Winterization Tips for Multifamily Properties

From: watersignal.com

Is your multifamily property ready for winter? Proper winterization is key to keeping your community in good shape and ensuring resident satisfaction. Here are seven winterization tips to help your multifamily property this winter:

Prepare for winter storms early

Don’t wait until a bitter storm hits. Take time to create or review your property’s emergency winter weather plan, make sure you have an ample supply of road salt ready to go, and touch base with any seasonal contractors you use for snow and ice clearing.

Inspect, insulate, and monitor water pipes

If you live in a region that gets particularly frigid during the winter, then you know the danger of frozen pipes. Before temperatures go below freezing, you should inspect and wrap your pipes using an insulating tape or foam tubes, both of which are available at any hardware store. It’s also a good idea to install a water meter data management solution such as WaterSignal, which monitors your facility’s water system in real-time and detects leaks and other problems right as they happen. Should a pipe freeze and rupture on an especially cold night, you’ll know about it immediately.

Seal drafty windows, doors, and other cracks

Cold air wafting into your building from the outside is not only uncomfortable — it wastes energy and results in high utility bills. Take the time to walk around and inspect the building for signs of cold drafts, then repair or caulk those spots accordingly. You also want to make sure that weather stripping and exterior door sweeps are properly installed.

Clear your gutters

If your building’s gutters are loaded up with leaves and other debris, they won’t drain properly. This is technically a year -round recommendation, but a clogged gutter in the winter can result in a dangerous, weighty accumulation of snow and ice that can cause leaks and damage to your building.

Don’t forget your irrigation system

In colder regions, draining the pipes of your irrigation system is strongly recommended, or else leftover water can freeze and damage your entire system. Draining your irrigation system may not be as critical in more temperate regions, but if a sudden cold snap is in the forecast, make sure the freeze sensor is functional and be prepared to turn the water supply on and off as needed.

Keep an eye on leaning trees and branches

Ice storms, high winds, and heavy snow accumulation are more than capable of bringing down a tree. Before winter hits, have an arborist come in to determine if any trees surrounding your property are compromised enough to warrant being cut down.

Encourage residents to report issues as soon as possible

Make sure your residents know the protocol for reporting issues, and when a ticket comes in, address it promptly. The sooner you become aware of issues affecting your property, the sooner you can have them resolved without causing extra damage.

Inflation has Made Everything More Expensive. Here are the Changes Coming in 2023 to Help Your Money Go Further

By: Rob Wile, from nbcnews.com

As inflation wears on American consumers, a host of government and financial rules are changing to help fight rising prices that have reduced your spending power. In many cases, the changes are intended to help people pay lower taxes and save more, too.

The 12-month inflation rate landed at 7.1% in November. That was down slightly from the 7.7% seen in October, but still near a four-decade high. Starting in 2023, everything from Social Security benefits to state and local minimum wages are set to adjust — in most cases at rates not seen in a generation. Some analysts and business leaders say they believe inflation has already peaked and that, even as prices rise, it will not be as severe as it was in the summer of 2022.

“Inflation continues to be a stubborn force globally, though we’ve started to see some moderating impacts in certain areas of our businesses compared to earlier in the year,” Abbott Laboratories CEO Robert Ford said Oct. 19, CNBC reported. But that higher inflation has already been baked into many tax and wage figures that will change in 2023.

Social Security benefits

Social Security beneficiaries will see the largest annual cost-of-living adjustment (COLA) in a generation, with benefits

increasing 8.7% beginning in January. Alongside an unusual, one-time decrease in the annual Medicare premium, fixed-income recipients may enjoy 100% of the COLA increase for 2023.

Income tax brackets

The IRS tax brackets corresponding to your marginal tax rates are also shifting upward — by 7% — thanks to inflation. In an October announcement, the IRS also said it would increase the standard deduction. That amount for married couples filing jointly for the 2023 tax year will rise to $27,700 — up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction is rising to $13,850, up $900; and for heads of households, the standard deduction will be $20,800, an increase of $1,400.

401(k) pre-tax contribution limits

The IRS is setting new, higher limits on how much employees and employers can contribute toward retirement plans. For 2023, individual employees will be able to contribute up to $22,500 to their 401(k) retirement accounts, up from $20,500 in 2022.

Combined with employer contributions, employees will see a total annual limit of $66,000 in 2023, up from $61,000 in 2022.

Yields on savings, CD accounts and Ibonds

Yes, interest rates have gone up across the board, making things like mortgages, auto loans and credit cards more expensive. But many banks, especially those that are onlineonly, are also paying out more money through higher interest rates for high-yield savings and certificate of deposit accounts. Be aware though: Some banks may not automatically raise the interest rate on your existing savings account, but instead require customers to switch into higher yielding accounts from current ones, Bankrate.com warns.

Meanwhile, yields on inflation-protected bonds were offering a 6.89% interest rate as of December 2022.

Parts of the U.S. adjusting minimum wage

Minimum wage in some jurisdictions is tied to inflation and is set to experience annual costof-living adjustments in the coming year. California is the largest state that will see a cost-of-living adjustment next year, with the minimum wage rising to $15.50 for all establishments. California's increase is limited by a statute that declares the minimum wage cannot increase by more than 3.5% each year.

How to Draft Proof Your Home for Energy Efficiency

From: HomeServe

When the weather is frigid and bone-chilling, it’s time to keep the heat in and the cold out. Draftproofing your home can save money and precious heat. One way to help is by scheduling an energy audit, where your home’s energy efficiency will be evaluated, and you will be given solutions to address problem areas. But if you don’t have time to schedule one, here are some DIY tips to help seal in the heat.

Target the most common areas of your home first.

Move a lit incense stick, candle, or smoke stick near the places where air commonly leaks. You’ll know that you’ve found a draft when the smoke is disturbed or blows away from the area.

So where are the most common drafty places? Here’s a list of the frequent offenders, and how to fix them:

The US Department of Energy recommends a “Building Pressurization Test,” which makes it easier to detect air leaks:

First, turn off any heating systems and your water heater. Be sure that all doors and windows are shut tight, including your fireplace. Next, switch on all of your ventilation fans and anything that pushes air outside. This includes: kitchen and bathroom ventilation, clothes dryer, and/or window fans. This will increase the amount of air flowing through leaky spots, making it easier to identify problem areas.

Doors and windows:

Aging or damaged weather-stripping around your windows and doors can easily be replaced. Read more on how to do this in a This Old House article.

Adding or replacing a door sweep can make a world of difference and really improve energy efficiency. Best of all, it’s easy to do. To get a

perfect fit simply close the door, measure the length of the door, and cut the size you need. There are a few kind of sweeps to choose from (drip-cap, brush, etc.) so ask your local hardware store if you’re not sure which is best for you. Lastly, if your windows are in poor condition, rattling, or damaged, it might be time to replace them with more energy-efficient ones. This Consumer Reports article explains the 5 things you need to know before replacing your windows.

Attics:

Depending on your home, the amount and type of insulation in your attic will vary. You can quickly combat air leaks around entrances to your attic or crawl space. Sealing up gaps around pull-down ladders, access panels, and vents from bathrooms or kitchens will help. Building an insulating cover for your attic access ladder is a great DIY project, too.

Chimneys:

Check your damper to see if it is fully sealed. Also, keeping fireplace doors closed tight when not is use will help a drafty family room. In the attic, check for gaps where the chimney enters the attic and breaches the roof.

Outlets and switch plates:

Foam inserts easily tuck in behind the faceplates for switches and outlets, and are an inexpensive, quick fix. If you have recessed lights, be sure to check those, too, and add insulating caps where there is a possible air leak.

Utility and appliance connections:

Every place that cables, pipes, and wires run through your house is an opportunity for heat loss. Be sure to check for gaps around dryer vents, phone and cable access points, and water or drainage pipes.

Ventilation:

Check your kitchen and bathroom fans for air gaps. Fill spaces with caulk or add weatherstripping where the vents connect to the walls or ceiling. Spending an afternoon searching out and sealing up drafty spots can help you minimize many issues, immediately help increase your comfort level, and increase your home’s energy efficiency. You’ll be happy when your next energy bill comes, too. If you live in a cold climate you might want to also check out our article on how to winterize your home. If you are unsure about a repair or need help getting into the tight corners of your house, don’t hesitate to call in the professionals.