Going Green: Doesn't Have to Be Expensive
Everybody wants to save the planet… and most of us also want to save some money for ourselves. Is it possible to do both at the same time?
In this short (1:39) video, Money Talks correspondent Stacy Johnson shows some ways you can go green AND save money while you're doing it.
Be honest, how many of the ways to save in this video do you overlook each day? We'd love to get your feedback. Just use the comment link below.
Homeowner's Insurance: When NOT to File a Claim
In some cases, filing a claim against your homeowner's insurance is just not worth it. In addition to getting socked with higher premiums, you could find it harder to get coverage later.
The big question is, when should make an insurance claim, and when is best not to?
Unfortunately, there is no cut and dry simple answer to that question, as individual circumstances vary. Things such as; how long have you had your home insured without a claim? How many claims have you had? What (specifically) were the claims for?
Different answers to those questions present a different answer as to whether you are better off filing a claim, or handling the situation yourself and NOT filing the claim.
Insurers increasingly are using a huge industry database, called the Comprehensive Loss Underwriting Exchange, or CLUE, to drop or deny coverage based on a home's history of claims or damage reports. Insurance companies are terrified of rising losses from water and mold damage. So a single report of water-related problems may be enough for insurers to shun your home.
So far, insurers' increased use of the CLUE database has not caused any serious problems those looking to sell.
Think twice about those water-related claims. This is especially true if you plan to sell within a few years. You might be better off paying to repair the problem yourself rather having your home be branded as high risk.
There are more tips for when to file and when not to online, so our advice is, do your homework.
Existing Home Sales and Mortgage Apps Fall Again
The National Association of Realtors reports that total existing home sales - including single-family, townhomes, condominiums and co-ops - decreased 2% in March when compared to the previous month's sales.
Meanwhile, mortgage application volume continues to fall off weekly. Over the past couple of weeks, application volume dropped by over 14% according to the Mortgage Bankers Association.
And although existing home sales and mortgage applications continue to show declines, conflicting sentiment seems to indicate that more people are positive about the overall economy than not. Recent surveys show more American's feel they still can buy a home than those who feel they cannot.
What's your feeling now? We'd love to get your feedback on exactly how you feel (overall) about the current economy. Use the comment link below to give us your opinion.
Homeless: Not the American Dream
The mortgage crisis continues to loom large, and many thousands of people in the U.S. have lost their homes and are now joining the homeless. This special report from the BBC takes a look at how some people, once proud homeowners, are now having to spend their lives. (Video runs 1:33)
Have a comment about this video? Your email will never be published on our site, so go ahead and tell us how you feel about this. Can you imagine yourself having to live like this? It's not beyond the realm of possibility for any of us one day. Your comments are welcomed.
Remodeling Your Home: Five Questions to Ask First
If you're planning to tackle a remodeling project this Spring, make sure you know exactly how big a renovation you can afford and whether it justifies the time you intend to spend in your revamped home.
There are 5 big questions you should ask yourself before you even break out the legal pad and scratch out your plans:
1 - How long do I plan to stay in my house after the renovations? The longer you plan to live there, the more creative you can be. But if you're planning on selling the house in the next five years, keep potential buyers in mind with your choices. In the latter case, for instance, go with neutral colors in the kitchen and bathroom, and consider maple cabinets. Some people hate oak, others hate cherry, but the majority can live with maple.
2 - Am I doing just cosmetic fixes or am I ready for an all-out overhaul? It's OK to make small changes one at a time, but think long-term about the next step. For example, if you're buying a new sink, buy one with enough holes on the deck for the faucet, sprayer and soap dispenser you might want to add on later. And if you know you're going to buy new cabinets later, don't replace the countertop with expensive granite now. The chances of reusing it are very slim — either it breaks when you try to remove it, or it doesn't match the footprint of the new cabinets.
3 - Am I prepared for the home upheaval? Be realistic about how long your project might take. Renovations can go on for months, so you need to be prepared to make do without that bathroom, kitchen or bedroom. When checking references before you hire your contractor, be sure to ask if the company finished the work on time. You'd be surprised how quickly a week can turn into a month. And if you're bunking up with your in-laws during renovation, that month can seem like a year.
4 - Are the renovations keeping with the style of my home? Any big changes you make to a home inside should reflect what future buyers will expect from the outside. If you live in a Victorian house, don't make it too contemporary. People who see a historical exterior will expect a historical interior, so stay true to the details. The same goes for a contemporary or modern home, where future buyers may not expect old-fashioned details like antique crown molding.
5 - Are my Do-It-Yourself choices reasonable? You may consider yourself handy, but many do-it-yourself jobs demand your time more than anything else. If you have a full-time job, are you capable of taking on a second one? Some makeovers that are not technically difficult can take longer than you think. For that reason, if you start any job yourself, try to sample it before committing to the whole thing. For example, while refinishing cabinets with a new stain isn't rocket science, sanding down each one can take forever.
