Chip Plumley\’s Blog

By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.

Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.

Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.

Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage?

Still not sure how much you can afford? You can use the same formulas that most lenders use, or try another of these traditional methods for estimating the amount of mortgage you can afford.

1. The general rule of mortgage affordability

As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.

To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.
2. Factor in your downpayment

How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home™s cost, you may not have to get private mortgage insurance, which costs hundreds each month. That leaves more money for your mortgage payment.

The lower your downpayment, the higher the loan amount you™ll need to qualify for and the higher your monthly mortgage payment.
3. Consider your overall debt
Lenders generally follow the 28/41 rule. Your monthly mortgage payments covering your home loan principal, interest, taxes, and insurance shouldn™t total more than 28% of your gross annual income. Your overall monthly payments for your mortgage plus all your other bills, like car loans, utilities, and credit cards, shouldn™t exceed 41% of your gross annual income.

Here™s how that works. If your gross annual income is $100,000, multiply by 28% and then divide by 12 months to arrive at a monthly mortgage payment of $2,333 or less. Next, check the total of all your monthly bills including your potential mortgage and make sure they don™t top 41%, or $3,416 in our example.

4. Use your rent as a mortgage guide
The tax benefits of homeownership generally allow you to afford a mortgage payment-including taxes and insurance-of about one-third more than your current rent payment without changing your lifestyle. So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment.

Here™s an example. If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.

However, if you™re struggling to keep up with your rent, consider what amount would be comfortable and use that for the calcuation instead.

Also consider whether or not you™ll itemize your deductions. If you take the standard deduction, you can™t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a œwhat if tax return, can help you see your tax situation more clearly.

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

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Chip Plumley

Prudential Fox & Roach REALTORS ^®

There is no question that in many parts of the country, houses are currently on the market longer. As a seller, this slow-down means there is more competition for a limited pool of potential buyers. Consider the following five tips to place your home on the fast track to sale:
Price It Right
The first 30 days are the most critical. If your home is priced too high, interested buyers may never even tour your listing. The longer the property is on the market, the fewer the prospects.
Deciding the value of a home isn’t an exact science. Yet, there is data to help you determine a fair asking price that is right on target. You may want to hire a real estate appraiser for an objective, unbiased estimate. Then consult with a real estate professional who can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. From your analysis, you may want to price your home conservatively to give it a competitive edge.

Make Your Home Irresistible
Unless they are looking for a fixer-upper, most homesellers are more likely to make a bid on a home that they can enjoy immediately. Therefore, you need to create an environment the buyer can’t resist. In other words, do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself.
Evaluate the home from a buyer’s point of view. An experienced real estate professional will be able to offer an objective view and will also know what buyers are asking for. Get your home in tip-top shape by making repairs and cosmetic improvements, and removing clutter. This may mean investing in a few upgrades to modernize your home’s look such as installing newer carpet and light fixtures and painting the walls a neutral shade.

Create Traffic
If you want buyers to see your home, you must first find the buyers. Work with your real estate professional to design a marketing plan that is flexible and capitalizes on your property’s most desirable features. Your strategy should include ways to reach buyers online and offline – such as word of mouth, the Internet, yard signs, direct mail, open houses and so on.

Go with a Professional
Selling a home is more than just putting a sign in your yard and having a listing on the Internet. And in a competitive market, you don’t really want to take the chance of making novice mistakes that can slow the selling of your home. By hiring a real estate professional, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community. A real estate professional can offer worthy advice on pricing and staging your home based on their vast experience.
Plus, there’s the added value of the peer-to-peer networking among real estate professionals, which can bring buyers and sellers together – sometimes even before the property goes on the market.

Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. Or, pay for a professional home inspection or a home warranty – and, depending on your market and budget, offer to pay some of the closing costs.

Don’t be discouraged if there are competing homes for sale in your neighborhood. With just a few smart moves, you can turn a buyers’ market in your favor.

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

ChipPlumley.com

Chip Plumley

Prudential Fox & Roach REALTORS ®

With more and more people concerned about the environment, building and decorating green has never been more popular. One of the easiest ways for homeowners to limit their environmental impact is to consider replacing the lighting inside their home.

Incandescent bulbs waste energy and burn out quickly, and when the more energy-efficient fluorescent bulbs outlive their usefulness, they pollute the earth with the toxic mercury they contain. A new lighting revolution is giving homeowners an innovative option.

The LED Difference

Light Emitting Diode (LED) technology provides homes with beautiful illumination while reducing the negative environmental impact of traditional bulbs. Here’s why it is fast becoming the leading eco-friendly choice:
 

* LED lights are long lasting: 20 Years.

LED provides uncompromising light that will last 20 times longer than a traditional incandescent bulb and 5 times longer than a compact fluorescent bulb (CFL). You may never have to change your bulb again because each light is estimated to last 50,000 hours.
  * LED lights use less energy: 85 percent less.

Incandescent and fluorescent bulbs consume substantially more energy than LED’s. You can easily observe this based on the amount of heat they give off. LED options generate almost no heat and consume a whopping 85 percent less energy than incandescents and 50 percent less than flourescents. For example, 8 LED retrofit recessed replacement bulbs consume only 96 Watts and provide enough light for an entire room.
If every U.S. homeowner replaced one incandescent bulb with an LED, it would have the same effect as having 4 million fewer cars on the road.
 

* LED lights produce less waste: No hazardous toxins in your home.

Because the LED lights last so long, there is less waste going into landfills. Unlike compact fluorescent bulbs, these lights do not contain dangerous mercury. You won’t have to worry about disposing of the bulbs properly or having toxins within your home.
 

What are the best LED options for retrofit recessed can lighting?
Because the technology is still new and options vary widely, no industry standards currently exist. Replacement bulbs are cost efficient even with a price point of $129 each.
 

Adding LEDs to Your Home.
Homeowners are using LED lights anywhere they have 6-inch recessed cans installed. LED retrofit replacements are easy to install and can be screwed into existing recessed lighting fixtures. Some existing fixtures or housings may require minor modification. Although you may want to hire a handy man to help with installation, many homeowners are able to complete the task themselves. An expensive electrician should not be required.

The eco-friendly LED replacement costs vary on different Web sites. This is a small price to pay considering the average cost to replace incandescent bulbs over 20 years is $166 at current prices, plus there’s the added energy savings of $265 or more based on current energy costs.

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity. All information is guaranteed reliable but should be personally verified by you and/or your representative.

Chip Plumley

Prudential Fox & Roach REALTORS ®

You™ve made the decision to sell your home. Even if you™ve sold a house before, this process can be daunting because it is a major financial transaction that involves many steps from selecting a sales professional and marketing the home, to negotiating with buyers and finally receiving funds at the closing. Yet, the home-selling process doesn™t have to be intimidating if you know what to expect. The process can be divided in nine steps.

Step 1: List your property with a real estate professional.
Select someone who is knowledgeable, listens carefully, and with whom you feel comfortable. Interview at least three real estate professionals. Use their listing presentations to compare their preparation and professionalism. Don™t base your selection solely on selling price or commission. It™s probably best to avoid working with someone who promises you the moon”in this case, an unrealistically high price”then has to make price reductions until the property sells. Instead, focus on marketing plans, service and past results.

Step 2: Establish price and time frame.
Determining a fair asking price is crucial in this market. Price the property too high and it could languish on the market. Of course you could always decrease the price later, yet you™ve lost potential buyers. Your real estate professional can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. Supply and demand, craftsmanship, amenities, condition and any special circumstances can also impact price. For instance, a relocation move might necessitate a quick sale.Step 3: Develop and implement a marketing strategy.
To get the most exposure for your home, you should have a marketing plan with clear objectives and an outline of specific resources to be used. Your plan should include a mixture of conventional and online marketing to optimize your reach to potential buyers.

Step 4: Get Your Home in Show Condition.
Remember, you only get one chance to make a first impression. So make sure your home is in tip-top shape inside and out. Eliminate clutter and remove personal items. Refresh the paint, clean the carpets and make minor repairs. Keep the grass trimmed and add color to your landscape. You may also want to consider hiring a professional to stage your home. A home in move-in condition is much more attractive to buyers in a competitive market.

Step 5: An offer is submitted.
Once your home is on the market, a buyer will make an offer through his/her real estate sales professional. The buyer™s sales professional will present the offer to your representative, who will promptly relay it to you and help you evaluate the offer.Step 6: The negotiation process begins and eventually an offer is accepted.
One of the most critical roles played by your real estate professional is in the negotiation phase. Negotiations over the terms of a home-purchase contract can be extremely sensitive. The process of offer and counter-offer may go on until parties arrive at an acceptable contract, which can go very quickly or take days, even weeks.

Step 7: Buyers submit a loan application and home inspections are scheduled. Most often, the loan approval is contingent upon a satisfactory appraisal and various inspections.

Step 8: The loan is approved and the closing process begins.
Once the buyer™s home loan has been approved, preparations begin for the closing. The closing, also referred to as settlement or close of escrow, is the final step toward completing the sales transaction between the buyer and seller. During this process, your sales professional will funnel all the necessary closing documents to the escrow agent. This may include the deed, mortgage, tax receipts, a Certificate of Occupancy and other documents. A final walk-through will also be scheduled. Once the escrow agent receives the paperwork and the funds pertaining to the sale of the property, the escrow is closed.

Step 9: Time to move!

Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage of the process, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity. All information is guaranteed reliable but should be personally verified by you and/or your representative.

Owning A Home Has Its Benefits

Chip Plumley

Prudential Fox & Roach REALTORS ®

Opportunity is knocking for those considering homeownership for the first time. Historically low interest rates, lower home prices in most markets and the first-time homebuyer tax credit “ part of the American Recovery and Reinvestment Act of 2009 “ brought first-timers to the market in droves during the first half of the year.

In fact, these consumers represented about half of home sales logged during much of 2009™s first two quarters, according to the National Association of REALTORS ®, a significant increase from historic levels. And the favorable conditions that prompted many of these buyers are likely to continue. Even the first-time homebuyer tax credit “ set to expire now on April 30th, 2010 “ got a second wind as legislation passed in both houses to extend it into the new year and expand it to help repeat buyers.

Today™s opportunities aside, here are eight time-honored reasons why those considering homeownership for the first time should make their move.

1. Pride of Ownership
Owning your own home adds to your own sense of self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old.

2. Security of Tenancy
With homeownership comes stability. When renting, you never know when you may have to move because of new ownership, rent increases or other changes. As a homeowner, you decide when and if you want to move.

3. Privacy
While there are usually some limits on the access landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. For many renters, this lack of privacy is a significant discomfort. Homeowners on the other hand generally have much stronger property rights and experience an increase in perceived and actual privacy.

4. Decorating
Homeowners are free to decorate, remodel and accessorize a home any way they want. Not only do you have the right to make improvements, but the value of those improvements becomes yours as well. Having your living space and exteriors just the way you want them can significantly increase your satisfaction with your living environment.

5. Financial Predictability
When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes. Financial planning and credit are more easily managed with a fixed-rate mortgage compared to renting.

6. Building Equity
When you own your own home, you pay rent to yourself instead of a landlord. Most homeowners pay for their purchase by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Over time, that asset can work for you in many ways, such as home equity lines of credit. And of course, a home is a wonderful asset to pass along in an estate.

7. Investment Appreciation
There are certainly no guarantees of property value appreciation. In the long-term, however, real estate valuations almost always increase. This means that when you decide to sell your home, its value may be significantly higher than when you purchased it. The difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may wish to downsize and keep the value of that appreciation for retirement or other purposes.

8. Tax Benefits
In the United States, the cost of home mortgage interest and property taxes are usually tax-deductible. Depending on your circumstances, thousands of dollars in taxes can be saved each year. These tax savings are not limited to federal taxes either. Many states and localities either base their tax system on the federal system or offer similar incentives to homeownership. Some additional benefits are designed specifically for first-time homebuyers. See your tax advisor for additional information.

If you still have doubts, contact a real estate professional in your community. He or she can answer questions you may have about homeownership and explain the buying process to you.

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Chip Plumley  Prudential Fox & Roach REALTORS ^®

Eco-friendly. Carbon footprint. Global warming. Energy-efficient. These catch phrases have become part of our lexicon as we’ve become more aware of our impact on the environment and our role in protecting it. As a homeowner, there are some simple, inexpensive steps you can take to make your home energy-efficient. Get started on the road to being “green” with these five tips:

Change Your Light Bulbs

By replacing just five incandescent light bulbs with compact fluorescent (CFL) bulbs, you can save $100 per year on electric bills while using up to 75 percent less energy and removing greenhouse gases from the environment.

Buy ENERGY STAR ® Appliances

ENERGY STAR-qualified appliances, such as refrigerators, washers and air conditioners, meet a higher level of energy efficiency set by the Environmental Protection Agency and U.S. Department of Energy than standard models. According to ENERGY STAR, if just one in 10 homes used ENERGY STAR-qualified appliances, the impact could be compared to planting 1.7 million new acres of trees. And, switching to these appliances is not only good for the environment, but easy on your pocketbook. Although these appliances may costs more, you can reduce your energy bill by $80 per year.

Seal Up

Cracks and air leaks represent cash seeping from your doors and windows. Get rid of air leaks in doors, windows and other areas by caulking gaps and cracks. This will help decrease your heating and air conditioning bill. But make sure you use silicone sealants. Acrylic caulk tends to shrink, while silicone sealants are waterproof and won’t shrink or crack, creating less waste.

Use Less Water

Did you know that roughly 60 percent of a home’s water consumption takes place in the bathroom, according to the California Urban Water Conservation Council? The largest culprit is the toilet, which accounts for 27 percent of your household supply every year. By installing low-flow toilets, showerheads and faucets, you can save thousands of gallons of water each year. In addition, replace leaky fixtures. That slow-dripping faucet can waste as much as 2,400 gallons of water per year.

Adjust the Thermostat

When adjusting your home’s thermostat, the rule of thumb should be: turn up the dial in the summer and down in the winter. Lowering the temperature by just one degree will reduce your electrical costs. And if you use a programmable thermostat, you can program your air-conditioning and heating systems to reduce output while no one is at home or at night while you sleep. Ceiling fans are also helpful in circulating the air to keep the room cool in the summer and warm in the winter.

Going green doesn’t have to be overwhelming or costly. By making just a few small changes within your home, you can help decrease energy consumption and help make the world a “greener” place.

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

ChipPlumley.com

Landscaping evokes visions of dollars and debt, but it doesn’t have to leave you pining away for a nicer yard. With just a little bit of cash and good weekend or two of hard work, you can transform your outdoor spaces. Rethink what it takes to make your yard more hospitable, because it really doesn’t take as much as you think.

You’ll make the most impact in your yard by simply cleaning up what’s already there. This will take some time, but doesn’t have to be expensive. Rake up stray twigs and leaves, put all the rocks back in their place, and trim the bushes and trees. With the excess growth out of the way, you can take a fresh look at your yard and decide what to do from there.

Use “people-powered” tools

What are the costs of yard clean-up? It doesn’t have to be that bad. Rather than buying the power leaf blower, hedge trimmer and weed whacker, invest in a good set of manual tools that can cost much less. They just require a little work — consider it your weekend workout. A good pair of hand trimmers can make quick work of those overgrown shrubs, and tidy up the borders of your grass. Believe it or not, you can still get a hand edger at any hardware store; the first time might take a bit more work, but if you stay on top of it, edging can be a simple bi-weekly touch-up.
The best part about using people-powered tools is the impact on the environment, or lack of impact. Even electric leaf blowers have their carbon footprint because so much electricity is still supplied by power plants that aren’t as green as they can be.

Plant inexpensive annuals

By now, most garden centers have a great supply of impatiens, marigolds and begonias. While some varieties can be pricey, like New Guinea Impatiens, select the hardier “base model” impatiens instead. Keep it simple to make a positive impact on your budget.

Not sure what flowers to choose? Take a look at your yard. Where will you put the flowers? Next, take a day to check out how much sun that spot gets. If it’s sunny all day long, stick with the marigolds. If it’s shady all day, the impatiens are your best bet. Somewhere in the middle? Begonias.

When planted in the right areas – meaning getting the right amount of sunlight – these plants don’t require large amounts of water to stay healthy. However, there are some perennials that require even less water — check out daisies, day lilies and peonies.

Planting a flower bed doesn’t have to be hard, either. Once you figure out where you want the flowers to go, you know you have to get out the shovel and remove the grass that’s already there. Shake out any excess dirt from the clumps of grass, and put the grass in a yard waste bag. Loosen up the soil, then smooth it back out with a plain old garden rake. It should be loose enough so that you can use a hand trowel (a tiny shovel) to make holes for the plants. After taking the individual plants out of the temporary containers, pull a little at the roots to loosen them up. By “tickling the roots,” you encourage them to spread out after planting. Plop them in the hole and backfill the hole with dirt. Water well, and you’re done.

Use “natural stuff” to feed your yard

Composting isn’t hard at all and it takes very little cash. Some people designate an area by simply calling it their compost pile. Gather leaves and other dead organic matter from your yard in one pile. Add some kitchen scraps, like fruit and vegetable peels (never meat or dairy), mix it all up and let it bake. After a few weeks, mix it up again. You can use a shovel, a garden rake, or spring for a pitch fork for this job. Keep a casual eye as you turn it every few weeks. Soon you’ll see moist, dark soil emerging. Once you have a good mound of compost, add it to your flower beds in a thick layer. You can even get that garden rake out again and mix the compost in with the soil already in the flower bed. The compost will provide beneficial nutrients to the plants, and you avoid chemical fertilizers.

Here’s your list of tools so far:

* Shovel

* Pruners

* Hand loppers

* Hand trimmer

* Garden rake

* Yard rake

* Pitchfork, if you feel like splurging

Check out your yard. By now you’ve purchased some gardening tools that you’ll use for years to come. You’ve purchased some annuals and maybe some perennials. So far, you haven’t spent more than a couple hundred bucks. You got some exercise, and reduced carbon emissions by not using power tools. Next, take a look at your finances and see if you have the cash to do more. From here, you’re adding things to your yard that make you happy, and improve the look of your yard and add value to your home.
 

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Although this list is merely a guide, it can help you keep your home in good shape and have a winter free of major repairs.

Whenever a natural disaster is broadcast on the newswhether a tropical storm hitting a state along the Atlantic Ocean, wildfires in the West orit serves as a reminder how hazardous water, wind, fire and earth movement can be to your home, perhaps your most cherished and largest investment. But, there are immediate actions you can take to protect your property and prevent major damage should one of these elements strike in the future. Depending on the age of your home and the building codes in your area, some of these improvements may already be in place.
Water
Apart from major flooding, most damage occurs when water seeps in through cracks and leaks. Make sure that windows and doors are well sealed. Seal any cracks and holes in the foundation and exterior walls. Repair or replace roof shingles around any area that allows water to penetrate the roof sheathing. Check for holes or air leaks in the attic and basement. Your basement windows and doors should have built-up barriers or flood shields.  
Inspect your sump pump regularly to make sure that it is working properly. Install or make sure that the flashing, a thin metal strip, around the doors, windows, thresholds, chimney and roof are in tact.
Wind
Minimize the damage by keeping the wind from getting inside your home. Windows and glass doors should be fitted with impact-resistant laminated glass or covered with impact-resistant shutters. Consider solid wood or hollow metal doors, which are more likely to resist wind pressure and flying debris. There are also roofing products with high wind resistance available.
Wildfire
Some inexpensive home improvements that you can make include installing a spark arrestor on your chimney, eliminating brush and debris from around your property, and modifying your attic, sub-floor and basement vents. More expensive improvements include replacing single-pane glass windows, doors or skylights with tempered glass, recovering your exterior walls with a more fire-resistant material, and re-roofing your home with a Class A roof covering.
Earthquake
California isn’t the only earthquake zone. Other zones include the New Madrid region, west and just east of the Rockies, the southern Appalachians, New England and Alaska. Steps you can take to protect your property and possessions include anchoring appliances, water heater, dressers, and other heavy items to the wall. Attach your TV, computer and other small appliances to desks, tables or countertops.   Secure ceiling lights, chandeliers and other hanging items to the permanent structure of your home. Apply safety film to windows and glass doors. It is also a good idea to install a main gas shut-off device.
Insurance
Of course, there may be times, when no amount of prepping can protect your home. However, homeowners insurance can help protect you financially in case something happens to your property or its contents.   Most standard homeowners insurance policies include structural coverage and personal property coverage.   Depending on your location, you may also need additional coverage against earthquake, hurricane and fire.
Be aware that flood damage is not covered under the traditional homeowners insurance policy.   Flood insurance needs to be purchased separately through the National Flood Insurance Program (NFIP), a federal program. It is available to nearly 20,000 communities across the U.S. and its territories that participate in the NFIP. Flooding can be caused by heavy rains, melting snow, inadequate drainage systems, failed protective devices such as levees and dams, as well as by tropical storms and hurricanes. So, although you may be in a low to moderate risk area, you may still want to consider this coverage.
Periodically review your homeowner’s insurance policy to make sure that you are adequately covered to rebuild your home and replace your contents.
If there is ever damage to your personal property, having a home inventory can make it easier when filing an insurance claim. Start with a sheet a paper for each room in the house. Go around the room and list every item. Dont forget the attic, basement or other storage places. For each item, write the original cost, purchase date, replacement cost, model number, brand name, where purchased, and a general description. In addition, take photos or video of each room for visual documentation. It is also a good idea to arrange valuable collections, silver, jewelry, etc. and take close up photos.   Make sure you update your home inventory photos and list at least once a year.
When weather-related disasters strike, what’s most important is your safety and that of your family.   However, by taking precautions to protect your home, you can possibly help keep damage to a minimum; or in the case of severe damage, make sure that you have the financial means to rebuild.

For more information go to www.disastersafety.org or www.fema.gov.

Chip Plumley

Prudential Fox & Roach REALTORS ^®

If lack of space for your belongings is an issue for you, off-site storage may be the right solution. You don’t have to be a pack rat to find yourself needing extra space. You could be renovating a room and need somewhere to house the contents. Perhaps you need to move into smaller quarters temporarily while you’re waiting to move into a new home. Or you may need to create a spacious look for your home while it is on the market.

Renting storage space is a pretty simple process, especially when you plan ahead. Here are helpful tips for choosing a facility and protecting your property:

Shop around to find the facility that best meets your needs such as storage size, price, accessibility and security.

When shopping for a storage facility, you will need to know what size unit is required to hold your possessions. Typically you can choose a space from as small as 5′x5′, which is the size of a small closet and holds between 10-15 boxes, to 10′ x 25′, which is about the size of a single-car garage. The facility’s representative can help decide what is the best size for you.

You also want to make sure that your items will be secure. Ask questions such as: Is there a guard on duty? Video surveillance? Alarms? Do you need to provide your own lock? Is the area well lit?

In addition, don’t assume that the facility, or your homeowner’s or renters insurance, covers your belongings in case of theft or damage. Most storage centers assume no responsibility for your items, so talk with your insurance provider.

You also want to have reasonable access to your belongings. Find out the facility’s hours of operation and the name of a contact person.

Before signing any agreement, inspect the facility and your storage unit for cleanliness and signs of proper maintenance. Is the area well protected from rain, snow or humidity?

Make certain that you understand the rental agreement and get a copy of the contract. Are you renting on a month-to-month or a six-month basis? Is there a deposit? Does termination of the agreement need to be in writing? How much advance notice do you have to give?

Before moving your possessions to the storage unit, take actions to protect them from damage or theft. While packing, label boxes on each side by numbers rather than content. Make a master inventory list so that you know what is in each box, as well as furniture and other unpacked items. Don’t use newspaper as packing paper because it may smudge off on your items.

Prepare your unit by placing plastic on the floor. If you will be moving in large furniture, lay down blankets or sheets as well. Then store your most valuable possession first, toward the back. Store frequently used items at the front. Make sure that you leave a walkway so you can access your belongings. In addition, leave a small space between the objects and the storage unit’s walls.

No matter what the reason, using an off-site storage unit is a good solution for your short-term space challenge. Just make sure that you understand the terms of your agreement and that your belongings are secure.

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.  

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