3 Simple Tasks You May Have Overlooked When Winterizing your Chicagoland Home
Winter is here. We may not have snow on the ground yet, but it's here. By now, I'm sure you have cleaned the gutters, shut off and drained any outdoor hoses, and put down the storm windows. Here are a few things you may have forgotten to do to get your home ready for winter.
1. Set the whole house humidifier to "Winter".
Most homes these days have a central humidifier built into the duct work just above the furnace. This will add moisture to the air in the house to combat the dryness of winter. If you find yourself running more than one portable humidifier, try utilizing the system that might be in place already. Most have a simple control that is marked "Summer" and "Winter". A comfortable amount of humidity will vary from person to person, home to home, so test this system to find your perfect balance.
2. Turn off the de-humidifier.
For comfort reasons listed above. Many de-humidifiers are set to run and drain automatically and get forgotten. See if yours is still running down in the basement, draining power.
3. Switch the ceiling fans to run the opposite direction.
During the summer, ceiling fans blow air down to help cool the air. Reversing the direction and running at a low rate of speed will help maintain evenness in temperature from ceiling to floor as the heat from the furnace rises. Most ceiling fans have a simple "Left-Right" switch on the base.
Oh, and one last thing...last winter's blizzard caused many high-efficiency furnaces to go out. This is because they often vent out a side wall, not up the chimney. The vent is typically 1.5-2 feet off the ground. If snow piles up to that level, your furnace can't breathe and goes out. If your furnace goes out during a snow storm, check this first.
3 Things to Do if you are Considering Transitioning from a Chicagoland Renter to Buyer
With today’s tempting home prices and low finance rates, many renters are considering
purchasing their first property. Here are some helpful financial points to make that transition happen smoothly.
1. Understand the monthly expenses. PITI + HOA
When owning a home, your monthly expense will primarily be comprised
of P.I.T.I. (Principle, Interest, Tax, Insurance). The principle and interest is
your mortgage. Property tax and homeowners insurance, for first time home
buyers, will likely be paid through an escrow account held by your lender.
They will collect for this on a monthly basis, determined by the projected cost
for the year.
If the home is a condo or townhome, a Home Owners Association (HOA)
fee will also be collected monthly. This will cover common area insurance/
maintenance, and other services which could include snow removal,
landscaping, or a pool/clubhouse for members of the HOA.
2. Save for a down-payment.
Your down payment is a big part of your buying power. It will represent the
equity you have in the property at closing vs. the amount financed. 10% of
the purchase price is considered a strong or “safe” amount. 20% or more is
ideal, as this will eliminate the additional monthly fee of mortgage insurance
(some lenders require slightly more than 20%, up to 25%, check with your
mortgage broker to see their limit).
On the low end, government back loans, such as FHA or VA loans, may allow
for down-payments as small as 3.5%. Conventional loans usually don’t go
below 5%.
3. Get Pre-approved.
This will be a statement of your true buying power. Your mortgage broker
will look at your current income, down-payment, and debt to determine a loan
their company would finance. A pre-approval letter will be sent along with
your offer to purchase a home, to show that you are a qualified buyer. Most
sellers will not even look at an offer that does not include a pre-approval.
Understanding these 3 financial points will help you determine if home ownership is right for you.