Albany Area Real Estate

Remodeling? Make Sure Your Insurance is Up to Par

David — Fri, 23 Sep 2011 15:10:16 +0000

Renovating Your Home

According to the BuildFax Remodeling Index (BFRI), remodeling reached a record high during the month of July. The company attributes this to the many who are choosing to stay put and invest in home improvements, as opposed to putting their home on the market.

The latest BFRI indicates that residential remodeling activity registered the 21st-straight month of year-over-year gains, demonstrating that many Americans are continuing to remodel their current homes. The data shows July 2011 as the month with the highest level of remodeling activity since the Index was introduced in 2004.

When it comes to remodeling your home, there are important insurance issues to take into consideration. For example, if you are planning on adding onto your home, evaluate the materials used. Wood-framed structures are highly flammable and will cost more to insure, whereas cement- or steel-framed structures will cost less because they are less likely to succumb to fire or adverse weather conditions.

Once your addition or remodel is completed, it’s critical to make sure your insurance is in line with your home improvements. Many homeowners neglect to calculate the increased value of their home caused by a remodel/addition and secure the necessary coverage. If you have a “guaranteed replacement value” policy, which all homeowners should, noting the new value of your home post-remodel is essential.

In all cases, the following steps can help you save money on rates:

* Install a security system. A burglar alarm that is monitored by a central station, or that is tied directly to a local police station, can help lower a homeowner’s annual premiums by 5% or more.
* Install additional smoke alarms. Smoke alarms are another way to reduce your homeowners’ insurance premiums. While these are standard in most new houses, installing them in older homes can save the homeowner 10% or more on annual premiums. Make sure you add the necessary number of smoke alarms to correspond with your remodel or addition.
* Raise your deductible. Like health insurance or car insurance, the higher the deductible you choose, the lower the annual premiums will be. This will mean, however, that you’ll need to foot the bill for smaller home repairs that don’t meet your deductible.

Whether you have remodeled or not, be sure to review your home insurance policy at least once a year and make note of any changes that could lower your premium, like a burglar alarm, sprinkler system or even the disassembly of a trampoline. Neighborhood changes could also affect your rates, such as the addition of a fire hydrant within 100 feet of your home.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,
David Phaff

info@DavidPhaff.com
RealtyUSA
Office: 518-464-1600
Mobile: 518-469-8984

http://www.DavidPhaff.com

How to Repair Your Credit Post Bankruptcy

David — Thu, 15 Sep 2011 13:13:34 +0000

From losing a job to losing a home, many Americans have suffered the slings and arrows of the recession over the past few years. This has forced many to make the difficult decision of filing for bankruptcy. While bankruptcy is the least desirable option when in financial distress—leaving a large scar on your credit rating for 7-10 years—it is often the only one left.

Even once they emerge from a bankruptcy, many are still confronted with a long-term impact on their credit rating, making it nearly impossible to find credit at a reasonable cost. According to the credit experts at ApprovalGuard.com, many creditors will not lend to you for one to two years. When you finally begin to qualify again, you will typically be categorized as “extra high risk,” which is often accompanied by lower credit limits and very high interest rates.

The good news is that nothing in credit is forever. The effect of a bankruptcy on your credit score can start to diminish the day your case is closed. Here are some important post-bankruptcy strategies to follow:

Plan your credit recovery. Take it slow and easy and do it right; don’t exceed what you can afford.
If your credit report contains inaccuracies about debt that was discharged through your bankruptcy, contact the creditor or the credit bureaus to request a correction.

If your problem was over-spending, create a written budget and STICK to it.
To re-establish a strong credit profile, you need a good history of payments from credit cards and installment debt, such as autos, student loans or a home loan.

The rebuilding process requires you to use credit responsibly. Use only a small portion (30% or less) of your available credit line and ensure you make a payment every month.
If your problem was related to medical bills, seek out a solution for insurance.

Learn more about how credit works through the Internet, counseling services or a service like ApprovalGuard.com.
If you didn’t have enough savings to survive a setback, get serious about savings for an emergency fund. In the current economy, you need at least 12-16 months.

When you start to re-establish your credit, consider a “secure” credit card. Such cards are usually backed by your savings account or money you place in escrow to cover 100% of your credit line in case you don’t make your payment.
You may be able to apply for a home loan in as little as two years after the discharge of your bankruptcy, however, expect to pay higher fees and interest rates. I can offer you more specific information based on the particular details of your situation.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,
David Phaff
info@DavidPhaff.com
RealtyUSA
Office: 518-464-1600
Mobile: 518-469-8984

http://www.DavidPhaff.com

Tips for Home Buyers – The First 3 Steps

David — Tue, 21 Jun 2011 18:45:10 +0000

Sometimes the grass really is greener on the other side of the fence. The home that was just perfect the day you moved in might no longer be a good fit for your family size or lifestyle. When you find yourself noticing appealing features on other people’s houses, it’s a good time to think about buying a new home.

The first place to start is with your credit. Make sure that reporting agencies have your correct information. Clear up any past due accounts, if possible, and try to keep your available credit at least 50% more than your credit balances. Don’t make any large purchases, such as a car, for about 6 to 12 months before you buy a home. Put as much money into savings as you can. The more cash you have available for a down payment and the higher your credit score, the better your final mortgage agreement.
The second place to start is with a list of features you are looking for in a home. Prioritize them. Is it more important that you have a big yard or a big kitchen? There may be a home that has everything you desire, but if price is a concern, you may have to focus on what you need most in a new home. Think about the neighborhoods where you’d like to live. Do they have good schools? Access to public transportation? Do you prefer quiet, wide-open spaces or an urban setting with plenty of shopping?
The third thing to do is choose a real estate agent. You’ll want a realtor who is familiar with the Albany housing market, who may know of neighborhoods that fit your lifestyle that you may not have considered. Look for someone who is experienced and has a proven record of success. Your agent can sit down with you, your amenities list, your credit score, and a mortgage calculator to help get you started on finding a home that is both affordable and a good fit.

It’s spring, and the housing market is picking up. It’s a great time to invest in a new home in the Capital Region. There’s more than just these first three steps to buying a home, but your agent can help take much of the legwork off your shoulders. You’ll be all settled in your greener grass before you know it.

For further information on this topic or others related to selling and buying homes in the Albany real estate market, our professional, trained agents at David Phaff and Associates are happy to be of service. Call us at (518) 456-5333 or visit our website or Facebook page.

Interest Rates – The Silver Lining in a Still-Gloomy Market

David — Tue, 14 Jun 2011 13:08:53 +0000

We hear a lot about doom and gloom, but just this week, two major local lenders announced absolutely remarkable interest rates and on top of that, some are offering incentives in the form of reduced fees or a discount on the final rate. Paul Hurley of HSBC is now quoting a 30 year conventional fixed mortgage rate of 4.375% and a 15 year rate of 3.375%.

Naturally, you’ll need a good credit score and income to qualify, but many of the tough restrictions have been eased. TD Bank (Bill Powell) offers similar rates and a discount if the buyer is working with David Phaff & Associates.

The overall sentiment is that rates are supposed to go up (didn’t they say that six months ago?) and that with prices still not recovering, the market conditions for buyers are ideal. Even a one percent rate increase will affect your buying power and makes a big difference on the total interest you’ll be paying. Take advantage of the market while it affords these opportunities. Rates won’t stay low forever.

Focus on Window Treatments

David — Tue, 08 Mar 2011 15:39:56 +0000

Measuring for Window Treatments

Whether you are selling your home or moving into a new one, you should focus on your window treatments. Aside from repainting and general cleaning, windows are actually one area you can pay special attention to and get big effects from. The way you display or cover your window can make a different impression and help to create a cozier atmosphere or open up a small space to make it feel larger.

Check the conditions of your existing windows and determine whether they might require cleaning, repairing or a complete replacement. Although some windows can work well without any window coverings, most will benefit from the aesthetic and practical benefits of the added decor.

Light Control & Privacy –The main purpose of a window covering is to provide privacy and light control. If your bedroom faces the sun in the morning, you would be unwelcomingly woken up in the mornings before you desired. Without window coverings, anyone would be able to see right into your room. Every type of window covering offers some level of privacy and light control, so it should be relatively easy to find a product that will give you the comfort you desire and still be able to match whatever interior design you have in mind. Blackout shades are a good way to solve the bedroom sunlight problem. These will block out almost all of the sun’s light and completely darken your room for better sleeping conditions. If you would like to have that warm natural morning light flow into your room but without the glare, you can use lighter sheer fabric curtains instead. Choosing something like a silhouette shade that will let you switch between more privacy and more light is an even better solution for light control.

Save Energy and Money – The majority of heat gain and heat loss in a home happens through the windows. If your windows are bare you are probably wasting a significant amount of money on your energy bills. Most window treatments provide insulation to at least a small degree, but there are some that are more effective than others. Cellular or honeycomb shades are probably the most effective at preventing heat loss. If they are installed as close to the window was possible with the ends of the shade against the walls, it creates a sealed air space that traps the heat and prevents it from escaping through the window.

There are many reasons to cover your windows and custom window treatments will provide the best results for adding value to your home, but these can be expensive. If you’re on a tight budget or looking for something quickly, you can try going to a nearby home furnishing or fabric store and find some ready-made drapery that should do the job. The important thing is to be aware of the advantage and options you have when covering your home windows.

Guest Blog by Tom Vatury, a writer for the Window Treatments Talk Blog and a representative of Horizon Window Treatments, which has been providing solutions for covering home windows for over ten years in New York. http://www.horizonyc.com