Water Pipe Insulation

I finally got around to insulating my hot water pipes today. Insulating these pipes is supposed to keep the water in them warmer, so you use less fuel (thus saving your money and the environment). Also, the time it takes for the warm water to reach your faucet is now minimized. How much can be saved by doing this? I've read estimates as high as $50 per year! I imagine that's pretty high, but even if it's a couple of dollars I'll be ahead of the game in a year or two, as I purchased three foam tubes at only $.97 apiece. It took me about thirty minutes to cut, place, and tape the insulation. I only covered the pipes that were readily accessible to me (I'm not a fan of crawlspaces).

If you'd like instructions on how to do this in your own home, check out the Department of Energy's page. This improvement was so simple and cheap, why not do it?

Alternatives to Buying New

Last week I was fortunate to be a guest-blogger at Get Rich Slowly, a site that is about all things related to personal finance. I wrote about how I often try not to buy "new" items. It's not specifically related to homeownership, but I thought many of you might be interested in learning about my purchasing methods. If you're interested, check it out! Also be sure to read through the comments, as they give a few good ideas about their writer's own methods, as well as a couple of interesting links. If you have any ideas on the topic, feel free to comment there or here.

Carnival of Home Improvement, Vol 1

Welcome to our first carnival! Thank you to all those who submitted. If you'd like to appear in the next one, please submit by January 30.

Debt Free Destiny presents Considering a Short Sale? Think Again! posted at Debt Free Destiny

James Kidd presents Heat Loss And Your Recessed Lights posted at carpenterconfidential.com

JCL presents Rehab Your Own Houses or Write a Check? posted at
The Real Estate Investing Journey

Raffi presents Why Glass Mosaic Tile is Great Building Material for Architects, Interior Designers and Home Improvement DIYs posted at Scribd Feed

Mark Donovan presents Insulation R-values for Homes posted at HomeAdditionPlus

Robert Lindsey presents How to Fix a Sagging Fence posted at Fix Your House to Sell

Margaret Garcia presents Spruce it Up – 25 DIY Tips to Improve your Home’s Exterior posted at Top Online Engineering Degree

Andrew Edgington presents Investing In Real Estate Tips posted at Best On-line Mortgages

makingthishome presents Our Dream Kitchen in Berlin: A Work in Progress posted at Making This Home

Chris presents Household survival tips - How to Prepare for Disasters and Emergencies posted at Home I Own

Myscha Theriault presents Penny Pinching Ways to Pimp Your Garage Wise Bread posted at Wise Bread

Chris Copeland presents Installing Laminate Basement Flooring posted at Basement Flooring Guide

JCL presents Smartkey Locks, Excellent For Landlords Who Want To Quit Calling The Locksmith posted at The Real Estate Investing Journey

Chris presents Comfort of your home Home I Own, Aussie Real Estate Blog posted at Home I Own

Aahz presents Save Money (and the Planet) While Remodeling Your Home posted at Aahz Reviews Gilroy

Ben Dinsmore presents Home Energy Audits: A Do It Yourself Guide posted at Trees Full of Money

That concludes this edition. Submit your blog article to the next edition of
carnival of home improvement using our carnival submission form.

Thank You, Readers

The holidays are upon us, and I just wanted to give thanks to all the readers who have helped make this blog into a useful forum. It’s only been up less than a year, and only in the last few months have I given it the proper attention, but I think it’s on the right path. As always, PLEASE get involved so that we can continue to grow. Here’s how you can help (if you are so inclined):

• Participate in commenting
• Subscribe to the blog
• Suggest a post idea or a money-saving tip
• Offer to do a guestpost
• Link to the site from your own blog
• Submit to the Carnival

Thanks again for your support!

Has the Tight Credit Market Affected Your Plans?

It has been well-documented that many lenders have cancelled or reduced home equity lines of credit due to value depreciation and their fear of risk. Many of us use home equity lines or loans to finance the improvements we make to our homes.

Sure, there are other options than using home equity to pay for your improvements. You can use your savings or an unsecured line of credit, including your credit card. But in these times, few of us want to part with savings and no one wants to take on any high-rate unsecured debt (especially when it gives us no tax benefit). The National Association of Home Builders has an interseting article on this topic from the builder's perspective.

Have your plans been affected by an unexpected change to your credit line? Or did you have a difficult time trying to get a loan approved? I'd like to know how you got around the problem.

Utility Company Savings Info

My gas company recently mailed me a brochure entitled “Your Roadmap to Energy Savings.” It’s a pretty nice piece that has the following:

• Fold out that shows where in your house energy escapes


• Tips on how to save energy


• Directions how to access their online energy audit


• Info on how to purchase their Energy Cost Cutter Kit which includes things like weather-stripping, 4 CFLs, pipe insulation, and more for only $10.
  

I will consider buying that kit, as I wanted to look into buying insulation for the pipes connected to my hot water heater. I applaud my gas company for taking the initiative to help curb my energy consumption (though it would have been nice if this had been printed on recycled paper).

Has anyone else received anything like this from a utility company?

Cost Vs. Value City Comparison

I thought it would be interesting to compare my home city (New York) to one in a place that I'd like to live (Phoenix/Scottsdale) using the data from the recently released Cost Vs. Value report.

Of course, the costs between the areas are quite vast. But to be honest, I don't know why some of the differences in the cost recouped are the way they are. A basement remodel in Arizona is able to recoup nearly 18% more than in New York. With space being more a premium in New York, you'd think more value would be there. Or maybe finished basements are now an expectation in Arizona. A siding replaccement in New York is almost 20% more recoupable than in Arizona. This may be because houses in New York typically have siding, whereas much of the houses in Arizona are stucco.

I find it fun to play around with the numbers, especially because I like to dream of moving one day to a sunny locale like this one. If you're like me, take a look at foreclosures for sale in Arizona.

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This post was sponsored by Scottsdale Fine Properties

Thinking About Refinancing

Fixed mortgage rates are now hovering at around 5%, which makes me think that refinancing my 5.75% might be a good idea. I shopped around a little, and it looks like I could get something around 5%-5.2% with 0 points (I’m points allergic). However, closing costs are around $2000.

I used this calculator to see if refinancing is really worth it for me. It tells me that at the current rates, unless I plan on staying in my home for a minimum of two years, I should not refinance. So will I stay in my house for at least two more years? That’s tough to say. I probably will, but I also am on the lookout for great deals in this buyer’s market. So unless rates come down even further, I think I’ll hold off on refinancing.

However, I was made aware of the following: if your lender and servicing agent are the same company (which is rare, but mine happens to be both), they may just lower your existing rate if you threaten to take your loan elsewhere. They might charge you an adjustment fee, but nothing near what refinancing closing costs would be. Apparently, others have this same idea, as I’ve not been able to talk to a human there yet despite being on hold two separate times for over 20 minutes. I will let you know what happens when (or if) I finally get someone on the phone.

2008-09 Cost Vs. Value Data Released

Every year, Remodeling Magazine releases a list of the value that can be expected from undertaking various home improvements. This is a great reference to use as an estimate before you undertake any type of improvement that you expect to recoup at least part of. This year, the numbers aren't as bad as you might think they would be, but they are as of August, so they do not take into account the recent financial meltdown.

If we look at the national data, every mid-range improvement this year brings in less value that that same improvement would have in the previous year. Upscale improvements fared a little better, with 3 out of the 11 improvements listed increasing in value from last year. But, the good news is the decrease from 2006 to 2007 was even greater than from 2007 to 2008. Does that mean the real estate slump is over? I doubt it, so I'm not sure what to make of that. If you want to read an overview of the trending, check this out.

I highly suggest that you check out this video overview. This year, the data is broken down by cities so you can really drill down your projected cost versus value. 22 new cities have also been added. The tool also allows you to compare cities and time periods, which is interesting for nosey people like myself.

I'm sure I'll delve more into this data and get back to you with more insights.

More Solar Light Issues

If you read my review of the solar security light I bought for above my driveway, you’ll know I’m not very pleased with it. So what on earth possessed me to go out and buy TWO packs of more solar lights?

I bought a 5-pack of those little lamps that you often see alongside driveways or walkways. Cost was $30. I tested them for a couple of days, and to my shock, they worked well! They weren’t extremely bright, but all of them lit up for the two days. Because I’m a klutz, I accidentally broke one of the lights, so I bought another pack for $30, also thinking that once I have a walkway to the house, I could use the remainder there. Now for the last few days these lights are very unpredictable. We had decent sun, yet not all of the lamps light. Or they do for a few minutes, then go out, then maybe go on again. I still have the receipt for the last pack I bought, and I will at least return those if this doesn’t get straightened out soon. Maybe I’m through with solar.

What's On Your Wishlist this Season?

This year, I think I’m only asking for one home improvement-related item: an edger for my lawn. I seem to be in a good place with tools right now.

Is there anything that anyone else would love to get this year? Post in a comment! Maybe I’ll get some ideas for my own list.

Home Inventory Systems

Your deed and mortgage, the details of your washing machine purchase, the agreements you signed with contractors- Where do you keep these and all of the other important records related to your home and its contents? For me, the answer is a tiny (non-fireproof) metal file cabinet. I usually find what I need, but it does take some time, and those papers could easily disappear in a burglary or fire.

I did some snooping around, and found a few inventory and document repository tools. The advantages of using such a system are everything you enter can be backed up, it’s all in one place, and they even do simple analysis for you, such as calculating how much insurance you should have or tracking the value of your belongings over time. I haven’t yet signed up with any of these programs, but listed below are some that I plan to explore further:

Ownersite is an online system gives you a 60-day free trial, and then charges you $29.95 a year for total access. If you have more homes, you’ll pay a little more.

Everything I Own is a downloadable program that has a one-time fee of $19.95. A 30-day fee trial is also available.

Home Inventory Manager by Quicken is also a downloadable program available for $29.95

Anywhere Vault is an online system that costs $49.95 per year.

Know Your Stuff offers totally free software, and if you choose to have your info stored online, you pay extra.

KZS Software is a program that costs $29.95.

Personally, I would select a company that kept this data stored on their servers for me to access, but also allows me to backup onto my own discs (that I’d then hide). Anyone have any experience with any programs like these?

Lesson Learned: My Drywall Experience

In the hallway that leads to my bathroom and laundry room, there was a “closet” that was not large enough to store anything more than a broom. It had no door, just a shower curtain-type covering. I think this “closet” was created by the previous owners when they needed access to pipes behind the walls.

A couple of months ago I decided to close up this “closet.” I got a couple quote from handymen, and the cheapest one came in at $150 for the materials and labor. Not bad, but I thought I could do it myself, and I’d get to learn a new skill: drywalling. Cutting and installing the drywall and support stud went very well. All that was left was taping and spackling. Then the horrors began.

It looks so easy, but I found out it is not. It’s hard to tell from the photos, but no amount of sanding or coats of primer could hide that bumpy inside corner or that one foot wide “speedbump” going down the wall. After thinking about just painting over it all and being done with it, I finally broke down and called in a taping expert. This week he will be fixing it to the best of his ability, and the charge will be $100.

The materials cost me about $10, so all in all I’ll still be saving at least $40 from having someone do the entire job from the start, and I also did learn that I need much more practice before I decide to put up drywall again. It’s been a frustrating experience, but I can’t say that it’s been a complete disaster.

Mortgage Rates Are Down- But Will They Go Lower?

Most of my readers already own their own homes, but you might be interested in refinancing your home or taking advantage of this slow market to buy an investment or vacation home. Now might be a good time to take the plunge, as mortgage rates haven't been this low in almost a year (national average of 5.60%).

But before you start signing any papers, many believe rates will continue to decrease through the rest of the year. If you're in the market for a new mortgage, do your homework, but don't get too obsessed with trying to time the market- you might end up getting burned if you wait too long.

Contribute to Thrifty Homeowner!

If anyone has any posts or ideas for posts, please contact me. Anything related to saving money with home improvement projects is welcome. Everyone who guestblogs will of course get full credit. Also, if you have your own blog, I'm available to post on yours.

And let's not forget about the Carnival of Home Improvement that I've created. If you have anything you'd like to submit, just go to that link. Right now, I plan to publish it once a month, with the first edition set to go live at the end of December. As more submissions come in, I'll increase its frequency.

What's a Renovation Coach?

I recently came upon the concept of a "renovation coach" or "consultant." According to renovationcoach.com, here is a succinct definition:

"[A renovation coach] is a fee-based impartial advisor who assists homeowners and contractors in avoiding the pitfalls typically experienced during the renovation or construction process. We provide guidance, planning, and management tools so both the homeowner and contractor will have a positive remodeling experience. Since Renovation Coach, Inc. has no vested interest in the construction of any project, we are able to be your unbiased advisor and advocate during the remodeling process."

So it kind of sounds like a general contractor, but perhaps with even more handholding and guidance, especially in the planning stages. According to the New York Times, there are approximately only 100 of these such coaches operating today, and they charge between $90 to $300 an hour, depending on the task and where you live. Some also charge a pecentage of costs, but if you ask me, that seems to be in conflict with their supposed unbiased advice.

In my life, I've only done one major renovation- my kitchen (though you could also go macro and lump all the renovations I've done into one project). My kitchen redo needed the services of plumbers, electricians, people to install the cabinets and fix the walls, and others to refinish the floor. It was a big job that I felt I could not handle by myself, because how could I juggle all those parties while I was at work? My solution was to go with a guy who hired all those contractors for me, and I just paid him one fee. Sure, I'm sure I paid more than I would have if I found them separately, but everything went smoothly and I benefitted from this man's experience of knowing what contractors to select. I never thought of him as a renovation coach, though. I just thought of him as my general contractor. Perhaps this idea of a renovation coach or consultant is not really a concept that is new, but rather just a novel nomeclature. There is even a program to train people how to become such a consultant.

What are your thoughts on this type of service? Has anyone encountered one?

Book Review: Building an Affordable House

Taunton Press was nice enough to send me a package of books that might be of interest to all us thrifty homeowners. I review the first one I read below.

Fernando Pages Ruiz, a builder with experience constructing affordable homes, is the author of Building An Affordable House: A Smart Guide to High-Value, Low-Cost Construction. As you might imagine, the book reads like a step-by-step overview of how to create an affordable house (but that doesn't look like one). Ruiz goes over numerous ways to save money by using alternative materials and non-traditional methods. The version I read was from 2004, and so that some costs and analysis might be outdated is to be expected. Besides that, I imagine that everything else in this book is still very valid. It's a little over 200 pages in full color, and its presentation is very attractive (though some of the photos do look like they are from 1984).

Personally, I learned not only these tips, but also some more about the general construction of a house.But since most of us aren't professional homebuilders, is this book a worthwhile read? While this book is of particular use to those in the building industry, homeowners will find it to be of use as well, as much of the contents are applicable to us when we look to replace something in our homes. For instance, I just had my driveway redone, but if I had read this book before that, I might have had a different perspective on my choice of materials.