Construction Loan Basics
February 24, 2008
It might not be too big of an exaggeration to say that the construction loan is one of the more daunting aspects of building your custom home. Before we started our project, I had nightmares about trying to pay two full mortgages at the same time (our existing mortgage and the construction loan), and I didn’t see how it was at all possible. However, the reality ended up much more reasonable than I dared hope.
COLLATERAL: Many ? but not all ? mortgage companies require you to own your land first before you apply for the construction loan. That way, if the borrower defaults, the bank has a way to recoup their investment. Some banks will let you roll in the land purchase with the construction loan, but you may have to pay a premium.
TIMING: Your standard construction loan will be based on the one year plan. It’s perfectly reasonable to expect to finish within a year, unless you are building a handcrafted log home. The good news is that you aren’t obligated for the full construction loan amount from day one. You only have to pay interest for the amount of money you actually borrow from each draw. So you won’t really be carrying the full mortgage until the end of construction, at which point you will roll the construction loan over to a conventional mortgage.
Trash or Treasure: Assessing Your Possessions
February 24, 2008
One personal junk is another personal treasure. Never is that more true than when you are doing a spring clean up.
The good weather held out for Fred Dowling’s 25th anniversary junk day and treasure exchange. Each year for the past 25 years, co-op residents have gathered in the spirit of reducing, reusing, recycling of their possessions. Residents trade and dispose of unwanted items; it’s a win-win situation, all around. This year an Antiques Road Show was added to the day. I was on-hand as residents brought their prized possessions and family heirlooms to be appraised.
Some of the riches unearthed include: a 1953 Coronation toy carriage at $350; a Queen Victoria Jubilee milk pitcher at $175;a pearl brooch for $250; an antique desk for $275. The "piece de resistance" was a silver and diamond necklace valued at $750.
Here are some things to keep in mind when assessing the value of your items.
Condition
Chips, cracks and breaks on crystal, glass, porcelain and ceramics reduces the value of anything to a very minimal amount. Despite that fact, any item can have sentimental value even those with damage can have value to you.
Spotting Damage
Creating a Budget for Your Landscape
February 24, 2008
Creating a Budget for Your Landscape
by: Janeth Duque
Any landscape project requires planning, especially if money is an object, as it is for most people. Creating your landscape budget will help you figure out how much you can spend on building your landscape, and it will help you make an investment in your home that can yield great returns. When you make your budget, it is important to remember that your costs do not end with the initial costs of building the landscape. You need to figure in the cost of maintenance and any other related and recurring costs that are a part of the landscape experience, whether all you have is a lawn or whether you have an elaborate design.
When you make your budget, you need to take into account everything. This can be very annoying and tedious, but in the end it will help you out. You won’t be surprised at how much everything costs if you have estimates on costs and if you have stuck to your reasonable budget. It helps to think of each portion of the landscape as an individual project and create a budget for each project. Then add it all up to see if you can afford the total. You can adjust what you want for the flowerbed if that will bring your total cost down, or choose to forego one of the statues you had planned to place.
Hidden Costs of Landscaping
February 24, 2008
Hidden Costs of Landscaping
by: Janeth Duque
A complete makeover of your home’s landscape may not be possible. After all, there is no surprise that if you choose to completely re-do your landscape you will spend a great deal of money. However, there are surprising hidden costs in nearly any landscaping project, even some of the small ones. It is important to be aware of some of the costs that you might not normally think of before you begin a project. Otherwise, you will find that the project’s true cost is much more than you thought it would be, and you may discover that you might not have been able to afford your landscape change after all.
Life of an Escrow
February 23, 2008
Escrow is one of the last stages in the purchase or sale of a real property. When someone says that they are in escrow, it means that they have either accepted an offer on the sale of their property, or their offer to purchase has been accepted. The offer to purchase agreement is the instrument that is first signed by all parties before they "go to escrow".
The life of a typical escrow in basic outline: Escrow instructions are prepared along with other pertinent documents, and signatures are obtained. Title search is ordered, a preliminary title report is received and sent out for review and approval by all parties. Demands for payoff are ordered on existing money liens, and clarification requested on tax liens and other liens. While the escrow officer is processing the file, the lender for the buyer is also processing the loan application. If the buyer is assuming the existing loan, the escrow officer requests a beneficiary statement , forwards to buyer for review and approval, and requests loan documents for transfer or for the new loan.
Protecting Your Landscape from Insects
February 23, 2008
Protecting Your Landscape from Insects
by: Janeth Duque
Insects can cause significant damage to your landscape. This damage can result in costs to treat the damage or replace damaged plants. Managing insect pests is a very important part of landscape maintenance, and requires that you take an active role in protecting your plants and caring for them. Be sure to know what you are dealing with beforehand, and ensure that you are adequately prepared to combat insect pests, whether you use natural methods or synthetic methods.
The first thing that you need to recognize is that not all insects are pests. Some of them (like bees) actually provide helpful services and are part of a thriving ecosystem in your yard. Additionally, different insect pests cause different problems, and they should be treated differently. It is possible to treat most insects with pesticides, but it is important to note that when one uses these chemical solutions, they rarely distinguish between helpful insects and pests, and may kill insects that do no harm. If you can identify the pest that is causing a specific problem, then you can more effectively treat it using targeted methods of eradication.
5 Things To Consider Before Purchasing a Push Reel Mower
February 23, 2008
Push Reel Mowers are making a “comeback” of sorts, though, in reality they’ve never really left; they’ve just gotten better. There are a number of reasons why purchasing a reel mower would make sense such as: better for the environment; more exercise; lighter; and, better for the grass, to name a few. However, a push reel mower is not for everyone nor for every lawn situation.
10 Tips to Know Before Buying a Rug
February 23, 2008
10 Tips to Know Before Buying a Rug
by: Drew Davies
1. Take a photo of the room you’re decorating to the rug store. It’s easy to get distracted or excited and buy the wrong rug. Using an image as reference will keep you on track.
2. The back of a rug will tell you if it’s machine or handmade. Stiff fibres running straight up and down probably mean it’s a machine rug. If the rug “packages” (crumples easily) this means it’s most likely handmade.
3. If you have trouble visualizing what a rug will look like in a room, use tape. You can even use a sheet to help you decide what size rug to buy.
4. Padding under the rug will improve the wear and absorb sound, great for hallways and areas with lots of foot traffic. It will also stop the rug from moving.
5. Be careful the pattern of the rug doesn’t clash with the curtains.
6. If the room is already decorated, use the rug to help pick out one key hue. If you’re painting or re-papering a room, a colour found in an existing rug can give you inspiration and help bring the room together. Light coloured rugs make a room feel bigger. Dark colours create cosiness.
Essential Dishwasher Parts
February 22, 2008
You may need to replace dishwasher parts from time to time. Call or visit your local appliance parts outlet. There you will find a full selection of dishwasher parts you can buy to self-service your dishwasher. Some examples of commonly replaced parts are:
1) The drain hose. These are necessary for draining the machine back into the plumbing of your home. This hose can crack, tear, or become weak. You can replace it yourself for under $20.
2) Switches and latches. Door switches, selector switches, handle latches, knobs, and other switches can break off from time to time. These are usually available for under $20 each.
3) The air gap. This prevents waste from seeping back into the unit. It is located in the sink, near the faucet. If you’ve already tried unscrewing and cleaning the air gap, a new one can be had for under $15.
4) Dishwasher rack plastic repair material. If any parts of the two or three racks in your dishwasher break off, apply some of this glue-like material and stick the part back on. It costs around $20 or $30 a bottle. It’s powerful stuff.
Home Decorating: Where Are My Surfaces?
February 22, 2008
Home Decorating: Where Are My Surfaces?
by: Keller Hawthorne
Many of you probably remember visiting your grandma’s house as a child. I can still see how my grandmother had decorated her home. Every inch of surface and space was filled! The mantle, the kitchen counters, and of course the floor. She was a self-proclaimed pack-rat! When you walk into a home drowning in “stuff”, it immediately bombards you and creates overwhelming vibes. So, how do we show every little nick knack we love, without going overboard?
I have a very strict rule with myself that every surface in my home should be clean and almost completely cleared. I enjoy showing off my candles, vases, and other items. However, I have learned when it becomes too much. As a teenager I had covered every inch of my dressers and desk with decorations. My bedroom had become more of a showplace then a home. My decorations were nicely placed as sort of a retail window display, but I could never find a place to set something down.. Which of course meant the floor was the only other option. As you can imagine, my old room never stayed clean for very long. Years later, when I got my own place, I was finally sick of my beautiful items appearing more as clutter then as strategically placed home decorations. I cleared my surfaces and started fresh!
