How To Finance Renovations

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

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

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

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
.
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/

Universal Design: A Home for a Lifetime

Homeowners want a roof that lasts decades, extra bedrooms for children or guests you plan to have, however, design choices are often planned for a single snapshot in time.
 
However, wider doorframes and barrier free entrances are easier not only for wheelchairs, but also for strollers, roller bags and appliance moving.
 
Carpet runners on stairs are great for acoustics but also avert falls.
 
Lever style door handles are easier for all hands or no hands. My hands are almost always full and I open the front door with my elbow. 🙂
 
Wall ovens are harder for children to reach and are easier on adult backs of all ages, especially at Thanksgiving!
 
There are many finish and design choices you can incorporate into your home that make life easier for all ages and abilities.  Below are some features you may want to include in your new home, next remodel or future project.
 
Because bathrooms are the first rooms that fail us when we become disabled short-term or long term from an accident or age, you may want to start there.  They are also expensive to remodel.  A wet room is great now and will work beautifully later in life.
 
 

UNIVERSAL DESIGN CHECKLIST

Exterior
  • Low-maintenance exterior
  • Low-maintenance shrubs and plants

Overall Floor Plan

  • Living area on main floor with open plan, one flex room and one full bath

Hallways

  • Minimum of 36-inches wide, wider preferred
  • Well lit

Entry

  • Accessible path of travel to the home
  • At least one no-step entry with a cover
  • Sensor light at exterior no-step entry focusing on the front-door lock
  • There needs to be 32-inches of clear width, which requires a 36-inch door
  • Non-slip flooring in foyer
  • Entry door sidelight or high/low peep hole viewer; sidelight should provide both privacy and safety
  • Doorbell in accessible location
  • Surface to place packages on when opening door

Interior Doors

  • There needs to be 32-inches of clear width, which requires a 36-inch door
  • Levered door hardware

Windows

  • Plenty of windows for natural light
  • Lowered windows or taller windows with lower sill height
  • Low maintenance exterior and interior finishes
  • Easy to operate hardware

Faucets

  • Lever handles or pedal-controlled
  • Thermostatic or anti-scald controls

Kitchen and Laundry

Appliances

  • Easy to read controls
  • Washing machine and dryer raised 12-15 inches above floor
  • Front loading laundry machines
  • Microwave oven at counter height or in wall
  • Side-by-side refrigerator/freezer
  • Side-swing or wall oven
  • Raised dishwasher with push-button controls
  • Electric cook top with level burners for safety in transferring between the burners, front controls and downdraft feature to pull heat away from user; light to indicate when surface is hot

Bathroom

  • Bracing in walls around tub, shower, shower seat, and toilet for installation of grab bars to support 250-300 pounds
  • If stand-up shower is used in main bath, it is curbless and minimum of 36-inches wide
  • Fold down seat in the shower
  • Adjustable/handheld showerheads, 6-foot hose
  • Tub/shower controls offset from center
  • Shower stall with built-in antibacterial protection
  • Light in shower stall
  • Toilet two and half inches higher than standard toilet (17-19 inches) or height-adjustable
  • Design of the toilet paper holder allows rolls to be changed with one hand
  • Slip-resistant flooring in bathroom and shower

Stairways, Lifts, and Elevators

  • Increased visibility of stairs through contrast strip on top and bottom stairs, color contrast between treads and risers on stairs and use of lighting
  • Multi-story homes may provide either pre-framed shaft (i.e., stacked closets) for future elevator, or stairway width must be minimum of four feet to allow space for lift

Storage

  • Adjustable closet rods and shelves
  • Lighting in closets
  • Easy open doors that do not obstruct access

Electrical, Lighting, Safety, and Security

  • Light switches by each entrance to halls and rooms
  • Light receptacles with at least two bulbs in vital places (exits, bathroom)
  • Light switches, thermostats, and other environmental controls placed in accessible locations no higher than 48 inches from floor
  • Electrical outlets 15-inches on center from floor; may need to be closer than 12-feet apart
  • Rocker or touch light switches
  • Easy-to-see and read thermostats
  • Pre-programmed thermostats

Flooring

  • Smooth, non-glare, slip-resistant surfaces, interior and exterior
  • Color/texture contrast to indicate change in surface levels

Heating, Ventilation, and Air Conditioning

  • HVAC should be designed so filters are easily accessible
  • Energy-efficient units
  • Windows that can be opened for cross ventilation, fresh air
  • Installation of energy efficient windows with Low-E glass

Reduced Maintenance/Convenience Features

  • Easy to clean surfaces
  • Central vacuum
  • Built-in pet feeding system
  • Built-in recycling system
 

Stumbling Blocks to the Home Sale

Picky, Picky, Picky

Crawl spaces, Small Silly Items and Too Much Technology; some of the issues that slow down, derail or impede a sale.

Just about every home in the last year has had issues in the crawl space.  It could be standing water, wood damage, suspicion of mold, or lack of a vapor barrier.  If a seller does no other pre-inspection on a home, DO A CRAWL SPACE INSPECTION.

Almost everyone knows the basic maintenance items that need to be done regularly on a home and especially before putting it on the market. Recent inspection reports have included what I feel are silly items.  For example, the inspector did not find the switch for an exterior light or for a bathroom fan.  They both were nearby and working.  Lightbulb burned out?  The inspector suggestion is to call a licensed electrician.  SO, label every switch and make sure all lights work as they should.

In the last month a new issue has been included in inspection reports.  The size of step risers.  I have had two that say the risers are 1/2 inch too short.  One buyer asked for the steps to be replaced.  Crazy.

Finally, because buyers and agents are often not allowed to be at the inspection these days because of Covid, a lot of additional anxiety about the condition of the house causes the buyer and buyer’s agent to be extra cautious.  In the past, I have always encouraged buyer’s to attend the inspection to get a more balanced idea of the condition of the home, especially a home that is not new.  I will warn buyers when they get the inspection report it will feel like the house is falling apart because every little thing is mentioned, sticky door, cracked outlet plate, etc.

It is work to keep your home maintained properly and work to get it ready for market, however, the payoff is BIG.  Homes in good condition sell fast and for big $$$$.

spring flowers

Seeds for Fall Planting – Affordable Luxury

The Luxury of Beauty

Plant any or all of the seeds this fall and have happy surprises all spring and summer!

Alyssum, sweet (Lobularia maritima) | zones 3-10
Bachelor Buttons / Cornflower Centaurea cyanus | zones 3-8
Bee Balm Monarda | zones 3-9|
Black Eyed Susan Rudbeckia | zones 3-9
Blanket Flower Gaillardia | zones 3-10
Blue Flax Linum perenne lewisii | zones 5-8
Columbine Aquilegea | zones 3-9
Coneflower Echinacea | zones 3-9
Cupid’s Dart Catananche caerulea | zones 4-9
Daisy, Painted Chrysanthemum coccineum | zones 3-7
Flax Linum grandiflorum | zones 3-10
Foxglove Digitalis | zones 4-8
Larkspur Consolida | zones 2-10
Love-In-A-Mist Nigella damascena | zones 2-11
Lobelia Lobelia | zones 4-8
Lavender Lavandula | zones 5-9
Lady’s Mantle 
Alchemilla | zones 3-7
Milkweed Asclepias | zones 4-9
Nasturtium 
Tropaeolum | zones 7-10
Pansy 
Viola | zones 5-10
Penstemon 
Penestemon | zones 3-8
Pincushion Flowers  
Scabiosa | zones 3-7
Pinkball Thrift 
Armeria Formosa | zones 3-9
Poppy 
Papaveraceae | zones 3-8
Prairie Coneflower 
Ratibida columnifera | zones 3-10
Rose Campion 
Silene | zones 4-8
Sweet Pea 
Lathyrus odoratus | zones 2-11
Sweet William 
Dianthus | zones 3-9
Wallflower 
Cheiranthus cheiri | zones 3-8

 

Summer Fun: Plan For Pets

Road trips, backyard parties and especially July 4th are often times when pets make a break for it. 🙂

Brody Birthday 004

July 5th is the busiest day of the year for animal shelters. Before the holiday, make sure pets are wearing tags with up to date contact information and don’t let them outside during fireworks displays. Indoors, avoid post party vet visits by keeping firecrackers, insect repellent, table food, and alcoholic beverages out of paw’s reach.

If you plan on being away, it is not too early to make your pet sitting arrangements!