02-13-19 RE Weekly

FEBRUARY 13, 2017 • Volume 14 • Issue 7

RE WEEKLY RESIDENTIAL • ACREAGE • FARM • COMMERCIAL • AREA DEVELOPMENT 515-233-3299 • 317 5th Street, Ames • All REALTOR® ads within are REALTORS® licensed in the State of Iowa

Always Available Online SEPTEMBER 7, 2016 Volume 11 • Issue 36

RE WEEKLY STORY

COUNTY

• AREA DEVELOPMENT • FARM • COMMERCIAL RESIDENTIAL • ACREAGE 317 5th Street, Ames State of Iowa 515-233-3299 • ® licensed in the ® are REALTORS All REALTOR ads within

SEPTEMBER 14, 2016 Volume 11 • Issue 37

RE WEEKLY STORY

COUNTY

www.AmesTrib.com

ALWAYS ONLINE

RESIDENTIAL • ACREAGE • FARM • COMMERCIA 515-233-3299 L • AREA DEVELOPMEN • 317 T

5th Street, Ames All REALTOR® ads within are REALTORS® licensed in the State of Iowa

n.com

www.StoryCountySu

www.AmesTrib.com

ALWAYS ONLINE

www.StoryCou

ntySun.com

Ames at your finge

r tips!

My

Ames

EAT • SHOP • PLAY • EVENTS •LIVE DEALS

DOWNLOAD THE APP TODAY!

AmesTrib.com/realestateweekly

Online at www.AmesTrib.com/realestateweekly

Don’t see your home in the

RE WEEKLY

Then contact a Realtor® today, because you are missing out on over 37,000+ potential buyers seeing your property for sale.

DIRECT MAIL + ONLINE

AmesTrib.com/realestateweekly

Page RE2 • REAL ESTATE WEEKLY • Wednesday, February 13, 2019

What is a general contractor?

By Laura Firszt More Content Now

W

hen you’re planning a medium- to largescale home improvement, you may hear that you should hire a general contractor … in addition to the plumber, painter, drywaller, etc., you already had in mind. If that leaves you wondering, “What is a general contractor and why should I hire one?” wonder no more. Here’s a guide to all you need to know about general contractors, including why — and how — to pick one.

What is a general contractor?

A general contractor is an important figure in large residential and commercial renovation or remodeling projects. He or she is there to hire and coordinate all the home improvement professionals needed. A great comparison is likening your general contractor to an event planner: both are there to oversee all aspects of transforming your plans into a successful reality.

When should I hire a general contractor?

Hire a general contractor when:

Why should I hire a general contractor?

“What is a general contractor actually necessary for?” you may ask. “Couldn’t I just find sub-contractors myself?” Well, yes, you could … in theory. However, here are three excellent reasons to hire a general contractor:

Recommendations and reviews. Check for verifiable customer testimonials to the quality of the general contractor’s work, and no history of unresolved complaints with the Better Business Bureau or state licensing board. Search court records for any past litigation.

• A general contractor knows the best people to use for your job, whether his own crew or trusted subcontractors.

Financial references. Request references from the GC’s bank and/or suppliers, to ensure that he’s in sound financial shape and unlikely to file for bankruptcy before your project is done.

• He’s familiar with large projects and knows how to schedule tasks. Example: painting must be scheduled AFTER drywall installation, which in turn, comes AFTER plumbing.

Insurance. Check for comprehensive, valid insurance coverage. Confirm what will be covered by his business insurance and by your homeowner policy.

• Your lending institution may actually require you to hire a general contractor to qualify for a home improvement loan.

Multiple bids. Get three to four general contractors to bid on the work so that you can compare prices, materials, and timelines. (And be wary of anyone who is too cheap.)

Does a general contractor need a license?

Each state has its own laws regarding the qualifications for a general contractor. In some states, all general contractors must be licensed. In others, licensing may be necessary for certain types of home improvement or projects above a specific dollar value. The National Association of Home Builders provides detailed stateby-state general contractor licensing information.

Comprehensive contract. Hire only a general contractor who’s willing to sign a contract detailing the work to be done, products to be used and timeline for payments linked to specific goals. The contractor should also sign a lien waiver when you make each payment, confirming that he and his subs have no grounds to take out a lien on your house for unpaid work.

What is the cost to hire a general contractor?

• You need someone to provide and coordinate several types of pros (like carpenters, plumbers, electricians and flooring specialists for a kitchen remodel)

How do I choose a reliable general contractor?

• Your project will take a week or more to complete (such as a room addition or basement finishing)

You and your general contractor will be working together for the long haul — while subcontractors come, complete their task, and go — so make sure you choose a good one. Look for:

• A flat fee for the project.

Up-to-date license. In states where general contractor licensing is the law, the license must be regularly renewed (usually annually or every two years).

Laura Firszt writes for networx.com.

• You require multiple permits to cover all the work that needs to be done (for instance, hardscape that includes a deck, a fence over 6 feet, excavation, etc.).

The cost to hire your general contractor may be either:

• A percentage (usually 10-20 percent) of all project costs, including subcontractor fees, materials, permits, etc.

REAL ESTATE WEEKLY • Wednesday, February 13, 2019 • Page RE3

Page RE4 • REAL ESTATE WEEKLY • Wednesday, February 13, 2019

TIPS OF THE WEEK HOME OFFICE

LAWN MOWERS

HEATING

STAND UP FOR YOUR HEALTH

CONSIDER ELECTRIC

CIRCULATE WARM AIR

Multiple studies have linked too much time spent sitting to a greater risk of developing health conditions such as type 2 diabetes, cancer, cardiovascular disease and obesity.

About 5 percent of air pollution in the United States can be attributed to gas-powered mowers, according to Consumer Reports. Now electric mowers are challenging gas mowers in popularity, as they start instantly, run quietly, spew no exhaust fumes and require no regular engine maintenance.

According to Houzz, ceiling fans can help distribute heat throughout a room. Most have a small switch on the main body of the fan that reverses the fan’s direction. The best way to tell it’s working is if you feel a breeze. When you don’t, that means the fan is blowing air upward and forcing hot air trapped at the ceiling down along the walls.

But before you quit your desk job, consider a sit-stand desk instead. You can still get your work done, while decreasing the amount of time you spend sitting every day. There are many models available, from the electric kind that adjust with the touch of a button to crankadjustable ones.

The top electric push mower costs about $250 more than the best gas model. The difference evens out after about 10 years due to the cost of fuel.

— More Content Now

REAL ESTATE WEEKLY • Wednesday, February 13, 2019 • Page RE5

DEAR MONTY

Tips to find lost closing documents

RICHARD MONTGOMERY

R

eader question: How do I find and retrieve the HUD final settlement statement for a property I sold in 2004 in a 1031 exchange where the title company and 1031 companies are gone, the real estate agent is deceased, her company no longer has any records and the mortgage company no longer has those records?

Monty’s answer: Fifteen years seems like a long time, but records have a way of turning up (not every time) if you look in different places. I called a friend who owns a title company, and here is what he said: “We keep our title file pretty much forever. We scan the files into the computer. The closing file we keep for three years, and then we shred the file. The closing statements are the critical documents, so we always have copies of those.” It may take some detective work and shoe leather, so how important it is to find them should be weighed against the effort, but here is what I would do:

1. Title companies never go out of business. If a local title company closed up, they were doing business with a national underwriter. That national underwriter likely has the settlement

statements from the file because they are the highest value documents. Or the files were acquired by a competitor. I would make a trip to the county register of deeds office and ask the folks from the different title companies who work in the courthouse daily for help. Someone will remember, and they likely know which title company ended up with those records. Additionally, a new title search on the property may turn up clues.

statement. There is a certain amount of replication between buyer and seller statements. Buyers have been known to receive a copy of the seller’s statement accidentally.

2. Some of the information on the HUD statement in a 1031 exchange is on your income tax return. You may want to check with your accountant or your tax files to determine if what you need is there.

Richard Montgomery is the author of “House Money - An Insider’s Secrets to Saving Thousands When You Buy or Sell a Home.” He advocates industry reform and offers readers unbiased real estate advice. Follow him on Twitter at @dearmonty, or find him at DearMonty.com.

3. Whom did you sell/exchange the property to? You may get the information you need from the buyers HUD

4. Some final tips: Did anyone have a lawyer? Was the mortgage sold to another lender? You may not be talking to the right person at the mortgage company.

Page RE6 • REAL ESTATE WEEKLY • Wednesday, February 13, 2019

Don’t see your home in the

RE WEEKLY Then contact a Realtor® today, because you are missing out on over 39,000+ potential buyers seeing your property for sale.

STORY TY COUN

PMENT ERCIAL • AREA DEVELO GE • FARM • COMM RESIDENTIAL • ACREA Street, Ames 99 • 317 5th ® licensed in the State of Iowa 515-233-32 are REALTORS ® within All REALTOR ads

RE WEEKLY

JANUARY 11, 2017 Volume 12 • Issue 2

JANUARY 4, 2017 1 Volume 12 • Issue

RE WEEKLY

STORY

RESIDENTIAL • ACREAGE • FARM 515-233-329 9 • 317 5th • COMMERCIAL • AREA DEVE LOPMENT Street, Ame ads within are s

COUNTY

All REALTOR ®

w w. A m e s Tr Online at w

ib.com/rea

lestatewee

REALTORS ®

licensed in the State of Iowa

kly

home in Don’t see your

the

RE WEEKLY

® because Realtor today, Then contact a 00+ potential out on over 39,0 you are missingO nyour l property for sale. buyers seeing i n e a t w E ww

DIRECT MAIL +

ONLIN

. A m e s Tr

lestateweekly

AmesTrib.com/rea

ib.com/r

ealestat

eweekly

DIRECT MAIL + ONLINE AmesTrib.com/realestateweekly

REAL ESTATE WEEKLY • Wednesday, February 13, 2019 • Page RE7

Page RE8 • REAL ESTATE WEEKLY • Wednesday, February 13, 2019

Realtors, do you want to reach a wider group of potential buyers?

Advertise in the RE Weekly.

In print and online.

Call Ali Eernisse 515-663-6956

RE WEEKLY