Some Common Myths About Our Credit

If you are considering purchasing a Vancouver Home or a piece of  Portland Real Estate, be sure you are well informed today about how credit ratings work and are more aware of our own credit rates.

• If we have a lot of cash in the bank and a great income, a great job, we will always qualify for a home loan. No matter how much cash you have, or how much money you make, if you want a mortgage loan, you must meet the lender’s FICO score guidelines, and those guidelines are getting tougher and tougher.
• If we have no late pays and basically no debt that we will not have a problems getting credit. False! Financial responsibility and good credit are two different things completely. Having no credit accounts or debts doesn’t give you good credit, it gives you NO credit.
• Another misconception: By checking your own credit score before filling out an application at the bank, because you can make sure you have no negative surprises. The fact is that the bank or mortgage loan originator must run their own independent of your credit report and it might very well have a different score and other line items that the one you ran on yourself. Another myth: If you have had a foreclosure or a short sale on your record, you will not be able to get any credit for at least 7 years. This depends on your particular circumstances.In some cases your credit score can be rehabilitated enough to secure certain credit.
• Having a short sale show up on your credit report will have less impact than having a foreclosure show up on it. The fact is: Short sales and foreclosures have the same impact on your credit score, according to the credit reporting agencies. There are exceptions and your own particular circumstances can determine which way the agencies will rate you.

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Use Caution When Removing Leaded Paint

Experts are warning again about the dangers of removing leaded paint products in your home. If your home was constructed prior to 1978, there is a 75% chance that there is leaded paint somewhere on the walls. Take heed, as this would be true of many of our homes in the older Portland Homes for sale. Leaded paint is not harmless until you go to remove it. Take all precautions when sanding or removing the paint. 

Check with your city’s building department regarding any regulations regarding the removal and disposal of leaded paint chips and air dust.

Faced with strict local removal and disposal regulations, many painters prefer to leave lead removal to licensed subcontractors. “Abatement is more than just having the equipment and sucking up the dust,” says Portland, Ore., painting contractor Kathleen George. “You need to understand and follow all the rules. I prefer calling in a pro so that I can focus on painting.”

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Time To Upgrade That Old Fireplace

According to the National Association of Home Builders, fireplaces rank among the top three features desired by new homebuyers, but unfortunately, traditional fireplaces can send up to 8 percent of valuable furnace-heated air out through the chimney, making them really fun to look at but inefficient as heating sources. You can transform your firebox in your Portland Home into an efficient room heater by adding an insert, installed by a factory-trained professional (to ensure proper venting and best efficiency results), will draft-proof an open fireplace while the unit’s shell keeps heat in the room.

Check out the possible tax credit and the savings on your monthly heating bill and it might be time to look into installing a new fireplace insert.

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Return on Home Improvement Investments

When we are getting ready to sell our Portland home, or even if we are just wanting to update our homes we need to know which improvement has the best return in value. Obviously some updates will bring in a better return in value than others. First and foremost is kitchen remodels which is always 100%. Doing high end kitchen remodeling is not always the best way to go either. Mid range or minor remodels of kitchens most often brings in best return in value according to Remodeling Magazine. Most potential buyers don’t care if the new refrigerator is a built in Sub Zero type or something less. The same is true with having the 8 burner stoves, under-mount sink or travertine floors. Granite counters are not necessary. Simple laminates, newer faucets and sparkling sinks sell. Buyers don’t want leaky faucets or stained sinks. With regards to the cabinets; resurfacing is the best option and replacing the doors and/or hardware is the best way to go.

The national average of recouped cost is more than 100% for bathrooms. New floors, fixtures and lights payoff. Buyers will shy away from buying a home if the roof needs to be replaced. Some other suggestions: Patch cement cracks in the sidewalks, resurface asphalt driveways, plant some flowers, caulk the windows and doors, replace doorknobs and locks, repair and paint broken fences. Overall, buyers want to buy a home that has no deferred maintenance, newer appliances, updated plumbing, electrical and heating (including a/c), modern conveniences and is ready to occupy.

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Portland Homes: Tree Maintenance

We all spend much time checking the overall condition of our  Portland homes, garages, patios and just about everything around our property to be sure everything remains in good shape. Now with winter almost upon us, how many of us have really checked out the condition of the large trees in our yards? We check our roofs and gutters, the siding and the windows, doors and driveway but we also should check the condition of the trees and their limbs. Many accidents happen in the winter when heavy rains and snow begins falling putting extra weight on the limbs and branches causing them to break under the stress. Even the main trunk should be checked regularly for problems that might cause the tree to fall over easily, even though it may look sturdy enough. Pests and disease can eat away at a large tree and weaken it over time.  If you are not familiar with the different diseases and pests that can harm a live tree, seek some professional advise and you might save yourself many problems later on when the tree finally gives way to heavy winds and rain, or snow.

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