On the Wire - Perfect Planning
All successful home improvement endeavors begin with careful planning, no matter what the scale of construction or budget. Though it’s tempting to rush ahead with your hammer, you and your wallet have a better chance of happiness with the finished product if you’ve invested plenty of brain and calculator work before the first nail is purchased. It all begins with a careful, honest assessment of what you want or need to accomplish, and whether or not it will increase the value of your most important investment. Next, there’s cost research and construction of the project budget, followed by the selection of financing best suited to the project and your overall financial picture.
There are a lot of financing options out there, appropriate for everything from purchase of a new appliance to a complete kitchen redo. Here’s a look at the most common categories, in ascending order of project cost and complexity.
STORE CREDIT CARD - Available at your favorite home improvement retailer, a store credit card is a convenient way to pay for smaller-ticket items such as appliances and incidental materials needs. Repayment timing is flexible, and retailers frequently offer card promotions with delayed payment schedules (anywhere from six to twelve months) and low or no interest on balances for a designated period of time. Just like any other credit card, the credit limit will be dependent on applicant credit history.
STORE FINANCE PROGRAMS - Many larger home improvement retailers also offer finance programs meant to cover materials and labor provided by their stores for major projects such as whole-room remodels. Though the details vary from store to store, the plan is to allow you to pay for purchases over time via an unsecured loan orchestrated by the store itself. Generally, $1,000 is the minimum initial purchase amount, and there are usually terms that allow for no payments or interest for the first six months, after which a set payment schedule and interest accruals set in. Store finance programs are an option for homeowners who need to get significant work done but haven’t been in their homes long enough to acquire the equity needed to qualify for a bank-issued loan.
HOME EQUITY LINE OF CREDIT - Equity is the difference between your home’s fair market value and the mortgage balance you have yet to pay, and if you’ve got enough stocked up, you can parlay it into one of the equity-based products offered by consumer banking institutions. A home equity line of credit provides you with access to funds in installments as needed, with the total amount of money available to you being based on your home equity total. Repayment is flexible (some people may choose to pay only the interest for a certain period of time), with interest rate variable and the amount of interest paid being up to 100 percent tax deductible.
HOME EQUITY LOAN - Also based on the equity you have in your home, this option is the way to go if you prefer a fixed interest rate and fixed monthly payments. You receive your funds in one big lump sum payout, and repay the loan over several years, preceded by loan fees and closing costs. Because of that long-term, big-ticket factor, a home equity loan is suited to home improvement purchases that will have a longtime impact, such as a new roof.
HOME IMPROVEMENT OR PERSONAL LOANS - Banks offer these loans for home improvers who don’t yet have enough equity for the two preceding options. Another way to cover big, one-time investments, these offer fixed interest rates, fixed monthly payments, and repayment scheduled over a number of years.
Regardless of your source of financing, always be mindful of the return you may get on your home improvement investment. Some home improvements, like kitchen and bath upgrades, deliver near a 100% return on investment when it comes time to sell. Others, like decorating projects, are very personal and hence may not pay when it comes time to sell. That doesn’t mean you shouldn’t tackle those too, just remember that those should be for your personal enjoyment!
back to the top
Ask Tom & Leslie - Easier Access
This week’s question comes to us from Nick in Auburn Alabama. “My daughter is in a wheel chair and I need to replace a sliding glass door from the house to the patio/deck. I have looked around and all the sliding doors have a 1" area at the bottom with rail slots. Do you know of any door that is relatively smooth at the bottom so the wheel chair will roll out without all the trauma of rolling over the sill area? Many thanks and you have a GOOD SHOW!”
Thank you, Nick! Accessible Design is very important not only for those who are disabled, but for everyone who appreciates the ease of access. Whether it is a low door threshold, a cabinet with sliding shelves or even a light switch with a paddle (or rocker) verses a toggle switch, simple changes in design make access easier, safer and more conformable for all. AARP has done a great job of identifying many of these areas via a special section of their website at www.AARP.org/homedesign. As for your specific situation, yes, there are low door threshold designs for just this purpose. While they are not available is a sliding patio door, they are available in the more accessible hinged patio door design. For example, door manufacturer Therma-Tru makes something called a "public access" sill option for a hinged patio door. Instead of the standard 1 9/16th height sill, the public access sill has a height of only ½”. Moreover, the design is sloped making it easier to roll over with a wheelchair or stroller.
back to the top
Got A Question About Your Money Pit?
You can do-it-yourself but you don't have to do-it-alone. Getting in touch with us is as easy as 1 - 2 or 3!
- The toll-free studio hot line is 1-888-MONEY PIT. Find out when we broadcast in your area by checking out our website at www.moneypit.com. Each week we take dozens of calls, give great advice and offer callers a chance to win a terrific prize awarded to one random caller to every show.
- Call when it's convenient for you, 24 hours a day, same number: 1-888-MONEY PIT. A live person takes your call 24/7! So -- WHENEVER you have a home improvement question -- phone it in. Simply tell our phone screener your first name, and where you're calling from...and ask your question. We’ll get back to you with the answer – or even call you back during the show!
- Click here to email your question to us. We may read your email on the air and we also respond personally to many of the email questions we get.
back to the top
On the Air - iPod, uPod, We all Pod!
Hey, everyone! Don’t miss out on what iPodders everywhere are discovering is the best home improvement show out there! To get current podcasts of The Money Pit radio show, simply click here and follow the instructions. The best part about our Podcast is that it’s FREE! Plus, you can search our archives to find the shows that address YOUR home improvement problem or concern.
back to the top
Dot Common Sense - Weed Eater
Spending time on your yard making your landscape look superb can add to your home’s curb appeal as well as your own enjoyment. But nothing is worse than putting in all that time and effort only to deal with weed problems. The solution might be in choosing the right landscape fabric -- one that’s designed for weed control. Landscape fabrics should be used wherever there is a need for a permanent solution to controlling weeds. The most obvious place is in landscape beds with shrubs and trees that don’t change from year to year. But landscape fabric is also ideal for using under patios or decks, under walkways and paths, around swimming pools and hot tubs, and under sandboxes and children’s play sets. Dalen Products, Inc. offers an extensive line of materials to fit every homeowner and commercial need. Dalen offers the industry’s only patented products and a weed-free guarantee on Weed-X® and 20-Year Weed-Shield®. For more information, visit www.dalenproducts.com or call (800) 747-3256.
back to the top
Fun Fact - Blast Off
Sandblasting is an effective way to remove years of built-up paint and grime from surfaces. But this job can be dangerous and really needs the skill of a professional with the proper equipment and expertise. Using a pro for your sandblasting job will ensure a "smooth" outcome and make certain your house is ready for a perfect new paint job.
back to the top
Short Cuts - Bloom or Bust
Are ready to plant the garden of your dreams? Here’s the “dirt” on where to start. Your flower garden can be a bloom or a bust – so keep these things in mind…Seeds are less expensive, but it can take several seasons for perennials to reach their potential. Transplants cost more, but provide instant results. If you choose transplants, space plants at least a foot apart so they can stretch out as they grow.
back to the top
Share This Information With A Friend!
Simply forward this Email. And invite friends to register to receive this E-newsletter each week.If you would like to unsubscribe from our weekly newsletter, please refer to the unsubscribe directions at the bottom of this newsletter.
back to the top
Copyright 2006 Squeaky Door Productions, Inc.
|
