I Got a New HELOC

As a condition of getting my mortgage refinanced, I had to cancel the home equity line of credit that I had through ING. I only used it a couple of times for small purchases, as its main purpose for me was as a safety net should I have an emergency.

So I tried to open a new ING HELOC, and I found that my loan to value was too low to qualify. Then I tried a slew of other banks- no luck there either. I knew banks had tightened lending, but I didn't think I'd have such a hard time finding a loan. So much for thie bank bailout.

I finally found a bank that would lend up to 89% of the house's value- PNC. I close on Thursday. I even got a great rate- 4.25%. Anyone else run into problems trying to get a home equity loan?

Credit Crisis Explained (with cartoons)

Below is an excellent summary of the current credit crisis. If you've been a little in the dark as to the causes of it, this should help you out.

Google's PowerMeter

Google has something in the works called PowerMeter. This will be an online gadget that will receive information from utility smart meters and energy management devices and provide the user a real-time look at electricity consumption.

I think this is a fabulous idea. I'd love to know my house's daily energy usage. Having this capability could easily point you to appliances or devices that are energy hogs and money-wasters. However, the utility companies need to work with Google on this. They first have to install "smart meters" at your home and then allow Google access to the information. Let's hope the utility companies make this switch and allow Google the access, or at least make access available to the end user themselves.

A video about the gadget is below:

Finding Your Contractor Online

After viewing a couple of new web sites that help consumers match up with reputable contractors, I'm wondering why I (or anyone else) did not come up with this idea earlier.

ServiceLive is still in its beta phase, but it already has more than 20,000 contractors in its database. Here's how it works: you select providers in your area, describe your job and name your price, prefund an account, and then select the provider that responds to your post. When the job is complete, you move your money to the provider (minus a $10 fee charged by the service). The benefits to using this type of service are that the contractor has already been checked out by the website, you get to set your own price, and it is convenient. I'll be keeping my eye on this site, and probably using it next time I need professional help.

If anyone knows of other similar sites, let us know. Fixr.com looks to operate on roughly the same model, though right now it is only serving the Boston area. Angieslist also seems like it might be a good resource to find qualified contractors, but it not as automated.

Book Review: The Homeowner's Guide to Managing a Renovation

The Homeowner's Guide to Managing a Renovation is written by Susan Solakian, an experienced construction project manager who definitely revels in the details.

The book is a how-to guide about getting the most our of your renovation while minimizing surprises and extra expenses. The author takes you through every step of the process, from planning to bidding to construction. I found it to be a useful guide, though many homeowners may feel overwhelmed by the amount of information and advice contained within. Unless you are planning a large-scale renovation, much of the contents may be overkill, though of course it does not hurt to learn up on these things for a future project.

The book is well-written and designed. I do wish the documents referenced or contained within were available online for reader use as samples.

Harvard Remodeling Study

The Joint Center for Housing Studies of Harvard University recently released its Remodeling Market in Transition report.

Among other things, it notes how from 1995 to 2007, spending on improvements doubled, but from 2007 to 2008 spending has already dropped by 16%. It is expected that spending will decrease much further with 2009's problems. The report also tracks the type of improvements over time, and also what type of homeowner is making the improvements.

It's an interesting study. I recommend you check it out.

Sink Update

Well, I spoke to soon. The sink kept leaking, so I went out and bought some more stuff and tried to affix the nut using pipe compound and thread seal, using a fancy new plumber's wrench. It still came undone. So I broke down and had a plumber give me an estimate today. He confirmed that the strainer itself was stripped, and I'd need a new one. He quoted me a price I thought was way too high, and I counter-offered. He accepted. Everything now works. But I do feel bad I'm out the money and that I didn't try to replace the strainer myself. I just couldn't take the thought of another trip to Lowe's and then coming upon yet another issue.

Fixing My Kitchen Sink

This last weekend we opened up the cabinet under our kitchen sink and saw water everywhere. The dishwasher was running and it was obvious where the water was coming from- the strainer was disconnected from the tailpipe. With some finagling, I was able to connect the two pieces, but then water began to leak from the strainer itself (see picture).

I thought maybe these two issues were somehow connected, and began to get worried. I had started to look at my plumbing books and was about to call a plumber when I took one more look at the situation. All I had to do was tighten the strainer, and the leak stopped. I never knew that piece had anything to tighten on it. So I’m glad I saved the money (and embarrassment) of calling a plumber.