12-18-19 Real Estate Weekly

DECEMBER 18, 2019 • Volume 14 • Issue 51

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 14, 2016 Volume 11 • Issue 37

RE WEEKLY

SEPTEMBER 7, 2016 Volume 11 • Issue 36

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

RESIDENTIAL • ACREAGE • FARM • COMMERCIAL 515-233-3299 • AREA DEVELOPMENT • 317

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Page RE2 • REAL ESTATE WEEKLY • Wednesday, December 18, 2019

HOME HELP TIP OF THE WEEK

GARDENING

HOME RENOVATION

HOW TO PROPERLY DISPOSE OF LEFTOVER PAINT

WHAT TO DO FOR PLANTS, TREES DURING WINTER

DOES INSURANCE COVER RENOVATION DAMAGE?

After completing a paint job, there’s rarely enough paint left over to save. BobVila.com has tips for disposing of leftover latex, oil and spray paints.

There’s plenty to do in your garden during winter. Gardening columnist Audrey Gillespie has some suggestions.

What to do with latex paint? You can only throw out latex paint once it has hardened. It cannot be poured down the drain or thrown directly in the trash. If a small amount remains, let it air-dry or use it up on some cardboard, then recycle the empty container. For larger amounts, harden it yourself by using sawdust, scrap paper or waste paint hardener. Once the paint has hardened inside the container, it can be thrown away (not recycled).

During dry conditions, established plants do not need to be watered more than once every two or three weeks, although winter berryproducing plants like hollies may need more water.

According to Realtor.com, most damage caused during home renovation is covered by home insurance. “A home insurance policy will cover damage to your home in most cases, even if it’s related to renovations,” said John Espenschied, owner of Insurance Brokers Group in Chesterfield, Missouri.

How to get rid of oil-based paint? Because oilbased paint is considered a hazardous material, it cannot be thrown in the regular garbage.

Although an empty container can be recycled, it must be disposed of by contacting a hazardous household waste facility. You can also call your local government or home improvement store.

Ask for hazardous household waste drop-off dates. For full or nearly full cans, donation is the best and easiest option.

What about spray paint? Spray paint cans that are half-full are dangerous and must be completely empty before recycling. If you’re done using the can, spray the remaining paint out on a piece of cardboard, then place in your regular recycling.

New transplants, however, require moist soil.

Shrubs, trees and perennials can be planted on mild days throughout winter. Use a layer of mulch to help moderate the temperature of the soil and strengthen the root system.

It is important to review your policy to understand what’s covered and what’s not.

Before starting renovations, call your insurance provider. You may need to update or upgrade your coverage.

While fires, explosions, water damage and thefts are typically covered, however, poor work or damage caused by faulty workmanship is usually not covered.

Your insurance company will likely pay for repairs caused by a contractor.

— More Content Now

REAL ESTATE WEEKLY • Wednesday, December 18, 2019 • Page RE3

DEAR MONTY

Is a verbal offer binding?

R

RICHARD MONTGOMERY

eader question: I am going through a Realtor, and I verbally agreed to a price from a guy who low-balled by over half the asking price.

The buyer is still nit-picking everything and taking forever, so we have signed no papers. Now I have another offer with a

personal friend. I want to know if I can accept this other offer and still pay the Realtor fee because she deserves it.

Monty’s answer: It sounds like the low-ball buyer is going through the due diligence without a signed purchase contract. Or, are you referring to the closing documents when you say you have signed no papers? Assuming it is the former, you have no obligation to the low-ball buyer. It appears your agent is negligent for not obtaining a written agreement. It is possible that the buyer refused to enter a contract and took the chance that no other buyer would surface. If you accept the new offer, you are obligated to pay the agent if the listing agreement is still in force.

Anecdotally, there may be a few

states where a real estate contract is enforceable on a handshake if there is a witness. Most states require a real estate contract to be in writing to be binding.

One reason for this is because the stakes are so high, as compared to most other consumer transactions. Real estate is not the right place for verbal deals. It is fraught with potential misunderstandings, hurt feelings and unfair treatment to one (sometimes both) party.

Background requirements The legal age in most states is between 18 and 21. Illegal actions can void the contract.

There must be price agreement and consideration, which means exchanging something of value.

There must be consent, and any contingencies must be satisfied.

The slide into complexity One may wonder why real estate contracts are 10 to 20 pages long. In my opinion, there is no pat answer. The evolution of real estate practice is borne in the cause of fairness to both parties. The purpose is noble. Ironically, the complexity created over 70 years has given birth to a system that creates the illusion of safety. The industry is painting the ceiling when the roof leaks.

Richard Montgomery can be contacted at DearMonty.com.

Page RE4 • REAL ESTATE WEEKLY • Wednesday, December 18, 2019

REAL ESTATE WEEKLY • Wednesday, December 18, 2019 • Page RE5

Garage door replacement COST VS. ROI

By Laura Firszt

More Content Now

S

hopping for a garage door replacement? Good news!

This simple upgrade reaps an excellent ROI when you sell, according to Remodeling Magazine’s highly regarded Cost vs. Value Report.

However, be sure to do your homework first so you know exactly how big a bite that garage door replacement and installation will take out of your wallet.

Check out this guide to all the cost factors involved in replacing garage doors.

What determines the cost of a new garage door?

First, let’s examine the factors that affect the cost of your new garage door(s): 1. Number of doors. Does your garage have openings for 1, 2 or 3 doors?

2. Size. Measure the width and height of your garage door openings, as well as headroom, sideroom and backroom.

3. Materials. Though high-end steel is the priciest material, these doors are the most durable and secure, as well.

Wood doors also tend to be expensive — and require regular maintenance

97.5%

door will raise — though they add your garage door an elegant look.

While lightweight Garage door replacement replacement cost somewhat. steel, aluminum ROI This is balanced and fiberglass rank by the resultat the lower end of Return on investment of an upscale garage door replacement is 97.5%, as of this writing increase in the garage door cost ing. Besides a healthy ROI, handsome new “looks appeal.” scale, these materigarage doors offer enormous curb appeal als won’t hold up as to potential buyers. Not to mention: You’ll Find the total long. find them amazingly nice to come home to. garage door 4. Color. Generally replacement white is the basic door color. Any cost other hue is likely For the total to be considered a cost, add up all premium shade, with the expenses your garage door replace(guess what?) a premium price. ment process will entail: 5. Windows. The style and number of • Cost of the garage door itself. windows, if any, is important, too. Even • Removal and haulage of your old the type of glass — regular, tinted or door. frosted — will have an impact on garage • Any necessary repairs to the garage door replacement cost. door opening, spring adjustment or 6. Door thickness and insulation. This repair, etc. can be a major pain point, when you • Adapting the garage door opening if live in a harsh climate and your garage it is irregularly shaped. multitasks as work or living space. A • New garage door opener, as thicker and/or better-insulated door required. You can go with a basic opener offers increased weather-tightness, but or upgrade to the latest wireless remote will carry a higher price tag. keypad.

7. Customization. Adding unique • The actual garage door installation. touches like designer hardware or a pass

Obtain a quote from a garage door professional A reliable garage door professional will take the following steps in order to give you an accurate quote: • Perform a site inspection. The pro will inspect your existing garage door and opening, verifying the measurements to ensure the best fit.

• Assess any garage door repairs. He will determine whether there are problems that must be corrected before the new door is put in place.

• Discuss material and style. He’ll make sure that your preferences will fit in with the space available, the architectural style and exterior color scheme of your home, and your budget.

• Quote a price. Together with a price quote, the pro should give you an idea of what date he’ll be available to do the job.

• Sign a contract. You and the pro should sign an itemized contract that details the total garage door replacement cost. Specify the garage door model; any windows, custom hardware or other extras; work date; and warranties on all parts and labor.

Laura Firszt writes for networx.com.

Page RE6 • REAL ESTATE WEEKLY • Wednesday, December 18, 2019

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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

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RE WEEKLY

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