on Aug 30, 2020, visit Realtor.com

Replacing Your Deck? Here's How Much You Should Expect to Pay

Wondering whether to repair or replace your deck? Learn about costs, DIY vs. pro jobs, and money-saving tips.

Decks allow for outdoor dining, relaxation, and entertainment. However, they also deteriorate over time due to wear and tear, so understanding the average costs of deck repair and replacement is crucial for homeowners.

The average cost to repair a deck is about $2,000, but this figure varies depending on the extent of the damage and the materials needed. Standard repair tasks include replacing damaged boards, reinforcing structural supports, and refinishing the surface. The cost to replace a deck is typically around $15,000. However, this price varies depending on the deck size, materials, labor, permits, inspection, scope of work, and geographical location.

Average Deck Repair Costs

Deck life spans typically range from 10 to 30 years, and the cost and quality of deck materials often correlate with the frequency of repairs. The average cost ranges from a few hundred to several thousand dollars, depending on the scope of work and the geographic location of the home.

Minor repairs—such as replacing broken nails, boards, or loose railings—might cost between $100 and $4,000. More extensive maintenance involving structural issues or replacing a significant portion of the deck escalates the cost. This wide range of potential expenses underscores the importance of understanding the average deck repair costs before committing to a contractor.

Average Deck Replacement Costs

“The average price for a new, professionally built deck is around $20,000-$25,000, but you can get a smaller wood deck for as low as $10,000, and some maintenance-free options such as composite or PVC decking could cost as much as $60,000 or more,” says Diego Machado, president at Charlotte Deck Builders. While the initial cost may seem high, investing in a new deck brings long-term benefits, such as a competitive advantage when it’s time to sell and an enhanced outdoor living space if you decide to stay for the long term.

Factors That Affect Deck Replacement Costs

Machado says that some factors influencing the deck replacement costs are, “First, the size. The bigger the deck, the more expensive it will be. The second is the type of material used. A 100 percent wood deck is cheaper, but it requires some maintenance like repainting and sometimes replacement,” he says.

While the geographical location of your house affects the labor and material costs, the physical location of the deck also impacts the cost. If it is difficult for laborers to work under specific temperature, time, or space limitations, they may pass on the cost to you. Additionally, unique lighting and railing features also increase prices. Hiring a professional increases the final price, but DIYing increases the amount of time and the risk burden for the homeowner.

DIY vs. Hiring a Professional

Hiring a professional can significantly affect the overall cost of deck repair or replacement. “A professionally built deck usually costs three times more than the materials for a DIY deck, but it’s really important to know your local building codes. Simple structural mistakes, such as joists and beam sizes, post-to-beam connections, or even the way you use screws and nails, are fundamental to the durability and integrity of the deck. Ignored mistakes could put your family at risk or cost even more to rebuild,” notes Machado.

So, while DIY repairs may seem cost-effective initially, they require time, skills, and tools. Replacing a few boards or applying fresh deck stain is manageable for DIY enthusiasts. However, for long-term safety, complex structural repairs or complete deck replacements are best left to professionals. Hiring a professional contractor can ensure the job has the right permits and is done correctly, albeit at a higher cost.

The 9 Best Deck Stains of 2024 to Protect and Revive Your Deck

Tips and Strategies for Saving on Deck Replacement Costs

Several strategies can help you save money on a deck replacement.

• Consider cost-effective materials, like pressure-treated lumber or composite decking, over expensive premium hardwoods or imported materials.

• Reuse existing deck components. Framing or railing can sometimes be salvaged and reused to reduce material costs.

• Shop around. “If you intend to replace your deck fully. I would also advise that you shop around for companies who can provide this service. In doing this, you may be able to find a business who can source materials for cheaper or charge less for their time and labor,” advises Mike Falahee, president of Marygrove Awning Co.

• Obtain multiple quotes from different contractors to negotiate the best value for price. Falahee adds, “Keep an eye on the cost difference between certain materials. You should also maintain your deck yourself to prevent damage.”

• Keep the deck size small. Another cost-saving tip is to keep your deck size small. It may be hard to define precisely how much space you need, but consider the deck’s purpose. If it will be primarily used for lounging and grilling, you might not need as much space as if you plan to host regular outdoor family meals. Take time to consider reasonable sizes for your desired deck experiences and research different materials best suited for the job.

Tips for Prolonging the Life of Your Deck

Quarterly maintenance prevents minor issues from becoming major headaches. Promptly address any early warning signs of deterioration or weather damage to extend the life span of your deck and minimize repair expenses.

Additionally, avoid excessive weight loads, keep the deck surface clear of debris, and don’t lean heavy items on the support beams. Watch out for wood-eating bugs and any wobbling. Both jeopardize the structural integrity of your deck.

Do I Need to Replace My Deck?

If your deck is over two decades old or is in visibly poor shape, the best option might be to replace it rather than undertake cosmetic repairs. Signs that it’s time to replace your deck include significant termite damage, rotting, warping wood, mold, cracked or damaged support posts, loose railings, loose or bowing boards, and wobbly stairs.

Consult with a decking professional to help your family safely enjoy your deck for many years.

For the original article visit Better Homes and Gardens

Real Estate Is Still the Best Long-Term Investment

Some Highlights

• According to a recent poll from Gallup, real estate has been voted the best long-term investment for twelve straight years.

• That’s because a home is so much more just than a roof over your head. It’s also an asset that typically grows in value over time. 

• If you’ve been debating if it makes more sense to rent or buy, connect with a real estate agent to talk about why homeownership can be a better bet in the long run. 

For the original article visit KeepingCurrentMatters.com

9 Things to Consider Before Installing Solar Panels

Solar experts say these are the key factors to consider before committing to solar panels.

Solar panels have become increasingly popular among homeowners seeking ways to reduce their carbon footprint and save on energy bills. While solar panels can provide significant long-term savings and environmental benefits, they can also come with high upfront installation costs. They're not practical for every home or homeowner.

To know if solar panels are right for you, consider the weather conditions in your area, the slope of your roof, average monthly energy usage, and the length of time you plan to live in your home. Before installation can happen, you’ll need to understand better all possible financing options, as well the policies in place at your local utility company.

The 9 Best Solar Generators of 2024

How to Decide if Solar Panels Are Right for Your Home

Solar experts share the most important factors in deciding if solar panels are right for you.

Amount of Sunlight

First things first, if your home is in an area that doesn’t get much sun or has long parts of the year when it is overcast or dark, solar panels might not be right for you. Alan Duncan, founder of Solar Panels Network USA, says homeowners must evaluate their energy needs and the amount of sunlight their property receives. Does it tend to be cloudy or sunny where you live? Knowing the amount of sunlight your home gets during peak hours will aid in determining whether solar power would be a good energy solution for your household. If you’re not sure where to start, try free resources like Energy Sage and the free PDF e-book, To Catch the Sun, by Lonny Grafman and Joshua M. Pearce, Ph.D.

Roof Size and Slope

A roof’s orientation and condition determine whether it can support solar panels. Duncan says the direction and angle of the roof impacts solar panel efficiency. “Ideally, your roof should face south and have an angle between 30 and 45 degrees to maximize the amount of sunlight your panels receive,” he says. If your home has a flat roof, you may still be able to install solar panels. An expert installer will know how best to mount them to capture the most sunlight possible. 

Neil Gallagher, co-founder of BrighterWay Solar, reminds homeowners to ensure there is minimal shade or tree cover over their solar panels. If there is, be sure to budget for regular landscaping to have leaves and trees removed or trimmed. 

Roof Age and Condition

Solar panels can be installed on most roof types, including asphalt shingles, metal roofs, and flat roofs. But Duncan notes that a roof’s condition and age can impact the installation process and solar panel efficiency. He recommends assessing whether your roof is nearing expiration or in need of repairs. Also, Gallagher adds that it’s a good idea to have extra tiles on hand for tiled roofs, in case any get cracked during the installation process.

Current Energy Usage

Duncan also notes that having an understanding of energy usage patterns and how much your current energy bills are will help determine how much solar energy you need to generate. A reputable installer will estimate the cost per unit power ($/W). Dr. Pearce says to verify installer’s numbers against the free U.S. government site Pvwatts, and see if your solar panel system can produce enough energy to fully replace current household usage from the grid.

Budget and Financing

“While solar panels can provide significant cost savings in the long term,” Duncan says, “the initial investment can be expensive.” It is important to consider your installation budget to decide if the future utility savings is worth the swap. There are many financing options, such as solar leases and power purchase agreements. Most panel systems come with long-term warranties and limited maintenance, but you’ll need to consider any additional costs associated with homeowner’s insurance and roof care. 

For homeowners who only plan to live in their homes for just a few years before selling, installing solar panels may not be a good investment. However, if you’re living in your forever home and expect to have decades to see the savings accrue, solar panels tend to be a good long-term investment.

Incentives & Tax Credit Programs

There are many programs to incentivize homeowners to switch to solar energy. The Office of Energy Efficiency & Renewable Energy updated its guide for Federal Tax Credits for 2023. There are also state programs for which many homeowners may be eligible. Many of these incentives are rebate programs that reimburse after you’ve already paid the upfront costs. So, it’s important to be able to absorb the initial costs and ensure you prepare all the documentation and process steps needed to get the maximum in rebates and incentives owed.

Available Providers

Gallagher encourages homeowners to research various installation companies and sales companies, which provide two separate services. “The sales organization is its own entity, and it will sell a product to the homeowner and turn it over to an installer that they have partnered with,” he says. It’s important to research both companies thoroughly to find the right combo for you. Also, not all solar companies provide services in every part of the state, so if you're looking for a solar provider in Florida, for example, check the company’s website for details.

City or HOA Approval

Before installing solar panels, you will likely need to obtain permits and approvals from local authorities. Duncan says that many cities and homeowner associations (HOAs) have specific guidelines for solar panel installation. Failure to obtain approval prior to the installation company beginning the work can result in fines or legal action. “To obtain approval, you will need to submit a permit application and detailed plans outlining the design and location of your solar panel system,” he says. Local solar installers usually can assist homeowners with this process to ensure the installation complies with all relevant regulations and guidelines, but it is the homeowner’s responsibility to confirm and comply with any state, county, and local regulations that may apply. 

Storing Excess Energy

Each utility company has its own rules about net metering and selling excess energy back to the grid. In many cases, when a household uses less energy than the solar panels harvest, the utility grid is willing to put those megawatts to good use and provide credits for the excess. The amount will vary depending on the utility company and region. Otherwise, you can store excess energy on batteries to use later when there’s low sunlight or high energy demand. Have a plan in place to ensure long-term sustainability.

For the original article By Nafeesah Allen on April 17, 2023 visit Better Homes and Gardens

Gas vs. Electric Stoves: Which Is Better?

Choosing the right stove is more complicated. Get the pros and cons of gas, electric, and induction.

Oh, for the good old days when choosing a stove meant comparing brands, features, and prices. Today, the decision-making process includes a thorny issue: whether to go with a gas or electric stove or an induction cooktop, which is a type of electric range. The question stems from growing concerns about the health, safety, and environmental aspects of gas stoves.

Professional and home chefs in the U.S. have long preferred gas ranges, says Melissa Haber, senior vice president at EuroChef USA, based in Edgewood, N.Y. Seventy-six percent of restaurants across the country use gas in their kitchens, according to a survey conducted by the National Restaurant Association in 2022. Cooks in various settings say gas stoves heat up more quickly and offer better temperature control than most electric stoves. But evidence is growing that gas stoves can be harmful to humans and the environment.

Gas Stoves Can Increase Health Risks

“Research shows living with a gas range has led to increased risks of asthma and other illnesses — especially in children — due to harmful air pollutants like nitrogen dioxide and methane,” Haber says. “Some cities are banning new gas hookups for appliances to reduce air pollution and emissions, to help in fighting climate change.”

Gas stoves are thought to be responsible for 13% of childhood asthma cases in the U.S., says Josh Lake, co-founder of Elephant Energy, a climate-tech firm in Broomfield, Colo. with a mission of electrifying homes. Studies have shown gas stoves can release more than a dozen major pollutants, including nitrogen dioxide, methane, and benzene, a chemical that may increase the risk of certain cancers and even birth defects in people with long-term exposure, he says.

Gas bans being implemented in a number of U.S. cities typically prohibit gas appliances in newly constructed buildings and homes, and buildings under renovation, Lake adds. “So, while you wouldn’t be impacted if you already have a gas stove, you would have to choose an electric stove if you decide to renovate and get new appliances,” he says.

Gas vs. Electric Stoves: The Pros of Each

Each type of stove has pluses. Weigh the benefits to see which ones are most important to you.

Pros of Gas Stoves

Gas stove aficionados argue that highly responsive gas stovetops allow cooks to shift easily and efficiently between heat levels, which supports better cooking results. They can also be more affordable than electric stoves. And gas tends to cost less than electricity. “[Gas stoves] are particularly advantageous in regions where gas is more economically viable than electricity,” says Asif Bux, owner of Comfort Union, a full-service HVAC and plumbing company based in Calgary, Alberta, Canada.

Natural gas is usually less expensive than electricity for homes in the U.S. That said, costs can vary by state, as this map of gas prices shows. Another factor: At last count, 17 states have regulated energy markets. That means you can choose how you buy electricity or natural gas, so it can pay to research your state regulations and shop around, according to Rocket Homes.

Regarding safety, with appropriate installation, use, and maintenance, gas stoves are “perfectly safe,” Bux says. "Hiring a licensed and trained gas-fitter to install a stove is highly recommended.” In addition, modern gas stoves feature many safety features, such as automatic shut-off and flame failure devices, which reduce risks, he notes.

Pros of Electric Stoves

Electric stoves have advantages beyond being healthier. Paul Hope, “Consumer Reports” senior multimedia content creator and a skilled chef, reported that claims of superior gas stove performance aren’t necessarily backed by evidence. In a 2022 “Consumer Reports" article, he stated that many models capture top scores in range ratings, regardless of the fuel source used, delivering “solid performance across the board.”

Induction Stoves: A Variation on Electric

Not all electric stoves are created equal. A subset of electric cooktops called electric induction cooktops adds another option. Traditional electric cooktops generate radiant heat by passing electricity between heating elements and sending heat waves to cookware. But electric induction cooktops use electromagnetism to heat cookware. An induction cooktop essentially enables the cookware to be its own source of heat. The ability to heat cookware with electromagnetism means induction cooktops are very efficient and permit rapid rises or drops in temperature.

Pros of Induction Stoves

First, performance ratings are high. Some 90% of induction stove models achieved the “Consumer Reports” top score for speed of heating.

Electric induction stoves are simply better than gas stoves, Lake says. “These aren’t your grandparents’ old electric resistance cooktops,” he says.

Lake cites other benefits, including:

1. Efficiency: “They achieve higher temperatures and can boil water two to three times faster than gas cooktops.

2. Ease of use: “It is easier to dial the temperature up and down on an electric induction stove, and you get instant high temperatures or low temperatures.”

3. Easy cleaning: “They are also easier to clean because they offer glass and ceramic easy-wipe tops.”

4. Healthiness: “They don’t emit hazardous gases when you cook.”

5. Safety: “Because they use the magic of magnetism to heat your food, they are safer. Your kids can touch the cooking surface within seconds of turning it off.”

Even Lake says gas wins over induction in one area: “If you want to grill things on your cooktop — for example, getting your tortilla shells crispy on the burners to get that charred flavor — that works on a gas stove.”

Regulatory Guidance and Bans on Gas and Electric Stoves

The Department of Energy issued new energy-efficiency guidelines for gas and electric stoves in January 2024. The goal: Reduce the impact of natural gas appliances and boost energy efficiency of all appliances, according to CNET. When the new standards go into effect on Jan. 31, 2028, 97% of gas stove models and 77% of smooth-top electric stove models will meet the standards, the DOE stated. (Smooth-top models refer to electric stoves with coils that sit below smooth ceramic surfaces.)

Consumer advocates and manufacturers project the standards will save Americans a nationwide total of about $1.6 billion on their utility bills over 30 years.

Because some cities have imposed bans on gas appliances in new and renovated buildings, you may wonder whether a federal ban is in the works. The DOE issued a Jan. 30, 2024, statement that said, “Claims that the federal government is banning gas stoves are absurd.” The statement added that there are no plans to prohibit gas stoves at the federal level.

Gas or Electric Stove: Consider These Factors

Some homeowners don’t have the means to replace gas appliances with electric, Haber says. Others aren’t able to shift because of a lack of electrical supply in the home. “Reach out to your local utility suppliers to inquire about rebates and incentives for switching from gas to electric appliance brands,” Haber says. “They may offer rebates and discounts for making the switch.”

Think About Ventilation and Compare Costs

If you’re pursuing an electric range for the health and environmental benefits but are unable to switch from gas to electric, you may want to invest in new cooking ventilation, which can cut the appliance’s air pollution in about half, Haber says. “Proper ventilation is a critical component for every kitchen, as it works to pull the air into filters or a duct to remove odors, grease, moisture, smoke, and harmful particles, such as greenhouse gases, during cooking.”

As for costs, comparisons are available online. “Consumer Reports” says costs can range from $650 to $2,800 for an electric stove and $800 to $2,300 for gas stoves.

How Rebates and Incentives Can Help

“There can be a higher cost associated with induction stoves,” Lake says. “They can be more expensive to install in some cases if you don’t already have an electric cooktop [because] you have to add electric wiring and capacity. On the other hand, you will also get some rebates from the Inflation Reduction Act and potentially other state and local incentive programs. So, that might make up part or all of the difference. “Incentives are different in each state, so do a cost-benefit analysis.”

The Inflation Reduction Act rebate puts up to $840 of the cost of high-efficiency electric stoves, cooktops, and ranges back in purchasers’ pockets.

Electric and induction options seem to be gaining momentum, but gas still has supporters. Lake sums up the decision: “While we are all for cleaner technologies, we would advise consumers to choose their appliances based on the merits of each of the capabilities and let the best technology win.”

For the original article by JEFFREY STEELE, visit Houselogic.com

‘I Couldn’t Give Up My 2.65% Mortgage’: Why This Couple Decided To Rent Out Rather Than Sell Their Old Home

When Chris L. and his husband bought their first home together in September 2023—a beautiful midcentury modern in Concord, CA—the next question became what Chris should do with the townhouse he’d bought on his own nine years earlier. While his old home was certainly more modest than his new property, it has one huge thing going for it: a 2.65% mortgage rate.

“My mom used to always say, ‘Once you sell something, you can’t get it back,’” Chris says.

While many homebuyers sell their first property when moving onto their next, Chris was reluctant to part with such a stellar mortgage rate.

“It’s a gem I want to hang on to,” he explains. So rather than selling, he decided to rent it out instead.

“It’s challenging to have two mortgages, but I think it’s worth it,” he says.

Chris’ decision to rent it out rather than selling it makes a lot of sense in today’s housing market, where mortgage rates now hover above 7%. Homeowners who, like him, were lucky enough to snag the record-low interest rates of 2021–22 are hanging on to these properties and filling them with tenants instead.

“Among repeat homebuyers in 2023, 2% reported renting out their home to others,” says Danielle Hale, chief economist at Realtor.com®. An additional 8% reported not planning to sell, without specifying what they’d do with the property. Taken together, that could mean that 1 in 10 homebuyers is holding on to the real estate they already own—and could become a whole new generation of de facto landlords.

Chris L. rented out his old townhome rather than selling it.

Why renting versus selling makes sense today

Real estate agents have also noticed an uptick in homebuyers renting out their previous properties.

“I know a couple who inherited a property with a low-interest mortgage,” says Mike Rhoads, president of Wild North Home Offers in Raleigh, NC. “Instead of selling it to us, they decided to renovate it and turn it into a rental property. The rent they receive brings in extra cash flow each month.”

In some cases, this scenario can give birth to a whole new career.

“One couple I know of began renting versus selling because doing so provided them with a steady stream of income,” says Mike Wall, a real estate agent with eXp Realty/EZ Sell Homebuyers in Dayton, OH. “They have since acquired more rental properties, leveraging low interest rates to build a profitable real estate portfolio.”

Another development that’s encouraging homeowners to rent out versus sell is the array of websites that cater to mom-and-pop landlords such as Avail, where individuals like Chris can easily post rental listings and screen applicants.

“I did two weeks of showings with around 20 to 30 people showing up per day,” Chris recalls.

After checking their credit scores and narrowing it down to four to five applicants, he offered the apartment to a tenant who moved in in February.

How do the dollars stack up?

Chris and his partner bought their new larger home for $1.35 million with a mortgage at a fixed interest rate of 7.5%, which costs them around $7,000 per month. Meanwhile, Chris’ townhome brings in $3,200 a month in rent, which more than covers the property’s outstanding monthly mortgage payment of $1,670—with plenty left over to help cover the costs of their new house.

The benefits of renting out your home

Renting out a home can provide a steady income stream.

Many homebuyers sell their original digs because they need that cash as a down payment on their next property. However, provided you don’t have to sell to buy, the advantages of renting out are considerable.

Investment properties bring in passive income, which you can put toward a new property or other purposes. You will also continue to build equity in your original property, which is a nice plus for your net worth.

If you’re relocating, holding on to your old home also allows you to test the waters of a new neighborhood without giving up the old in case you want the option to return.

“Returning to the same area can often be more expensive versus keeping the property and letting it pay for itself with a renter while you are away,” says Cara Ameer, a real estate agent with Coldwell Banker, licensed in California and Florida.

Yet whether juggling two mortgages is worth the risk of spreading yourself too thin hinges heavily on what kind of interest rates you have in the balance.

“The major difference between [today’s] 7% borrowing costs and [previous] mortgage costs—nearly two-thirds of which are under 4%—creates an incentive to try to hold on to existing debt, if it is possible,” says Hale.

Mortgage interest rates are not the only reason renting out rather than selling is on the rise.

“The fact that rents remain high due to a decades-long period of underbuilding has also contributed to this phenomenon,” says Hale.

When rentals are in high demand and rents are high, these accidental landlords can reap major gains. But if rents tumble or a rental sits vacant, selling the home, even with its low mortgage, might be the better option.

The risks of renting out your old home

Homeowners who are considering renting out their old place should also weigh whether they’re up for the substantial responsibility of becoming a landlord.

Ameer lists a few of the responsibilities: Do you know how to properly screen tenants? Do you know the legalities of what you can and cannot do with today’s landlord-tenant laws? How will you handle the legalities of a tenant who is late paying rent or doesn’t pay at all—or, for that matter, the classic call about a broken dishwasher or a clogged toilet at 3 a.m.?

These factors can eat up a sizable chunk of time and potentially add to your stress levels.

Also, remember it’s not just a matter of covering your mortgage on the home you are renting out. Real estate taxes and insurance are additional costs, as well as maintenance and repairs.

“Many homeowners don’t understand the tenant isn’t going to treat the house the same as you would,” says Nathaniel Hovsepian, owner of The Expert Home Buyers in Augusta, GA. “You need to factor in more maintenance and upkeep over time.”

Consider hiring a competent property manager to check on the house and handle repairs that crop up. That’s another expense eating into your rental profits, but it might be vital.

Another thing to check before renting out an existing property: your mortgage terms.

“Many sub-3% mortgages are found in owner-occupied properties,” says Jameson Tyler Drew, president of Anubis Properties, in the Los Angeles area. “They are the types of loans that involve first-time homebuyers and other tax credits. If you rent this kind of property out, you risk committing occupancy fraud. You could be on the hook to pay back both the mortgage and these tax breaks in full if you’re caught renting out your home, which I have seen happen.”

Similarly, if your property is part of an homeowners association, you might be running afoul of its no-renting regulations, so double-check those guidelines. Otherwise, your cash cow could wind up costing you.

As for concerns about the hassles of finding a reliable renter and maintaining his previous property, so far Chris has found the process of running a rental fairly easy.

“So far she’s good about paying rent on time and is no trouble,” he says. “If being a landlord turned into a headache, I might sell later, but who knows. So far, it’s a good way to have some passive income and move up, and still keep something for retirement purposes or to pass down to the next generation.”

For the original article By Janet Siroto May 15, 2024, visit Realtor.com.

Sustainable Spaces: The Bathroom

These eco-friendly bathroom upgrades cut energy costs and help attract today’s sustainability-minded buyers.

It may come as no surprise that American households use most of their water in the bathroom. Approximately 24% of a household’s water use can be traced to the toilet alone(link is external), and another 20% goes down the shower drain. But water isn’t the only resource used in the bathroom. There’s electricity from lighting and temperature control, too.

Today’s homeowners are increasingly interested in sustainability—reducing their use of resources and making their living spaces more friendly to people and the planet. If you or a client want to go green, a resource-guzzling bathroom is the perfect place to start making changes.

Why Focus on Sustainability in the Bathroom?

“With all the advancements in energy saving technology, the bathroom is the easiest place in the home to accomplish a sustainable environment and, in many cases, the most economical,” says Sheryl McLean, president and creative director(link is external) of McLean and Tircuit, a design firm in Laurel, Md.

Selling homeowners on the benefits of sustainable bathroom design doesn’t have to be complicated. Green bathrooms offer a lot of value:

• They reduce water and energy costs.

• They attract more of today’s sustainability-minded buyers.

• They are healthier for homeowners.

Whether you’re tackling your own home renovation or advising clients on theirs, sustainable bathrooms ultimately offer a lot of bang for one’s buck.

5 Sustainable Bathroom Features

Smart Showerheads and Faucets

Switching to low-flow showerheads and faucets is perhaps the easiest, quickest, and most cost-effective bathroom upgrade. The energy savings are immediate.

“Not only does this conserve water, but it is also conserving gas and electricity. Running hot water uses gas and electricity, and by lowering the flow rates you are using, [you] will conserve energy with gas and electricity,” says Brooke Moore, an interior designer with Freemodel(link is external), headquartered in Burlingame, Calif.

If you’re unsure how to spot a genuinely sustainable fixture, McLean has a tip: Look for faucets and showerheads with a WaterSense(link is external) label. These products meet the U.S. Environmental Protection Agency criteria for water efficiency.

Radiant Heated Floors

Want to slash energy costs in the bathroom? Install radiant heated flooring, says Moore.

Ripping up the bathroom floors to install radiant heating is a major project, but it’s also a great choice for clients already tackling a bathroom renovation. Radiant heat is always more efficient than baseboard heating and usually more efficient than forced-air heating, according to the Department of Energy(link is external). The cherry on top? Radiant heating is excellent for buyers with allergies. It’s easy to clean and does not stir up allergens like forced-air heating.

Lighting Upgrades

Most people get ready for their day in the bathroom. A mix of whole-room and task lighting is key. There are three easy ways to boost the eco-friendliness of bathroom lighting:

• Go LED. “Replace your lighting with LED bulbs or fixtures,” says McLean. “They use less electricity and last much longer.”

• Install vacancy sensors. “Vacancy sensors turn lights on by sensing movement in the bathroom and will turn off automatically when no more movement is sensed,” explains Moore. “You don’t have to worry about forgetting to turn off the bathroom light anymore!”

• Use natural light. Natural light sources should be considered whenever a home is being built from the ground up or completely renovated. Clerestory windows—rows above eye level—are a great option for large bathrooms because they invite plenty of sunlight without compromising privacy.

Low-VOC Paints and Finishes

Eco-friendly home design often focuses on reducing energy and water waste. But air quality matters, too. McLean recommends choosing low–volatile organic compound paints and finishes to reduce environmental and indoor air pollution.

“One of my favorites is the Benjamin Moore [line of] low-VOC paints,” she says. Glidden Premium is also recommended for bathrooms(link is external), as this no-VOC paint is suitable for high-humidity spaces.

Sustainable Bathroom Countertops

Not all countertops are created equally, so it’s important to pay attention to the material, manufacturing and transportation required to deliver them to a homeowner’s door. In general, it’s a good idea to opt for natural materials that are sourced as locally as possible.

Sustainable countertop materials may include:

• Natural stone

• Concrete

• Certified porcelain tiles(link is external)

• Recycled glass

But remember, the goal is to use a truly sustainable material, not a material that merely looks sustainable. “This is the trickiest because many stones appear to be natural but may be a composite made with lots of adhesives,” warns McLean.

Greener Flooring

These days, homeowners searching for sustainable bathroom flooring have many options. It’s important to consider:

• The sustainability of the material

• The sustainability practices of the company or brand

• The ability to clean the floors with eco-friendly products

So, beyond a natural material, homeowners should look for durable, water-resistant flooring. McLean suggests concrete, cork, or bamboo tiles for green bathroom flooring.

For the original article visit Realtor Magazine.

Thinking of Selling? You Want an Agent with These Skills

Selling your house is a big decision. Your home is one of the biggest investments you’ve probably ever made, and it’s a place where you’ve created countless memories. That combo means there’s going to be a lot of emotions involved. You want someone who understands your perspective, knows what it feels like, and is an expert at helping homeowners just like you navigate the process of selling a home.

That’s where a good listing agent, also known as a seller’s agent, comes in. Here are just a few skills you’ll want your agent to have.

The Ability To Turn Something Complex into Something Simple

Some agents are going to use big, fancy real estate terms to try and impress you. But you shouldn’t have to know all the industry jargon in order to understand what they’re saying. If anything, it’s an agent’s job to keep it simple, so you don’t get overwhelmed or confused.

A great agent is going to be someone who is very good at explaining what’s happening in the housing market in a way that’s easy to understand. But they’ll take it one step further than that. They’ll explain what’s going on and, specifically, what that means for you. That way you’re always in the loop and it’s a lot easier to feel confident when you’re making a big decision. As Business Insider explains:

“Maybe you have a better rapport with one of the agents you’re considering, or you just feel like they’re easier to approach. You’re going to be working closely with this person, so it’s important to choose an agent you’re comfortable with.”

A Data-Based Approach on How To Price Your House

While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean your house will sit on the market longer because the higher price is actually turning away buyers.

Instead, partner with an agent who’s going to have an open conversation about how they recommend you should price your house. They won’t throw out a number just to win your listing. A great agent will back up their number with solid data, explain their pricing strategy, and make sure you’re both on the same page. As NerdWallet explains:

“An agent who recommends the highest price isn’t always the best choice. Choose an agent who backs up the recommendation with market knowledge.”

A Fair, but Objective Negotiator

The home-selling process can be emotional, especially if you’ve been in your house for a long time. But that sentimental tie can make it harder to be objective during negotiations. That’s where a trusted professional can really make a difference.

They’re skilled negotiators who know how to stay calm under pressure. You can count on them to handle the back-and-forth and have your best interests at heart throughout the process. Not to mention, they’ll be able to rely on their market expertise and what they’re seeing work in other transactions to offer the best advice possible. As Rocket Mortgage explains:

“Whether this is your first or third time selling a house, listing agents work to help make the home selling process smoother and less stressful. These real estate professionals know the ins and outs of the industry and can help you secure the best deal.”

Bottom Line

Whether you're a first-time seller or you’ve been through this before, a great listing agent is the key to your success. Connect with a real estate professional so you have a skilled local expert by your side to guide you through every step of the process.

For the original article visit Keeping Current Matters.