Orillia Home Inspector Tips

Providing Valuable Home Owner Resources for Maintenance

Tag: house

Storage Units on Garage Attic Trusses

Storage Units on Garage Attic Trusses.  Many times during a home inspection I come across garages with storage units and sometimes even living areas that home owners have constructed.  There are two types of roof support systems generally in use,  the rafter system and the roof supported by engineered trusses.

The building’s roof must be designed and constructed to fulfill the following functions:  the roof must be able to transfer wind and snow loads to the house walls;  the roof must be able to shed rain and snow away from the building and prevent water from penetrating into the roof area;  the roof must be also able to provide for the removal of moisture and heat contained in the insulated roof assemblies;  and accommodate the installation of materials designed to restrict the flow of the air and moisture from the house into the roof assembly.

Engineered roof trusses are becoming more popular and are widely used in construction of new homes.  Trusses can reduce material by up to 40% and allow longer clear spans.  An engineered wood roof truss is designed to meet the Building Code requirements for support load, wind load and snow load, which is spread equally over entire roof surface.  If a roof truss is damaged during installation, the installer, must contact the manufacturer to obtain a Repair Detail from Building Designer, Truss Designer or Truss manufacturer.  Because the truss is a designed system any changes or modifications from intended use must first be approved by designer.  The picture above shows the trusses have separated and will require specific repair details to repair.

Hanging storage systems from an engineered truss system would definitely be considered a change of design as you are now creating a hanging load on a engineered system which was designed for a support load for the roof, ice, snow and water.  The problems with attaching storage units to existing truss roofing systems is that it will not meet any requirements of the building code,  you did not get a building permit to perform the work and if truss system failed you could be held liable for any damage or injury.  Also if you are selling your home this problem will be noted on home inspection report, which could affect sale or price of your home.

Renovating parts of your home without obtaining a building permit may seem like a good idea at the time but the money saved can quickly seem insignificant to problems encountered by not being code compliant.  No good contractor will perform work without obtaining all the required permits and you should be hesitant to use a contractor will to do work on your home without a permit.  You only have to watch Mike Homes inspection programs to see the pitfalls of using contractors that are willing to take shortcuts during your home’s renovation.

Storage Units on Garage Attic Trusses

Mortgage Rates and Factors

 

Canadian and US mortgage rates can be  influenced by monthly changes and the longer-term trend changes of economic indicators. There are many variables that can influence the rates on long-term debt instruments, but an understanding of key economic indicators can provide clues to the future direction of interest rates.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a fixed market basket of consumer goods and services. The CPI is considered the most important measure of inflation. The CPI for All Items less Food and Energy (also sometimes referred to as the "core" or "underlying" CPI) excludes volatile food and energy prices. Analysts focus on the "core" CPI, which is considered a more accurate measure of the underlying rate of inflation.

The Producer Price Index (PPI) is a family of indexes that measures the average change over time in the selling prices received by domestic producers of goods and services. PPI’s measure price change from the perspective of the seller. This contrasts with other measures, such as the Consumer Price Index (CPI), that measure price change from the purchaser’s perspective. The PPI can be volatile. It is best to use the six-month to one-year moving average. A lower-than-expected unemployment rate or declining trend is considered inflationary, and can cause bond prices to fall and yields and interest rates to rise.

The three main U.S. credit bureaus–Equifax, Experian and TransUnion–maintain your credit history. Using that history, plus its own proprietary equation, the Fair Isaac Corp. calculates your FICO credit score somewhere between 850 and 300 points. Anything above 700 points is good to excellent, with 720 or above earning you lower interest rates. Below 620 points is considered poor.

Want to strengthen your bargaining position? Get prequalified. Want your offer to stand out in a case of multiple offers for the same house? Get prequalified. Look at it from the seller’s perspective. If you had 2 offers on the table for your house, one from a fully prequalified buyer and the other from an "I’ll get around to that soon" buyer–to which offer would you devote the most attention? Even if the prequalified buyer’s offer was $1000 less, would you take the chance on the buyer that perhaps may not be qualified? When it comes to a seller evaluating offers, "a bird in the hand…" definitely applies.

The amount you can spend on a house depends on your income, the amount of cash you can allocate to the transaction, and the mortgage terms available in the market at the time you are shopping. These include interest rates, points, term, down payment requirements, and the maximum allowable ratio of housing expense to income. In addition, affordability may be affected by your existing indebtedness if this is higher than the indebtedness that lenders are willing to accept, and by closing costs which vary from one part of the country to another.

When looking to purchase a home in the Orillia real estate market remember that one of the most important conditions is that your property be inspected by a  Home Inspector.  There are many Home Inspectors available, but if you want a Home Inspector who has years of experience, over 4,000 inspections and is a Certified Building Code Official as designated by the Ontario Building Officials Association the call the Orillia Home Inspector, or visit his site at  www.orilliahomeinspector.com  to view his qualifications and “Fair Pricing Policy”.  Call Roger at 705-795-8255 or Toll Free at 888-818-8608.  Information and advice is always FREE.   Roger is also WETT Certified for homes that have fireplaces or other wood burning appliances.

Your Local Orillia Real Estate Agents

Cashing in on the continuing increase of property values is one of the main benefits of owning your own home.  Home owners who only have a small equity investment in their homes can increase their equity as property values rise.   Just imagine if you owned a $150,000 house with 5% down ($7500) and house values increased by just 3%. In one year you would have had an increase in equity of over $5,000

For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease : Renters pay a certain amount each month to live in the house, and at the end of a set period — generally within three years — they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment to eventually buy the home.

In most agreements the renters have to pay an option fee and then a rent premium. The option fee is a set amount that the renter pays the seller. If, at the end of the lease period, the renter buys the house, the option fee becomes part of the down payment. If the renter doesn’t buy the house, the option fee becomes income for the seller. Rent premiums are an amount slightly above the typical rent, with a portion of that money going toward a down payment.

 
The Rent to Own program is typcially set up as the model here explains; The average house is worth $300,000, and typical rent would be $1,500 a month. Someone who’s renting to own might pay $1,700 a month in rent and then receive a $200 rent credit each month. Add the option fee, in this case $5,000. On a three-year lease, the renter would earn $7,200 in rent credits. Adding the earned rental credits to the option fee, the renter has accumulated $12,200 for a down payment.

As a Rent to Own buyer you will still be required to have a deposit for the property, which is usually a percentage of the purchase price or a lump sum. The monthly payment for a rent-to-own agreement will depend on your budget.  The larger your payments, and the longer you make them for, the larger the accumulated downpayment will be when you exercise your purchase option and get a mortgage in your own name.

After your Rent to Own agreement expires you will have improved your credit rating enough to obtain your own mortgage.  The sum of your initial deposit and your monthly payments will count as a downpayment for your own mortgage.  To know exactly how much of a downpayment you will need to consult with a mortgage broker to discuss getting the best possible rate.

Your local Orillia Real Estate agent can help you find a property that will fit your budget.  Choosing a Professional agent with local knowledge and experience will greatly enhance your real estate shopping experience.  Choose from our Best Orillia Real Estate Agents to ensure your receive the best possible advice when making your next property investment.

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