Spring 2009
Grand Homes a free publication of the Teton valley news
inside Obama’s housing plan Decrease your home’s carbon footprint Remodeling tips to save you money
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T e t o n Va l l e y N e w s
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[ Grand Homes ]
SPRING 2009
A Guide to growth and development in
Teton Valley
Advertiser’s Index Advanced Granite Systems Bank of Idaho Mortgage Mike Dery Frameworks Garage Door Handiman Grand Central Vacuum & Electrical Scot Green Excavation The Hardwood Floor Store High Country Barns and Buildings High Country Electric Kaufman Timber, Inc. KVO Cabinets The Mortgage Connection Mountain View Wind Power, LLC Silver Star Skyline Design Matkin Brothers Excavation, Inc. Scentsy Swiss Precision Enterprises Teton Valley Fence Tolbert’s Hardwood Two Feathers Construction, LLC
4 Obama’s housing plan 5 Selling in a buyers market 8 Decrease your home’s carbon footprint and save 9 Western influences 10 Decorating on a budget The Teton Valley News Grand Homes 2009 Spring edition is a publication of the Teton Valley News Stacy Simonet | Publisher
12 How does your garden grow? 14 How much are your windows costing you?
Lisa Nyren | Managing Editor
16 Fixing faucets
Rachael Horne | Writer
17 How to replace a light fixture
Mike Polhamus | Writer Lauren Hall | Photographer Meg Heinen | Retail Ad Manager Lori Collins | Advertising Sales Amy Birch | Art Director
18 Tips for do-it-yourself tile floors 20 Energy saving appliances 22 Refinancing: when it’s good, and when it’s not so good
Barbara Gibson | Graphic Design Moira Dyer | Graphic Design Sabina Lyons | Circulation Manager Roan Eastman | Office manager
COVER PHOTO BY LAUREN HALL 3
T e t o n Va l l e y N e w s
[ Grand Homes ]
SPRING 2009
Obama’s housing plan By Lisa Nyren
W
ith the current economic outlook less than desirable, it may be comforting to know that you could qualify for President Barack Obama’s Making Home Affordable Program, instituted earlier this year. continued to next page
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The program is aimed at eligible borrowers who are current on their mortgages but who have been unable to take advantage of lower interest rates because the value of their home has decreased. Now, if you meet the requirements spelled out in the program, you may be able to refinance through Fannie Mae or Freddie Mac (leading lender servicing companies) and secure a lower interest rate on your mortgage. Am I eligible? There are six requirements that must be met in order for you to qualify for this program. They include being current on your mortgage payments, having your current loan serviced
through Fannie Mae or Freddie Mac and having the income to support a new mortgage payment. For a complete list of requirements see the box on this page or visit www.makinghomeaffordable.gov. To find out if your loan is serviced through Fannie Mae or Freddie Mac, call them at (800)-7FANNIE AND (800)-FREDDIE and be ready to provide your physical address and your social security number. Eligible applicants will owe no more than 105 percent of what their home is actually worth. The value of the home will be assessed after you apply to refinance. This program expires on June 10, 2010, and your refinance must be closed and funded prior to that date.
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How do I qualify? • You are eligible for the Making Home Affordable Program if you meet the following criteria: • You are the owner occupant of a one- to fourunit home • The loan on your property is owned or secured by Fannie Mae or Freddie Mac • At the time you apply, you are current on your payments • You believe the amount you owe on your first mortgage is about the same as the current value of your house • You have income sufficient to support the new mortgage payment • The refinance improves the long-term affordability or stability of your loan Resources on the Web • www.makinghomeaffordable.gov • www.fanniemae.com/loanlookup • www.freddiemac.com/mymortgage
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T e t o n Va l l e y N e w s
[ Grand Homes ]
SPRING 2009
Selling in a buyer’s market By Rachael Horne House prices are falling in much of the country, and a report by Merrill Lynch says a record 2.2 million single-family homes and condos were on the market in April — almost one million above normal levels. It’s a buyer’s market, but don’t despair, if you’re trying to sell a home.
For sale by owner vs. hiring a realtor If you’ve ever sold a home, or even thought about selling your home, then you probably know the dilemma. Hire an agent and give up 6 percent of your hard-
earned home equity? Or do you try to save money by doing it yourself, even with the mortgage payment clock ticking? The FSBO option, or For Sale By Owner, is just what it says. The homeowner does all of the work of marketing, showing, staging, negotiating and completing the enormous pile of paperwork. This option tends to work best for experienced homebuyers and sellers, and in certain markets where there is a strong FSBO segment already established. If you are seriously considering selling your home yourself, then there are many excellent books on the subject, and you should certainly do your homework.
Some real estate attorneys also offer services to help with FSBO transactions and make sure all the contracts and paperwork are in order. Another option, that has become more popular in recent years, is the Flat Fee MLS service, which is a hybrid between FSBO and using a traditional full-service agent. The Flat Fee MLS service allows a homeowner to list their house in the Multiple Listing Service, which is the real estate agent’s most powerful marketing tool. However, you still need to offer a commission to the buyer’s agent, which is typically 2-3 percent, only half of the 5-6 percent that most traditional agents charge. continued to next page
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Bankrate.com offers five tips to remember. 1. Play the cards you’re dealt. A successful poker night begins before you reach the table, when you resolve not to chase after hands that you have no realistic chance of getting. Similarly, a successful home sale begins before the house is listed, when you decide not to expect to make a killing. 2. Scope out other houses for sale. Break through your ego and stubbornness by looking at the good deals that your neighbors are offering. Visit newly built houses and find out which amenities and incentives builders are offering. Eavesdrop on other visitors to open houses to find out if there’s something in particular they’re looking for — something you should do to make your house more presentable. 3. Make it a turnkey, not a turkey. The word “turnkey” is used in commercial real estate. It means a property is ready for immediate use. Your house has to be that way when buyers have a cornucopia of houses to choose from. Besides a low price, incentives for buyers include paying discount points to lower the mortgage rate, paying closing costs or providing flexibility about the move-in date. 4. Consider offering a premium to the buyer’s agent. Add a half-point or a point to the commission, or give the agent a cruise or a big-screen TV. 5. Price realistically. Don’t get greedy. It takes research, often conducted by a real estate agent, to come up with a realistic asking price, and discipline to abide by it. It’s important that you, as the seller, understand the dynamics of pricing enough to build a defensible argument. Using tools on sites such as HomeKeys, Zillow and Redfin, buyers can get an accurate idea of your house’s market value. You and your agent can’t bamboozle buyers because they have so much information about comparable house values. The home on the previous page is located in Tetonia and is listed with Jill Boxrud of Teton Valley Realty.
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[ Grand Homes ]
SPRING 2009
Decrease your home’s carbon footprint and save (ARA) - Let’s face it, the earth needs our help and families everywhere are looking for ways to help out. Recycling, driving less and bringing reusable bags to the grocery stores are great ways to reduce your family’s carbon footprint. But did you know there are things you can do to reduce the impact your home has on the environment, not to mention your wallet?
a few degrees during the spring and summer months translates into big savings in both energy usage and utility bills. A programmable thermostat will automatically adjust your thermostat throughout the day, helping to control the temperature of your home even if you’re miles away.
Hannah Keeley, lifestyle expert and host of the PBS program “Hannah, Help Me!” offers energy efficiency tips that can yield big returns for your home, your budget and the earth.
Lighting accounts for almost 20 percent of the average homeowner’s monthly electric bill, but many people overlook this key opportunity to save energy and money. To reduce lighting bills, homeowners can choose lighting controls from Lutron Electronics. An incandescent bulb dimmed by 25 percent will use 25 percent less electricity and last four times longer than a bulb that has not been dimmed. Even better, dimmers allow homeowners to set the right light level for the mood and activity in a room.
Fill in the cracks. Never underestimate the power of weatherproofing your home. Check all windows and doors for drafty areas. Caulking holes and cracks will keep your home from bleeding heat, not to mention prevent your hard-earned dollars and cents from leaking out of the house. Or consider replacing your existing doors with more energy-efficient fiberglass options. Therma-Tru fiberglass doors offer five times the insulation value of wood, which will do a world of good in creating a more energy-efficient home. Use less. A seemingly obvious solution is to simply use less energy. Raising your thermostat 8
Consider a dualfuel system. Installing a part-electric, part-gas hybrid heating and cooling system provides more control over your home’s energy usage by automatically sensing and operating in the most economical mode.
For example, as outdoor temperature increases throughout the day, the American Standard Heating & Air Conditioning Heritage Hybrid (TM) comfort system uses an electric heat pump to efficiently cool your indoor air. When the weather turns cooler and heating with natural gas becomes more efficient, the furnace takes over. With a hybrid comfort system, you can save some serious cash — even when confronted with unpredictable utility costs. Make smarter choices. Choosing the right home appliances is vital as well. No matter which room of the house we’re talking about — the kitchen, laundry room or otherwise — an outdated or inefficient unit can drain your bank account and increase carbon emissions. To combat this, look for Energy Star certified appliances that way you know you’re getting the most energy efficient products available. Thankfully, increasing your home’s energy efficiency doesn’t have to be hard work or a strain on your pocketbook. By making a few smart choices, you can sit back and rest, in comfort, knowing you are doing your part to help reduce your home’s carbon footprint.
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[ Grand Homes ]
SPRING 2009
Decorating on a budget By Rachael Horne While interior decorating on a budget, prioritizing is key. With less money comes fewer choices. Selecting important rooms, elements and themes that are most significant to you and your family are the keys to saving a lot of time and cash. Analyze your current home, furnishing and decorations. By improving what you already have, instead of completely starting over, interior decorating on a budget comes together in a simple process. The following ideas are simple and inexpensive decorating ideas to liven up a room without breaking the bank. All of them can be accomplished in a weekend, saving both time and money. Use mirrors. Utilize mirrors to create light, space and special accents — frame one to create a mock window or place behind artistic belongings, highlighting their character from all sides Repaint cabinets instead of replacing them. Paint will clean, freshen and liven up a cabinet. Just check with a local paint supply store for advice on painting unusual surfaces. Cover imperfections instead of fixing them. For example, place a rug over a 10
discolored spot on your floor or a tapestry on a rough wall. Take off the curtains. If you have a nice view, maximize it by removing the window coverings. A naked window opens up the view and draws visitors to the natural beauty. Paint floors. Most people forget this simple trick, but you can improve most surfaces with paint, including your floors – unless you have carpet of course! Hide the clutter. Nothing improves the look of a room more than neat and organized decorations. Be creative and utilize your décor as storage, with baskets, compartment benches or cabinets. Bring the outdoors in. Real or fake plants, herbs or flowers brighten up a room. Mix real flowers and silk in one vase, saving money as the silk flowers round out an assortment enabling you to purchase less of the expensive fresh flowers. Clump current decorations. Preview your assortment of knickknacks, art and decorations. Gather them from throughout the house and lay them in the middle of the floor. Rearrange your treasures, creating collections and themes,
thus defining a new look by highlighting your current possessions. Create your own wall art. Stencil patterns, wallpaper borders, stick-on decals, maps, chalkboards are all inexpensive items to create interest in a room’s outer edges. Cover it! Fabric is like paint for upholstery. Cover those dining room chairs, try slipcovers for fading couches, create fresh pillows, redo curtains, and grow creative with blankets, quilts and bed linens. Replace your lampshades. Light can make or break a room. Freshen up your current assortment with new hoods.
Paint, paint, paint. Have I mentioned paint before? Well, I will do it again. Paint is truly the budget decorator’s best friend. It creates a dramatic change for little money and effort. Be brave and try out new inventions. Paint only one wall a vibrant color, layer and balance colors, paint furniture. Put your best foot forward. With a tight budget, we cannot buy all that we desire to decorate our home. So work with what you have. Select your finest furnishings and decorations and place them in areas that are most commonly used. Source: ideas from ivillage.com.
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T e t o n Va l l e y N e w s
[ Grand Homes ]
SPRING 2009
How does your garden grow? Q&A with Teton Valley, Idaho Master Gardener Carrie Baysek What is the best way to start a garden in early summer? What materials do you need? What plants will grow best in this area?
Carrie: The easiest way to
What plants will grow best in this area? Should I hire a professional? What are the three best tips for starting a garden in the Valley?
start a veggie garden is a raised bed, or container gardening. To build a raised bed you would need either landscaping timbers or stones. Fill the container with a planting mix consisting of top soil, compost, and soil conditioner. For container gardening, you would need a deep enough pot and planting mix or potting soil would work also. Plants that grow best in this area are varieties with a short growing season that don’t require protection; kale, lettuce, spinach, arugula, chard, kohlrabi, peas, turnips, beets, broccoli, cabbage, carrots, radishes, leeks, onions, potatoes and garlic. Other crops are possible with protection such as beans, peppers, squash and zucchini and tomatoes.
What are the pros and cons of doing this yourself versus hiring a professional to start a garden for you?
Carrie: Doing it yourself —
The pros would be less money spent on labor and learning as you go. The cons would be the time required from your schedule.
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Compiled by Lisa Nyren
Hiring a professional — The pros would be less of your time spent, and guaranteed results. The cons would be spending your money on labor. What would it cost someone to start from scratch if they were going to do it themselves? What if they were going to hire someone?
Carrie: It would vary so much depending on garden size, the site excavation and customer requirements.
Can you list your three best tips of advice for starting a garden in the Valley in late spring/ early summer?
Carrie: 1. Start small your first year, you don’t have to do everything all at once. 2. Remember that we live in the Rocky Mountains and nighttime temps still get pretty low until the beginning of June. Watch the weather and cover your crops if the temps get below freezing. 3. Be patient, and learn from your mistakes.
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T e t o n Va l l e y N e w s
[ Grand Homes ]
SPRING 2009
How much are your windows costing you? Replacement could save money, generate future value By Mike Polhamus If you have old windows in your home, replacing them could save you money on heating bills and improve your home’s appearance and ease of use. The Environmental Protection Agency estimates that by installing windows that have their Energy Star certification, homeowners can save up to 30 percent from their annual heating bill. These savings come not just in the winter, when a double-pane window’s sealed air space between the panes insulates against the cold, but in summer as well, when modern windows keep your home cool by blocking heat-producing long-wave 14
solar radiation. New windows open and close easily and look good inside and out, and they actually increase the value of your home while reducing the cost of keeping it warm. Much like the insulation in walls and ceilings, a good window helps regulate the inside temperature of a home. The old singlepane windows do this in the winter mainly by keeping the wind from blowing through the house, but they won’t even keep out the wind if your old windows don’t shut properly or your new windows weren’t correctly installed. Those are some of the common reasons why people invest in new windows.
Cost Windows are expensive to replace, although if you replace them now you may be able to get a good price on the installation and help out a local builder at the same time. Nationally, a cheap window replacement might cost as low as $300 each, and $1,000 per window is more than most people are willing to pay. It’s difficult to pin down construction costs in Teton Valley (climbing labor costs are one reason why municipal projects here so frequently cost more than they were bonded for), but if price is an issue then call around to half a dozen or so local builders; they might be glad to hear from you. While you’re at it, ask what the rate would be to completely replace the window frame instead of just the window itself. This number could be a continued to next page
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useful piece of information. Especially in old houses, it’s not uncommon to pull out a window and find a deteriorated window frame. If you can see any rot or waterrelated damage on your house’s exterior, start anticipating that your window frames could be in bad shape too. Replacing the frame costs more, and how much more is again dependent on what builders are charging at the time, but in the long run it could be a sound investment on an important component of your house. If you want to replace your windows because your heating bill is high and you want to save money, look at your annual heating bill, and look at the cost of replacing all your windows. Remember, the EPA estimates you’ll save 30 percent on annual heating
costs by replacing all your windows, so unless you have extremely high heating costs, the energy savings alone might not justify the cost. A national window manufacturer called Andersen provides figures on its Web site that suggest you’ll recover about 80 percent of your window replacement cost if you sell your home afterward (though it’s not immediately clear how long afterward). Once you calculate a rough estimate on how much you’ll save yearly on heating, combined with a rough estimate on how much the renovation will increase your home’s value, you’ll be able to make an informed decision on whether this is a sound investment. If you think you can replace the window on your own, and you own the tools to do it, the time spent on this project might be an attractive investment, both for your savings account and for your home’s exterior.
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eplace the window frame and surrounding parts of the window if the window is removed the wood is deteriorated. A good window doesn’t belong in a bad frame. The National Fenestration Rating Council’s Web site (nfrc.org) and the EPA’s Energy Star site (energystar.gov) have loads of helpful information on window ratings, features and terminology. If local builders ask for more money than your own estimate of what the project should cost, it may be an unreasonably high price, but it may also be an unreasonably low estimate. Shop around for good work at a good price, but your safest bet is to keep treating local builders with respect even when the construction market is hurting.
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T e t o n Va l l e y N e w s
[ Grand Homes ]
SPRING 2009
Fixing faucets By Mike Polhamus Replacing a faucet can be a straightforward and relatively quick job, and an easy way to save a lot of money when finances are tight. But, like with almost any task that requires tools, it’s a good idea to make sure you know what you’re doing before you get the faucet taken apart. Fortunately, it’s usually harder to take the old faucet apart than it is to install the new one.
DIY tips: Turn off the water supply under the sink before removing the faucet. Most faucets are secured in place by hardware below the sink. If yours is not, try removing the hot and cold knobs, and underneath them you’ll probably find the nuts that attach the faucet to the sink. If corrosion has frozen any of the hardware in place, spray it with some penetrating lube and wait for half an hour. For more detailed instructions, get on the Internet and look up “faucet replacement.”
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the right size faucet, or if you can’t, then get one that can be adjusted to fit different sizes. To ensure you get the right size, measure the hole where the faucet used to be after you take it out, and bring the old faucet with you when you go to buy a new one.
Putting the new faucet on will be a snap, relatively speaking. Faucets these days typically include a set of instructions when you buy them, and since professional plumbers If your faucet already know is difficult to how to install take apart, a faucet, this there are a means the few likely instructions culprits. First, were written it’s lefty loosy, for people like right tighty. you. Follow the Next, parts instructions of a faucet carefully, don’t Teton Ace Hardware in Driggs has a wide sometimes skip any steps array of faucets to choose from. corrode, and or try to get by the corrosion with the wrong can bond tools, and you those parts to other parts and make should have a new fixture installed in them difficult to remove. This is why your sink in no time. it’s important to have the right tools. The choice to install a sink on This is usually a good practice for any your own, as opposed to hiring mechanical work, but when corrosion a plumber, is one that should be freezes a nut in place, for instance, it’s made in consultation with any other a lot more likely to strip, especially people who may have an interest if you’re not using the wrench made in the outcome, such as spouses, for that particular nut. If you strip out landlords and so on. Two compelling certain threaded parts of your faucet, reasons for doing it yourself are cost your project could instantly increase in and proficiency. Plumbers aren’t cost and complexity. cheap, and, as they say, knowledge is priceless. You should not restrain What’s next? yourself from learning new things just Once you’ve taken the old faucet out, because the skills are unfamiliar, but go buy a new one. You’re more likely at the same time, if you are convinced to get the right faucet if you don’t buy you’ll mess it up when you attempt it it beforehand, because faucets come then you probably will. Expect to pay in different sizes, and they’re difficult at least $75 for a faucet and $300 or to measure accurately while they’re more for a plumber to install it. attached to the sink. Make sure to get
How to replace a light fixture By Mike Polhamus
L
ight fixtures are easy to replace for anyone who has a little time, a little patience, and some attention to detail. And like many other simple tasks, wiring the new fixture is an activity greatly enhanced by the danger of numerous possible mistakes. Though most household electrical current isn’t strong enough to seriously injure a person upon contact, even triple-A batteries pack enough juice to potentially burn down a house. Cavalier young men aspiring to household handywork beware: electrical injuries may heal on their own, but property is costly to replace. Stack the odds in your favor by thoroughly understanding how to replace a fixture before you commit to doing it.After some introspection and additional research, the first step is to find a good light fixture. It should above all be tasteful, because a gaudy light fixture can be an even worse nuisance than a bare bulb. The key to tasteful choices is context: consider what you are trying to illuminate, and for whom, and to what extent. Some fixtures have space for four bulbs, some have glass baubles hanging from them, some are meant for walls and others are for ceilings. While you’re out, pick up some wire nuts if they’re not included with the fixture, and buy a good pair of wire strippers too. These two items are like the hammer and nails of home wiring. Together they splice wires. Practice splicing on a cord cut off an old appliance, or better yet on a length of unused SOLID-GAUGE wiring like your home uses. Using the wire strippers, strip the protective plastic off the last half inch of two wires you want to join, then twist the exposed ends together enough to screw the wire nut down onto the spliced pair. The wire nuts must screw down far enough to cover all exposed wire. Now, since the light’s going to be turned off while you’re replacing it, get a headlamp or an assistant with a
flashlight. Then turn off the breaker for the light, and test the light switch to make sure the power to the light is dead. Next, unscrew the current fixture’s glass cover, remove the bulbs and unscrew the fixture’s cover. Some of them have a couple screws, others use a nut over a threaded stem in the middle, but the chief thing is to disassemble whatever is connecting it to the ceiling. Try not to drop the fixture once it’s unattached. Unscrew the old wire nuts and untwist the wire strands beneath. If the wiring looks frayed or brittle, call an electrician because you probably need to replace more than just the light fixture. If the wiring looks good, splice the new fixture in where the old one was, using the wiring skills you practiced. Wire the new fixture the same way as the old one was: black wire to black wire, white to white, and uncoated ground wire to wherever it was before. Screw the wire nuts on tight, and check to make sure they completely cover all the exposed wire. Double-check your work. Now, install the hardware for the new fixture according to the manufacturer’s directions. This will probably be a similar setup to the one you already took down, but if it’s not, relax, take your time and follow the directions step by step. Very simple mechanical principles are involved at this stage, so follow the
This chandelier is available at the Rusty Nail in Driggs.
directions methodically and everything will work out eventually. Finally, throw in some new bulbs, replace the cover and turn on the breaker. Flip the light switch, and bask in the glow of a job well done. 17
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[ Grand Homes ]
SPRING 2009
Tips for do-it-yourself tile foors By Mike Polhamus Laying a new tile floor is not a terribly complicated project, but it can require a lot of preparation and patience. Two big advantages of tile floors are the openended design options (a well-known Baghdad hotel used to have a mosaic of George H.W. Bush depicted in the floor tiles of its entryway) and tile’s long lifespan. An easy way to evaluate if it’s worth installing on your own is to weigh the cost of professional installation against the benefits of doing it yourself. Personal vs. professional labor The benefits of doing it yourself are things such as extra spending money, impressive new practical skills and the option of personalized design work. Laying a tile floor isn’t a quick project, so when you’re calculating cost savings it’s a good idea to consider how much your time is worth. Cost Expect to pay at least $600 for tile to cover a 150 square-foot room. Installation will cost more than the materials, probably by several hundred dollars. For a certain type of homeowner, this time-consuming but uncomplicated project will seem like a great way to spend a couple days and save a heap of money. Laying down the groundwork If you decide to lay your own tile floor, research the basic methods on the Internet or in a book before you begin, because there are several things that need to be done right before the first tile is lain. For instance, you’ll need to thoroughly clean the subfloor surface where the tiles are going to be, and you might need to sand it too, or lay down new plywood over the old flooring. Nail down spots where the floor isn’t flat, if possible. But keep in mind that some floors may not be appropriate for tile if they’re irreparably spongy. Anything other than a smooth, clean surface cleared of irregularities will be prone to crack tiles laid on top of it. 18
When the subfloor is ready, figure out what pattern you want to lay your tiles in, and draw all the necessary diagrams on the floor. You’ll need several tools before you begin the next step, and depending on the type of tile you may also need to rent a tile cutter or a wet saw. Don’t forget to buy kneepads and enough extra tiles to compensate for any installation mistakes or future accidents. A good place to find more information on laying tile floors is at a Web site owned by the Lowe’s hardware store chain, at Lowe’s.com. There are lots of other Internet sites that show how to do repair
work and other projects on your home, but the Lowe’s How-To Library has explicit instructions for every imaginable home improvement job, and the instructions are clearly written, trustworthy and free. Read these instructions carefully and follow them closely. Once the tiling is finished, you’ll have a floor that’s easy to clean and attractive. And if you decide to make a mosaic or some other artistic flourishes with your floor tiles, stick with the enduring themes rather than temporary modern fashions, because it will last a long time.
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[ Grand Homes ]
SPRING 2009
Energy saving appliances By Rachael Horne
Everyone wants to save on energy bills: Why let your money — or that of your tenants — be drained away by appliances that aren’t energy-efficient? Today’s appliances aren’t like those of 10, or even five, years ago. The energy-efficient appliances on the market today will make the most of your energy dollar while helping conserve resources. continued to next page
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A reliable guide for buying washers, refrigerators and microwaves is checking for the ENERGY STAR sticker on that appliance. Earning the ENERGY STAR means a product meets strict energy efficiency guidelines set by the U.S. Environmental Protection Agency and the U.S. Department of Energy. ENERGY STAR refrigerators and energy-efficient washers can not only save you money over time, but help conserve valuable resources. Refrigerators: The age and energy efficiency of a refrigerator is a huge factor in how much a tenant’s energy bill will be, say industry experts. According to statistics from ENERGY STAR, replacing a 12-yearold refrigerator with a new, energy-saving model will save
as much as $32.50 per year. In an apartment complex with 100 units, that’s a savings of $3,250 per year. Energy-Efficient Washers: Other dramatic savings can come from today’s energy-efficient washers. Most fullsized ENERGY STAR washers use 18 to 25 gallons of water per load, compared to the 40 gallons used by a standard machine. Because they extract more water from the clothing during the spin cycle, washers marked with an ENERGY STAR label help reduce drying time and save wear and tear on clothing as well. According to ENERGY STAR statistics, replacing 13 10-yearold clothes washers in a 100-unit residential complex will save more than 550,000 gallons of water each year.
Tax credits At the federal level under the Residential Renewable Energy Tax Credit there are numerous tax credits for homeowners that made upgrades in 2008. For example, if you added a solar electric system, solar water heater, or geothermal pump last year you are eligible for a maximum incentive of $2,000 (each). For a wind turbine, you can write-off up to $4,000. The new federal program allows owners of existing homes to get a tax credit of 30 percent for energy-efficient home improvements with a maximum of $1,500 for
projects done this year and in 2010. It’s for primary residences only, not second, vacation or rental homes. Improvements must meet energy efficiency standards to qualify for the tax credit. Details are online at energystar.gov, a program sponsored by the U.S. Departments of Energy and Environmental Protection. One important point is the tax credit for windows and other projects that better seal a home is for material only and does not include labor. Credits for new air conditioners and heat pumps do include labor.
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T e t o n Va l l e y N e w s
[ Grand Homes ]
SPRING 2009
Refinancing: when it’s good, and when it’s not so good By Lisa Nyren
It’s like your mother always said: “Just do your homework.”
One good thing about the recent mortgage-lending crisis is that interest rates have taken a nosedive. Now may be the time to refinance your home and lock in a much lower interest rate than the one you have now. But is it worth it? Assuming you are eligible to refinance (most mortgageholders are) the first step is to have your lender consider your income and assets along with your credit score, other debts and the value of your property. If your credit score is higher than it was when you obtained your first loan, you may be eligible for a lower interest rate on a new loan. If your credit score has not improved, the interest rate may be higher on a new loan. In addition, the value of your home will play a key role in refinancing. Lenders look at what is called “loan to value” (how much is your loan vs. how much is your home
worth) to decide whether or not they want to give you a new loan. If housing prices fall, your home may not be worth as much as you owe on the mortgage. One advantage right now, however, is the Making Home Affordable Plan authorized by President Barack Obama earlier this year. This plan allows some mortgage holders who owe up to 105 percent of their home’s value the ability to refinance. Visit www.makinghomeaffordable. gov for the plan’s details. Back to regular old refinancing. What will it cost? According to “A Consumer’s Guide to Mortgage Refinancing” published by the Federal Reserve, you could end up paying 3 to 6 percent of our outstanding principal balance on refinancing fees. These fees vary from state to state and from lender to lender. Remember that these fees include things like a loan origination fee, an appraisal fee, an inspection fee and a closing fee. According to the Guide, refinancing may not be worth it when you have had your mortgage for a long time. As time goes on, the amount of your monthly bill that is applied to your principal balance increases (this is called amortization). So, you are paying less in interest 10 or so years on the loan than you were at the beginning.
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The Guide also suggests that refinancing may not be a good idea if you are planning on moving from your home in the next few years. This is because the savings you get from lower monthly payments may not exceed your total cost of refinancing. Several mortgage lenders offer online mortgage calculators to help you decide whether refinancing will be worth it for you. It is a good idea to take advantage of these before you make any final decisions. You can visit your own lender’s Web site or visit www.mortgage-calc.com for an online calculator. In the end, it is a good idea to discuss your refinancing options with your lender before actually pursuing a refinance. It’s like your mother always said: “Just do your homework.” The Consumer’s Guide to Mortgage Refinancing can be found on the Federal Reserve Web site at www.federalreserve. gov/publications/default.htm.
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