28
Nov
By John Cofiell
Homeowner Tips

How Can Home Renovations Protect You from Natural Hazards

Home renovations can be an effective way to protect your home and family from natural hazards. Start by identifying the potential hazards in your area. This can include natural disasters such as earthquakes, hurricanes, floods, wildfires, and tornadoes, as well as man-made hazards such as gas leaks and fires. Once you’ve identified the potential hazards in your area, create a plan for how you will respond to them and prepare your home to take on these natural disasters and keep your home and family safe.

Here are some ways home renovations can help protect you:

Reinforce Your Home’s Structure: One of the most important aspects of protecting your home from natural disasters is ensuring that its structure is strong and stable. You can reinforce your home’s structure by adding earthquake-resistant materials, hurricane straps, and reinforced roofing systems.

Install Storm Windows and Doors: Installing storm windows and doors can help protect your home from strong winds and flying debris during hurricanes, tornadoes, and other severe weather events.

Elevate Your Home: If you live in a flood-prone area, elevating your home can help protect it from flood damage. This can involve raising your home on stilts or piers or building a higher foundation.

Install a Backup Power Source: In areas where power outages are common during severe weather events, installing a backup power source such as a generator can help ensure that your home stays powered and comfortable.

Install a Sump Pump: If your home is at risk of flooding, installing a sump pump can help remove excess water and prevent water damage.

Install Fire-Resistant Materials: If you live in an area prone to wildfires, installing fire-resistant materials such as non-combustible roofing materials, siding, and decks can help protect your home from fire damage.

Overall, home renovations can be a worthwhile investment in protecting your home and family from natural hazards. It’s important to work with a licensed contractor and follow local building codes and regulations to ensure that your renovations are safe and effective.

27
Nov
By John Cofiell
Financial Reports

What’s Ahead For Mortgage Rates This Week – November 27, 2023

There will be a very light week with the Holiday season approaching. The only notable reports to have come out for the week are the U.S. economic leading indicators, with nothing scheduled around Thanksgiving weekend. The median forecast for the leading indicators has shown that with the rest of the CPI and PPI data among other economic statistics, the economy does seem to be heading towards a soft landing as the Federal Reserve had initially targeted. The most notable changes are lending partners cutting rates with the potential for shifting economic policies and rate cuts in the future.

U.S. Leading Economic Indicators

The numbers: The leading economic index declined 0.8% in October and fell for the 19th month in a row, but the U.S. economy doesn’t appear any closer to a recession than when the losing streak began.

Primary Mortgage Market Survey Index

The last 4 weeks have seen a week-to-week decline in rates.

  • 15-Yr FRM rates seeing a week-to-week decrease by -0.09% with the current rate at 6.67%.
  • 30-Yr FRM rates seeing a week-to-week decrease by -0.15% with the current rate at 7.29%.

MND Rate Index

  • 30-Yr FHA rates decreased week-to-week, and we’re seeing a -0.12% decrease for this week. Current rates at 6.65%.
  • 30-Yr VA rates decreased week-to-week, and we’re seeing a -0.13% decrease for this week. Current rates at 6.65%

Jobless Claims
U.S. jobless claims drop to a five-week low of 209,000.
Initial Claims have decreased to 209,000 compared to the expected claims of 229,000. The prior week was 218,000.

What’s Ahead
With Thanksgiving in the rearview, we are also looking at many Federal Reserve chairmen speaking next week along with Q3 GDP data release reports. There is also Personal Income Spending and PCE Index which will demonstrate the strength of the economy at a personal level. Lastly, ISM manufacturing is a small but still worthwhile report to indicate production capacity for many trade aspects.

24
Nov
By John Cofiell
Homebuyer Tips

Uncovering the Hidden Issues Beyond Real Estate Inspections

Purchasing a home is one of the most significant financial investments one can make in one’s lifetime. However, beneath the glossy exterior of a prospective dream home lies a world of hidden issues that can have a profound impact on your investment.

While a traditional home inspection is a crucial part of the process, there’s more to consider beyond the surface. Let’s explore the importance of going beyond standard home inspections to uncover the hidden issues in real estate transactions and how they can save you from future headaches.

The Basics of Home Inspections

Before delving into hidden issues, it is important to first understand the fundamentals of home inspections. A standard home inspection typically covers the evaluation of a property’s structural integrity, mechanical systems, and overall condition. A certified home inspector examines visible aspects like the roof, plumbing, electrical systems, and the foundation, identifying any potential issues or necessary repairs.

However, it’s essential to recognize that a traditional home inspection has its limitations. Inspectors can only assess what’s visible and accessible during their visit, and they may not delve into deeper, hidden issues. This is where the need to go beyond standard inspections arises.

Hidden Issues in Real Estate Transactions

Mold and Mildew: Mold and mildew thrive in damp, dark, and hidden spaces. These issues can significantly affect indoor air quality and pose health risks to inhabitants. While inspectors may identify visible signs of mold, it’s crucial to consider comprehensive mold testing, especially if the property has a history of moisture problems.

Pest Infestations: Termites, rodents, and other pests can wreak havoc on a home’s structural integrity. Detecting these issues often requires specialized inspections. Pests can go unnoticed during a standard inspection, and their presence can lead to extensive and costly damage.

Electrical and Plumbing Within Walls: While a standard inspection can identify issues with visible electrical and plumbing systems, it doesn’t encompass what lies behind walls. Older homes, in particular, may have outdated wiring or plumbing that could be a hidden hazard.

Environmental Hazards: Hidden environmental hazards like radon, asbestos, or lead-based paint can have serious health implications. These require specific inspections to detect and address properly.

Foundation and Structural Problems: Some foundation issues may not be apparent during a standard inspection. These can lead to structural instability, which is a costly problem to rectify.

Unpermitted Additions or Renovations: Not all homeowners obtain the necessary permits for home improvements. Unpermitted additions or renovations can create legal and financial complications down the road.

How to Uncover Hidden Issues

Hire Specialized Inspectors: In addition to a general home inspection, consider specialized inspectors for particular concerns such as mold, pests, or environmental hazards. These professionals can identify issues that might be hidden from a standard inspector.

Review Property History: Research the property’s history for any known issues or renovations. Local building departments often hold records that can provide insights.

Consult a Real Estate Attorney: A real estate attorney can review property documents, such as titles and deeds, to uncover any potential issues. They can also help navigate legal aspects of the transaction.

Request Seller Disclosures: In many jurisdictions, sellers are required to disclose known issues with the property. Request these disclosures to gain a better understanding of potential hidden problems.

Purchasing a home is a significant life decision, and it’s essential to go beyond the surface during the real estate transaction process. While a standard home inspection is vital, it may not uncover all hidden issues that could affect the value and safety of your investment.

By hiring specialized inspectors, conducting thorough research, and seeking expert advice, you can make more informed decisions and protect yourself from costly surprises down the road. Remember, knowledge is power, and the more you uncover about a property, the better prepared you’ll be for your real estate journey.