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QandA WITH PETER G. MILLER
A Gift, a Loan: How Can I Best
Help My In-Laws Qualify for a
Mortgage?
Q: My in-laws need to refinance.
However, before they can get a
new loan the lender is requiring
that they pay off $5,000 in con-
sumer debts. That’s where we
come in – they want the money
from us. Can we give it to them?
A: The first question you need to ask is whether you
can afford to give $5,000 without harming your finan-
cial position. If the answer is yes, then you should have
several thoughts. First, consider yourself lucky that you
have the money and can help. Many households are
not so fortunate.
Second, ask if the money is to be a gift or a loan. If it
is to be a gift, then you should not have any expecta-
tion of repayment or interest. If it happens your in-laws
ultimately repay the money, that’s great, but not
required.
Third, if the money is to be a loan, then it must be
disclosed to the lender and proper paperwork should
be written.
Q: Is it true that you are penalized if you pur-
chase a house and then sell it before two years
have passed?
A: You may be referring to the federal capital gains
requirement: Essentially, if a couple has lived in a home
for two of the past five years and then sell, as much as
$500,000 in profits ($250,000 for a single person) can
be sheltered from capital gains taxes.
However, this is a relative matter. It’s best to avoid
taxes if possible, but if you have a big profit and must
pay taxes, that’s a far better situation than having a
loss. For specifics, please talk to a tax professional.
Q: We just bought an existing home. The home
inspector detected many hairline cracks in the
foundation but said they were normal for a
home of this age. We have now found that one
section of the foundation was one to two inches
higher than the rest of the foundation. We think
two large trees are the cause.
Our inspector did not detect the presence of
the foundation and slab issues. Although he
could not pull up the carpet to examine the slab
directly, one of the windows would not close, the
window frame was not rectangular, the front
See ASK OUR BROKER, Page 2
AD / SPONSORSHIP
Make the most of your home investment
Replacement Windows:
Best Models Deliver Beauty, Brawn
Photo courtesy of Pella
BY CHARLES SCUTT
Content That Works
I
t’s easy to take windows for granted.After
all, we look through them every day with-
out really looking at them. But chances are
those old windows, especially if they’re the
double-hung wood frame type common in
homes built decades ago, could be costing you
a lot more than the time it takes to scrape,
clean and repaint them every few years.
Today’s replacement windows are typical-
ly better designed and manufactured than
those made years ago, and are available with
more aesthetic and insulating options. New
windows can add to your home’s appear-
ance, giving it a fresh charm and practical
beauty that can increase its resale value.
Replacement windows made from the best
materials can reduce your heating and cool-
ing bills by up to 15 percent according to the
Silver Springs, Md.-based National
Fenestration Rating Council, a nonprofit
organization that monitors window energy
ratings.The savings you reap mean your new
windows may essentially pay for themselves
over time.
“This year, the high cost of heating and the
dramatically fluctuating weather conditions
have caused many homeowners to assess the
energy efficiency in their home,” says Bob
Maceda, president and chief executive officer
of Stanek Windows, Cleveland, Ohio.“Most
people replace their windows because they
want to save energy and money year round
while adding to the comfort and beauty of
their homes.”
But purchasing replacement windows is a
Double duty: the best replacement windows deliver aesthetic benefits and tough energy efficient features.
Here, contemporary kitchen casement windows enhance the view over a kitchen sink.
costly and, thanks to the range of options,
complex proposition.A basic frame window,
installed, starts at about $250 and can climb When choosing a window, give thought to Decide on the best frame material for your
rapidly depending on the materials and man- the look, style and function you desire.You needs.There are three main types: vinyl,
ufacturer. Custom cut windows, large bay, may prefer a traditional double-hung window wood and aluminum, with many hybrid
bow or picture windows, and any window that lifts up and down, a slider-type window designs constructed from two more materi-
that requires special installation care will with two or three windows (one or two of als.The frame material you choose will gov-
cost you more. Plan to spend time research- which can slide open left or right) or a case- ern physical characteristics of the window,
ing the best possible option that suits your ment window that can be “cranked” open or
home, climate and pocketbook. closed with an inside handle. See WINDOWS, Page 2
Seal Leaks to Cut Heating Costs This Winter
BY PAUL ROGERS other means to heat, if your envelope, insulation is usually start by shutting all windows and
Content That Works home isn’t properly sealed you the first thing that comes to doors and turning on all fans that
might as well be burning bills in mind. But as the Ames, Iowa- blow air outside, including the
Sure, converting to solar heat an old oil drum.And as energy based Iowa Energy Center says, stove exhaust, the clothes dryer,
could save you a furnace full of prices continue to climb, this fall “If you don’t tighten up your bathroom fans and any tightly
cash over the long haul and help is the perfect time to tighten home first, money spent on insu- mounted window fans.
protect the environment, to your building “envelope.” lation may be wasted.” Light an incense stick and
boot. But before you take such a The building envelope is The basic principle is simple: pass it around all areas where air
major step to alternate energy roughly defined as the barrier to Plug any potential areas where leaks are most common. Ceilings,
you should, as the saying goes, outside air formed by the roof, warm air is leaking to the out- walls and floors account for near-
make sure your own house is in walls, windows, doors and foun- side.The first step to plugging ly one-third of all air leaks in a
order. dation.When people generally those leaks is finding them.To
Whether you use solar, gas or think of improving a building’s locate tears in your envelope, See LEAKS, Page 2
AD / SPONSORSHIP

A room with a view: choosing the best window calls for evaluating the room, the house, even the region and climate
where the house is located. Homeowners should plan to research their options and suppliers closely.
WINDOWS
CONTINUED FROM PAGE 1
such as frame thickness, weight
and durability. Since the sash and
frame represent 10 to 30 percent
of the window’s surface, their
properties also will greatly influ-
ence the window’s performance.
After frame material, consider
the type of glass you want.
Windows made today usually fea-
ture heavy double or triple
panes roughly 7/8” thick that are
tightly sealed at the seams.
Various types of low-emittance
glass, called Low-E, have reflec-
tive coatings that reduce the
flow of heat. Different types of
Low-E glass are suited to differ-
ent climates.
You also may want to choose
a window with extra insulation,
such as Argon or Krypton gas,
between the layers of glazing, or
specially designed edge spacers
that reduce heat transfer at the
edges of the unit, improving
energy efficiency.
Other factors that differenti-
ate window quality include:
• U-factor – measures how
well a product prevents heat
from escaping a home. Low U
value is another indication of
energy efficiency. Especially
important during the winter
heating season.
• Solar Heat Gain Coefficient
– measures how well a product
blocks heat from the sun,
expressed as a number between
0 and 1. The lower the SHGC,
the better a product is at block-
ing unwanted heat gain.
Especially important in the sum-
mer cooling season.
• Visible Transmittance –
measures how much light comes
through a product, expressed as
LEAKS
CONTINUED FROM PAGE 1
typical home, according to the
U.S. Department of Energy.
Ducts, fireplaces, plumbing pene-
trations, doors and windows
each account for 10 percent or
more of remaining air leaks. Mail
chutes, electrical outlets and
entry points for gas, cable and
phone lines are additional prob-
lem areas.
At each location, watch the
smoke.The exhaust fans will
draw air out of the house and
prompt outside air to come in at
leakage points.Wherever smoke
is blown into a room, you’ve got
an air leak.The bad news is that
you’re likely to have quite a few;
the good news is that they’re
easy to fix.
The main tools for plugging
leaks are two common materials
found in any hardware store:
caulking and weather stripping.
Each comes in numerous vari-
eties and each has its own usage
specifications. Read the labels to
learn what each caulk adheres
a number between 0 and 1.The
higher the VT, the more light is
transmitted.
• Air Leakage – measures how
much outside air comes into a
home or building through a
product. AL rates typically fall in
a range between 0.1 and 0.3.
The lower the AL, the better a
product is at keeping air out. AL
is an optional rating and manu-
facturers can choose not to
include it on their labels.
•Condensation Resistance –
measures how well a product
resists the formation of conden-
sation, expressed as a number
between 1 and 100. The higher
the CR, the better a product is
able to resist condensation. CR is
also an optional rating.
There are two consumer-
friendly guides to help con-
sumers determine how well a
window will perform, and reli-
ably compare one model to
another. The National
Fenestration Rating Council
sponsors a certification and
labeling program for windows
that meet certain standards.And
look for the Energy Star
Designation, developed by the
U.S. Department of Energy,
which also reports on the ener-
gy efficiency of windows, sky-
lights and doors.
The Efficient Windows
Collaborative Web site, www.effi-
cientwindows.org, developed by
Lawrence Berkeley National
Laboratory, Berkeley, Calif., and
the University of Minnesota
Center for Sustainable Building
Research in Minneapolis, features
an online window selection tool
that enables homeowners to
evaluate cost and return of dif-
ferent window constructions
based on a home’s geographic
to, whether it can be painted, its
curing requirements and cleanup
to see what best fits your applica-
tion.
Caulk is not a place to save a
few dollars on price. Inexpensive
caulks may last a few years, while
the premium-priced can last 20
years or more. Caulk shouldn’t
generally be used for any crack
greater than 1/4-inch wide. Cans
of aerosol spray foam are better
for larger gaps.
Similarly, all weather stripping
(largely for use around doors and
windows) is not created equal.
Felt and foam tapes are not very
durable but are inexpensive and
easy to use.Tubular rubber and
reinforced silicone cost more and
can be difficult to install, but pro-
vide tight and durable seals.
Devices to seal the bottoms of
doors are just as numerous and
varied in their cost, durability,
effectiveness and ease of installa-
tion. (For a complete rundown
on caulks and weather-stripping,
click on the Home Series link at
the Iowa Energy Center Web site
at www.energy.iastate.edu.)
Start any sealing project by
Photo courtesy Simonton Windows
Ask our broker
CONTINUED FROM PAGE 1
door was out of alignment, there were cracks in
the stucco, there were patches in the dry wall,
the roof line was raised in the area of root dam-
age, the patio ceiling was raised and paint was
chipping.
If we had known about these issues we would
not have purchased this house. Because of these
problems we will sell, but since we need to fully
disclose these problems to the next buyer we
may not be able to sell the house at the right
price. What can we do?
A: Were these problems visible and obvious at the
time you bought? What about the walk-through inspec-
tion before closing?
There are some questions to ask: First, review the sell-
er disclosure statement.Was it accurate? Second, did
the inspector note the door, roof and window prob-
lems? Third, did you have a buyer broker? If yes, did he
or she recommend the inspector? Fourth, is there any
possibility that the cracks and other problems became
suddenly worse because of weather or some other fac-
tor? An attorney can help you look at these questions in
greater detail.
location.
Bill Lazor, product manager
for Simonton Windows, Q: We have been renting since we sold our
Parkersburg,W.Va., says it’s time house two years ago. We have been looking to
to replace your old windows if purchase a better home with a larger lot. We have
they’re more than 20 years old made many offers but for different reasons have
or if you notice: been unable to buy. Unfortunately, with the way
• Condensation inside the
glass on double- or triple-glazed
market is going we cannot afford to buy a home
windows – an indication of seal at this time. What can we do?
failure.
• Light seepage – shine a A: It often happens that with price appreciation
flashlight around the window’s those who own real estate cannot afford to buy their
perimeter and have someone own houses at today’s values. In your situation you lost
stand outside to look for light
coming through the cracks.This
the benefit of two years’ worth of local appreciation by
is another sign of seal failure. selling.
• It’s difficult to open and I suspect you can buy a home, although it may not be
close your windows. your first choice.To see what you can afford, a good
• Rot, decay, warping, crack- first step would be to review your finances with a local
ing, sticking and excessive wear. loan officer.
When shopping for replace-
There is, however, a caution:You have been unable to
ment windows, it’s important to buy in a rapidly rising market. But what happens if you
“research the reputation of the buy and then home prices in your community stabilize
manufacturer, the product you’re or actually decline? Such things can happen – reason
purchasing and the comprehen- enough to buy a home that’s readily affordable in good
siveness of the warranty times and won’t sink your finances if times get hard.
offered,” says Lazor.
“Shop around, ask a lot of © Content That Works
questions and don’t base your
decision on cost,” says Maceda.
“Make sure the installer is Do you have a question or a quandary about buying, sell-
trained and insured.” ing or renting? Peter G. Miller, author of The Common-Sense
The Better Business Bureau Mortgage, specializes in providing real solutions to real estate
recommends getting at least dilemmas. E-mail your questions to
three quotes from different con- peter@contentthatworks.com.
tractors or installation compa-
nies before plunking down your
money.
© Content That Works
plugging holes in the attic and
basement first, then look for
damage your home in the winter.
Warm air entering the walls from
sealing generally costs $100-$400
if you do it yourself, says RMI.
smaller leaks around doors and the house cools and condenses Assuming a conservative 33 per-
windows and electrical outlets, its water vapor inside building cent savings on the average U.S.
say the experts. cavities. heating and cooling bill of $680
Ducts are the second biggest That means attics must be bill, and the effort pays for itself
energy waster. But despite the properly ventilated and treated in one to two years – and keeps
ubiquity of duct tape (and its with a vapor diffusion retarder or paying dividends, not only for
name), do not use duct tape to vapor barrier to reduce the rate your pocketbook, but when it
seal ducts. It quickly hardens, at which water vapor can move comes time to sell.When
cracks and loses its seal. Instead, through a material. Bathroom and prospective buyers ask about
repair leaking joints with sheet kitchen exhaust fans also help by energy bills, you can safely say
metal screws and seal with latex- removing contaminants directly your envelope is well sealed.
based mastic and either alu- from a room and increasing the
minum tape or a fiberglass mesh. ventilation rate. (The EPA offers a © Content That Works
Wrap the ducts with special duct booklet on indoor air quality at
insulation – do not use insulation www.epa.gov/iaq.)
left over from other jobs. A close review and upgrade of
Strategies for sealing are your home’s building envelope
numerous, but whatever precau- can reduce heating costs by up
tions you take to improve the to 50 percent, according to
integrity of your home’s enve- research from the Rocky
lope, always be sure to maintain Mountain Institute (RMI),
proper ventilation, advises the Snowmass, Colo. Plus, there are
U.S. Environmental Protection the added advantages of blocking
Agency (EPA).You don’t want to outside noise, protecting a
seal in bad air, whether it comes home’s structure from weather
from smoking, asbestos, radon, or damage and increasing indoor air
hobby activities that might quality.
include sanding, welding or sol- Short of blowing in new insu-
dering.You do not want to trap lation or replacing windows with
stale air or moisture, which can more energy efficient models,