Connecticut Real Estate

This week, Governor Rell announced a plan to protect homeowners and renters facing foreclosure.

While the plan is a little light on protection for the renter, who is relying on their landlord to notify them that they are being foreclosed on, it is at least a start.

The plan will also address how to distribute the $25 Million the Federal Government has earmarked for Connecticut to deal with the foreclosure crisis.

For complete story on the Governor's proposal:

http://tinyurl.com/5jz24b

The good news if you are a renter, this is a great time to become a first time home buyer. With lots of inventory, sale prices, and a $7,500 tax credit for first time buyers as just some of the reasons it makes sense to act now.

If you are currently renting, have a job, decent credit, and are ready to commit to changing your future...this is for you... While the Zero Down programs are fewer than in the past, sellers are more willing to pay your closing costs and there are still a few zero and low down programs available. To find out more call this Free Recorded Message 1-888-456-8536 x94 or go to www.LovelyFairfieldHomes.com

On your team

John

I've been looking into alternative energy options for my 2500 s.f. colonial, built in the late 1980s. My intention is to reduce my oil and electric dependence, while at the same time making investments that will pay for themselves in the 5 to 7 years we expect to stay in this home. The amount that one of these systems will increase the value of the home has not been proven to my satisfaction in this part of the country, so I am limiting my choices to cash on cash break even in less than 7 years.

Background: the property has to the east and south a large wetlands area with tall trees approximately and a West facing front of the house.  The predominant roof surface faces east/west, with small sections over the garage facing north/south. An OK candidate for solar if I can top the 6 largest trees (which are not in the wetlands), but not the ideal solar candidate. GeoThermal looks good in this area, the installer just put one in a 5000 s.f. home around the corner and claims I will not need to keep a backup system in this area.

Akeena Solar quoted on the solar system, which would cost approximately $45,000 before the government subsidies and rebates, which would combine to bring the system down to $20,000. With the reduction in savings on the electric bill, I would see a break even on cash flow in 9.5 years, assuming a 5% annual increase in electrical distribution rates. If I had fewer trees and a more southerly facing roof, the break even would have been in the 5 to 7 year range and the solar system would have been ordered.

GeoThermal heating and cooling system, a $25,000 investment tied into my existing heating and cooling system, which would have a 6.5 year break even on cash flow, assuming a 5% annual increase in electrical distribution and oil prices averaging $3.50.

Quadra-Fire 5100 Wood burning insert, a $5,500 investment placed into existing fireplace, wood at $250 per cord, assuming 3 cords per winter, 2.5 year break even on cash flow. This will not eliminate the oil, but should save several thousand gallons a year.

Bottom line - The wood insert has been ordered. I have several dry & seasoned cords on site already, which really sealed the decision. The GeoThermal system was under more serious consideration until the oil prices plummeted the past several weeks.

Would love to hear your comments & feedback on similar systems you may have installed.