New Year’s resolutions for the home
As the new year rolls around, some people are making a resolution to shape up their house from top to bottom by organizing their finances and maintenance projects.
Those looking to manage their financial activity, local bank officials recommend to start with a copy of a credit report that can be obtained free of charge at AnnualCreditReport.com.
鈥淣ow may be the time to look at what you spend, especially after the holidays, and to see what you鈥檙e balances are,鈥� said Andrew Corfont, vice president and marketing director at Community Bank based in Carmichaels.
According to the Federal Trade Commission (FTC), consumers should keep track of exactly how much they make and spend on average each month.
This will provide a better idea of your fixed costs such as mortgage, utilities, living essentials, car payments, insurance premiums and credit card debt.
Also, list any expenses that vary like groceries, entertainment, and clothing.
Doing so, said the FTC, will make it easier to watch spending patterns and make responsible purchasing decisions.
Joe Klocek, assistant vice president of Somerset Bank in Connellsville, said, counseling services on various programs are provided to customers looking to consolidate debt or finance something specific.
鈥淲e try to match up the purpose of the loan to the collateral being used,鈥� said Klocek.
Both Klocek and Corfont advised consumers to also review their credit report for collection accounts they could be unaware of such as medical expenses.
The new year is also a time that Klocek and Corfont have a lot of consumers take out a home equity loan or a line of credit for home improvement projects such as a new roof.
Mortgage Firm Freddie Mac reported that on average, homeowners will spend between one to 4 percent of a home蘑菇视频 value annually on maintenance and repairs, which tend to increase as the house ages.
The U.S. Bureau of Labor Statistics estimates the average cost for annual home maintenance in 2012 was $1,689, so it蘑菇视频 important for homeowners to map out a budget for home improvements, repairs or maintenance projects, before things escalate and create unanticipated expense.
Ron Hardy, owner of Hardy Construction in Dunbar, said business generally picks up after the first of the year with people inquiring about outdoor projects such as roofs, soffit and fascia repair and decks.
Hardy suggested that homeowners take a walk around their house to inspect it for anything in need of repair that may have been affected by the winter weather.
If you plan to tackle a major home renovation, the labor bureau recommends to get several quotes from contractors for the best price.
The Insurance Information Institute, the American Society of Home Inspectors, Homestore.com, HometimeProject.com, the National Association of Home Builders, the U.S. Consumer Product Safety Commission, Freddie Mac and the U.S. Homebuyer Education Center provide a number of maintenance tips you can resolve in the year ahead. These include:
n Check visible water pipes and sewer lines for cracks, rusting and leaking; turn on faucets to test water pressure and volume; and look for clogged or sluggish drains or dripping faucets. Also check for signs of leaking or rusting on your water heater.
n Check your electrical system蘑菇视频 load center and see if there are fuses or circuit breakers. Also check its age and look for signs of wear or exposed wires.
n Check your heating system for gas leaks and cracks in the heat exchanger.
n Maintain your furnace, fireplace, boiler, water heater, space heater and wood-burning stove and have your heating system serviced every year. Clean and vacuum dust from vents, baseboard heaters and cold-air returns.
n Check smoke and fire alarms and carbon monoxide detectors and change your heating and air conditioning filters. Have your appliances inspected for gas leaks and adequate ventilation.
n Check weather stripping and caulking around windows and doors and replace or repair it as needed. Also repair broken glass and loose or missing putty on windows.
n Check the basement for signs of water leaking, dampness, flooding, dry rot and termites. In the attic, check for signs of leaks and any rodent or insect infestation.
n Remove all debris from gutters. Maintain your steps and handrails and inspect your roof.
It蘑菇视频 also important to inspect your home蘑菇视频 exterior walls, looking for possible weather-related damage like cracks and loose or crumbling mortar.