Remodeling Without A Home Equity Loan

Nashua Telegraph

Kelly Hess and her husband, David, spent $8,000 in April remodeling the outside of their Dallas house, and they paid for it without a home-equity loan.

They tapped their “house savings account” to replace the roof and install an 8-foot-high wooden fence in the backyard of the four-bedroom brick ranch house they bought in 2006.

The Hesses prove there are other ways to pay for home improvements besides borrowing against the equity in your property. Home-equity loans and lines of credit have provided homeowners with a reliable, usually tax-deductible, cash stream for many years. However, home equity has dried up during the nation’s four-year housing slump.

Many people don’t have the necessary equity in their properties to qualify for a home-equity loan. In fact, almost one-third of the country’s homeowners holding mortgages at the end of the third quarter have negative equity or near-negative equity in their homes, according to a recent report from First American CoreLogic, a California company that tracks real-estate data.

“Negative equity continues to be pervasive and to impact almost every segment of the housing market,” says Mark Fleming, chief economist with First American CoreLogic.

While home values have tumbled nationwide, banks and other lenders have tightened the rules for borrowers to qualify to leverage their home equity. This means people should be thinking about alternative financing for home upgrades such as outdoor decks.

Paying cash is always the best option, financial experts say. However, they acknowledge that’s understandably difficult for many who depleted their savings during the recession.

“My husband and I are both very much on the same page when it comes to money,” says Kelly Hess, a legal secretary. “We don’t like to use credit except for buying a car or a house.”

The following are alternatives to home-equity loans that financial experts suggest homeowners consider to pay for home improvements.

Anybody can open a savings account at a bank or online for remodeling projects, but experts say making regular deposits is the key.

Rebecca Schreiber, a Certified Financial Planner and owner of Solid Ground Financial Planning in Silver Spring, Md., suggests putting your two “extra” paychecks a year – if you, like many workers, are paid 26 times a year – into a separate account for home improvements. Those two paychecks are the third checks you get in two months of the year.

Since 2006, the Hesses have paid for $20,000 to $25,000 worth of interior and exterior remodeling on their Dallas home built in 1970 by tapping their house savings account.

Using plastic to buy paint or new carpeting, for example, might be tempting, but financial experts urge caution.

They suggest only using credit cards for home remodeling when you can avoid paying interest. And Schreiber says, using a card with a cash-back reward then paying the entire balance with no interest is even better. She took her own advice this summer, charging about $5,000 for electrical work, lighting and new carpeting in the living room of her five-bedroom Maryland home.

You might be surprised how much you can make selling the unwanted items in your garage or attic.

Sarah M. Place, the president of Place Trade Financial, a brokerage and financial advisory firm in Raleigh, N.C., raised about half the $10,000 she spent this summer remodeling the master bathroom, installing ironing centers, replacing iron plumbing and refinishing a staircase, among other upgrades, by selling items on Craigslist.

“I had not intended it to work that way, but … I had made so much money that I just kept working on the house,” Place says of her three-bedroom Raleigh real estate.

Doing some or all of the work yourself can save a lot. And you can learn how to do home projects by reading detailed instructions for kitchen or bathroom remodeling in a book or online. Place can attest this works.

“We probably ended up saving at least $5,000,” she says. “I learned how to do most of it by researching it online.”

Although it doesn’t work for every family, Schreiber says getting financial help from relatives remains an attractive option. An important thing to remember, she says, is to be sure to put the loan terms in writing. Then repay the money even if, say, your parents forgive the loan.

LG Launches 'Conceptualife' Kitchen Design Competition

AME Info

LG Electronics (LG), the world's leading innovator of home appliances, will hold the Grand Finale of its inaugural kitchen design competition on February 15th at the Zayed University Auditorium, Dubai.

Entitled "Conceptualife," the competition gives young and upcoming designers a chance to unleash their creativity and present their vision for the future of kitchen design and appliances.

The three-month hunt, that saw universities from around the region register and submit their innovative and futuristic creations, will conclude next month with twelve shortlisted finalists from South Africa, Iran, KSA and the UAE battling it out for top prizes.

Mr Ki Wan Kim, CEO of LG Electronics Middle East & Africa Company stated: "We want to tap into the youngest and brightest minds across the region and offer them the opportunity to show off their skills to the greater public. This competition will provide us with invaluable insight into where the next generation of consumers perceive product designs and features to be heading."

On the day, the twelve participants will be required to present their designs to a panel of four judges and explain their creative thought process and vision for the kitchen. Contestants will be judged according to five main pillars; uniqueness of design in terms of layout and individuality from current kitchen designs available; use of innovative kitchen appliances, their features and functionality; use of space, storage, areas and worktops; environmental solutions including the use of recycled material and durability and finally; practicality of the overall design. All these factors will weigh in on the judges decision as they look at the realities of bringing the ideas to market.

Joining the LG judging panel will be Penny McCormick, editor of leading UAE home furnishing publication, Emirates Home and interior design aficionado, June Hawkins. Emirates Home will be the competition's official media partner; with Penny bringing a wealth of experience as well as insight into design trends like ironing centers and what to expect from kitchen designs of the future. Her expertise in identifying and fostering new talent means that uniqueness and individuality will be highly valued throughout the judging process.

In addition, interior designer June Hawkins' lifelong passion and success in all things interior will be an excellent addition to the judging table. Bringing not only a unique perspective on what clients want and use, her eye for detail will mean that contestants will not only be judged on creativity but their business sense too.

Mr Ki Wan Kim, CEO of LG Electronics Middle East & Africa Company added: "The level of entries that we have received so far has been outstanding. The judges are going to have a tough time choosing between the highly creative kitchen solutions and the effortlessly practical options. We look forward to celebrating our contestant's innovations and awarding prizes for their hard work."

The total number of participants in the Grand Finale will be twelve, made up of two university candidates from KSA, four from Iran, two from South Africa and four candidates from the UAE.

Valencia County Sites Featured As Registered Cultural Properties

Valencia County News-Bulletin

When New Mexico became a state in 1912, the 1,458 square miles that was to become Valencia County had already seen a good amount of history. As time marched on, rivers shifted course, political boundaries were drawn and erased and roads were carved, paved and sometimes rerouted.

Now the population of the county is closing in on 90,000 people, spread up and down the valleys and sprinkled across the llanos. While they are looking forward, they are also looking back and taking steps to preserve the precious history of the area.

According to the New Mexico Historic Preservation Division's Department of Cultural Affairs Web site, there are 27 registered cultural properties in the county, including buildings and areas that are culturally sensitive. Many of those listed on the state's registry are on the national historic registry as well.

One of the oldest structures in the county is the Miguel E. Baca House in Adelino, which sits adjacent to the Camino Real to its east and not far from the Rio Grande to its west. Originally built in 1896, the structure measured 80 feet by 30 feet, with building-length portals on both its east and west sides.

A large 30-by-35-foot room dominated the north end of the building, while six rooms on the south end served as spacious living quarters. The adobe walls measured 18 inches thick, ideal to keep warm air in during the winter and cool air in during the summer months. The old building still stands as a prominent landmark on N.M. 47, and was placed on the state registry in 1974 and the national registry in 1978.

When the railroad pushed west, that opened up new travel opportunities for people on the crowded east coast. Many of those seeking wide open spaces and opportunity dined at more than one of the Harvey House restaurants along the Santa Fe Railway. One stop along the way was in Belen.

Good food and better service by the Harvey Girls made the stopover a memorable occasion for travelers.

All place settings had to be arranged in just the right manner, with napkins folded in a special way and silverware perfectly polished. There can be no chips in the plates, cups or saucers. Full pitchers of cold water must be placed at every other place setting on the lunch counter. Fresh coffee, made with a pinch of salt, must be brewed. Every Harvey Girl carries a small towel on her arm to wipe up even the smallest spot or spill.

The Harvey Girls must also be as impeccable as possible. They cannot wear lipstick or any other makeup. Hair nets must be in place, with hair worn up, regardless of current styles. Uniforms must be freshly cleaned and ironed. Entire uniforms must be changed if even a tiny smudge appears. Everyone was required to wear white stockings with no runs and girdles, as checked daily by female supervisors.

The Harvey House closed in 1939, and reopened briefly during World War II to help feed the dozens of troop trains that came through town daily. Through the efforts of the City of Belen, the Valencia County Historical Society, the Belen Chamber of Commerce and countless volunteers, the building was preserved and is now a museum dedicated to the Harvey Girls, railroad memorabilia and is the home of the Belen Model Rail Club.

In addition, the museum hosts several art shows during the year ranging from exhibits of oil paintings, quilting, fiber arts and photography.

If you like watching freight trains, the museum is located on the west side of the Belen rail yard, which sometimes sees nearly 100 trains a day. The Harvey House was added to the state registry in 1982, and the national list a year later.

The Felipe Chavez house, which is was placed on the state and national historical registers in 1980, was built in 1860 by a pioneer merchant, trader and rancher. Felipe Chavez made his fortune with business interests ranging from the New York Stock Exchange to mining in Mexico.

Although there were several haciendas in the area, the Chavez estate was the largest. It included cornfields, extensive pasture, cottonwood groves, a mercantile and, eventually, a school for girls.

Ymelda and Leroy Baca and their daughter, Gretta, began work in 2004 to open the house to the public and share Valencia County's history.

For the first year, Gretta, who still lived in the area, began the renovation, while Ymelda and Leroy pitched in during visits. But when the couple returned home in 2005, the whole family came together to make their dream a reality.

From the beginning, the family's goal was to restore the house and property and create an institute for the preservation of culture, language and history.

Since Chavez's death in 1905, the keys to the historic house have changed hands more than a dozen times. Through the years, the house has been burned, damaged by floods and even vandalized, but the legacy of the property and of Don Felipe Chavez — also known as "El Millionario" — lives on today.

Another attraction the Bacas hope will draw crowds is a ghost story. Some people believe the spirit to be that of Felipe's daughter, Margarita Chavez. It's said that because her father left her out of his will, her spirit still roams the house.

As for the future of the Felipe Chavez house, the Bacas will continue to rent it out for weddings, parties, reunions and retreats. But their main objective is to host gatherings that will educate people about history and culture.

Ymelda, Leroy and Gretta hosts events that include history lessons, ghost stories, music festivals, poetry readings, art exhibits and plays. The family said the house is open for field trips for school children.

If you drive past the Jarales School located south of Belen on Jarales Road, you will see a building that has been there since 1932. It even looks the same as it did when the first students stepped through its doors. If you step through the door today, things will look nothing like they did in the 1930s.

The building has been renovated, revamped and reinvented as the Don Jose Dolores Cordova Cultural Center. The central hall is finished in white oak, and there is running water and plumbing, handicapped accessible bathrooms, a kitchen and central heat and air.

The soaring ceilings and walls of windows remain, as do the memories of those who attended the school before all the modern niceties were installed.

The cultural center held its grand opening in March 2007, and the schoolhouse has been on the state registry since 1994.

Did Joan and Joe Arvizu ever doubt their decision to move into their Bosque Farms home, a historical property in need of some tender loving care to restore it to its original glory?

The night that dirt fell on Joe's face probably gave the couple pause, but they persevered. The roof of the 1935 home was insulated with dirt, and some had seeped through the viga-supported ceiling and onto Joe.

Well, things at the home on South Bosque Loop have changed since 1992 when the Arvizus moved in, but not much. There's no more dirt on the roof and the doors are more secure, but the family has worked diligently to ensure that the house is just like it was in the Dust Bowl era during which is was built.

The Arvizus are only the third family to live in the 68-year-old dwelling. According to Joan, who's on the board of the Valencia County Historical Society, her abode was one of 44 buildings erected in the vicinity by the federal government's Works Progress Administration and intended as housing for farmers.

About 2,800 acres of land were purchased in the area from an old land grant and used as part of President Franklin Roosevelt's New Deal. A similar homestead site was also created in West Virginia.

Forty two of the buildings were dedicated to housing, and a lottery was used to determine which families would have the opportunity to buy them. Charlie Jackson and his wife, Flora, were the first to reside in what is now the Arvizu home.

In 1944, George Shore purchased the home and the 58.8 acres of land. The farmer had his own dairy and lived on the property until about the mid-1980s.

Indeed, the house is obviously not of this era, and there are indications of its age throughout. A built-in ironing board emerges from behind a door in the home's "mud room," dating from a time of popular ironing centers.

The residence's only bathroom has the original bathtub, an antique-looking porcelain tub on legs. The home's light comes from bulbs that jut out from the walls instead of the ceiling. And, in an oddly ahead-of-its-time touch, the electrical outlets are designed to spring closed when plugs are removed from the sockets.

The home was placed on the state registry in 1988.

The mansion was originally built in 1881 by Don Antonio Jose Luna after the railroad negotiated a right-of-way directly through the original family hacienda. In compensation, the railroad agreed to build a home to any specifications named by Don Antonio.

After Mrs. Luna saw southern plantation homes, she wanted the home designed to complement them, but with a New Mexico twist. The 10,000 square foot home was built from traditional adobes.

Don Antonio died the year that the house was completed, so possession of Luna Mansion fell to his son, Don Tranquilino. It was thereafter passed down through the family and reached its heyday between 1900 and 1920, when Don Eduardo Otero and his wife Josefita Manderfield Otero took over the home.

The home was eventually purchased by Earl Whittemore in the 1970s, a local with a passion for history and preservation, and turned into a premier steak house. After three decades of ownership, Whittemore sold the property to the Torres family, Hortencia and Pete Teofilo Torres, daughters Johnnah Torres and Joell Torres and son Peter Japhen Torres.

The family spent months renovating the mansion from top to bottom and quietly reopened the fine dining establishment in August.

The mansion was placed on the state registry in 1973, the national list in 1975 and along with the surrounding fence, was added to the 2009 Most Endangered Places List by the New Mexico Heritage Preservation Alliance (NMHPA).

Jan Biella, deputy state historic preservation officer, encourages people to nominate properties for the registry.

"Every two months, the board entertains new nominations," she said. "It's always surprising what's not listed."

She said listing on the register is considered an honor. "It does not impose anything on the owner. And there are financial incentives such as income tax deductions."

$1.00 Per Month Buys Healthy Home Help

Earth Times

So you think $1.00 doesn’t buy much anymore? Think again. Broan-NuTone®, the industry leader in residential ventilation, offers a complete line of ENERGY STAR® qualified ventilation fans for a healthier home that brings new meaning to value.

For as little as $1.00 a year to operate, Broan-NuTone has packed its ENERGY STAR® qualified ventilation fans with more IAQ punch than other manufacturers. Whether it’s excess odors, indoor pollutants, mold prevention or improving the overall quality of indoor air, you can’t beat this value for a healthier home.

The ENERGY STAR lineup of Broan® and NuTone® ventilation fans includes some 35 different models from the Ultra Silent™ Series, recessed fan/lights, as well as heavy-duty models ideal for light commercial installations and offices. The Ultra Silent Series includes basic bath fans, fan/light/nightlight combinations, humidity sensing fans and humidity sensing/fan/light/nightlight combinations. ENERGY STAR fan-only models use less than 10 kilowatt hours per year.

“All of the ENERGY STAR qualified fans from Broan and NuTone are certified by the Home Ventilating Institute (HVI). The HVI label is a homeowner’s assurance that the certified air flow and sound ratings for a certain ventilation product are the results of testing by an independent laboratory,” says Patrick Nielsen, marketing manager, ventilation fans, Broan-NuTone. “The ENERGY STAR program uses HVI certification as its third-party validation when evaluating whether or not a fan receives ENERGY STAR certified status. Put simply: the HVI certification and ENERGY STAR qualified distinctions help guide homeowners to purchase the most energy efficient fans on the market.”

According to ENERGY STAR officials, earning the ENERGY STAR means fans meet the strict energy efficiency guidelines set by the U.S. Environmental Protection Agency (EPA) and the Department of Energy (DOE). ENERGY STAR qualified ventilation fans that include light use 70 percent less energy on average than standard models; these fans provide better efficiency and comfort with less noise and use high performance motors that work better and last longer than motors used in conventional models. In addition, they feature high performance motors and improved blade design, providing better performance and longer life.

“Because Broan-NuTone is the leading U.S. manufacturer of residential ventilation, and has been manufacturing fans longer than any other company in the U.S., we have played a key role in helping the industry set the standard for HVI over the years,” says Nielsen. “When a homeowner puts one of our ENERGY STAR qualified fans into their home, they can rest assured that it’s the most energy-efficient fan currently available.”

And all of this for only $1.00 a year to operate.

In addition, all Broan-NuTone ENERGY STAR qualified ventilation fans are designed, engineered, manufactured and customer supported in the U.S. which also means the carbon footprint required to make that fan available to homeowners is less than many of its competitors coming from overseas.

“When you purchase an ENERGY STAR qualified fan from us, you’re not only getting the best IAQ value on the market, but you’re also helping to keep jobs in the U.S. And not just manufacturing jobs; technical and customer support jobs as well. When you call us, you’re speaking to a Broan-NuTone employee on American soil, not overseas. This ‘made in America’ commitment, combined with the incredible IAQ value, makes the installation of a Broan-NuTone ENERGY STAR fan a win-win,” says Nielsen.

For a complete list of all Broan-NuTone ENERGY STAR fans, visit www.Broan.com or www.NuTone.com. The ENERGY STAR models are available in most major retailers nationwide.

Broan® is a registered trademark and Ultra Silent™ is a trademark of Broan-NuTone LLC, North America's leading manufacturer and distributor of residential ventilation products including range hoods, ventilation fans, heater/fan/light combination units, Indoor Air Quality (IAQ) Fresh Air Systems, built-in heaters, whole-house fans, attic ventilators and trash compactors. NuTone® is a registered trademark of NuTone Inc., a subsidiary of Broan-NuTone and North America's leading manufacturer and distributor of residential built-in convenience products including door chimes, central vacuum systems, paddle fans, stereo intercom systems, home theater speakers, medicine cabinets, ironing centers and ventilation fans. Broan-NuTone is proud to be an ENERGY STAR® partner.