Page 4 Friday, January 29, 2021
THE GARDEN ISLAND
www.thegardenisland.com
PLANNING A BATHROOM PROJECT BRANDPOINT
US long-term mortgage rates slip; 30-year at 2.73% ASSOCIATED PRESS WASHINGTON — U.S. long-term mortgage rates slipped this week as the economy remains burdened by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan eased to 2.73% from 2.77% last week. By contrast, the rate stood at 3.51% a year ago. The average rate on 15-year fixed-rate loans, popular among homeowners seeking to refinance their mortgages, ticked down to 2.20% from 2.21%. The damage from the coronavirus pandemic on the U.S. and global economies suppressed home loan rates through most of 2020. The U.S. economy shrank last year by the largest amount in 74 years, the government reported Thursday, despite the trillions of dollars in federal aid that flowed to American families and small businesses. The deep recession triggered by the pandemic that erupted in the U.S. 10 months ago left tens of millions of people jobless. Economists forecast modest increases in mortgage rates this year. But they likely will remain relatively low, with the Federal Reserve keeping interest rates near zero as needed until the economy recovers.
Spending more time at home has put increased focus on bathrooms for homeowners, which is why one of the top home improvement trends of 2021 is adding or updating these spaces. Fortunately, remodeling or adding a bathroom DIY-style can be much easier than you may think with some planning and expert tips. From the inspiration stage to layout planning and beyond, there are many important factors to keep in mind. DIY expert Sammy Pampani shares simple guidance and easy advice for a successful DIY bathroom project. Discover inspiration If you want an update but are undecided on the design, begin your search for inspiration online. For example, explore Pinterest and follow fellow DIYers, so you can create boards based on bathroom trends that interest you. Searching hashtags on other social media apps, like Instagram, will be helpful as well. Some example hashtags to search could be #diybathroom, #diyflooring and #bathroomremodel.
such as a sink, a bathtub or a shower. The simple installation process avoids breaking through walls or flooring, making it possible to add a bathroom nearly anywhere you’d like.
the company’s help center or call in a pro.
Lay out your bathroom design Utilize basic tools to help plan the layout of your bathroom. For Research inexpensive Know technical terms example, spreadsheets can proalternatives As you explore inexpensive DIY vide a clear view of how designs Explore inexpensive solutions solutions for the bathroom, make will come together. Keep in mind, that are simple enough for a DIYer sure to understand technical terjust because something looks to install. For example, macerating minology. You don’t need to be a good on paper does not necessarsystems are options in places with plumbing or electrical expert to be ily mean it will be perfect in reality. no below-floor drainage that’s typ- successful, but you want to be It’s important to be flexible and ically required in bathrooms and/ knowledgeable so you make the make necessary adjustments as or if drainage is far away or not right choices and take the correct you go. Having a layout to guide close by. One of these smart solu- steps. you will be essential to keeping What’s more, having a basic tions is Saniflo’s Saniaccess 3, an track of what does and does not above-floor plumbing system with knowledge of technical aspects work. will help you describe any issues the ability to not only discharge wastewater from a toilet, but also accurately and get potential prob- Create a timeline a variety of other sanitary fixtures, lems solved if you need to contact How long would this project
take a professional to do? Research the amount of time it would take a professional to complete your project online through online articles and videos. Then take this number and add about 2 additional weeks since you’re going the DIY route. If you’re trying to hit a specific deadline, make sure to give yourself some wiggle room to account for unexpected delays as well. Save materials If you have a little extra material or a product that went untouched, save it. This could include flooring, tile, paint and more. These items can come in handy in the future if you need to make a repair or can be repurposed for another aspect of your bathroom remodel.
New home sales rise in December after sharp November drop ASSOCIATED PRESS SILVER SPRING, Md. — Sales of new homes rose 1.6% in December after a big decline in November that was even worse than previously thought. The increase last month pushed sales of new homes to a seasonally adjusted annual rate of 842,000, the Commerce Department reported Thursday, though that was fewer than analysts had projected. And the big drop reported earlier for November’s was revised downward further, from 841,000 to 829,000 new homes sold. That’s a decline of 12.6% from October. After a spring slump due to the coronavirus outbreak, housing came back strong in the summer and fall until last month’s significant drop. Commerce estimated that 811,000 new homes were sold in 2020, an increase of nearly 19% over 2019’s 683,000. Historically low mortgage rates are helping nudge buyers into the market, but there is still a lack of inventory, which is pushing prices up. The median price of a new home sold in December jumped to $355,900 up more than 8% from a year ago. Soaring lumber prices are also adding thousands of dollars to the cost of new homes. Framing lumber prices more than doubled over the summer due to pandemic-related declines in domestic production, according to the National Association of Home Builders. Although lumber prices retreated in the fall, they are back up again near their August peak when NAHB estimated it was adding nearly $16,000 to the price of a new home. In a separate report last week, the National Association of Realtors reported sales of existing homes rose 0.7% in December, pushing the entirety of 2020 to a pace not seen since height of the housing boom in 2006.
Is now the right time to refinance your mortgage? Consolidate your debt with a lower payment. You can get some of the lowest rates in the state, plus your money stays on Kaua‘i.
Visit us online at www.kgefcu.org to learn more. Anyone can be eligible for membership with KGEFCU