Is my Home a Lemon?

Question:  Since we bought our home, we've had an endless stream of maintenance problems. The house is only about five years old, but everything seems to be going wrong. For example, two of the faucets started leaking. Then one of the toilets became clogged. After that, the front door began rubbing against the jamb, making it hard to close.

This is the first home we've ever owned. We hired an inspector before buying it, but none of these problems was disclosed in the report. What can we do, now that we're stuck with this lemon?

Answer:  If the problems on your list were serious or unusual, 98 percent of the homes in America would be lemons. In fact, the symptoms you have noted would tend to make your home as normal as mine. If faucets, doors, dishwashers did not require periodic maintenance, that would be a noteworthy abnormality.

A common misconception among first-time homebuyers is the expectation that homeownership is a turnkey operation, that a well-built house in good condition will tend to remain that way without timely offerings of effort by the owners. Homeownership, in a sense, should be viewed as a part-time hobby, one that requires ongoing participation and weekly contributions of time, money and sweat.

As newly initiated homeowners, it may be time to buy yourselves a set of handyman tools and a book on routine property maintenance. Don't try to tackle any serious issues such as electrical problems or conditions involving gas-burning fixtures. Items of that nature should be delegated to licensed experts. However, simple repairs, such as changing the washer in a leaky faucet, are skills worth learning.

You have embarked upon the lifelong pastime of homeownership. Acquiring the basic skills of common home repairs will increase your pride of ownership, save you worthwhile sums of money, and keep you from over-responding to minor routine defects. It is an ongoing process of learning. Enjoy the journey.

Coldwell Bankers New Dog Commercial. You will Love it!

By now, some of you probably have seen the heartwarming new Coldwell Banker® TV ad, “Old Dog, New Dog,” which debuted in May and is the highest rated real estate ad of 2018, according to AceMetrix. The ad promotes our National Pet Adoption Weekend, set for October 13 and 14.

Since partnering with national adoption network Adopt-A-Pet in 2015, Coldwell Banker’s Homes for Dogs Project has helped place more than 20,000 pets into loving homes.

Our involvement in projects such as Homes for Dogs reflects a commitment to creating lifelong connections and making a difference in the communities we serve. The closing line of the new ad sums it up perfectly: “Because our agents don’t just understand real estate, we understand what home is all about.”

Click here for the absolutely heartwarming video.

Home Ownership Benefits

Homeownership is an aspiration for many, but not everyone is even aware of all the benefits that come from owning your own home. Here are six ways that you can gain from ownership.

1. Equity building: Unlike a rent payment that goes into a landlord’s pocket, a portion of each typical mortgage payment is invested into the property as equity for the owner.
2. Tax benefits: Mortgage interest, property taxes and even some closing costs may be tax deductible depending on the situation*.
3. Fixed payments: Most rent payments inevitably go up, but with a fixed-rate mortgage, the mortgage payments stay the same for the life of the loan.
4. Long-term savings: In most circumstances, buying a home to live in long-term is cheaper than renting, and once the mortgage is paid off, that monthly payment disappears.
5. Greater freedom: When it comes to things like decoration, renovation, pet ownership and other property uses, ownership almost always provides more freedom.
6. Intangible benefits: It can’t be measured, but the pride, stability and sense of community many feel from owning their homes is a definite benefit.