B4 • Friday, August 6, 2021
thegardenisland.com
THE GARDEN ISLAND
Got House?
Julie Black, Principal Broker & Owner (808) 652-6174 with daughter Kela Caspillo, Realtor Sales Person (808) 652-6173 kauaidreams.com
HOW TO CHOP REMODELING COSTS
Put affordability first If you choose to delay the project to wait for lower Wood costs have skyrockprices or to save up, Hernaneted over the last year, leavdez says small changes like ing would-be home a new rug, decorative pilrenovators to choose belows and updated art may tween waiting in price purgabe enough for now. tory or moving forward and “All of those things, alpossibly overpaying. though they’re subtle and Lumber mills incorrectly minor changes, they do ultipredicted that the housing mately contribute to just market would crumble unmaking you feel happier and der the weight of the panbetter about your space,” demic rather than boom as she says. it did, says David Logan, seOut-of-pocket is always nior economist with the Nathe least expensive way to tional Association of Home pay for a renovation. But fiBuilders. nance the project only if you That “fatal mistake,” as Locan get a low interest rate gan calls it, led to a supand affordable monthly payply-demand mismatch that ments, says Larry Pershing, by May of this year had a Chicago-based certified fidriven the cost of lumber nancial planner. from mills to quadruple Pershing says home eqwhat it was in April 2020, acuity lines of credit have low ELISE AMENDOLA / ASSOCIATED PRESS cording to data from Fastrates, and you can draw on markets Random Lengths , a the money usually over a 10Lumber is piled at a housing construction site in Middleton, Mass. wood products industry year period. This means you trade publication. ing when the time will be ton, D.C . That way, you for recycled, reclaimed or al- many of which sell recycled can borrow as much as you As of mid-July, lumber right. won’t overpay if prices drop ternative materials. wood or wooden items you need up to your limit whenprices dropped to only dou“Trying to time the market before your contractor Ty Lindgren, a shift leader can rehabilitate or convert ever you need it if a large ble their spring 2020 levels, is likely to cause more angst starts buying, but you can at a food and beverage man- into something like shelving. project has unpredictable but whether the decline will than having the certainty of still delay if the project will ufacturing company in Olym- Some locations let you costs and timelines. continue and when lower getting things underway,” he be too expensive. pia, Washington , brought browse their inventory onAn FHA 203(k) loan lets prices will reach homeown- says. home leftover wood pallets line. homebuyers combine the ers isn’t clear, Logan says. Logan says if he were ren- Search for alternatives, from work to build a playYour local lumber or floor- costs of a fixer upper and Here are tips to navigate a ovating, he’d move forward plan for scarcity house for his kids. ing liquidator may have renovations into a single home remodel when wood with a large renovation, like If a small DIY or good-toHe estimates that using enough wood to redo the mortgage . Pershing recomcosts are through the roof. a kitchen upgrade or room great update could wait a the pallets instead of highflooring in a small room or mends them for homebuyaddition. few months, Logan says he’d priced two-by-fours lowered on a single floor of your ers who don’t have much Make room for If a project requires take the gamble and wait for the project’s cost from home, says Rebekah Hernan- equity yet. variability months of planning and wait- wood to become more af$1,000 to about $100. dez, a Dallas-based interior A home improvement The recent price dip may ing, build room for price and fordable. If you don’t have access to designer. loan will quickly provide seem like a positive sign, but timeline changes into your “Knowing perfectly well extra, unclaimed wood, you “You can’t be picky, beproject funds, and you can Logan likens a home remod- contract, says Ethan Landis, that prices could be higher can buy it. cause there’s not many opoften pre-qualify to estimate eler’s dilemma to that of a principal at Landis Archiby the time I do it,” he says. Habitat for Humanity’s Re- tions, but they’re out there,” your monthly payments and homebuyer: There’s no telltects/Builders in WashingIn the meantime, search Store has over 900 locations, she says. interest costs. Annie Millerbernd NERDWALLET
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service
H
awaiiana currently serves nearly 60 residential and commercial associations on the Island of Kauai. Kauai native Sunshine Ruiz Hatto serves as Hawaiiana’s Vice President ���������������������������������������������������������������������������������
US average mortgage rates flat to lower; 30year at 2.77%
Sunshine Ruiz Hatto Vice President Kauai Operations
• • • •
99% retention rate among clients Local (vs. mainland) banking All employees are in Hawaii Serving nearly 60 associations on Kauai
www.hmcmgt.com
ASSOCIATED PRESS WASHINGTON — Mortgage rates were flat to lower this week, with the average for the key 30year home loan below 3% for the sixth straight week. Uncertainty over the surging delta coronavirus variant and its potential effect on the U.S. economic recovery remained as a backdrop suppressing mortgage rates. Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year mortgage fell to 2.77% from 2.80% last week. The benchmark rate, which reached a peak this year of 3.18% in April, stood at 2.88% a year ago. The rate for a 15-year loan, a popular option among homeowners refinancing their mortgages, remained at a historically low 2.10%. Concerns have been mounting in global financial markets around the delta variant’s spread in the U.S., Europe and Asia, and especially in China, which is on high alert as it confronts hundreds of fresh cases. China has sealed off residential communities, suspended flights and trains, and ordered mass coronavirus testing in Wuhan, the city where the disease was first detected in late 2019. Although China’s numbers are small compared with outbreaks elsewhere, its containment strategies and the subsequent impact on its large economy are being closely watched.
BOB WILSON SR. MANAGEMENT EXECUTIVE
WHIT VAN BLARGEN MANAGEMENT EXECUTIVE
LUCY TAYLOR SR. MANAGEMENT EXECUTIVE
AMY CAMPBELL MANAGEMENT EXECUTIVE
RICHARD ROBERTS MANAGEMENT EXECUTIVE
KIMBERLY LENZ MANAGEMENT EXECUTIVE
HINAHEA LANGI OFFICE MANAGER, SENIOR ADMINISTRATIVE ASSISTANT
RACHELE BURNS TOGUCHI ADMINISTRATIVE ASSISTANT
Hawaiiana’s Kauai Properties: ���������� Alii Kai at Hanalei Alii Kai II ���������������� Apopo Hale �������������� ��������������������� Hale Honu Halelani Village at Puhi Halemalu at Puhi Hanalei Bay Villas ��������������������������� ��������������� Kahala at Poipu Kai Ka‘iulani of Princeville ���������������������� Kalaheo Pali Kai Kalihiwai Ridge
Kauai Beach Resort Kauai Beach Resort Association Kawaihau Sports Villa ���������������������������� ���������������������������� ����������������������� Kuhio Shores at Poipu ��������� ��������� �������� ���������� Paliuli ������ Plantation at Princeville ������������ Poipu Kai Association ���������������������� Poipu Kai Water Reclamation
Poipu Kapili Poipu Sands ������������������������� Association ��������������������������� Halele‘a Princeville Paniolo Princeville Sealodge I Puamana �������������������� Pu‘u Po‘a
Regency at Poipu Kai Regency Hule‘ia Regency Villas at Poipu Kai Sandpiper Village I The Villas at Poipu Kai Villas at Puali Villas of Kamali’i Villas on the Prince ��������������������� Wailua Bay View Waipouli Beach Resort
For more information about Hawaiiana’s services, contact Sunshine Ruiz Hatto at 792-0515 or email sunshine@hmcmgt.com.