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When youre buying a home, one of the worst possible scenarios is a dream house that turns out to be a lemon. While the term usually refers to a home that looks great but is hiding some internal, serious flaws, there are actually red flags you can watch out for”that will show up way before you even get to an inspection.

Signs of Mold or Water Damage
Use your eyes and nose to check for these environmental issues. Water damage may reveal itself in stains, in damaged wood or flooring and walls that are collapsing. Obvious mold can also be seen by a simple visual inspection, but your nose can detect it even if its hidden. Mold isnt just unsightly”it can cause health issues like asthma, especially in kids.

Faulty Foundation
This is a classic, surefire deal breaker. Check the basement for large cracks (but small cracks shouldnt pose a problem and can be due to normal settling of the house).

Outdated Electric Systems
Turn lights on and off”are they flickering, buzzing, or generally seem off? In an older house, this could be a sign of needed (and often expensive) electrical work.

A Freshly Painted Wall or Ceiling
Particularly if only one wall or part of a wall has been painted, the owner could be trying to cover something up”like toxic mold (see above).

Of course, any home youre buying will go through a thorough inspection by a professionally qualified inspector. However, unless you really love the home or the neighborhood, you may prefer not to waste your time (and money, through inspection costs) if the home is a potential lemon. If you see any of the four red flags above, weigh the pros and cons with your real estate agent. It may be better to move on to a home that will be less of a headache!

Published with permission from RISMedia.

Published with permission from RISMedia.

A home is the biggest single purchase most people will make. Matt Blashaw, a licensed contractor and host of the DIY network show, Money Hunters, offers six tips for planning and performing routine maintenance that can save dollars as well as future headaches:

Save on tools ” Unless its a tool you will use often, check local yard sales for good used tools at good prices. If its a tool you may use only once for a specific project, consider renting it.

Save leftovers ” With most home-improvement projects, there are leftover screws, bolts, and other pieces of hardware left over. Storing them in plastic organizers (as opposed to dumping them in a drawer) can save you from having to buy a bag of a certain size screw when you need only one or two.

Save on paint ” If you are flexible with color, you can save big dollars by buying oops paint colors from the home store. That is, colors that werent what the customer wanted and therefore refused to accept. Also, consider that one gallon of more expensive paint may be cheaper than buying two gallons of a cheaper brand that will likely require two coats.

Check toilets regularly – Water leaking from your toilet tank will raise your utility bills and cause premature wear of the toilets internal workings. One a year, add some red food coloring to the water in the tank. Come back in about an hour and see if the water in the bowl is pink. If it is, you have a leak.

Protect plumbing ” Accumulated fats, oils and hair are the most common causes of clogged pipes. Buy a hair strainer for the shower drain. Do not dispose of fats down the kitchen sink ” and if a pipe is plugged, skip the Drano, which can damage the pipes. Try using a drain snake yourself before you call a plumber.

Change air filters – Change the air filter in your central heat and air unit often, especially during peak usage months. Thirty days is the absolute longest you should leave an air filter in place.

Published with permission from RISMedia.

If youve considered buying a house with a helipad, here are four things you should know.

Helipad vs. Heliport

If you plan to keep a helicopter on your property, youre required to get FAA approval as a heliport, which often includes other facilities, like a hangar and fueling station.

Benefits

The main benefit of having a helipad in the backyard is convenience. Helicopters offer quicker travel time than a car and can come in handy in case of an emergency.

Buying vs. Building

It can be difficult to get local approval to fly a helicopter in a residential neighborhood, which is why its easier to buy a home that already has a helipad than to build one.

Environmental Concerns

Its important to keep in mind that private aviation can have a major impact on your carbon footprint.

Published with permission from RISMedia.

Asking a financial expert if theyre working in your best interest when giving you advice on your retirement account seems like a simple enough question. That question is now getting a little more complicated.

Known as the fiduciary rule and set by the Labor Department to take effect in April 2017 ” but then delayed by the Trump administration until at least June 2017 and some parts until January 2018 ” the rule simply requires people in the financial services industry to put consumers best interests ahead of their own.

Without this rule, financial advisers could steer clients to mutual funds with excessive fees or have other conflicts of interest such as higher bonuses or prizes. The Obama administration put the loss at $17 billion a year from retirement accounts for such conflicts.

The fiduciary rule would prohibit advisers from concealing any potential conflict of interest, and required that all fees and commissions must be clearly disclosed in dollar form to clients. It also expanded the definition of a financial adviser not just to someone giving ongoing advice, but to any professional making a recommendation or solicitation.

President Donald Trump has delayed the rule, which is now under review. Some groups have said they may sue the administration if the rule is weakened or killed.

The fiduciary rule is necessary, supporters say, because most financial advisers arent held to a legal standard requiring them to put a clients interests first ” much like a doctor or lawyer must do.

Instead, financial advisers can legally act in their interests first and can earn bigger commissions for more expensive products that they sell. They can earn more by giving bad advice, and its legal.

To avoid this problem, consumers can look for fee-only advisers who charge a one-time fee for financial advice. They dont earn a commission for steering customers into one investment product over another.

Before the rule was scheduled to be implemented, some investment firms had changed their prices on funds to appeal to consumers. Some high-fee products were removed and some companies eliminated commission-based sales practices entirely. Some also created new products that are less expensive for consumers.

If you work with a financial adviser, ask them if theyre a fiduciary and if theyre obligated to act in your interests above their own. If not, you may want to switch advisers.

Hope you found these tips helpful! Contact me for more insights and info.

Published with permission from RISMedia.