Author Archive: Mari Trosclair

How To Finance Renovations

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How to Finance Renovations

4 Options for Financing Home Renovations

Whether you’re looking to update your home for the benefit of increasing your property’s value or to sell it for a larger profit, a home renovation is a huge undertaking. One of the biggest questions you might encounter is how to pay for such a project. While you can save money to pay for a home upgrade, you have four solid financing options available.
  • Home improvement loan.
    This loan is an unsecured personal loan offered by banks, credit unions, and other types of online lenders. Since it’s unsecured, this loan doesn’t involve using your home as collateral to qualify and your interest rate is based on your credit score. It’s best for small or midsize projects.
  • Home equity line of credit (HELOC). This is a secured loan that’s backed by your home. With this option, you might qualify for a lower interest rate compared to an unsecured personal loan. Since a HELOC involves rolling credit, you can take what you need when you need it, which is perfect for a large project.
  • Home equity loan. Often referred to as a second mortgage, a home equity loan is a lump sum paid that you can repay over several years in fixed monthly payments. This loan is also secured and best suited for medium to large projects.
  • Cash-out refinance. This option involves replacing your current mortgage with a new, larger one with a different interest rate. You pocket the difference between your old mortgage and the new loan, so you can use that money for your renovation. This option is best for smaller projects and emergency repairs.Buy before Selling

Financing a home renovation takes plenty of planning.

Make sure you consider all your options and select the financial path that works best for your needs and budget. Don’t be afraid to talk with your loan officer to make sure you’re getting the best rates.
Sources: Washingtonpost.com, Bankrate.com, Nerdwallet.com

Can YOU DIY Your Remodeling Project

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CAN and SHOULD YOU DO A DIY REMODEL

  • Is it work you have done before?

Having some experience with the job will be a confidence booster.
  • If you are new to this type of work, are you comfortable learning how to do it?
Online videos can help or a makers space might offer assistance.

  • Do you have time to correct mistakes?

  • A knowledgeable friend might be able to assist you
Obstacles can cause a job to take longer than you anticipate or force you to redo work to get it right.

  • Will results that are “good enough” be good enough?’

Is this an area where you might not get professional results, but that ok? A flower bed is a good example, tiling a shower may not.
  • Almost all electrical and plumbing work should be done by a professional. Also, get any permits needed. Not only for resale but to ensure your insurance company will cover it in case of damage in the future.

Planning a Bathroom Remodel

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Bathroom Design That Lasts

If a bathroom update is in your future, take the long view. Not just what you might need now, but also in the future. Three features will always be useful to you or to new owners; a curbless shower, 36 inch high vanities, and sturdy towel bars (heated is nice!).
You will also thank yourself by choosing easy to clean surfaces with few crevices to gather dust or shmutz. Especially faucets. Ask me how I know. Planning a Bathroom Remodel
Choose a shower curtain if you have young children, want the option to change the look often or have a shortage of open space for the door to swing into.
Choose a wet room if you like the look of open space AND don’t mind stepping out of a hot shower into chillier bathroom air. That is what the entire shower will feel like.A semi-wet room is a bathtub and shower enclosure combination. It can take up less space than a separate tub and shower, depending on the designbathroom remodel wetroom.

Choose a glass door if you want the warmth of a shower enclosure but the look of an open bathroom design.

Plan early for electricians!  If you want sconces they need to know early in the remodel. How about an outlet near a toilet for a bidet device? An outlet under the sink or in a drawer? Hardwired heated towel bar? Heated floors?  It all needs to be planned ahead.

To help you start your plan on paper, here is some bathroom math courtesy of Architectural Digest.

  • 30×60 minimum floor space needed to add a powder room (36×66 is recommended)
  • 30×30 minimum floor space for stand up shower (36×36 recommended)
  • 30×60 minimum floor space for separate toilet room (36×66 recommended)
  • 36×36 minimum for stacked laundry
  • 80 inches minimum ceiling height
  • 60 inch minimum ceiling height over non traveled space like over a sink
  • 21 inches minimum floor space in front of sink or toilet (30 inches is recommended)
  • 30 inches minimum distance between centerpoints of two vanities
  • 15 inches minimum distance from centerpoint to sidewall (20 inches is recommend)
  • 50 cfm minimum size of a bathroom exhaust fan that must be ducted to the outside
Finally, before you shop for fixtures talk to your plumber. Ask what brands they repair the most. Now you know what to avoid!

Preparing for Disaster

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Prepare for Disaster and Hope You Never Need It

Keep a Home Inventory: Once a year go around the house with your phone to video the contents and fixtures. No doubt you have gotten rid of some things and purchased new items.
 
If a rogue tornado came through and destroyed your home, would you remember everything you own?? Me, either. Having the video will help. Additionally, video model numbers on appliances. Also, don’t forget outbuildings or the garage! A video is quicker than a paper inventory.  However, try to be as detailed as possible.  Take your time.
 
Preparing for the results of climate change is what https://riskfactor.com/ is all about. Four categories for your address are accessed; flood, fire, heat, and wind. Nearly 1 in 3 Americans live in a county that was hit by a weather disaster in recent years. Expect that number to increase with climate change, more people living at the coast or in the mountains
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Insurance companies are hit with more and more claims every year. They are looking for every loophole to deny a claim. If you believe you have a valid claim or are not getting a fair amount for the damage incurred, consider hiring an independent insurance adjuster who will work for you.
To find one: https://naiia.com/