On the Wire - To Rent or To Buy
The question of whether to rent or buy can pop up more than once in life, and at any stage. Several elements enter into the complicated and very personal equation leading to your answer, and one category that can be expensive to leave out is that of home improvement and maintenance. When it comes to home care and upgrades, renting and ownership each have their pros and cons. Stop where you are now, take an honest look at your priorities, and address the following categories:
Lifestyle: Now and over the next few years, what is the realistic amount of time you’ll be able to devote to routine maintenance, improvements and surprise repairs? These are part of the territory when it comes to home ownership, whether taken on as do-it-yourself projects or supervised endeavors involving professionals. If you travel often for business or have other priorities that pull you away from home on a regular basis, the demands of a home could make for a bad match. Repair crises almost never happen according to your preferred schedule.
As a renter, you’re freed from the responsibility of tasks beyond maintaining the cleanliness and general order of your unit. When an appliance breaks down, carpeting wears out or a light fixture is literally on the blink, all you have to do is call the super and things are righted, usually at no cost to you. The down side of this arrangement is that you’re relying on someone else to get the work done, so before becoming a tenant, ask direct questions about a property’s maintenance policies, response time, and staffing. Once you’ve moved in, back up any maintenance requests in writing to track response and compliance with your rental agreement.
Hidden costs: Along with property taxes, insurance and purchase fees, home care costs should be part of your buying budget. If you stumble upon your dream home, resist falling in love and opening your pockets until you’ve engaged the services of a professional home inspector. After his or her inside-and-out assessment, you’ll know what potential problems and projects lurk beneath the sparkling exterior, and can address them in both your purchase agreement and long-term budget. To find a qualified home inspector, use the Find A Home Inspector tool on the website for the nation’s most respected home inspection professional society, the American Society of Home Inspectors (ASHI). ASHI members must meet rigourous and ongoing experience, examination, educational and ethical requirements to secure and maintain membership.
Also invisible are the costs of routine maintenance. Lawns don’t usually stay green on their own and HVAC systems don’t change their own filters, so plan for year-round needs. These may include monthly costs for services such as landscape maintenance and housekeeping, or the employment of a handyperson if you’re not. Finally, there are those big surprises that no one sees coming, so pad your savings for home emergencies and you’ll save yourself some stress as well.
Back in Rentland, surprise costs can result from property malfunctions or tenant negligence, so be attentive to sudden changes and issues in your unit. Carry renter’s insurance to protect your personal belongings, and understand what kinds of damage and replacements aren’t covered by the maintenance policy.
Design for living: Whether rented or owned, every living space provides a virtually blank canvas for personal style, but the name on the mortgage determines how much you can actually paint in. Some rental properties allow tenant changes such as wall and window treatments, but these are rare and can end up costing you when the unit needs to be returned to its original state at move-out time.
Restrictions may also apply to picture-hanging hardware, window ledge displays and patio maintenance, and can affect the extent of your security deposit refund. Ownership may mean more responsibility, but it also means no restrictions on the design elements and amenities in your home. Change this and replace that to your heart’s and wallet’s content, choosing products with quality and styling for years of enjoyment between all those maintenance projects.
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Ask Tom & Leslie - A Clean Foundation
This week’s question comes to us from Frank in West Warwick, Rhode Island: “I'm experiencing a problem with an efflorescence build up on my foundation walls. What do you recommend I can do to resolve this problem?”
You are right Frank, the white build up you are seeing is a mineral deposit know as efflorescence. Luckily it is very easy to clean. You can easily remove it with white vinegar, pour some into a spray bottle and spray the stain, after rinse with clean water to get the scent of the vinegar away. Good luck and thanks for listening!
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Got A Question About Your Money Pit?
You can do-it-yourself but you don't have to do-it-alone. Getting in touch with us is as easy as 1 - 2 or 3!
- The toll-free studio hot line is 1-888-MONEY PIT. Find out when we broadcast in your area by checking out our website at www.moneypit.com. Each week we take dozens of calls, give great advice and offer callers a chance to win a terrific prize awarded to one random caller to every show.
- Call when it's convenient for you, 24 hours a day, same number: 1-888-MONEY PIT. A live person takes your call 24/7! So -- WHENEVER you have a home improvement question -- phone it in. Simply tell our phone screener your first name, and where you're calling from...and ask your question. We’ll get back to you with the answer – or even call you back during the show!
- Click here to email your question to us. We may read your email on the air and we also respond personally to many of the email questions we get.
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On the Air - Cook Up A New Design
Is your kitchen a pain in the back? Find out how to cook up a design plan that eliminates bending down to reach the oven or stretching across hot front burners to stir something in the back. It’s on the radio show this week. To find out where The Money Pit is broadcast in your area, or to download our hugely popular Podcast, click here.
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Dot Common Sense - Making Water Sense
By now, you’ve heard of, seen and probably even purchased an appliance with the “Energy Star” label. It’s an apples to apples way of comparing the energy efficiency of major appliances. Making its debut this year is WaterSense labeling. This is similar to Energy Star, and is a result of a public-private effort by the EPA to designate products and services that conserve water. Seeing a WaterSense label on a product means it will conserve more water and perform more efficiently than products without the label. To earn label, product is tested to meet stringent specifications determined by the EPA with involvement from water utilities, manufacturers, test labs, and others. Visit www.epa.gov/watersense to learn more.
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Cool Tools - Heavy Duty Plywood
Georgia-Pacific, a leader in home building materials that satisfy both builders and homeowners, is once again unveiling a innovative product for home construction. It’s called Plytanium® DryPly™ Plywood. This plywood provides a new solution for residential builders interested in protecting sub-floors before the roof and exterior walls go up during the initial stages of the construction process. Plytanium® DryPly™ has a water-repellant coating, helps protect against rain and moisture-related problems during the normal construction cycle. DryPly™ is a green product. It’s engineered lumber and makes more efficient use of trees because it is made using smaller, computer-evaluated lumber and plywood veneers. Engineered lumber requires between 40 to 50 percent less wood fiber than the equivalent conventional lumber. For more additional Georgia-Pacific product information, visit www.gp.com/build.
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Short Cuts - Safety First
Here’s something you DON’T want to take a short cut with: Each year there are more than thirty thousand chain saw related injuries. They're a great tool to have, but safety has to be your first priority with these bad boys! Chain saws can make storm clean-up easier and faster – but like any powerful machine, they’re dangerous if not used correctly. Study the safety manual that came with your saw. And always wear safety gear – a helmet system with head, face and hearing protection and cotton or leather gloves. With powerful tools, an ounce of prevention could save you a visit to the emergency room.
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Copyright 2006 Squeaky Door Productions, Inc.
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