The Federal Reserve sounded a more confident note Wednesday that the economy is strengthening but pledged to hold rates at record lows to make sure it gains traction.
Wrapping up a two-day meeting, the Fed in a 9-1 decision retained its pledge to hold rates at historic lows for an "extended period." Doing so will help energize the recovery.
The Fed offered a more upbeat view of the economy even as it noted that risks remain. It said the job market is "beginning to improve," an upgrade from its last meeting in mid-March. It observed then that the unemployment situation was merely "stabilizing."
The Fed also noted that consumer spending has "picked up," an improvement from its last observation that spending was expanding at a "moderate pace."
See full article here: http://www.dailyfinance.com/article/fed-keep-rates-at-record-lows-upbeat-on/682811/?icid=sphere_copyright
Wednesday, April 28, 2010
Thursday, April 22, 2010
Add Value to your Home
If you have decided that a remodeling project is in your future, make sure that you are following advice from professionals! A good contractor is worth his/her weight in gold, and if you are paying ANYONE to do work in and around your property, do your homework to ensure that all rules, regulations, codes and paperwork are completed and filed appropriately. Vet all contractors before the work begins.
If you need help finding that perfect contractor, there are a select few reputable companies who specialize in matching them with homeowners. For hassle-free home improvement through FREE referrals to licensed, dependable contractors for any project, consider Home Solutions at http://www.homesolutionsconnection.com/. There is no need to pay membership fees or deal with anonymous national internet companies for contractor referrals. Home Solutions Connection is local, available by phone if you'd like, FREE and follows through every referral to confirm your complete satisfaction with the licensed, dependable contractors they recommend.
To make sure you are getting the most out of your next remodeling project, it is important to follow advice from the pros. You're sure to save yourself many hassles and headaches!
Good plans equal great results
Successful remodeling projects require careful planning and a realistic budget. "Many people want to build it cheap and fast," says builder David Lisenby, certified graduate remodeler, of Lisenby Construction. "They want an estimate before they even have a plan." A solid strategy will ensure that the homeowner and the builder are on the same page, saving both parties time and money.
Quality counts
Potential homebuyers have more sophisticated tastes than ever. That's why spending a little extra on good design, quality materials and careful craftsmanship can garner big rewards when it comes time to sell.
Insist on coherent design
A good remodel or addition should complement the original structure. Pay particular attention to roof lines, trim details and window sizes and styles.
Meet expectations
What buyers want varies from area to area and from one price range to the next. Do some comparison shopping to see what your competition will be like should you decide to sell. And talk to a real-estate agent who knows your neighborhood.
Consider the neighbors
The value of nearby houses affects the value of your home. Remodeling or adding on to a house that's smaller than surrounding homes will yield a greater value than adding on to a house that's already one of the largest on the street. A general rule of thumb: Don't overbuild for the neighborhood.
Get permission
Before starting any type of remodel, make sure the design conforms to all local building restrictions. Some neighborhoods also have their own stipulations and design review processes. Double-check that necessary building permits have been acquired before construction begins.
Build up to code
Plumbing, electrical and building codes help ensure safety. Licensed contractors should perform work that meets all codes.
Exercise patience
If you can, wait for the right time to sell. “In a strong market, the value will catch up with the cost,” Lisenby says.
Know the market
Some types of remodeling projects can return more than average and speed up resale.
(Thank you to Louis Joyner of the Home Builders Association of Alabama and Debbie Farson of Home Solutions Connection for some of these tips.)
If you need help finding that perfect contractor, there are a select few reputable companies who specialize in matching them with homeowners. For hassle-free home improvement through FREE referrals to licensed, dependable contractors for any project, consider Home Solutions at http://www.homesolutionsconnection.com/. There is no need to pay membership fees or deal with anonymous national internet companies for contractor referrals. Home Solutions Connection is local, available by phone if you'd like, FREE and follows through every referral to confirm your complete satisfaction with the licensed, dependable contractors they recommend.
To make sure you are getting the most out of your next remodeling project, it is important to follow advice from the pros. You're sure to save yourself many hassles and headaches!
Good plans equal great results
Successful remodeling projects require careful planning and a realistic budget. "Many people want to build it cheap and fast," says builder David Lisenby, certified graduate remodeler, of Lisenby Construction. "They want an estimate before they even have a plan." A solid strategy will ensure that the homeowner and the builder are on the same page, saving both parties time and money.
Quality counts
Potential homebuyers have more sophisticated tastes than ever. That's why spending a little extra on good design, quality materials and careful craftsmanship can garner big rewards when it comes time to sell.
Insist on coherent design
A good remodel or addition should complement the original structure. Pay particular attention to roof lines, trim details and window sizes and styles.
Meet expectations
What buyers want varies from area to area and from one price range to the next. Do some comparison shopping to see what your competition will be like should you decide to sell. And talk to a real-estate agent who knows your neighborhood.
Consider the neighbors
The value of nearby houses affects the value of your home. Remodeling or adding on to a house that's smaller than surrounding homes will yield a greater value than adding on to a house that's already one of the largest on the street. A general rule of thumb: Don't overbuild for the neighborhood.
Get permission
Before starting any type of remodel, make sure the design conforms to all local building restrictions. Some neighborhoods also have their own stipulations and design review processes. Double-check that necessary building permits have been acquired before construction begins.
Build up to code
Plumbing, electrical and building codes help ensure safety. Licensed contractors should perform work that meets all codes.
Exercise patience
If you can, wait for the right time to sell. “In a strong market, the value will catch up with the cost,” Lisenby says.
Know the market
Some types of remodeling projects can return more than average and speed up resale.
Experience matters
Substandard work on your remodel is a buyer turnoff. "You don't want someone learning on your project," Lisenby says.(Thank you to Louis Joyner of the Home Builders Association of Alabama and Debbie Farson of Home Solutions Connection for some of these tips.)
Wednesday, April 21, 2010
Home Improvement Costs
Home improvement costs for 5 problems
Here's how to determine what's causing the problem and how much it will cost to fix it!
Many homeowners are perplexed when they see defects in their homes. If there is a water spot on the ceiling, does it mean a few shingles on the roof need to be replaced? Or does an entirely new roof need to be purchased?
Reggie Marston, president of Residential Equity Management Home Inspections in Springfield, Va., says it is important to thoroughly assess any defects in a home. Call in experts as necessary to help decide whether the repair is a major or minor expense, he says. "Homeowners should have some method of determining the extent of the problem and how to have it corrected," Marston says.
Relatively common defects — such as cracks in concrete or worn wooden decks — may offer clues as to whether they can be solved with a quick, cheap fix, or whether they require a long, costly remodel, Marston says.
Homeowners need to use these clues to spend their repair dollars wisely!
1. Cracked concrete. Thin cracks along a concrete foundation could be the result of settling in the concrete and are not necessarily be a cause for concern, says Kathleen Kuhn, president of HouseMaster Home Inspections in Bound Brook, N.J. However, homeowners need to pay attention to the shape and direction of the divide. Long, horizontal splits in the concrete could indicate pressure from the outside — possibly from saturated soil — that needs to be repaired. "Normal settlement doesn't generally cause horizontal cracks," Kuhn says.
Regardless of shape, any cracks that leak water or are wider than one-fourth of an inch (some experts put the limit at one-sixteenth of an inch) should be inspected by a structural engineer immediately, Kuhn says. Even if a crack appears to be minor, it should be repaired, Marston says. "If moisture gets inside a small crack, it can cause the steel inside to rust, which could cause further deterioration," he says.
Cost: The cost for a structural engineer to assess a property is about $300, Marston says. If the expert finds major structural damage, the repair would be costly.
"Typical bills range from $10,000 to $30,000," he says.
2. Worn-out decks. One low-tech way to test the firmness of a wooden backyard deck — assuming it's safe to stand on — is to hit it hard with your foot and listen to the sound it makes, says Dean Bennett, president of Dean Bennett Design and Construction in Castle Rock, Colo. "If you hear the board beneath your foot vibrate, the deck is still probably solid," Bennett says.
Marston says that if the deck is fairly new, it's probably structurally sound. "When the wood is under five years old, then even if the lumber is discolored and there's a little cracking, it's generally not a cause for concern," he says. "The solution could be as simple as cleaning it, resecuring the nails and adding a sealant."
Cost: Marston says the cost of a cosmetic repair could range from $200 up to about $1,000, depending on whether the owner makes it a do-it-yourself project or hires a contractor.
If the deck is older than about 15 years, however, it is probably past its life expectancy and should be inspected by an experienced, licensed landscape contractor, Marston says.
Replacement costs range from $5,000 to about $20,000, he says.
3. Ceiling water stain. After spotting a water stain, homeowners should consider where the possible source of the stain is, Kuhn says. If there's a bathroom above the water spot, the leak may be a plumbing issue. That could be a costly repair, she says, because a plumber may need access to an interior wall to repair the leaking pipe.
If the water spot appears to be rainwater coming through the roof, it's not necessarily a major expense, especially if the roof is fairly new, Marston says. It could simply be a nail that popped through a shingle on the roof, or flashing (which secures pipes to a roof) that hasn't been caulked properly, he says. "Those problems are relatively simple to fix," Marston says. "They usually cost a couple hundred dollars for a roofer to repair."
Other problems could be more expensive to fix. For example, if the roof is 15 years old and several shingles have blown off, the roof is probably in poor condition and may require a complete replacement, Marston says. "Most builder-grade asphalt roofs have a life expectancy of 15 to 20 years," he says.
Cost: New roofs cost from $5,000 to $12,000, depending on their size, Marston says.
4. Inefficient heating and cooling. If a home's heat source or air conditioning unit isn't working well, homeowners need to have it inspected by a heating, ventilating and air conditioning (HVAC) professional, Bennett says. The technician will look for problems and probably will perform general maintenance on the system, which may include cleaning the burners, tightening connections and checking the system controls, Bennett says.
After the heating and cooling unit is repaired, homeowners still need to budget for regular maintenance on their systems to keep them in good condition, Marston says. "If the system isn't efficient in the first place, it's probably because the owners didn't keep it properly maintained."
Cost: Common problems that HVAC technicians discover, such as defective igniters and fuses, are relatively cheap to fix, Bennett says. "Homeowners can expect to pay a few hundred dollars for these types of repairs," he says.
However, Marston says that if the unit is older than 10 years and isn't working properly, it's probably best to buy a new one. Otherwise, even after it's been repaired, it probably won't have the energy efficiency that newer models will have.
New HVAC units cost about $5,000, with high-efficiency models starting at about $10,000, Marston says.
5. Basement wall spots. If a basement wall spot appears to be mold, there's probably a moisture problem, Marston says. "Call a soil engineer or home inspector to help determine where the moisture's coming from," he says. If water is coming from leaks in the interior water pipes, the repair could cost thousands. However, if the problem is poor water flow around the house, the exterior of the house may just need simple regrading, Marston says.
"The owner could hire a landscaper for a couple hundred dollars to add more shrubs and to make sure the dirt that's beside the house is 6 inches higher than the level of dirt that's 10 feet away," Marston says. This allows water to drain away from the house. If you live in an arid climate, a wall spot may not be moisture at all. Bennett, who lives in Colorado, says: "Out west, in our part of country, it's very dry. We don't see a lot of water filtration, so we don't run into mold issues often. So a spot could just be dirt."
The solution? Soap and water.
Cost: Anywhere from a few dollars to several thousand dollars.
(Thank you Margarette Burnette of Bankrate.com for the tips.)
Here's how to determine what's causing the problem and how much it will cost to fix it!
Many homeowners are perplexed when they see defects in their homes. If there is a water spot on the ceiling, does it mean a few shingles on the roof need to be replaced? Or does an entirely new roof need to be purchased?
Reggie Marston, president of Residential Equity Management Home Inspections in Springfield, Va., says it is important to thoroughly assess any defects in a home. Call in experts as necessary to help decide whether the repair is a major or minor expense, he says. "Homeowners should have some method of determining the extent of the problem and how to have it corrected," Marston says.
Relatively common defects — such as cracks in concrete or worn wooden decks — may offer clues as to whether they can be solved with a quick, cheap fix, or whether they require a long, costly remodel, Marston says.
Homeowners need to use these clues to spend their repair dollars wisely!
1. Cracked concrete. Thin cracks along a concrete foundation could be the result of settling in the concrete and are not necessarily be a cause for concern, says Kathleen Kuhn, president of HouseMaster Home Inspections in Bound Brook, N.J. However, homeowners need to pay attention to the shape and direction of the divide. Long, horizontal splits in the concrete could indicate pressure from the outside — possibly from saturated soil — that needs to be repaired. "Normal settlement doesn't generally cause horizontal cracks," Kuhn says.
Regardless of shape, any cracks that leak water or are wider than one-fourth of an inch (some experts put the limit at one-sixteenth of an inch) should be inspected by a structural engineer immediately, Kuhn says. Even if a crack appears to be minor, it should be repaired, Marston says. "If moisture gets inside a small crack, it can cause the steel inside to rust, which could cause further deterioration," he says.
Cost: The cost for a structural engineer to assess a property is about $300, Marston says. If the expert finds major structural damage, the repair would be costly.
"Typical bills range from $10,000 to $30,000," he says.
2. Worn-out decks. One low-tech way to test the firmness of a wooden backyard deck — assuming it's safe to stand on — is to hit it hard with your foot and listen to the sound it makes, says Dean Bennett, president of Dean Bennett Design and Construction in Castle Rock, Colo. "If you hear the board beneath your foot vibrate, the deck is still probably solid," Bennett says.
Marston says that if the deck is fairly new, it's probably structurally sound. "When the wood is under five years old, then even if the lumber is discolored and there's a little cracking, it's generally not a cause for concern," he says. "The solution could be as simple as cleaning it, resecuring the nails and adding a sealant."
Cost: Marston says the cost of a cosmetic repair could range from $200 up to about $1,000, depending on whether the owner makes it a do-it-yourself project or hires a contractor.
If the deck is older than about 15 years, however, it is probably past its life expectancy and should be inspected by an experienced, licensed landscape contractor, Marston says.
Replacement costs range from $5,000 to about $20,000, he says.
3. Ceiling water stain. After spotting a water stain, homeowners should consider where the possible source of the stain is, Kuhn says. If there's a bathroom above the water spot, the leak may be a plumbing issue. That could be a costly repair, she says, because a plumber may need access to an interior wall to repair the leaking pipe.
If the water spot appears to be rainwater coming through the roof, it's not necessarily a major expense, especially if the roof is fairly new, Marston says. It could simply be a nail that popped through a shingle on the roof, or flashing (which secures pipes to a roof) that hasn't been caulked properly, he says. "Those problems are relatively simple to fix," Marston says. "They usually cost a couple hundred dollars for a roofer to repair."
Other problems could be more expensive to fix. For example, if the roof is 15 years old and several shingles have blown off, the roof is probably in poor condition and may require a complete replacement, Marston says. "Most builder-grade asphalt roofs have a life expectancy of 15 to 20 years," he says.
Cost: New roofs cost from $5,000 to $12,000, depending on their size, Marston says.
4. Inefficient heating and cooling. If a home's heat source or air conditioning unit isn't working well, homeowners need to have it inspected by a heating, ventilating and air conditioning (HVAC) professional, Bennett says. The technician will look for problems and probably will perform general maintenance on the system, which may include cleaning the burners, tightening connections and checking the system controls, Bennett says.
After the heating and cooling unit is repaired, homeowners still need to budget for regular maintenance on their systems to keep them in good condition, Marston says. "If the system isn't efficient in the first place, it's probably because the owners didn't keep it properly maintained."
Cost: Common problems that HVAC technicians discover, such as defective igniters and fuses, are relatively cheap to fix, Bennett says. "Homeowners can expect to pay a few hundred dollars for these types of repairs," he says.
However, Marston says that if the unit is older than 10 years and isn't working properly, it's probably best to buy a new one. Otherwise, even after it's been repaired, it probably won't have the energy efficiency that newer models will have.
New HVAC units cost about $5,000, with high-efficiency models starting at about $10,000, Marston says.
5. Basement wall spots. If a basement wall spot appears to be mold, there's probably a moisture problem, Marston says. "Call a soil engineer or home inspector to help determine where the moisture's coming from," he says. If water is coming from leaks in the interior water pipes, the repair could cost thousands. However, if the problem is poor water flow around the house, the exterior of the house may just need simple regrading, Marston says.
"The owner could hire a landscaper for a couple hundred dollars to add more shrubs and to make sure the dirt that's beside the house is 6 inches higher than the level of dirt that's 10 feet away," Marston says. This allows water to drain away from the house. If you live in an arid climate, a wall spot may not be moisture at all. Bennett, who lives in Colorado, says: "Out west, in our part of country, it's very dry. We don't see a lot of water filtration, so we don't run into mold issues often. So a spot could just be dirt."
The solution? Soap and water.
Cost: Anywhere from a few dollars to several thousand dollars.
(Thank you Margarette Burnette of Bankrate.com for the tips.)
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