Federal Housing Stimulus Package -What Does It Mean To You?
by Jane DeAustin, Government Affairs Director CMBA
Congress is working on a stimulus package designed to help first-time home buyers, struggling home owners, that will jump-start the housing market, save jobs and restore consumer confidence. Read more
The Not-So-Obvious Benefits of Buying New
by CMBA President Kurt Schimnich, Schimnich Construction, Inc.
Prospective home buyers have the choice of two types of houses on the market: resale or new.
Home buyers planning to buy a brand-new house or condominium often cite energy-efficiency, open layout, a warranty, and being able to select appliances, flooring, paint colors and other design elements as factors driving their choice.
But builders say that buyers can be drawn to a new house for reasons that aren’t so obvious. Below are a few more benefits of a brand-new home that you may not see in the sales brochure. Read more
The Best Surprise is No Surprise
by Ron Euteneuer, Great Northern Building Inspection, Inc.
The recent storm activity (weather related) in Central Minnesota has caused a flurry of activity for home owners, insurance companies, building contractors, and building inspectors. I have received a great deal of inquiries in recent months from property owners and remodeling contractors pertaining to building codes, warranties, and references. The following list of answers to frequently asked questions will aid property owners in dealing with a damage claim to their property. Read more
Communication is the Key to Avoiding Mortgage Problems
Now that the housing market has slowed and huge increases in home prices are a thing of the past, home buyers who were counting on appreciation to help them refinance adjustable-rate mortgages may be in for an unpleasant surprise. Monthly mortgage payments are rising for many of these borrowers at the same time that lenders are tightening standards for approving mortgages.
Home owners who can no longer afford their mortgage payments and have little or no equity may think they have few options. But what they need to know is that lenders do not want loans to default. A default will cost the lender money while a loan paid on schedule - regardless of the interest rate - will not. A foreclosure is a last-ditch effort to minimize losses. Read more
Home Owner Beware - After Storms Strike
If your home was in the path of the storm this Memorial weekend, be prepared. Many siding and roofing companies move into the area for a short period of time and solicit work door to door.
Red flags to watch for:
1. Builders soliciting with flyers in the mailbox
2. Soliciting door to door
3. Contractors who ask for a signed contract to assess the damage or speak with your adjuster. The fine print may bind you to do business.
4. A request for a large down payment or a bid in the entire amount of the insurance settlement
Things to ask the contractor:
- Be sure to ask for a written estimate.
- Will they purchase necessary permits and will the work be inspected?
- What is their contractor’s license number? You can check this out at: www.doli.state.mn.us or call 800-657-3602
- Do they have a written contract that explains their warranty?
- Ask for a list of client references.
You should also:
- Obtain three bids
- Check the Better Business Bureau http://www.mnd.bbb.org/ for a company report or any complaints
- Check to see if they are members of a builders association
- After work is finished, make final payment only after you have a lien release
Which is best for you?
- Contact your builder. They know the color and manufacturer of your siding and roofing.
- Contact CMBA for a free list of remodelers who are licensed and local.
- Check on the CMBA website for a roofing or siding contractor. .
You can reach us by phone 320.251.4382 or go to the home page www.cmbaonline.org and click on Membership Directory, and under categories, search under residential remodelers.
Explaining Myth Versus Reality About Todays Housing Market
Q: There doesn’t seem to be an end in sight to the housing slump. By the time the market hits bottom, won’t housing be down and out for the count?A: If the truth be told, housing has always been a very cyclical business. In the mid 1970s and the early 1980s and 1990s, housing production and sales dropped by more than 60 percent in a matter of months. During those cycles, we confronted and overcame many of the same problems we face today - large numbers of unsold homes, skeptical and reluctant consumers, tight credit markets and shortages of money for certain borrowers, declining home values, and prospective buyers who had difficulty selling their existing homes. The important thing to remember is that over time the market corrected and we rebounded to production and sales levels that beat or matched the records of the previous cycle. Remember, those who purchased homes in the early 1990s during the last big economic and housing downturn came out as big winners. The message here is that housing is a very tough and resilient industry. We will be back - stronger and better than before. Read more
Home-Smart.org A Helpful Guide for Homeowners
Basic Care
Your house may be your biggest investment. Learn how to maintain your home and your investment with simple tips and instructions. Read more
Creating a Home Office that Works for You
Janet is pulling on her jacket and grabbing her briefcase and keys in a mad rush for the front door. Jim is letting the dog out, pouring a cup of coffee and heading down a back hallway of his house. Which one is going to work? They both are! Read more
First Time Building a Home?
First Time for Everything
First Time to Build a Home?
Searching for your first home should be fun and exciting…and it can be. Here are a few simple steps to help you get started.
Is it Easy Being Green?
Is it hard to build green? Is it a lot more expensive? Do you have to live in a straw-bale cottage or some other strange building to say you’re a green home owner? No, no, and most decidedly no! Read more