Q. How can we save money and energy during the summer months?
A. One of the most cost-effective ways to save money and energy is to install programmable thermostats. Be sure to program these devices so that your a/c system provides for your comfort during peak times, but automatically reduces demand during working hours, night time, or out of the house for a period of time.
It is estimated that you can save up to 3% on energy costs for each degree of temperature setback.
Schedule your daily chores that require energy use, such as washing clothes and dishes, and cooking to early morning or late evening. These appliances produce extra heat which will add to the need for extra cooling during the hot days. Outdoor grilling is a great way to enjoy the outdoors while keeping indoor areas cooler.
Keep shades and curtains closed especially on the sunny side of the house. Strong sunshine through your windows can increase room temperature as much as 30 percent. Whether you use central air or individual units, clean or replace the filters every month during the high use summer months.
Your refrigerator will generate extra heat while using extra energy if the coils are dusty and air flow is restricted. If you have an old appliance, consider the benefit of replacing with new energy efficient units. Energy savings will help offset the cost of replacement.
Be kind to your wallet and the environment this summer by practicing these energy-saving ideas.
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Q. What is the difference between Appraised Value, Market Value, and Assessed Value?
A. Market value is the price that a typical buyer would pay for a property in its present condition in an arm?s length transaction (no distress, unrelated parties). When market values change, so does assessed value, although all revised assessed values reflect a community?s real estate market value of the previous calendar year.
The assessor does not create value, but buyers and sellers do establish value by their transactions in the real estate marketplace. Assessed Values result from a review of market transactions within a community combined with the attributes and amenities of a property.
Appraised value is an estimate of fair market value based on the most likely selling price of a property if offered for sale in an open and competitive market. An appraisal is a detailed analysis of market conditions and a comparison to similar properties within a similar neighborhood (Sales Comparison Analysis).
Since no two properties are exactly alike, the analysis compares and adjusts with a +/- adjustment which results in a value that accounts for property differences. Lenders typically use Appraised Value as a basis for lending on a specific property.
A licensed or certified appraiser would provide an appraised value, while a less-detailed report such as a Comparative Market Analysis (CMA) or Broker?s Price Opinion (BPO) is offered by real estate agents.
Richie Gorden is a real estate broker and real estate appraiser and serves on the Sharon Board of Assessors. If you have any real estate questions you would like answered in future columns, please send to Richie Gorden, c/o Re/Max Landmark, Realtors, 28 South Main St, Sharon, MA or email directly at homes@richiegorden.com
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