Remodeling? Five Questions to Ask

 

Before making any big changes to your home you should ask yourself these big questions:

 

1. How long do I plan to stay in my house after the renovations? The longer you plan to live there, the more creative you can be. But if you're planning on selling the house in the next five years, keep potential buyers in mind with your choices. In the latter case, for instance, go with neutral colors in the kitchen and bathroom, and consider maple cabinets. Some people hate oak, others hate cherry, but the majority can live with maple.
    
2. Am I doing just cosmetic fixes or am I ready for an all-out overhaul? It's OK to make small changes one at a time, but think long-term about the next step. For example, if you're buying a new sink, buy one with enough holes on the deck for the faucet, sprayer and soap dispenser you might want to add on later. (Cutting more holes into stainless steel or porcelain after the sink is installed is an onerous job you don't want to get stuck with.) And if you know you're going to buy new cabinets later, don't replace the countertop with expensive granite now. The chances of reusing it are very slim — either it breaks when you try to remove it, or it doesn't match the footprint of the new cabinets.
    
3. Am I prepared for the home upheaval? Be realistic about how long these changes might take. Renovations can go on for months, so you need to be prepared to make do without that bathroom, kitchen or bedroom. When checking references before you hire your contractor, be sure to ask if the company finished the work on time. You'd be surprised how quickly a week can turn into a month. And if you're bunking up with your in-laws during renovation, that month can seem like a year.
    
4. Are the renovations keeping with the style of my home? Any big changes you make to a home inside should reflect what future buyers will expect from the outside. If you live in a Victorian house, don't make it too contemporary. People who see a historical exterior will expect a historical interior, so stay true to the details. The same goes for a contemporary or modern home, where future buyers may not expect old-fashioned details like antique crown molding.
    
5. Are my DIY choices reasonable? You may consider yourself handy, but many do-it-yourself jobs demand your time more than anything else. If you have a full-time job, are you capable of taking on a second one? Some makeovers that are not technically difficult can take longer than you think. For that reason, if you start any job yourself, try to sample it before committing to the whole thing. For example, while refinishing cabinets with a new stain isn't rocket science, sanding down each one can take forever.

 

A final tip: if you do plan to follow through with a large-scale renovation, do the smallest room in the house from start to finish — the insulating, rewiring, painting, refinishing, tiling — so you gain a sense of accomplishment.

 

 

 

Gas Saving Devices: Are They a Scam?

 

Everyone has seen them… ads for gadgets claiming to enhance your car's gas mileage. But are there really such things, or all the ads just scams? Our Money Editor Stacy Johnson takes a look… (Video runs 1:36)

 

Have you ever purchased one of these gas saving gadgets? Care to tell us about it? Don't worry, your identity remains annonymous here… so go ahead, tell us about the latest gadget you purchased trying to save money at the pump.

 

Banking Crisis: What's Next?

 

Money Editor Stacy Johnson explains the banking crisis. How we got here, who's to blame, and what's next. This video was recorded just prior to the house approval of the bailout plan, but his points are still valid. Video runs 3:41…

 

Any thoughts on what Stacy had to say? We'd love to hear your opinion. Just click the comment link and tell us what you think. Your email address will never be published here, so don't worry about privacy.

 

 

 

Bailout: Will it Work?

 

The $700 billion bailout plan that has now been signed into law may get banks to start lending to each other again. But it remains to be seen how long that will take to jumpstart an ailing economy.

 

The goal is to unfreeze the credit markets. Financial institutions have become paralyzed with fear and though they have plenty of cash on hand, they've been hoarding it. Without this intra-bank lending, businesses are having trouble getting the financing they need even for daily operations, much less loans for longer-term projects.

 

The centerpiece of the bill allows the government to eventually buy up to $700 billion in assets tied to shaky mortgages. Getting the bad paper off banks' balance sheets hopefully will give institutions more confidence to start lending again.

 

As long as the constant drumbeat of bad economic reports continues, consumers and businesses may not be so eager to borrow money anyway even if banks start extending more credit, and then it just continues a vicious cycle.  If consumers don't spend, the economy fails to improve. The jitters may return to the financial markets, prompting another government intervention. That's why many fear the $700 billion rescue may not be the last step.

 

What do you think? Will this bailout package work? Will it accomplish the goal of getting our economy out of the tank? Click the comment link below and tell us what you think. We'd love to hear from you.

 

Holiday Shopping: What Are Your Plans?

 

With the big year-end shopping holidays fast approaching, the credit market freeze couldn't come at a worse time for consumers, retailers and the broader economy.

 

Despite Congressional and House approval of the infamous $700 billion bailout for financial institutions, industry watchers say it doesn't guarantee that nervous lenders will unstick credit restrictions and get money flowing again to cash-strapped consumers - or that budget-conscious Americans will want to splurge any extra money at the mall.

 

We're not even to Halloween yet, and retailers are already discussing Christmas discounts.

 

We're interested in hearing what you're thinking about the upcoming holiday, and plans for shopping. Planning to cut back this year? Spend more? About the same? Click the comment link below and tell us what you're thinking at this point. Remember, your privacy is protected, as no email addresses get published on this site. We'd love to hear from you on this topic.