Managing Home Maintenance Costs

In a previous post we compared the ROI for LED lights vs. incandescent light bulbs. LED’s although they are very expensive can last for up to 50,000 hours and save a great deal of money over their life time compared to incandescent bulbs even though they are much less expensive. The other question we wanted to look at is how to LRD bulbs compare to CFL’s(Compact fluorescent Light bulbs) and should we invest in one or the other at this time.

We found one such study, which actually showed that they were pretty close in the total savings, when you compare them both over a 50,000 hour time span. CFL’s cost around $4 a piece while LED’s cost around $35 at this time per bulb. CFL’s last for 10,000 hours so you will need five bulbs to cover the 50,000 hours. Both are very efficient, although LED’s have a slight lead over the CFL’s.

Comparison of Savings for LED’s vs. CFL’s

The actual savings of the LED’s was about $4 over the 50,000 hours when comparing to CFL’s. Both of these bulbs save a great deal more when compared to incandescent bulbs. Total savings for the CFL bulb was $263 compared to the savings of $267 for the LED bulbs.

The conclusion from this comparison is that when a CFL does finally burn out, consumers would be wise to install LED’s in their lamps with the following conditions taken into consideration:

The light will be used for more than 3 hours a day, which should last 10 years at this rate

• You are planning on staying in the home for a long period of time
• You want to upgrade your lights as part of a sales incentive when selling your home
• Otherwise, CFL’s would be more than sufficient and reduce your initial installation cost.

An Example of When to Use LED Light Bulb Canada

As an example we plan to stay in our home for longer than 10 years. We have four lights that are on all night, which is approximately 10 hours a day. These lights would be ideal candidates for LED’s. We have several lamps that are also on for roughly 5 hours an evening depending on the time of year. These lamps could also be equipped with LED’s. Although if we were moving in less than 5 years, I probably would install CFL’s, just to minimize the initial cost. Other lights in the house which are not used as often would have CFL’s installed. Again this is to minimize the cost taking into account these lights are only used a few hours a week.

If you still have incandescent light bulbs installed in your home, the savings are so significant in terms of reduced electrical usage, that it makes sense to install CFL’s or LED’s even before they burn out following the above guidelines that we have outlined.

LED’s Decreasing in Price

As the price for LED’s decrease based on volume production, these recommendations may change and instead of installing CFL’s in lamps that are not used that often, it will just make sense to install LED’s everywhere. Unfortunately we are not at that point yet since the cost of LED’s is still pretty high. We are not sure if the price is based on cost or perceived value to the consumer. LED’s last up to 5 times longer than CFL’s and the prices are about 8 times more expensive. Based on this we think there is still a premium compared to the LED’s however that will decrease over time.

Consumers should monitor the prices and when they are down to approximately $20 for a LED bulb, there is no longer any premium on the LED’s. This will happen over time, especially as demand goes up, governments provide incentives and mass production sets in.

Let us know if this information was useful and if you also have additional thoughts and guidelines that should be considered when using LED light bulbs in Canada or the USA for residential use.

For more posts about LED lights and saving energy, click here.

How does the average consumer hire hardwood floor contractors or should they try to install the hardwood floor themselves? These are the types of questions that most consumers ask themselves when they are considering installing a new hardwood floor. If they are thinking about hiring a hardwood floor contractor, should they use the one recommended by the store they are purchasing the wood from? Or should the go and find one on their own? We will spend a few minutes discussing these issues. Hopefully our comments will help readers make up their minds regarding which approach to take.

Store Recommended Floor Contractors

Most stores have a number of hardwood floor installers on contract that they can refer their customers to.  Some of the installers will actually be employees if the store is large enough. However most will have several contractors that are known to them and have a reputation for doing excellent work. They will not refer work to contractors unless they do have an excellent reputation. Since any work that is not satisfactory will reflect badly on the store. This is just common sense and makes really good business sense to operate in this manner.

Stores that hire the contractors for you will usually warranty the work these contractors do. If they refer contractors to you and you hire them, there is no warranty from the store for the work the contractor does.

Signing Contracts with Hardwood Floor Contractors

It also depends on who your contract for floor installation is with. Pay really close attention to this point. Just because you pay the store for the hardwood material and installation, you could actually be signing two contracts. One for the hardwood material and a second one for the installation. It is always a good idea to clarify this point. If you have an issue with the installation of the flooring, who do you turn to for resolution and warranty? Will the store stand behind their product and their services which includes installation?

If the store wants you to sign a separate contract for installation, they may be just processing the contract. Also collecting a finder’s fee for passing along the work to the contractor. In a situation such as this one, the store is not taking any responsibility. Consumers should be more careful in this situation. You may want to ask for references before you proceed. The onus is on you the consumer. Hence you may as well hire someone who you are comfortable with after having done your research.

Do It Yourself Hardwood Floor Installation

At this point a basic decision regarding whether you should hire a contractor or do the work yourself is in order. If you are handy and take the appropriate courses or read blogs like this or watch the many Youtube videos on the subject, customers can save a lot of money. The money you save will pay for the tools you need to buy or rent and you will have the satisfaction of having done the work yourself.

There are many good contractors around and they can be hired at a reasonable price. Check out the criteria for hiring contractors on our website. If you have the time and are not afraid of work and learning how to lay a hardwood floor, most consumers will give it a try. Most hardwood floor contractors, at least the good ones will provide references with no problems at all. They will also have pictures of some of their work that you may be able to take a look at.

If you are not happy with the work discuss it with the contractor right away. Monitor the work during the day the floor is being laid and let him know right away before the floor is completed. It is a much bigger job to correct a defect after the floor is finished, rather than when it is in the process of being laid.

Save

Tire sales occur at various times of the year usually at the time when you do not need tires or when you are short of cash and really do not want to spend the money. In addition we often procrastinate as well. We leave purchasing tires for our cars until the last possible minute. Then we miss out on any sales that might be available.

Seasonal Tire Sales

Tire sales often take place just before winter sets in and in the spring. These are the times of the year when consumers are traditionally changing the tires on their cars. This is the time to install winter tires or to install summer tires. Tires sales can be quite good. Particularly if you watch for the sales and purchase four tires all at the same time. In fact your car will perform better if you have good tires on the car. They are properly inflated and all four tires are all the same make and model. You never want to have different sized tires on your car. This will cause instability and could even cause you to lose control of your car. Always replace all four tires at the same time.

Steel Rims for Winter Tires

Winter tires can also be purchased with steel rims. The summer tires with rims can easily be removed.  The winter tires plus steel rims can be installed in a matter of minutes.  Using steel rims on snow tires saves your regular rims from wear and tear during the winter driving season. In addition if you have to remove summer tires and install the winter tires, the physical removal and installation can sometimes damage the rims. All you need to do is make sure they are balanced before installation. You are good to go with the extra set of steel rims.

Summer Tires

Summer tires are usually harder rubber and will last longer as a result. But summer tires are too stiff for winter use and they do not grip the road as well as softer rubber winter tires.  Soft winter tires will wear more quickly during the summer time if you leave them on all year long and your gas mileage will not be as good either.  Install your winter tires in early November and then remove them in April before it gets too warm. All season tires are popular with many people in areas that receive light snow falls.  If you are living in the mountains where you get a lot of snow, good snow tires with chains are often required just to get around.

Consumers can reduce the overall cost of buying tires by taking advantage of these tire sales, as long as you watch for them and take the time to go into the tire dealer and take advantage of the sale. Some people will just buy the tires and have them installed later if they do not have the time to leave their car for the tires to be installed.

For more posts about tire sales, tire prices and tire safety, click here.

Owners of rental buildings want a lot of property management information from their property managers. They look for regular reports at the end of each month. These include rent rolls, status reports on various activities, annual reports, tax reports for filing with the government. As well as rental reports to substantiate rent increases. Most of all they want to make sure that there are no surprises.

Property Management Information – End of the Month Reports

At the end of each month, property management information should include a total income and expense report. It should show the rental income for the month and the year to date numbers. It should also show the expenses in the same format for all categories.  Rental units rented and the rent collected, end of lease projections, empty units, and collection activities should also be reported. They also want to be made aware of any special issues that should be brought to their attention. For example renters that skipped on their rent. Also renters that are behind on their rent.

Status Reports

There may be various projects and upgrades that are underway. A status report is usually provided to give owners who cannot get to the property an update. Include picture as required. Discuss issues as required.  Some owners will want a monthly meeting to review this information. However more often it will be a quick conference call which saves everyone time.

Annual Reports

Annual reports summarizing the year and projections for the coming year are also needed. In addition these reports allow owners to budget properly. Review every line item and adjust based on inflation. In addition specific needs of the property and even specific agendas of the owners.

Tax Reports

Tax reports are also provided on an annual basis as part of the annual property management information flow. These reports can be provided to accountants. They will incorporate the appropriate cash flows into the owners income tax reports to the government. This is not an audit. It is a tax report based on the information provided to the accountant.

If there is only one owner, discussions and decisions are often very straight forward and can be conducted easily. If there are multiple owners, the decisions take longer. Often a board of directors will interface with the property manager. They will go over all of the property management information. The job of the board is to review all reports and make sure that results are in line with expectations.

Turn your junk into money can be a rewarding exercise for many reasons including actually getting some money for your stuff. This is another one of our posts designed to help people make money or save money around the home.

There are some things to do associated with selling your junk to make sure that you get the right amount for your junk, and we will list some of them in this post. What is junk to one person might be worth a lot to others. At the same time, some things are really junk and should be thrown out in the garbage. That’s why the first step is to assess what your stuff is worth before you try to sell it.

There are other benefits as well to getting rid of junk. For example, getting rid of the clutter in your home is a rewarding experience. Many people breathe easier when they finally see their homes neat and tidy, especially when they made some money as well.

There are many ways to get rid of junk. Many consumers turn to the traditional garage sale approach and get rid of many things this way. They can also sell some items using eBay or Kijji or one of the other online sales tools. Finally just plain donating your stuff to a good will company will not make you any money, but you will feel better knowing someone will be able to benefit from your used items.

Turn your junk into money – Garbage Pickers

Have you ever notice these trucks going around on garbage night? These are the guys that are looking for stuff that people are throwing out that they can pick up for free, possibly clean up or repair and sell. They also pick up metal items to sell, and they usually have full trucks by the end of the night.

They sell this stuff at flea markets and garage sales. Metal of various kinds is recycled and sold for scrap. There seems to be enough of these guys going around that sometimes they compete to pick up stuff. They spend a lot on gas and time, but they are making money, or they would not do it.

Occasionally they will find something really expensive and sell it on line. Before you throw out something that is valuable, or holds on to it forever, why not try to sell it yourself instead of just throwing it out. It takes a bit of work, but then it is money in your pocket instead of someone else’s or the garbage. Also, be patient. We recently sold one item on Kijji, that had been advertised for over a month. At this point we had no expectation of being able to sell it, then one morning we got a call from a person who bought it and did not even negotiate. They paid the asking price!

Ten Things to Do To Sell Your Junk

• Find out what it is worth
• Clean it up and make sure it is in good condition
• Clean all data off your electronic items
• If selling online, take an excellent picture
• Decide were to sell it – garage sale, online, auction, etc
• Avoid fee’s if possible
• Choose your words carefully to avoid appearing as a scammer
• Maximize your online listing views
• Maximize your garage sale  visits by properly advertising
• Lower prices usually mean you sell stuff quickly
• Be careful of people who are trying to take your item and your money

Sort Your Junk

Part of finding out what your stuff is worth is sorting your junk into categories. For example, some things you will want to sell at a garage sale, while other items may be better sold online through one of the online systems.  If you happen to have valuable items, an online approach may be better than a garage sale, for example.

Garage sale buyers are always looking for really cheap deals, and if you have an expensive item, unless you pre-advertise, the chances are that you will not be able to sell your expensive item at a garage sale.

While you are sorting your items, some things will just not sell due to their condition. Put this into the garage sale, if they do not sell, put them in the garbage or donate it to a charity if you think someone can use it.

Be Careful Turning Your Junk Into Money

Whether it is face to face or online, there are always people who will try to scam you or even rob you. If you meet someone face to face to sell some thing, always take a partner along with you to ensure your safety. If you are selling something on-line, make sure you have received the money before sending your item to the buyer. eBay allows money to be placed in escrow to protect both the buyer and the seller.

I have even seen people at garage sales trying to steal items, and some will even try to take your money if it is left unprotected. If you have a lot of items, it is often a good idea to have several people helping you at busy garage sales.

If you are just not into selling items at garage sales or online, donate your good items to a charity. They sometimes will even pick up and provide you with a donation slip for use when you complete your tax return. Another way to save some money!

Save

Recently we have seen business text messaging advertising in stores and even in emails that come across our desktop. These messages often advertise some product or service With the click of a button you could find yourself subscribed to a service that you may not want to have. They are supposed to tell you up front that you are subscribing to some service. However in many cases it is buried at the bottom of the message in the fine print.

Business Text messaging Example

For example, a business text messaging service is used by the clothing store called Izod. They advertise in the store that cell phone and smart phone users can get an additional $5 off their purchase. All they have to do is send a text message to a particular number with a specific phrase. This only works if you are in the store and if you are already making a purchase. You can save $5 immediately.

They send a return message which you show to the clerk when you check out. Pretty simple really but now they have your cell phone number. They will send you text messaging advertising from time to time. I tried this and found that I receive a message from them about once a month, which is not too bad. Alternately you can unsubscribe from their service. Then the next time you are in the store, send another text message and get another $5 off the next purchase you make that day at Izod.

The Bay, another clothing store has recently started the same thing; however they will give you a $10 discount on anything you buy over $100. An incentive to purchase more, but then you do save $10 on your total purchase. We are not sure, but we believe this is a onetime thing. In other words you cannot send these text messages multiple times for multiple purchases. Izod only allows the one time savings while you are signed up for alerts.

Text messaging Advertising

Why do they do this you ask? They want to encourage you to purchase more. They want to learn some information about you and they now have your cell number. Which is a working number which they can use to send further advertising to you via text messaging.

They can also learn a great deal about their customers by doing a reverse look up on the telephone number. We are not sure that they actually do collect this information, but they certainly could and many companies are actively doing this sort of thing to improve sales.

There are ways to use this information and also prevent these businesses from sending more text messages to you as well as prevent them from learning more about their customer. Send the initial text message to sign up, collect your discount and then send a stop text message to the same number to prevent more from being sent to you.

In fact most will advise you regarding how to go about stopping a message once you have received whatever benefits you wanted.

For more text messaging ideas and discussion, click here.