Rent vs. Buying A Home

• Overview

  Many types of people choose to rent rather then buy a home, enjoying freedoms and advantages that homeowners must sacrifice. But renting is not without its own drawbacks. Understanding rental housing terms is essential for tenants who must choose between buying and renting or determine where, and from whom, to rent.
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• In large apartment complexes, tenants often live in close proximity to one another.

• Types

  Tenants have the option to choose from several types of rental housing in most regions. Cities and villages often feature large apartment complexes where tenants live in close proximity to one another. Renting a stand-alone home or half of a duplex in a suburban or country setting is another option. Some landlords offer a rent-to-own option, which gives tenants the right to purchase a home for a previously agreed-upon price once the rental agreement expires. Tenants can also rent vacation property in a resort location, which may be an apartment or home.

• Advantages

  Renting has its advantages over home ownership. Renters aren't responsible for maintenance or property taxes, which landlords handle instead. A renter is also only charged with keeping the rental unit itself in good condition, with a landlord hiring a cleaning staff or gardeners to handle the building, grounds and common areas. Renting often gives tenants an opportunity to live in a city or neighborhood where they wouldn't be able to afford a home. It also supplies low-cost housing for individuals without the savings or good credit needed to get a mortgage.

• Drawbacks

  Renting housing does have certain drawbacks that would-be tenants need to be aware of. Unlike homeowners, who pay a monthly mortgage bill and gain equity in a home, renters have no equity to borrow against. When a tenant vacates an apartment, there is no recovery of the money paid in rent. Renters are also unable to profit from any value the rental property gains over time. Renting an apartment often means living in a smaller space or closer to neighbors than buying a home, arrangements which may not appeal to everyone.

• Tenancy Agreements

  It's vital that prospective tenants understand the tenancy agreement, or lease, a document that the landlord and tenant both sign. It outlines rental policies, including the cost of rent, the term of the lease (usually at least one year) and the duties and obligations of both the tenant and landlord. Some tenancy agreements require the tenant to waive the right to pursue legal action against the landlord, while others state that the tenant may not sublease the rental unit to anyone else. Tenants and landlords must come to a mutual agreement and understand the terms of a tenancy agreement fully before signing.

• Problems

  Problems can arise between tenants and landlords. While landlords may be willing to renegotiate a tenancy agreement or compromise to keep a tenant's business, it sometimes becomes necessary for the tenant to pursue legal action against the landlord. Each state has its own tenancy laws on the books, which outline the rights and responsibilities of all parties in a rental scenario. Contacting a lawyer with experience in tenancy law is the best first step should a serious disagreement arise. While some states may allow tenants to place money in escrow in lieu of paying rent while a dispute is resolved, no tenant should withhold rent without first contacting a lawyer. Failing to follow the process set out by law may be grounds for an eviction and can permanently damage a tenant's rental history, making it more difficult to rent or buy a home in the future.

Virtues of a Smaller Home - Part I

A Smaller Home is Cheaper Up Front

A smaller initial cost means less down payment, less points on your mortgage and a smaller monthly payment for your budget.  If you can swing it, putting more than 20 percent down might even get you a better interest rate and will certainly exempt you from private mortgage insurance, saving you a substantial amount. 

A Smaller Home Saves Energy

So long as it's properly constructed and insulated, a smaller home has less cubic footage to heat and cook, provided you don't build one with 14 foot ceilings!  Smaller homes have fewer windows (energy leaks), fewer exterior doors (energy leaks) and smaller HVAC systems to run which will help save energy. 

A Smaller Home is Expandable

So long as you plan for it (and sometimes even if you don't) a smaller home can be expanded.  If you think your parents may move in with you or you plan on growing your family plan to build a smaller home with an addition in mind. 

A Smaller Home Could Leave More Room for a Garden

If you build a 1,200 square foot home rather than a 2,800 square foot home, you'll have more space to grow vegetable and flowers!

 

 

High Performance Windows Part II in Series: 6 Ways a New Home Will Cut Your Energy Bill

Most people choose new windows based on appearance, style, convenience and price. Energy efficiency might not be a consideration, but this important factor actually should take top priority. Although high-performance windows initially cost more, they provide greater comfort, increase the value of your home and save you money in the long run. Heating and cooling expenses account for 44 percent of an average home’s energy bill. According to the U.S. Department of Energy (DOE), high-efficiency windows could reduce that bill by up to 25 percent. High-performance windows can even lower the cost of a new home because you may be able to install a smaller, less expensive heating and cooling system.

High-performance windows are available in such a wide array that the average homeowner might not know where to begin. “At last count, there were some 4,000 different window manufacturers in this country, so you have to look carefully,” says Bill Prindle, deputy director of the American Council for an Energy Efficient Economy. Unlike some household products, windows are relatively expensive and fairly permanent, so taking the time to become educated about the many choices will be time well spent.

There are several window rating systems. “They basically give you a benchmark of high efficiency for a given climate,” Prindle says. Energy Star is a government-backed program that distinguishes products that meet strict efficiency guidelines set by the Environmental Protection Agency and the DOE; the Energy Star label will help you find the best high-performance windows. The nonprofit National Fenestration Rating Council (NFRC) provides information for windows and skylights that are similar to fuel economy ratings on new cars. NFRC labels detail independent verification of product performance and allow homeowners, architects and builders to compare windows’ energy ratings. An NFRC rating is required in order to receive an Energy Star certification.

Another excellent source of objective information is the Efficient Windows Collaborative, which provides comprehensive information on the many features to consider when you buy windows. It will help you understand the basics of window energy transfer and how to interpret the manufacturer’s specifications. “It’s fairly nontechnical, and it can be a good resource for people who want to go into more depth than the Energy Star label,” Prindle says. (For more sources of information, see “High-performance Window Resources.”)
Explaining Efficiency

The rating systems help you evaluate three main factors that impact the energy efficiency of windows. The first is heat flow through the glass and frame, which is generated by the temperature difference between the inside of your home and the outside environment. This is often thought of as a winter issue, but it can be just as important in the summer — especially in hot climates. Heat transferred through a window is expressed with U-values; the lower the U-value, the better. The resistance to that heat flow is expressed as an R-value (the mathematical inverse of U). In general, the higher the R-value, the better the insulation.

This Cross section shows the construction of Energy Efficient windows that protect your home against outside temperatures. 

Decorating with Sunny Yellow Continued

Pick the right paint color and yellow can be dramatic, daring and surprisingly debonair. Here are some of the ways color-savvy designers prove that yellow isn't always mellow in their room design.
Think "New York" and you're apt to think taxicabs: the bright yellow fleet that dominates the landscape and lends the city much of its high-energy look.
"This apartment belongs to a modern-day 'it girl' and stockbroker to the stars," designer Barclay Fryery says. "And the rest of the rooms are camel, black, cream and white, just like her delicious clothes. But for the powder room, I wanted something lively and fresh and unexpectedly modern." Because there are no moldings to separate one plane from another, Fryery painted the ceiling the same color as the walls: Farrow and Ball's Dayroom Yellow #233.

"Surrounding the room in a single color adds a finished look," he says. "In a small powder room you always need to have a wow factor, so be bold, and be dramatic."

Decorating With Sunny Yellow Paint Colors

Pick the right paint color and yellow can be dramatic, daring and surprisingly debonair. Here are some of the ways color-savvy designers prove that yellow isn't always mellow in their room design.

Soft and subdued, yellow is often used in babies' rooms and kitchens to create a calm, quiet place to begin a new life or to start the morning. But this versatile color is not just for the duck-and-bunny set or for old-fashioned spaces. Pick the right shade and yellow can be dramatic, daring and surprisingly debonair. Here are some of the ways color-savvy designers prove that yellow isn't always mellow.

Bold, bright and luscious, these mango walls were colored specifically for this space by San Francisco-based designer Martha Angus. The room is the living room in a pool house/guest house in Portola Valley, Calif., where the homeowners work in venture capital.

"The wife of the house is of Greek heritage," Angus says, "and she wanted a powerful, sunny color in the pool house." The room would also host large slumber parties for the clients' children, so it had to be fun, yet sophisticated.
 
That's where the mahogany floor and ceiling come in; the mango color was selected to work with the wood's tones. Selecting the right yellow to work with various woods can be tricky, Angus says. "I think an ash-blond wood should work with just about any color," she says, "but if the wood is warm toned (honey gold), then the wall color should be warm, too."
 

And of course, if you fall in love with yellow, a natural wood floor is not your only option. "My mother-in-law has a citron yellow living room and dining room," says Angus. "And she has black floors. It looks fabulous."

Modular Home Decor: COLORS!

As we all know, color choices play an important role in our daily lives from the clothes we wear to the cars we drive. According to studies, our choice of one color over another color may have something to do with the way color makes us feel.

For this reason, color choices in our homes have a large impact on the comfort level. If you want your home to "feel" a certain way or bring out a person's mood, that can be done with color. Color can make a person feel relaxed, make a person happy, and even increase one's appetite.
For example, if you want your living room to make your family and guests feel peaceful, calm and relaxed, you might consider using blue. Blue brings out feelings of calm, peacefulness and stability. Blue is often used on websites and in business because it also represents reliability and loyalty. Green is also a good soothing, calming color. It represents nature, good health and cleanliness. 

TODAYS COLOR: YELLOW

Yellow portrays the bliss of sunshine and communicates happiness. It feels expansive and welcoming. Yellow helps you concentrate and increase your metabolism. The color yellow is perfect for kitchens, dining rooms, hall, entries, and other small spaces.

High Performance Windows for Manufactured Homes

To earn the Energy Star, a home must meet guidelines for energy efficiency set by the US Environmental Protection Agency.  These homes are at least 15% more energy efficient than homes built to the 2004 International Residential Code and include additional energy-saving features that typically make them 20-30% more efficient than standard homes. 

With homebuying increasingly interested in green building, energy efficiency is the place to start.  That's because the energy used in homes often comes from the burning of fossil fuels at power plants which contribute to smog, acid rain, and risks of global warming.  So, the less energy used, the less air pollution generated. 
The easy way to make sure a new home is energy efficient is to look for the blue Energy Star mark, the government backed symbol for energy efficiency.  Learn more over the next few days about how the new homes at Homestead Oak can provide you with a level of comfort in knowning our homes carry the Energy Star seal of approval. 

Step 2 In the Series 6 Ways a New Home will Save on Energy Bills

HIGH PERFORMANCE WINDOWS

Energy efficient windows employ advanced technologies, such as protective coatings and improved frames, to help keep heat in during winter and out during summer.  These windows also block damaging ultraviolet sunlight that can discolor carpets and furnishings.

Windows provide natural daylight and views, but homeowners often use drapes or

blinds to cover them because of comfort concerns. ENERGY STAR qualified windows

and skylights allow owners to enjoy the light and views while saving money on utility

bills and protecting valuable furnishings and finishes from sun damage. Independently

tested for superior energy performance, ENERGY STAR qualified windows and

skylights are also better for the environment because lowering energy use helps

reduce the emissions of greenhouse gases and air pollutants at the source.

BENEFITS OF ENERGY STAR QUALIFIED WINDOWS AND SKYLIGHTS

•

technologies such as invisible glass coatings, vacuum-sealed spaces filled with inert gas

between the panes, improved framing materials, better weather stripping, and warm edge

spacers, all of which reduce undesirable heat gain

and loss.

Energy Savings. ENERGY STAR qualified windows and skylights feature advanced

•

windows, ENERGY STAR qualified windows help

keep homes warmer in the winter and cooler in

the summer. This is because they can block

70 percent or more of the solar heat gain in the

summer and reflect radiant heat indoors during

winter.

Improved Comfort. Compared to less efficient

•

furniture, flooring, and window treatments can

fade or discolor after repeated exposure to direct

sunlight. An ENERGY STAR qualified window

with special (Low-E) coatings can reduce fading.

These coatings can reduce fading by up to 75 percent.

Protection of Your Home's Interior. Photographs,

•

condense (or even freeze) on the interior surface and then pool on the sill. Over time,

chronic condensation can damage window sills, cause paint to crack, and encourage the

growth of mold. Advanced frames, glass coatings, spacers, and other technologies enable

ENERGY STAR qualified windows to keep the inner surface of the glass and frame warmer,

reducing the potential for condensation and ensuring a clearer view on winter mornings.

Reduced Condensation. If an inefficient window or window frame gets too cold, water can

Multiple panes

Low-E coating

Gas fill

Warm edge spacers

Improved

frame materials

Sample ENERGY STAR Label for Products

Qualified in All Climate Zones

LOOK FOR THE ENERGY STAR

To find energy-efficient windows and skylights,

simply look for the ENERGY STAR. The ENERGY

STAR guidelines for windows and skylights are

tailored to four climate zones. For example,

windows in the North are optimized to reduce

heat loss in the winter, while windows in the

South are optimized to reduce heat gain during

the summer. This explains why windows that are

energy efficient in Florida will not necessarily be

energy efficient in Michigan.

INDEPENDENT TESTING FOR ENERGY PERFORMANCE

The energy performance of all ENERGY STAR qualified windows and skylights is independently

tested and certified according to procedures established by the National Fenestration Rating

Council (NFRC). NFRC is a third party, non-profit organization that sponsors certified rating and

labeling programs to help consumers compare the energy and performance features of windows

and skylights.

A BETTER FUTURE

ENERGY STAR is a voluntary partnership between the government and more than 9,000

organizations, including more than 3,500 of the nation’s home builders. Together with home

buyers and their families, we are working to achieve a common goal—protecting the

environment for future generations by changing to more energy-efficient practices and

products today.

ENERGY STAR is the government-backed symbol for energy efficiency. It identifies new

homes, buildings, and more than 50 types of products that are energy efficient and offer the

features, quality, and performance that today’s consumers expect. Products that can earn the

ENERGY STAR include windows, heating and cooling equipment, lighting, and appliances. To

learn more about ENERGY STAR, visit

www.energystar.gov.

Decor Blog: Colors!

As we all know, color choices play an important role in our daily lives from the clothes we wear to the cars we drive. According to studies, our choice of one color over another color may have something to do with the way color makes us feel.

For this reason, color choices in our homes have a large impact on the comfort level. If you want your home to "feel" a certain way or bring out a person's mood, that can be done with color. Color can make a person feel relaxed, make a person happy, and even increase one's appetite.

For example, if you want your living room to make your family and guests feel peaceful, calm and relaxed, you might consider using blue. Blue brings out feelings of calm, peacefulness and stability. Blue is often used on websites and in business because it also represents reliability and loyalty. Green is also a good soothing, calming color. It represents nature, good health and cleanliness. 

More color posts to come…check back tomorrow!  Hmmm…wonder what the rest of the rainbow will bring?

Design Bog: 12 Virtues of a Smaller Manufactured Home

For the last 30 years or so, our homes have been growing.  The square footage in the average home today is TWICE what is was during our parent’s grade school years and up until recently, this trend didn’t seem stoppable.

Then the bubble burst and we found out that we really didn’t need a 4,500 square foot home with amenities galore.  The McMansion could be going the way of the mastodon as home buyers discover the joys of less maintenance, less cost and more family togetherness. 

If  you are considering building a new home and going smaller, there are some distinct advantages.  A smaller home might just be the home of your dreams. 

      In the next few days we will be exploring the 12 virtues of small home ownership.

1. Effective Insulation in a Modular/Manurfactured Energy Star Home

Properly installed and inspected insulation in floors, walls and attics, ensures even temperatures throughout the house, reduced energy use and increases comfort