Fairfield County Single Family Sales, January - December 2009-2011:
Westport, Weston, Wilton, Fairfield, Easton, Norwalk. If your town is not on this list, email us for market statistics specific to your town!
Fairfield County Real Estate Market - Monthly Market Statistics by Town
Renovating? Building Codes are Critical!
We’ve all heard horror stories about the remodeling project that needs to be torn down or redone because it didn’t meet the town's building code. While many believe that investigating building codes is too confusing, time consuming and costly, the consequences of not getting the necessary permits before starting a construction project can be both upsetting and expensive.
Securing a building permit before you start planning to renovate can also prove critical should you sell your home in the near or distant future. Potential buyers could request proof of permit and a Certificate of Occupancy for that room above the garage that you added. Not having one is a risk most buyers ' attorneys won't want them to accept.
Building codes were designed to set public-safety standards for things like construction, maintenance, use and occupancy. Codes address all aspects of construction, including structural integrity, fire resistance, safe exits, lighting, electrical, energy conservation, plumbing, ventilation, and correct use of construction materials.
In order to make a change to your property, you need a permit stating that your renovations coincide with all applicable building codes. Permits may be needed to cover projects such as the installation of new kitchens, master bedrooms, bathrooms, a porch or deck, changes to driveways and the addition of a swimming pool or tennis court among others. Municipal zoning and building codes are established and enforced by government officials and frequently modified. Failure to comply can result in denials of permits, failure to grant occupancy certificates, or the imposition of expensive costs to change the construction or the payment of fines.
Codes vary with location—each state, county, city and town can have their own specialized codes for things like electricity, plumbing, construction and fire. Typically, each code or permit requires separate inspections and inspectors. Inquire at your town hall to find out the correct department and process for securing permits.
Some homeowners avoid securing a building permit to save time , to avoid additional costs or a potential increase in property taxes should the renovation result in an increase in the assessed value of the property. However, the extra precautionary step is vital and ensures you won’t suffer from repercussions such as hefty fines, or having to tear down your new deck due to improper construction or zoning. Taking the time to check on your local building codes and obtaining a permit will help ensure your renovation project goes smoothly.
As a Member of the Top 5 in Real Estate Network® . I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article to any friends , co-workers or family members who may be interested .
Ways Your Credit Card Agreements Could Change - for the Better
Do you remember the last credit card you signed up for? More importantly, do you remember the actual contract? While credit card agreements outline such essential information as costs, features, and terms of the product, they are often long, complicated, and written in legalese. Unfortunately, key information about interest rates, fees, billing, and payments is often surrounded by legal fine print.
That’s why the Consumer Financial Protection Bureau (CFPB) launched the Know Before You Owe project, a program designed to provide better consumer transparency in several areas, such as credit card agreements, so that consumers could have a better understanding of the prices, risks, and terms involved before signing on the dotted line.
According to the CFPB, there are an estimated 514 million credit cards in circulation in the United States. Americans used their credit cards to spend an estimated $1.9 trillion in 2010, and credit card debt is estimated at $700 billion dollars. The CARD Act, which was signed into law more than two years ago, was passed to make credit card costs more reliable—with less risk of unexpected rate increases or other charges.
But despite this progress, a recent study by J.D. Power found that roughly two-thirds of cardholders say they don’t completely understand how their cards work. And, as indicated in a recent CFPB report on credit card complaints received by the Bureau from July 21 to October 21, 2011, difficulty understanding the terms of their cards is a contributing factor in many consumer complaints.
With this in mind, the CFPB has created a prototype credit card agreement that is shorter, written in plain language, and explains key features upfront. This prototype is scheduled to be tested with the Pentagon Federal Credit Union to get on-the-ground consumer feedback before it becomes official.
Here are the four key improvements the CFPB prototype offers:
Shorter: The CFPB’s prototype is shorter – its word count is about 1,100 words, while the industry average for a credit card agreement is around 5,000 words.
Clearer: The draft credit card agreement has an easy-to-read layout and is written in plain language. It is organized into three simple sections: costs, changes, and additional information.
More consumer-friendly: The simplified agreement explains the prices, risks, and features of the credit card upfront, as opposed to burying it in fine print.
Consistency: The prototype establishes standard definitions for legal terms like “card” and “balance transfer” that are contractually necessary but largely uninformative to consumers. These definitions are based on standard industry usage and practices and will be housed online where consumers can readily access them. For consumers who do not have Internet access, the definitions will be available from their issuer in printed form. According to the CFPB, doing this allows for a plain language document that clearly explains to consumers how the credit card works.
For more information about Know Before You Owe, and to view a copy of the prototype credit card agreement and the database, visit www.consumerfinance.gov.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
