Departments

Landscaping Can Provide Big Return on Investment
According to a Clemson University study, landscaping around your home can provide 100 percent or more return on investment. The Clemson study reports that the initial cost for landscaping is about 10 percent of the home’s value, while a quality landscaped yard will provide a 13 percent to 17 percent increase in resale value. However, a homeowner’s ability to ensure this kind of return on investment depends heavily on selecting the right landscape contractor and using quality materials like interlocking concrete pavements or segmental retaining walls. Homeowners should consider several factors when selecting their landscape contractor. The following are tips you can follow to make sure you’re hiring a competent and professional landscaper: •Determine the scope of the project. Work closely with the contractor to ensure your vision is understood and implemented. You can also ask the contractor to design landscaping. Many landscape contractors have in-house landscape design services. •Make sure your contractor is properly licensed, bonded and insured for the work proposed. The landscape contractor should also have proper insurance for both liability and worker’s compensation and should provide proof upon request. •Research your landscape contractor. Follow up on all references provided. Make sure the contractor has sufficient experience on projects of similar size and scope. Make sure the contractor has experience with the products being installed. Ask if the contractor has been certified or trained by the product supplier and if the contractor has achieved recognition from a local or national trade association for demonstrating professionalism and quality. •Seek guarantees from the landscape contractor. Many landscape contractors or nurseries will guarantee plant materials for periods up to one year and will guarantee hardscape installations, like interlocking concrete pavements and segmental retaining walls, for periods up to or exceeding one year. It is also important to find out what is covered under the guarantee. For instance, it may not cover poor performance resulting from misuse or lack of basic maintenance. Taking these few simple steps ensures that time in your new landscaped yard is spent relaxing and not worrying about your investment. (NUI)

Note to Renters:
Waiting To Buy Can Cost You
For nearly two years, 45-year-low interest rates have fueled home sales to record proportions. Now, with financial experts in agreement that those rates will continue to rise, the window of opportunity may be closing for the estimated 38 million renters across the U.S.-most of whom hope to become homeowners in the near future. In fact, waiting to buy a home could cost you more in the long run.
Buy or Wait?
       Rising home prices and interest rates are only part of the equation. By purchasing a home now, renters can begin building home equity and personal net worth sooner. In a market where home prices are consistently edging upward, a home purchased for $200,000 two years ago could easily be worth $20,000 more today. That extra money is equity in the homeowner’s pocket. Nationwide, home values increased by 23 percent on average since 2000. In some parts of the country, homes have increased by as much as 65 percent or more in the same span of time.
Renter Misconceptions
       Many renters or first-time buyers don’t realize that purchasing a home is easier today than ever before. It’s one reason the national home ownership rate was 62.9 percent for the second quarter of 2004, representing 73.4 million home-owners in the country-an all-time record.
       There are a number of perceived barriers sidelining or stalling renters from jumping into the market. Top “fear factors” according to a Bank of America-commissioned survey are:
       Fear of making a costly mistake-Consumers need to be diligent about consulting only with established, reputable lenders. Seek out a lender who is more concerned with your personal financial situation than earning a commission. Also, do your own homework to ensure that you know what competitive mortgage rates are. Use published rates to help guide you, but be mindful that customer service and attention to your specific needs are also key criteria to consider.
       Intimidation of the paperwork and the process-40 percent of renters believe they either don’t have enough money saved or they may not qualify for a mortgage, yet more programs exist today than ever before to limit the amount of down payment needed to become a homeowner-and limit the necessary paperwork.
       Not knowing where to start-Approximately 75 percent of homebuyers begin by doing online research. Also, first-time homebuyers may find it helpful to start the process with a visit to their bank or a mortgage lender recommended by a friend or relative. They can help you determine how much house you can afford and what your payments would be.
       Despite these misconceptions, the survey also found that 57 percent of renters intending to purchase a home are in fact accelerating their plans in light of the rise in interest rates-and they are smart to do so. For every one percent rise in interest rates, one million renters or first-time homebuyers no longer qualify for a mortgage. Why? Because interest rates factor into affordability. For example, a 1/2-percent increase in interest adds nearly $50 to the monthly payment on a 30-year mortgage.
       In a rising interest rate environment, millions of renters can still take advantage of an opportunistic market, a positive economic outlook and programs that make buying a home an attractive proposition. If you are one of the millions of renters intent on becoming a homeowner, you owe it to yourself to explore owning sooner rather than later.