A key reason to the question “why should I be concerned about maintaining my septic system” is money!
Failing septic systems are expensive to repair or replace, and the most frequent reason is improper maintenance. Regular inspections (at least every 3 years) are cheap in comparison to the cost of replacing an entire system. The tank should be pumped out ever 3 to 5 years, depending on the size of your tank, and how many people are living in your home. A system that is not functioning or has not been properly maintained will lower your property value and could pose a legal liability.

With regular maintenance and care, your system will treat waste properly and you’ll be preventing the spread of bacteria, infection and disease while protecting water resources.
Categories: First Time Buyers, Buying, Environmental, Septic Systems, Bennington VT

Regardless of conditions in the real estate market, first-time buyers will always be a driving force for home sales. As a seller, there are a few steps you can take to make your home (especially an older one) more appealing to this demographic.

First understand that most young consumers have been turned off to carpeting. If you have wood floors beneath your existing carpet, give strong consideration to ripping up your floor covering to polish and expose the hardwood flooring beneath.

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Maintaining your septic system is the most important thing to learn.

A septic tank should be inspected every 3 years and pumped out every 3 to 5 years, or more frequently if your system gets heavy use, or you aren’t . This should be done my a professional.

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Home buyers who are unable to manage a 20 percent down payment should consider traditional private mortgage insurance instead of the piggyback loans that have become popular in the last few years, some financial experts are advising.

Piggyback loans have become popular because they enable borrowers to take out a first mortgage for 80 percent of the home price, eliminating the need for mortgage insurance. Lenders require mortgage insurance on deals where the loan-to-value (LTV) ratio is more than 80 percent.

Now, however, federal tax legislation signed by President Bush makes the insurance premiums fully tax deductible for borrowers who take out a new mortgage-insurance contract in 2007, provided they have $100,000 or less of adjusted gross income. The deduction phases out for borrowers with incomes between $100,000 and $109,000.

Borrowers who are trying to decide between a piggyback loan vs. mortgage insurance should consider mortgage insurance if the rate on the home-equity loan that covers the amount of the down payment is more than 2 percentage points above the rate on the primary mortgage, says Keith Gumbinger, a mortgage analyst with HSH Associates. But he advises borrowers to get help comparing the numbers before they make a decision.

Source: The Wall Street Journal, Ruth Simon (12/20/2006)

Categories: Buying, Bennington VT, First Time Buyers

You might assume that the fewer credit cards you have, the higher your credit score could be. Because of that assumption, some buyers preparing to apply for a home loan mistakenly cancel one or more credit cards. Why would this be a bad idea?

It has to do with the ratio of your debt to your available credit. Here’s a simple example: Let’s say that you have four credit cards, each with a $10,000 limit, giving you $40,000 available credit. If you have a total of $20,000 charged to those accounts, you are using 50% of your limit.

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Understanding how your system works is critical to being able to maintain it.

A typical septic system has four components, including a pipe that carries the waste from the house, a septic tank, a drainfield and the soil surrounding the entire system. Microbes in the soil digest and remove most of the contaminants from the wastewater before it eventually reaches the groundwater.

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How often do you buy light bulbs?  Want to do it less often, and save money in the process?

Bennington has kicked off the Compact Fluorescent Light (CFL) Campaign by offering CFLs at two area locations for $.99 each.  Aubuchon Hardware at 120 Depot Street  and H. Greenberg & Sons located at 321 Main Street have partnered with Efficiency Vermont to offer these energy (and money) saving light bulbs.

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Baby boomers priced out of Nantucket or the Hamptons are increasingly buying homes on Vermont’s Lake Champlain, near the artsy city of Burlington.

This influx of affluent buyers is reviving a housing market that previously was flat, thanks to the number of young Vermonters who move out to seek jobs in bigger cities.

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I recently read that the Shaftsbury Cub Scout Troop 330 is already planning a Valentine’s Day event. The troop is going to be assembling care packages for military personnel stationed overseas. Their plan is to have the packages arrive in mid-February. They’ve obviously put some thought into the date, with the idea being that lots of organizations send packages for the December holidays, and I think by the time February rolls around, those packages are long gone, and these Valentine’s packages will be a welcome sight to the recipients.

Susan Atland, who is one of the chairwomen of the event was quoted in the Bennington Banner saying, “We’re looking for plain white shirts, socks, playing cards, non perishable snacks, phone cards, shaving cream, razors, chewing gum, and toothbrushes and toothpaste,” which are apparently the most requested items.

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Existing-home sales are expected to rise gradually in 2007 from current levels, with annual totals slightly lower than 2006, while new-home sales will continue to slide, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.

David Lereah, NAR’s chief economist, says market conditions will vary around the country next year.

“Roughly three-quarters of the country will experience a sluggish expansion in 2007, while other areas should continue to contract for at least part of the year,” he says. “Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards.”

For Buyers, a Window of Opportunity
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