Home Fixes Everyone Should Consider

Whether you are buying a home or selling a home, there are some home fixes you should be concerned with.

One of the biggest concerns revolve around safety, not whether the walls are freshly painted or not.  You should be concerned about the critical systems of the home and whether or not they are working properly, especially in older homes.  If your home has been around for a while then why not consider upgrading the home's essential systems like plumbing or electrical?

Electrical consumption has risen drastically over the last 10 years and many older home's electrical systems don't cope well with today's energy draining appliances and technology.  Years ago most homes had 1 TV, maybe 2 and the kitchen and laundry appliances.  Today's average family has 2 or 3 TV's and at least one computer plus larger capacity washer/dryers and a host of other electrical appliances.  Many older home's systems have difficulty coping with this increased drain on power.  This can cause power systems to short and electrical fires can happen.  Upgrading these vital areas is a great selling or buying point.

The same holds true for the plumbing system but for a different reason.  The stress on this system should be relatively the same that it has always been.  However, the years of moisture and use can cause pipes to degrade and when this happens, so do leaks.  Leaky pipes can cause any number of problems in the home including water damage and mold.

A new roof is a huge selling point.  If you install a new roof with a warranty, that is a fix you should be able to bank some extra profit on.  Keep in mind the safety concerns of the average buyer, in fact these are the same concerns you should have yourself when buying your new home.

Housing Slump Could Last Til Year's End

The U.S. housing market will continue to slump for the remainder of 2007, with home sales falling further and price growth continuing to slow.  This word from a leading industry economist, David Berson, vice-president and chief economist at Fannie Mae, said 2006 and 2007 combined will show the biggest drop in sales since the housing downturn of 1989-91.

An increase in mortgage rates over the past few months, particularly in the past month, will soon have an additional negative impact on housing demand, according to Berson.

He expects new and existing home sales to decline by 10.2 percent in 2007 to the lowest level since 2002. Single-family starts are expected to fall 21.7 percent.

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Four Easy Home Improvements

If your house needs a makeover, but remodeling is beyond your reach, try these four simple fixes:

Touch-up exteriors. Repainting the trim and front door of your house can significantly boost its curb appeal. This kind of retouching work is easy on the budget and can be done in just a couple of hours.

Replace your floors. The widespread availability of affordable "floating floors" (flooring options that can be installed on top of existing boards or linoleum) makes updating the floors in your rec room or pantry a cinch.  You'll probably save a minimum $500 to $600 dollars by doing it yourself.

Update your hardware. Switching out old light fixtures and faucets is a simple, affordable way to modernize your home. While you're at it, equip your house with fixtures that support halogen light bulbs to save money on your electricity bill.

Transform your yard. Landscaping doesn't have to break the bank.  Replacing overgrown shrubs and bushes and adding some flowers for color is an economical way to add value to your home.

Many home repairs can be easily mastered by determined do-it-yourselfers, but there are still some things best left to the experts. If you need to re-floor your entire house, contact a flooring service, and call in the electricians whenever you're dealing with circuit boards or wiring in the walls.

Bad Credit? Insurers Will Make You Pay

By now you know that you need to keep tabs on your credit history to make a good impression on lenders, landlords and employers.  But did you know that your home insurer is also looking?

In most states they're allowed to use your credit information to formulate premiums - and in June the U.S. Supreme Court decided that your carrier doesn't need to tell you if your credit has caused you to pay more.

How insurance premiums are determined is a recipe long kept secret from consumers.  Some 90 percent of homeowner insurance carriers use a score based on credit data as part of that recipe, according to risk-assessment firm Fair Isaac, known for its FICO credit score.

However the scores are tabulated from your insurance company, here are a few tips that should help you get a better rate on your homeowner's insurance the next time your insurer takes a peek at your credit report:

• Pay bills on time: Late payments show up for seven years.
• Keep revolving balances low: Insurance companies look at how much debt you have relative to available credit.
• Keep your oldest credit card: Insurers like folks with well-established lines of credit. Five years is good, 10 ideal.
• Don't apply for lots of credit at once: Your score might drop. (You're not penalized for shopping, however; multiple auto or mortgage inquiries within 45 days are considered as one.)
• Get rid of miscellaneous cards you don't use: Having too many can hurt your score.

No matter who devises your score, the original data comes from credit bureaus.  So check your credit reports for accuracy.

Get a free copy from each of the three bureaus annually at annualcreditreport.com.

Housing Slump Gets Longer and Longer

The slump in home sales and prices will be deeper and last longer than previously expected, according to the latest forecast by the National Association of Realtors.

The trade group is now looking for flat prices for existing homes in the first quarter of 2008 compared to the first quarter of 2007, and a more year-over-year declines for new home.

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