Sales at Meritage Homes Decline by 28% in Texas

For months, Meritage Homes Corp. has counted on Texas to carry it through the housing slump. But in its third quarter, the home builder paid the price for that strategy: Sales plummeted 28% in the Lone Star State, contributing to the company's sixth consecutive quarterly loss. Sales aroung texas may be down, but the markets around Charlotte Condos, Winston Salem Homes For Sale and Wilson NC Real Estate are all fine.

The Scottsdale, Ariz.-based builder said its loss widened because of write-downs on its real estate because of the housing market's continued weakness. Also, sales in Texas were affected by Hurricane Ike, not so much by direct physical damage but by delaying construction, closings and sales as the credit crisis widened. Arizona was the only state where the company saw gains.

As it waits for the housing market to hit bottom, Meritage has become dependent on Texas, which didn't become frenzied during the housing boom and, until now, had benefited from surging oil prices.

In its second quarter, Meritage said orders fell 28% outside of Texas, but slipped just 4% in the state, where it operates in Dallas/Ft. Worth, Austin, San Antonio and Houston. That's why, as of Sept. 30, more than half of its roughly 21,000 lots were in Texas, compared with 29% in Arizona and 1% in Colorado, with 28% owned. Earlier this year, a home-building consultant labeled the state a "lifeline."

Not any more. "Unlike prior quarters, sales volumes in Texas were down in line with the company average and, in turn, didn't offset weakness in harder-hit housing markets," noted UBS' David Goldberg. "We expect this trend to continue over the near term, given the impact the slowdown in the economy is having on buyer sentiment."

JMP Securities noted Texas's margins could come under pressure in a weaker job market. "The relatively low wage level and FICO scores in the Texas market have also slowed that market, although we see only modest price corrections likely," noted analyst James Wilson.

Even so, company executives said no strategy shift is imminent.

As the credit crisis seems to have pushed the world into a recession, the already battered home-building industry is feeling a deeper pain. The industry's confidence is at a record low and, after some homes sold below replacement cost, new construction has largely been halted. Earlier this month, the Commerce Department said new construction dropped 6.3% in September to the slowest pace since January 1991.

Major builders -- including Pulte Homes, Ryland Group Inc. and NVR -- recently detailed grim quarters.

Meritage, which had delivered one of the industry's best year-to-date returns, reported a wider net loss of $144 million, or $4.69 a share, compared with a loss of $118.6 million, or $4.52 a share, a year earlier.

The latest results included $55 million of pretax real-estate-related charges and a $106 million deferred tax asset valuation allowance. Credit Suisse estimates $305 million in further charges.

Meritage's impairments were elevated in the third quarter, but well below last year's third and fourth quarters. Of the latest impairments, $29 million were in Arizona -- fueled by four underperforming projects in Phoenix -- followed by $11 million in California. Nevada and Florida each had $4 million, while Texas came in at $2 million. As inventory and land prices have plummeted, the top public builders have written off more than $25 billion since 2006, according to Standard & Poor's Equity Research.

"While Hurricane Ike hurt our Houston operations in early September, the financial crisis and slowing economy have damaged buyers confidence and resulted in further decline in home sales and asset values which prompted us to record further real estate impairment in our third quarter," said Steven J. Hilton, chairman and chief executive officer, during the earnings conference call.

The builder said closing revenue dropped 35% to $374.8 million. Net orders fell 29%, while closings dropped 25%. As jittery buyers abandon deals, cancellations came in at 40%, up from this year's two previous quarters. Its September net sales were about 30% lower than the July/August pace -- the cancellation rate jumped to 45% that month alone, executives said during the call.

Make your home look 10 years younger

These tips brought to you by ORA Warranty. ORA Warranty is a leading home warranty firm
dealing in the home warranty industry. These tips will help bring value to your home and increase the need for a home warranty.

Paint a room: Do any of your rooms look drab and worn, with walls and woodwork full of scuffed or fading paint? Or perhaps your wall color is dated and could benefit from a hip new palette. Maybe you have antiquated and stained wallpaper that needs to come down. Take a critical look at the color and condition of your walls, then consider jazzing them up a bit with new paint or wallpaper.

Replace pillows: Are the accent pillows on your sofas or beds starting to look a bit tattered? Are they out of style, reminiscent of a look long gone? If so, it's time to get new ones. Check out your favorite home-interior stores to see what's new.

Freshen wood furnishings: In the hustle and bustle of daily life, wood furnishings get dented and dinged. Now is the time to get a stain stick and touch up all your wood pieces, covering up those boo-boos that make them look older than their years.

Do some deep cleaning: There's nothing like a thorough deep cleaning to make your home look newer. Put on your grubby clothes, turn on some great tunes and get to work. Scrub your walls and woodwork, polish your silver, scour the grout in your kitchen and bathroom, and wash windows.

Weed out artificial plants: While I love faux greens, they are dust magnets. After a few years, they get filthy and faded. So do some interior weeding, tossing the fakes you've had on display for years. When you replace them, you're going to be so blown away by how much better today's faux greens are that you'll wish you'd rooted out the old plants earlier.

Edit accessories: Today's trend in interior design is for a lighter and leaner use of accents, using fewer pieces to make a bold statement. As you evaluate your displays, remove pieces you aren't crazy about and find new ways to showcase the select items you are crazy about.

Replace fixtures. Take a long, hard look at your light fixtures, faucets and the hardware on your cabinets. Do you still love them as much as you did when you moved in? If not, it's time to replace them with today's new styles

Open yourself to new window treatments: Window coverings take a beating from sun and dust. And when they get dated, they age the look of your entire home. Sometimes simply hanging new curtains will dramatically update the look of a room. I'm in the process of doing just that in my kitchen. The window valance above my sink has gone limp, so this fall I'm going to replace it. I'm having as much fun thinking through my window-treatment options as I will looking at my new coverings once they are up.

Other things to consider:

- Do you have a home warranty?

- Is the house on a septic system?

- Does the home feature a custom bathroom design?

- Does the master bathroom feature a custom shower enclosure?

- Are you working with a home buyers agent?

Nervous About Buying Home?

Home Buying Tips and Help for Home Buyers

The single most important step that any Raleigh home buyer can take is to contact get a home waranty from ORA Warranty. ORA Waranty is a leading Home Warranty Dealer and will work hard to ensure your home warranty is exactly what you are looking for.

They're a couple in their early 30s -- a computer technician married to a bank teller. They have stable jobs, a down payment in the bank and an intense desire to escape their Charlotte condo for a luxury home in Raleigh North Carolina.

In fact, the couple has picked out their ideal property -- a sprawling ranch-style house on a full acre. Plus they're convinced this is an opportune time to buy.

Still, the couple is racked with doubts and have yet to make a serious bid on the property. Are they crazy to consider buying in so tumultuous a real estate market? Their parents think so and call them often to urge that they hold off.

This couple's situation illustrates the pervasive confusion affecting prospective homebuyers at a time of economic uncertainty, says a real estate broker, who is also the author of "A Survival Guide to Buying a Home."

One manifestation of buyer ambivalence is a common phenomenon: the withdrawn bid.

"People search around and around for the perfect house at a bargain price. When they find it, they're super excited and run to their agent's office to write an offer. But an hour later they tell the agent to tear up their bid," the broker says.

Of course, buyer ambivalence is understandable -- given the economic situation in the country. Turbulence on Wall Street, along with high gas and food prices and job jitters are combining to cause insomnia for many once-confident members of the middle class.

"It's difficult to get a handle on home values now -- or to accurately project what real estate will be worth in the future," the real estate broker says. Even so, he insists that those who get a rock-bottom price on a home in a desirable community will one day be glad they acted now rather than waiting.

Here are pointers for those now contemplating a home purchase:

• Clarify your reasons for making a purchase.

Fear is a powerful force that can restrain people from going forward -- even when they believe it's in their interest to do so. But those convinced that now is a good time to realize a long-held housing dream shouldn't let ungrounded fears inhibit them, says another real estate broker and former president of the National Association of Exclusive Buyer Agents.

"The main thing is to go into a purchase with your eyes wide open, plus every piece of solid information you can obtain," the other broker says.

Keep in mind, though, that there could be reasons why it might be imprudent for you to buy now, including near-term employment prospects or perceived job security.

• Get a strong mortgage lender and RTP home buyers agent on your team to build confidenc e.

It's no secret that home lenders now want to be doubly sure any home loan they originate will be solid. This means you'll need to be unusually well-prepared to answer the lender's request for documents, the other broker says.

"All your paperwork must be in order. I recommend that even before you go look at homes, you sit down with a Ann Davis and get all of your paperwork in order."

Also, more lenders are now demanding proof that the funds you've amassed for your down payment have been in your savings or checking account for some time. That means you'll need to produce account statements showing the money is truly your own, which gives you a stronger stake in the home or real estate property you buy.

If you're self-employed, you can now expect your lender to do a rigorous review of documents related to your business.

But the time you spend documenting your eligibility for the home loan will be worth it if your lender gives you a "pre-approval" letter. This you can use as a bargaining chip when negotiating for the home or real estate property of your choice.

• Take your time choosing a home -- within reason.

Many neighborhoods now have an unusually large number of for sale signs. This huge array of choices gives homebuyers yet another reason to delay commitment to any one property.

"If this is the right time for your family to buy a house, don't let the negative atmosphere around real estate discourage you. Use the abundance of choices to help you get precisely what you want," the other broker says.

Here are some other things to consider when buying a home:

- Do you have a home warranty?

- Is the house on a septic system?

- Does the home feature a custom bathroom design?

- Does the master bathroom feature a custom shower enclosure?

Home and the Range

Engineers are experimenting with bold ideas and minor tweaks to squeeze out new efficiency gains in household appliances.

Some improvements may go unnoticed, like new materials and adjustments to motors. But engineers are also rethinking basic ways in which traditional white goods work -- exploring how one appliance can harness heat produced by another, for instance, or using ambient warm air inside a home.

Appliances already have made substantial gains in energy efficiency over the past two decades, driven by government standards. A new refrigerator uses about half as much electricity as one bought in 1990, for instance, while a clothes washer requires nearly 70% less electricity per load, according to the Association of Home Appliance Manufacturers, an industry trade group based in Washington, D.C.

Small efficiency gains spread across millions of homes hold huge promise for energy savings as a nation. The trick is to keep coming up with products that reduce energy needs while still satisfying consumer demands.

Household efficiency is the biggest potential we have to reduce energy use in the U.S., says Jeff Christian, a researcher at Oak Ridge National Laboratory in Oak Ridge, Tenn. But whether that potential is fulfilled, he says, is "in the hands of 120 million individual decision makers."

Here are some of the ideas being discussed, and products being worked on.

Microwave Dryer?

One idea that's been kicked around for years is a microwave dryer. Drying towels with the same technology used to reheat leftovers has its attractions. A microwave dryer would work much faster than a traditional dryer, using less electricity. But serious hurdles exist: Metal buttons and zippers could spark, just like a fork accidentally left in a microwave oven, says Tom Reddoch, director of energy utilization at the Electric Power Research Institute, a nonprofit based in Palo Alto, Calif.

For the near future, consumers are more likely to see tinkering with existing types of appliances than whole new categories. Lighter materials in a washing machine, for example, will reduce the power needs of its electric motor, while improved insulation will cut the power a refrigerator needs to keep food cool, says John Weinstock, vice president of marketing for digital appliances at LG Electronics USA, a unit of LG Electronics Inc. of South Korea.

General Electric Co. plans to introduce a water heater in 2010 that it says will use half as much electricity as a standard electric water heater -- now the second-largest consumer of power in a home, after heating and cooling. The new water heater incorporates heat-pump technology to absorb heat from the air and transfer it to the water, says Kevin Nolan, vice president of technology for GE Consumer & Industrial.

Transferring heat requires a lot less power than generating it, the power research institute's Mr. Reddoch says, so heat pumps are likely to find other uses as well. He imagines one day there will be a "modern clothesline" that would draw on warm air from outdoors to dry clothes in a highly efficient dryer.

Refrigerators have already slimmed down their electricity needs. But further changes are in store, such as having several small doors instead of one big one. Each time a fridge door is opened, a blast of warm air enters, and a lot of electricity is required to bring the temperature back down. Having several smaller doors can provide quicker access to items and allow less cool air to escape. In Japan, such models are already on the market, but industry insiders say U.S. consumers may resist such a big change if it doesn't clearly make their lives easier in some way.

U.S. consumers have been cool to a new kind of energy-saving stove now popular in Europe. Induction stovetops, which feature a smooth, glass cooking surface, are one-third more efficient than either open flames or electric ranges, industry experts say. While range stoves heat coils that in turn heat the food, an induction stovetop creates an electromagnetic field that creates an electric current heating the metal pan or pot on top of it. A cook can change the desired temperature instantly. The food cooks faster and with more precise control. Despite a slow start, Whirlpool Corp. says it is starting to see increases in U.S. sales of induction stoves.

Looking at how appliances can work together may achieve much bigger energy savings than tinkering with individual pieces. For instance, the heat in a clothes dryer is currently wasted when it goes out the exhaust vent. Whirlpool engineers are looking at using that heat to warm water for the washing machine, thus reducing the load on a home's water heater, says Henry Marcy, vice president of global technology for the Benton Harbor, Mich., company.

Whirlpool is also exploring the possibility of a household system that captures and reuses heat that otherwise is wasted. But the company says it isn't ready to commercialize such a system, because for it to work, homes may require significant changes.

Smart Power Strips

Some new products try to help consumers themselves be smarter about their power usage.

While many major appliances use less electricity than they did two decades ago, households are using more, due to the boom in electronic equipment -- especially home-entertainment gear and chargers for personal electronic devices. The costs add up with each charger left plugged in or DVR running 24 hours a day.

Motion-sensitive power strips may help. Watt Stopper Inc., a Santa Clara, Calif., unit of France's Legrand SA, makes a power strip that works in combination with a motion detector to shut off all the electronics plugged into it after determining no one has been in the room for a predetermined length of time.

Another idea is "smart" appliances. Most households now pay a flat rate for electricity. But power prices actually fluctuate throughout the day, depending on usage levels. According to the power research institute's Mr. Reddoch, there are devices that alert customers to price changes in real time, as well as appliances that can be set to respond on their own to price shifts.

Some of these changes are starting to trickle into the market, such as a light that changes colors depending on power prices. Also, GE plans to release appliances next year with displays that indicate real-time power prices. The Fairfield, Conn., company says the appliances will be programmable to run when the rates are least expensive.

This kind of smart technology has huge potential, says Mr. Reddoch, who adds: "We don't convey to our consumers what it really means to use electricity."

A Quest for an Energy-Efficient House

We Undertake Four Home 'Audits'; The Pros vs. DIY

Preventing energy waste has become a household preoccupation in the era of nearly $4-a-gallon gas and rising prices for everything from airline tickets to milk. Whether motivated by environmental impulses or a desire to reduce utility bills, many Americans are researching ways to create a more energy-efficient home.

Statistics from a range of sources provide plenty of motivation. The U.S. Department of Energy's office of Energy Efficiency and Renewable Energy (EERE) estimates that draft reduction within a home can lower energy costs anywhere from 5% to 30% annually. Meanwhile, according to Department of Energy data provided by the U.S. Green Building Council, homes account for 21% of U.S. carbon dioxide emissions. And claiming a green home remodel makes for great neighborhood bragging rights.

Eager to lessen our carbon footprint and plan a responsible remodel, we undertook four so-called "energy audits" on our 1966 Seattle home, which has a finished 1,100-square-foot main floor and a partially finished 1,100-square-foot basement. We wanted to learn both how to improve the finished portion of our home and how best to add insulation and factor energy efficiency into an eventual basement remodel.

Energy audits -- assessments of your home's energy efficiency -- run the gamut from free do-it-yourself audits offered online to paid inspections in which professionals with varying credentials spend up to three hours scrutinizing the home and determining what gestures will improve its energy efficiency and which fixes will reduce energy expenses. More sophisticated professional audits employ high-tech devices, including "blower door" fans, which lower indoor air pressure and enable technicians to measure draft levels, and infrared (thermographic) scanning, which can measure surface temperature variations and thus spot air leaks and poor insulation.

We started with two do-it-yourself energy audits offered free online, including the Home Energy Yardstick offered by Energy Star, the organization that promotes energy efficiency and endorses energy-efficient products, and Home Energy Saver, a free online audit from the Environmental Energy Technologies Division at Lawrence Berkeley National Laboratory, a Department of Energy lab operated by the University of California.

The free Home Energy Yardstick was disappointingly basic -- especially given how much data we had to provide from 12 months' worth of utility bills. However, it's not a bad starting point. The Yardstick calculated that we have a 1.7 efficiency score on a scale of 1 to 10 (oops). Tips for making changes were basic, such as using a programmable thermostat (already in use), energy-efficient bulbs (check), and Energy Star-endorsed appliances. Nice tips, but rather generic.

Next up, Home Energy Saver put us through more paces, asking us to answer 20 categories of questions ranging from insulation levels in attic walls to our furnace type. We had to guess at some answers, but, assuming we guessed right, the data provided were detailed: The program spat out nine pages worth of information on possible improvements, including the cost to implement each, and how much we would save in energy costs. For instance, insulating our basement to R-11 (insulation-speak for thickness levels -- the higher the better) would cost only $480 but could save us $115 per year in reduced bills. These were estimates, to be sure, but they helped us shape priorities.

The professional inspectors drilled deeper, looking more at the "building envelope" of our home and making more concrete recommendations. The Home Detective, a home-inspection company that also performs energy audits, sent an inspector who checked our exterior, climbed in our attic and perused our basement, but didn't bring out some of the higher-tech gear. The upshot? It suggested that we increase the "R" value of attic insulation to R-30 or more, insulate interior walls surrounding our non-insulated garage, and insulate the perimeter of the basement's ceiling -- an area known as the house's "rim joists." Minor fixes would include sealing ducts and any spot where pipes intersect with a floor or ceiling. The cost: $169.

Pinnacle Inspections used both a blower door test and infrared scanning to investigate how airtight our home is. The blower door test, which the technician ran twice to make sure results were solid, revealed that our home is relatively airtight for its age -- possibly due to our new windows. The technician seconded Home Detective's recommendation to insulate rim joists and walls adjacent to our garage, but also was able to use infrared scans to point out non-obvious sources of drafts on our main floor, all needing only minor fixes. These areas included the front door (which needs weather-stripping), switch plates (which need fireproof electrical insulation), window trim (which needs insulation), the attic trap door (which could use weather-stripping or other insulation), and a bathroom fan that is vented into the attic (and could be better insulated).

In the end, we felt that Pinnacle's high-tech energy audit was worth the $550 price tag, since it gave us short-term and low-cost repairs we could make now as well as guidance for future insulation projects. Now, we're ready to tackle that basement.

By: Jane Hodges
Wall Street Journal; September 18, 2008

How to Choose a Mortgage Lender

When choosing a mortgage lender, the first thing one usually thinks of is getting the lowest interest rate available. While interest rates are important, there are other notable considerations, such as choosing a lender you can trust and with whom you can work. Take time to research area lenders.

As you will see in this brief out­line, obtaining a mortgage can be a lengthy and complex process. Along the way, there are many opportuni­ties for problems and misunder­standings.
Select a lender in whom you can have confidence and trust - one you can depend on to help you make decisions for your long term benefit. Taking time to research the lenders in your area just may prove to be the most valuable investment you will make toward the purchase of a new home.

The Best Mortgage

All lenders offer a variety of home financing options. A good lender will work with you to find what best suits your individual circumstances.

Most loan rates will not differ widely. However, differences in loan structure can result in large savings of costs to you. Loans may differ in such items as: Term (length of the loan), prepayment options or penal­ties, processing fees, no credit fees, etc.

While most mortgages are offered for terms of 15 and 30 years, other terms may be available. Keep in mind that the shorter the term, the less you will pay for your house over the life of the loan. However, the shorter the term, the higher your monthly payment will be. Your lender can help you decide which loan arrangements are best for you.

Finding A Lender

• Build a list of lenders. Talk to people you know who have bought or refinanced a home recently.
• professionals. Or simply look in the yellow pages under "Mortgages."
• Talk to a loan officer. Call or visit the lenders on your list. Get a feel for what it will be like to work with them and how they approach your needs. If you're still uncertain, ask for references from recent home buyers like yourself. Ask about their experience with a particular lender.
• Compare rates for similar loans. Among the things you'll want to discuss with prospective lenders are the rates they offer on mortgages. But when comparing rates between lenders, be sure the rates are for comparable loans, and remember to include fees and other costs so you're really comparing apples to apples.

It is important to verify that you lender is a member of a state as­sociation for mortgage lenders. This is a trade association made up of members engaged, either directly or indirectly, in the mortgage lending business. Each member is bound by a strict code of ethics to encourage the highest standards of conduct in dealing with the public and other members. The purposes of the as­sociation can be summed up as follows:

• Encourage among its members sound and ethical business practices in making, marketing and servicing of real estate loans.
• Inform the members of changes in government laws affecting real estate.
• Provide education to the membership and the public on real estate matters.

In a continued effort to provide consumer education and assure compliance by all members to the canon of ethics, an ethics committee is in place to provide assistance to you. If you have a complaint or need general information, contact your state's mortgage lenders association.

Pre-Qualification

Before you start house hunting, it is wise to determine your price range. This can be done through the simple process ofpre-qualifi­cation. To become pre-qualified, a lender or real estate agent will use financial information you provide to estimate the maximum mortgage you should be able to obtain. The process doesn't guarantee that your mortgage application will be accept­ed, but it does help you narrow your search to homes you can afford.

Interest Rate Protection

When applying for a loan, you will be given an option to "lock in" a rate, thereby guaranteeing your interest rate during the processing and underwriting of your loan. It is wise to obtain a written, rather than verbal, interest rate agreement if you choose this option. The other option is to let the rate "float," allowing the final rate and fees to be set nearer the settlement date. This means your rate would be subject to market conditions at the time and date that your rate is locked in prior to the closing.

Loan Application Process

A loan officer will complete the application form and collect all information necessary to begin pro­cessing the loan. Discuss the loan program and terms best suited to your financial needs with the loan officer. Then a loan processor will verify your loan application infor­mation. The loan processor assembles your documentation for submission and final risk approval to the underwrit­er, who then forwards your package to a closer to prepare the closing documents. If denied, a letter outlin­ing the reasons for denial is issued to you.

Loan Closing

When the lender approves your loan, it is time to close. Closing the loan and transferring the title to the property are the legal procedures that are handled by a real estate attorney.

Properly Fixing a Roof Now Will Save Time and Money Later

Fall is upon us, and it won't be long before you look at your roof and see snow piling up. While that isn't an image many people enjoy, it reminds us that it is a good time to check your roof to make sure it is ready to handle the harsh winter weather.

While fall is often a time when homeowners focus on some indoor home improvements, one of the most important home improvements may be putting on a new roof (see if this is covered under your home warranty). Sure, a new roof doesn't have the "wow" factor that a new kitchen or finished basement has, but it is vital in eliminating the potential for serious water damage in your attic. If you have an older home, or even one built in the last 20 years, there is a good chance you need a new roof.

Of course, one of the most common questions I get from callers is, "How do I know if I need a new roof?" If you have any obvious leaks in your attic or ceiling, that's a sure sign that you need a new roof. Even if you don't have a problem with leaks, it doesn't mean your roof is fine. To determine if your roof is in need of repair or replacing, take a pair of binoculars and inspect your roof shingles. If they are cracked, discolored or curling, you should call a full-service roofing contractor to get it inspected.

Once you determine that you need a new roof, you should learn all you can about roofing and roofing products. For example, in the past, many homeowners that had one layer of shingles on their roof would elect to have the roof "re-covered." That's where the contractor would put a new layer of shingles over the old ones. While that is certainly cheaper than a complete "tear-off" of the old shingles, it is not the best solution to your roofing needs.

ORA Warranty is one company that doesn't recommend re-covering. According to experts, if you do a re-cover, it means you are assuming the wood underneath and the original shingles are in good shape. However, you can't really know that unless you tear off the old shingles and inspect the wood. If that wood is rotting or in need of repair, your roof could still leak even after a re-cover.

Home warranty and construction experts also say that re-covering a roof doesn't enable a roofer to address other important areas of the roof's integrity, such as flashing walls and areas around chimneys or stack-vent pipes.

When it comes to roofs, you get what you pay for. Therefore, saving some money by doing a re-cover could unfortunately lead to paying your deductible on an insurance claim when your ceilings are damaged by water leaks.

Cost of shingles

You also get what you pay for in terms of roofing products.

While most contractors may be similar in pricing for installation of a new roof, the bigger cost differences are in the type of shingle you choose. There are two categories where the cost for a shingle can vary dramatically. One is the style of the shingle, while the other is the shingle warranty.

In the past, most shingles were the flat, three-tab variety, and only came in a few basic colors, such as black, gray or brown. Fortunately, today's homeowners can choose from a variety of architecturally designed shingles in a several colors that complement the look and color scheme of your home.

So, today's shingles can actually bring better curb appeal.

Of course, these architectural shingles are more expensive than the flat, three-tab version, but there are various price points for you to choose from to help you stay within your budget.
Warranty

The other important price factor when considering roofing shingles is the warranty. Obviously, a shingle that is warranted for 50 years is going to cost more than one warranted for 25 years. But it also will be better then the 25-year warranted shingle, so it will last longer.

When it comes to warranties, you need to know what the warranty covers before you can decide whether it's worth the investment. The best warranty is one that has a "No Dollar Limit." Which means that no matter how bad the problem or the cost, the shingle manufacturer will take care of the problem.

If you are planning to get a new roof, it's important to familiarize yourself with the common terms used in the roofing industry to help you make an educated decision when choosing a contractor and roofing materials. See the accompanying story for some of the most common terms used in the roofing business.

Once you have settled on the type of roof shingles you want, make sure you have enough roof and soffit ventilation to improve the shingle's life. With the proper amount of insulation on your attic floor, your attic temperature is closer to the outdoor air temperature, which eliminates the potential to "cook" the underside of the shingles. Most roofing contractors will recommend and install the proper ventilation system for your roof.