Fixer Uppers: Where to Start When You buy One
Buying a fixer upper is a great way to save money on a home. In addition, fixer uppers allow buyers to customize their homes as much as they want. However, the task of redesigning a home can be a challenge. Here are a few tips about how to start the process of remodeling a fixer upper.
1) Floors and Walls
In order to redesign a home, it is important to have a canvas on which to work. In the case of fixer uppers, this often requires working on the walls and floors first. Most people will want to simply paint the walls, but homeowners will want to look for signs of damage first and repair any problems.
The floors are important as well, and homeowners will want to decide what flooring material will be used. Wood can often be restored, but it may be simpler to go with tile or carpet. Simply changing the floors and walls can radically transform a home, and some might prefer to restore these areas before making new plans.
2) Kitchen and Bathrooms
The most important rooms when placing a value on a home are the kitchen and the bathrooms. New homeowners will want to focus on these areas first. Bathroom upgrades do not have to be expensive, but there may be structural issues that will require work. It is important to hire an inspector or plumbing expert to look for any problems that can build over time. When designing the kitchen, homeowners will want to ensure that the design they choose works with the rest of the house. One way to save money is to refurbish cabinets instead of replacing them.
3) The Exterior
The exterior of a home is often ignored during renovations, but some easy fixes can drastically improve the home’s look. A weekend spent landscaping can help, and a fresh coat of paint can make the home look new. There are also some more intensive renovations that can help; a new entryway can give a home a modern feel. Again, it is important to watch out for structural issues, and new homeowners should have the foundation and walls checked by an expert before proceeding.
With a bit of hard work and some careful planning, a fixer-upper can be an affordable route to a dream home. Along the way, however, it is important to ensure that the structural components are sound. Fortunately, many fixer uppers can be transformed with only cosmetic fixes, but those looking for a more radical transformation have options available as well.
Author Bio
Lyndsi is a freelance writer and designer. She stores her designer furniture from self storage Gardena to storage units Brandon FL. In her free time she volunteers at the local soup kitchen.
Refinance Plus Improvements: New Program to Help You Finance Your Home Renovation
By Kristin Woolard
With the introduction of the newest set of mortgage rule changes in Canada that took effect in July 2012 many brokers have been anticipating the introduction of innovative products from lenders looking to adjust to and work with the new rules.
One of the first has been introduced by Merix Financial and it addresses the federal legislation limiting refinancing of homes to a maximum of 80% of the value of the home.
Merix recently introduced their new “Refinance Plus Improvements” product allowing homeowners to seek an approval to refinance their home strictly for improvements to 80% of the completed value, after the improvements are in place. If a homeowner is looking to tap into their equity to renovate their home, this is the perfect solution.
The idea is not entirely new with CMHC’s product “Purchase Plus Improvements” for homeowners wanting to purchase a home requiring renovations. Private lenders have been offering financing based on completed value after a renovation for years but this is the first time a prime lender has made an allowance under the new guidelines to refinance past the 80% of current value level, given the improvements planned will add value to the home.
How it works is that quotes for the proposed improvements need to be secured and an appraisal conducted to determine the new value after the improvements are made. The new loan is based on the LESSER of the improved property value after the renovation is complete OR the sum of the current value plus direct costs associated with the improvements.
Let’s say Joanne wants to renovate her kitchen. She has talked to a few contractors, narrowed it down to the one she wants to work with and has a quote for the renovation for $40,000.00.
Joanne’s home is currently valued at $400,000.00 and her mortgage is currently $305,000.00. Under the new rules the maximum mortgage she can secure is 80% of the current value – $320,000.00 – giving the borrower only $15,000.00 of equity to complete the renovation and cover any costs of refinancing the mortgage such as penalty or legal fees. This is certainly not enough for her dream kitchen.
Usually putting $40,000.00 into a renovation will increase the value by the same amount, if not more. If the value of Joanne’s home after the renovation will be approximately $440,000.00, with the Refinance Plus Improvements product a new mortgage can be requested to $352,000.00 (80% of the completed value) giving the borrower $47,000.00 of equity she can use for the renovation and refinance costs.
The appraiser sets up an appointment to inspect the property and review the plans and quote for the work and produce an appraisal outlining the cost to complete the project as well as the estimated completed value of the home once the renovations are complete. This report is submitted to Merix along with the borrowers’ application and supporting documentation for approval.
When an approval is secured the contractor will have the assurance in writing that the money is now available and guaranteed to him (her) upon completion of the project and can get to work.
Merix will have the clients’ lawyer disburse funds directly to the contractor after the work is completed and an appraisal inspection report is provided to confirm improvements were completed properly and the increased value is then in place. There is a certain level of security for Merix with a lawyer controlling the funds and having quotes from certified contractors in place ahead of time.
A unique product such as this gives homeowners more flexibility in a time of higher restrictions. Mortgage brokers are certainly looking forward to more “out-of-the-box-thinking” products like this so they can provide better solutions for borrowers.
Kristin has been in the mortgage finance industry for 11 years and independently licensed since 2002. She currently works for Dominion Lending Centres. For information, you can contact Kristin at www.kristinwoolard.ca or call her at 604-319-6573.
Pet Safety While Renovating
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Renovations are a stressful and chaotic time and with everything that is going on, pets are often overlooked. There are many dangerous things on a job site that could hurt your pet, so before you start that renovation project, here are some tips on how you can help your furry friends get through the chaos safely.
Pet Safety While Renovating
1/ Have a safe place for your pet while work is going on.
This safe haven could be a bedroom or any room not being worked on. The most important thing is that it can be closed off. Make sure you put food and water in the room and you if have a cat like I do don’t forget the litter box! I also put some of her favorite toys in the room and some of my clothes. My cat Alora loves to sleep on my clothes so I leave a little pile of dirty clothes for her. Basically whatever your pet loves, put them in there with them.
This room needs to be off limits to the workers. Put a sign on the door so they know to keep out. Also be sure to tell the job supervisor or general contractor so they can tell their workers to stay out of the room, or to get them if someone needs access into the area.
2/ Clean up after the work is done everyday.
Regardless of whether you are doing the work yourself, or hiring professionals, the work areas need to be tidied up everyday. The floors need to be swept or vacuumed to remove all nails and sharp objects. Put hazardous items such as paint or adhesives out of reach and be sure to unplug all of the power tools and put them on a table out of reach.
Let your pet explore after the work is done and things are cleaned up, if it safe. My cat is always very curious to see what was happening. She usually just walks around and smells everything and is then content.
3/ Be sure to spend time with them.
If you are doing the work yourself, I know you will be tired, but try to spend a few minutes with your pet letting them know everything is ok. Taking your dog to the park or just spending time with them in their safe place will mean the world to them.
4/ Try to be calm.
I know it is easier said then done during a renovation but animals know when we are stressed and they will get stressed as well. Remember, they don’t know what is going on and they will take their cues from you. If you are happy and relaxed they will be as well.
Author Bio: Kathryn is a Kitchen and Bathroom designer in Vancouver BC. To contact Kathryn please visit Kathryn Haley Design
How to Protect Furniture While You Renovate
Renovating your home is always an exciting time, but anyone who has been through the process will tell you that it gets messy! Despite the plastic sheeting taped up everywhere and strict rules about where you wear your work clothes, dust and debris get everywhere, and that includes on your nice furniture. Too often, people find that their furniture has become a casualty during their renovation. The dust scratches the good wood finish, and the debris can leave the fabric or leather upholstery looking old and dingy.
When you are renovating your home, you have a few choices pertaining to your furniture.
1/ Cover it. Some people choose to cover their furniture with drop clothes or old sheets. While drop cloths can protect your furniture to a certain extent, you’ll find that it does not always prevent the damage entirely. If you are doing drywall work it is guaranteed, unless you use dustless drywall compound, that dust will get onto the furniture. If work is being done in the room, you run the risk of the furniture being scratched or damaged.
2/ Move it to Another Room. Another option is to move the furniture to another room, which is fine as long as the construction area doesn’t affect that room as well! As well, drywall dust will travel to other rooms so you should be prepared to have to clean the furniture even if it is in another room. Depending on the scope of the project, the adjoining rooms may need to store appliances and other items that could damaged your furniture if not stored properly.
3/ Put Your Furniture in Storage. The safest option for most furniture is to send it to a storage unit until your home is safe for it again. There are a number of reasons why this is one of the best solutions around. In the first place, the furniture will be safe. It will not need to be covered, and when your house is in good shape, it will be returned again, as pristine as the day it left.
Another important factors for home renovators is the fact that the furniture will be out of the way. This allows professionals to go through the house unimpeded and unworried about damaging your property. This also allows you to renovate the parts of the house that the furniture was sitting in. This makes a huge difference when you want to renovate your house both quickly and efficiently.
Call around to different storage unit places and ask about prices. Consider how tightly you can pack your furniture, and how long your renovation will take. Given the fact that removing your furniture to an alternate location can speed up your renovations, chances are good that you will find that a storage unit is completely worth the cost.
When you are deciding on whether you need a storage unit, always remember that opting for more space is a good idea. The last thing that you want to do is to open up your storage unit to find that long-term, tight storage has somehow damaged your furniture.
Remember to take care of your furniture as you renovate. A little bit of thought can prevent a great deal of damage.
Casey Haslem writes often about storage and organization. If you’re in need of help with storage, contact Houston self storage units or Houston Extra Space Storage.
How to Decorate With Mirrors
Mirrors can add a beautiful, reflective touch to almost any space. If you decorate with mirrors you can add elegance and sophistication at almost any price or budget. If mirrors are your choice of decoration for your home, the following information will be helpful for you.
Use these 15 tips for decorating with mirrors to ensure that they are appropriately incorporated into your home décor.
How to Decorate With Mirrors
1/ Consider the space. When decorating your home using mirrors, it is important that you first consider the space. What walls could you possibly place mirrors on? Have an idea of where you want to put the mirror before you make the purchase so that you know what size and shape to buy.
2/ Do you need more light? Mirrors in your home can serve more than one purpose. If a space seems dark and drab, consider adding in a few mirrors to the space to help reflect light.
3/ Group them. Small mirrors in set of 3 make a grand impression. Instead of placing one mirror on a wall, buy a collection of mirrors and make a grand impression. A collection of mirrors in sets of 3 or even more can cover an entire wall and make your space look fabulous.
4/Be sure that your entry way has a mirror. One of the most important places to have a mirror in your home is in your entry way. This will allow you to bring light into the small space and also will be beneficial for those last minute checks before you walk out the door.
5/ Framed mirrors can add a decorative touch. Choosing the perfect frame for your mirror can add a decorative touch to your home. Whether you choose a frame that matches your existing décor or find one that can be a starting point for a new look in your home, framed mirrors are the way to go.
6/ Full length mirrors can be used to help define small spaces. Add a full length mirror to a small bedroom or dining room to help define the space and actually make it look larger.
7/ Skip the artwork and add mirrors. Instead of buying expensive art work, choose a collection of mirrors to display instead of expensive art work.
8/ Buy mirrors to suit your taste. When shopping for mirrors, stick with those that are closer to your taste. Going out on a limb and buying something that doesn’t fit your taste will leave you unhappy in the long run. Remember, while trendy styles may look nice now, you may find yourself having to buy another mirror sooner than you think.
9/ Decorate with different shapes and sizes. There are countless sizes and shapes of mirrors available for you to choose from. Get creative with the mirrors that you choose to decorate with.
10/ Rearrange your mirrors. It is to mix things up every now and then by rearranging your mirrors. You don’t have to keep the mirrors in one place or in the same grouping.
11/ Mirrors are versatile. Realize the versatility of mirrors and how they can help the décor of your home. They can make rooms look bigger and brighter.
12/ Keep the mirrors clean. Once you find the perfect place for the mirrors, be sure to keep them clean and free of fingerprints and dust.
13/Use mirrors as a focal point. If you are searching for a focal point, consider a stylish mirror or collection of mirrors for your room.
14/ Mirror isn’t just for walls. Mirrors can also be used on your furniture. Find creative ways to add mirrors to the most important pieces of furniture in your home. A buffet table looks great with mirrors added above.
15/ An inexpensive, modern touch. If you are searching for a way to add a decorative touch to your home without spending tons of money, then decorating your home with mirrors is your answer. You are sure to find a great mirror to adorn your home at any budget.
Listed above are 15 tips for decorating your home using mirrors. Whether you want to make a grand statement or simply want to make your space appear larger, adding mirrors to your space can help.
This article is written by Sarah from VanityMirrorShop.com
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