Jeffrey Harrington's Blog
What produces carbon monoxide?Carbon monoxide, or CO, is produced by burning fuels. Common items that emit CO gas, according to the Center for Disease Control and Prevention, include:
- motor vehicles
- small engines
- gas ranges
Why is CO so dangerous?Carbon monoxide, when inhaled, replaces the oxygen in our blood. If too much CO builds up in a closed room it can cause serious health problems or even death. Common symptoms from CO poisoning include:
- fast breathing or heart rate
Who is at Risk?Everyone can be exposed to carbon monoxide, but some are at greater risk than others. According to Mayo Clinic, the most at-risk people for CO poisoning include:
- Unborn babies - fetal blood cells absorb CO faster than regular blood cells, therefore unborn babies experience oxygen deprivation much more rapidly
- Children - kids take breaths more frequently than adults, making them more susceptible to CO poisoning
- Older adults - older people are more likely to experience brain damage from CO exposure
What preventative steps can you take?The home is full of potential dangers when it comes to CO poisoning. Here are some of the most important steps you can take to reduce risk:
- Buy and maintain CO detectors for your home
- Never use your oven to heat your home
- Never leave a vehicle or small engine running in an enclosed space such as a shed or garage
- Do not use a charcoal grill inside
- Do not use a gas lantern inside a tent for prolonged periods of time
- Don't run a generator in your home or basement
- Have your chimney checked for blockages
- Check the ventilation on your gas appliances
- Fire safety is also carbon monoxide safety - breathing in smoke fumes from a house fire can cause CO poisoning and death
One of the best things that you can add to your home is a solar power system. These can be costly but they save you a lot in the long term on utility costs. While government programs have scaled back for these energy saving improvements over the years, there’s still many benefits to them. You can even get a loan specifically for installing solar power to your home.
Before you take the leap, you’ll want to know for sure if solar will really add value to your home. Of course, you want a return on your investment.
The good news is that there’s no doubt about it that installing solar panels does definitely add value to your home. There’s one caveat to the value: You should own your solar power system as opposed to leasing it through a solar company or a power purchase agreement.
Homes that have solar panels sell for more money simply because they offer a definite return benefit to the future owner.
Does A Leased Solar System Offer The Same Benefits?
Owning your solar system will save you more money in the long run than leasing your system. When you own a solar power system, the FHA requires that the total value of your solar system be added to the total value of your home when you go to sell it. If you lease the panels, this value cannot be added to the home during an assessment.
If you have financed the system, the rules may be a bit more lenient. While you technically don’t own the system, you are paying towards owning the system yourself. Each lender will have their own standards for this, so check with them for specifics, as your home must meet certain standards and eligibility requirements.
Securing A Mortgage With A Leased Solar System
If someone is looking to secure a mortgage with a leased or currently unowned solar energy system, there are a few hurdles that you might face through the process. These problems include:
Solar lease payments must be included in the buyer’s debt-to-income ratio.
The panel owners must have a third-party insurance to cover damage to the property that’s being mortgaged in the event of malfunction or faulty installation of the panels.
Solar Panels Are An Overall Great Investment
It’s really hard to go wrong if you purchase or finance your solar panel system. As long as you own the system, value will be added to your home. You’ll also save on your own utility bills. Your home will undoubtedly become more attractive to buyers if you decide to sell your home in the future.
A mortgage could put you on the hook to a lender for longer than a decade. The last thing that you want to do is to enter a financial relationship with the wrong mortgage lender. Engage the wrong mortgage lender and you might enter a legally binding agreement with a company that is on the brink of financial ruin.
Why you may want to hold off on signing that mortgage
Even if the wrong mortgage lender is solvent and not at risk of steep financial challenges, there could be negative fallout. An inexperienced lender might not perform sufficient due diligence to prevent unscrupulous workers from being hired by their organization.
If they don't, your financial data could be at risk. Other reasons why you may want to hold off on signing that mortgage, especially if doing so legally binds you to the wrong lender include:
- Identity theft - Regardless of who you get your mortgage through, you'll share a lot of personal data with a potential lender. Someone at the wrong lending agency could take your information and make illegal purchases.
- Kickback schemes - The wrong mortgage lender might push you toward specific homeowner's insurance providers, home inspectors or home goods retailers. These lenders might get kickbacks off of sales that you make with these vendors.
- Non-competitive interest rates - Should the lender not have a strong balance sheet, you might get a mortgage with less than stellar interest rates. Over time, this type of deal could force you to pay thousands more over the life of your home loan than what you would pay with a lender who had a stronger balance sheet.
- Illegal contract clauses - An unscrupulous lender might add illegal clauses into your mortgage contract.
Why just getting a house is not enough
You might not have hit the bull's eye even if you found a lender to approve you for a mortgage. In fact, you might have just stepped into a business venture that could force you to pay more for your house within five years.
That may happen if you allowed a mortgage lender to talk you into signing a variable rate mortgage. If you've ever had your student loans balloon after a grace period ended or interest rates climbed, you know the pain of having to deal with an unexpected payment increase.
Misuse of your personal and financial records is another negative that might result from entering a mortgage deal with the wrong lender. At the worst, you could become a participant in a Ponzi scheme. This could happen even if you enter a deal with a relative or friend who works in the housing or financial industry.
Protect yourself by performing the same level of due diligence that a home loan provider performs on you. Check financial performance, mortgage interest rates and the types of mortgages that lenders normally go with. For example, you could find out if a lender generally takes risks with subprime mortgages. Also, and this applies to any deal, trust your gut and avoid putting on blinders simply because you want a certain house right now.
If you recently bought or sold a house and plan to move out of state, now is the time to start planning for moving day. By doing so, you can ensure that you're fully prepared to take all of your belongings to your new address.
Now, let's take a look at three tips to help you prep for an out-of-state move.
1. Create a Moving Calendar and Budget
Determine how much time is available before moving day. Then, you can put together a list of items that you will need to pack, along with various pre-moving day tasks that must be completed. With this plan in place, you'll be better equipped than ever before to seamlessly navigate the moving process.
Also, don't forget to budget for your out-of-state move. If you craft a budget today, you can avoid the risk of overspending on moving boxes and other moving supplies.
2. Don't Wait to Start Packing
Moving day will be here soon enough, and as such, there is no reason to wait to start packing your belongings.
Enlist friends and family members to help you pack – you'll be glad you did. With loved ones at your side, you can get plenty of assistance as you prep your belongings for your out-of-state move.
In addition, you may want to contact a moving company that specializes in out-of-state moves. If you hire a moving company, you can receive comprehensive support throughout the moving cycle.
3. Cancel Various Services
Reach out to your current utilities providers, along with cable, internet and phone services providers. This will allow you to find out exactly what you'll need to do to cancel various services prior to moving day.
Remember to connect with services providers in your new city or town too. If you contact these services providers today, you can guarantee that all of your essential services can be set up as soon as you reach your new address.
Lastly, if you need help getting ready for an out-of-state move, you may want to reach out to a real estate agent. By collaborating with a housing market professional, you may be able to simplify the moving cycle.
A real estate agent is happy to help you buy or sell a house, as well as connect you with the best moving companies in your area. That way, you can receive plenty of assistance as you count down the days to your out-of-state move.
Furthermore, a real estate agent is happy to provide expert insights into the housing market. If you need to find a new house out of state, this housing market professional can help you discover a great residence at a budget-friendly price. Or, if you need to sell your current residence, a real estate agent will help you find the best ways to optimize the value of your house.
When it comes to moving out of state, why should you be forced to leave anything to chance? Instead, use the aforementioned tips, and you can streamline the out-of-state moving process.