Announcements,Miscellaneous,News
At MyHammer we take your privacy and security seriously. We don’t just promise to keep your data secure, we can prove that we do.
MyHammer has been awarded TRUSTe’s Privacy Seal.
A TRUSTe seal means that you can rest assured that your data is safe. The MyHammer privacy policy and practices have been reviewed and approved, in order to better protect you and your personal information.
What does this mean for you?
Read more …
Whether it’s fixing a leaky faucet or repairing a torn shingle, homeowners are more and more apt to complete home-improvement projects. Homeowners are always looking for ways to save a few bucks, but is the do-it-yourself route always the best way to save a buck? Not only that, it might land you in the emergency room!
Home-improvement projects can be tempting. But there are absolutely some times when it’s just best to let the pros tackle the problem. If your home is in need of some new electrical lines run, or you think that a new ceiling fan in your old bedroom sounds inviting, don’t let what you think sounds like a quick and easy fix fool you.
ANYTIME you are dealing with electricity, if you’re not a professional, please don’t try it yourself! Not only can you do some pretty serious damage to your home, including burning it to the ground, you can really hurt yourself. There is no amount of money that can replace your life. So you should put yourself in check before you make a very bad decision!
Also, if your home needs repairs in the gas lines, it is not recommended that you try that on your own, either. Most do it yourselfers have no way of knowing how to safely check for gas leaks in their lines. That could be an explosive mistake!
There are a ton of small, easy to do it yourself fixes for your home. Try sprucing up the kitchen with a fresh coat of paint and new knobs for the cabinets. You can even put in some new window treatments rather easily.
Bottom line for home-improvement projects, though, is that if you’re not an expert, it may be better for your health and wallet to leave it to the pros!
As the economy recovers more homeowners are hopeful about the recovery as well so they are pulling their remodeling plans out of their drawers.
Contractors seem to be still willing to cut down on pricing to win new customers and projects, so it is the right time to plan your home remodeling and improvement projects.
Read more …
A recent article of Harvard Research found that the U.S. home improvement industry is poised for growth, according to a major report released today by the Joint Center for Housing Studies at Harvard University. According to the report both the economy and the housing market will stabilize. That said, homeowners will increase spending for home improvement It further states that over the coming years, remodeling expenditures are expected to increase at an inflation-adjusted 3.5 percent average annual rate, below the pace during the housing boom, but sharply recovering from the recent downturn. The industry, which saw a double-digit decline since its peak in 2007, is beginning to return to a more typical pattern of growth. Market fundamentals—the number of homes in the housing stock, the age of those homes, and the income gains of homeowners making improvements—all point to increases in remodeling spending. “Metropolitan areas with rising house prices, older housing stocks, higher incomes and home values, and a larger share of upscale remodeling expenditures, such as Boston, San Francisco, and Los Angeles, are well-positioned for an upturn in remodeling activity,” says Eric Belsky, managing director of the Joint Center at Harvard University. In the next five years, the focus of remodeling spending will shift from upper-end discretionary projects to replacements and systems upgrades. Remodeling contractors have a number of growth opportunities generated by underinvestment in distressed properties, lower mobility, changing migration patterns, and the rise of environmental awareness. “Lower household mobility following the housing market crash means that in the coming years homeowners will increasingly focus on improvements with longer paybacks, particularly energy-efficient retrofits,” says Kermit Baker, director of the Remodeling Futures Program at the Joint Center. “ Also, a slowing of migration to traditionally fast-growing Sunbelt metro areas means that, at least temporarily, more remodeling spending will remain in older, slower-growing areas in the Rustbelt and in California.”
The report finds that remodeling spending is concentrated in the major metropolitan markets. In fact, over the past decade the top 10 metro markets, including Chicago, were home to just 22 percent of homeowners but accounted for 31 percent of total homeowner improvement spending.
For more information and a copy of the report, click here.
MyHammer TV Spot – You don\’t want to get ripped off by a cowboy, do you?
Let us know what you think!
Bargain-basement prices on home renovations are the silver lining of today’s horrible real estate market.
According to the National Association of Home Builders, contractors’ bids are coming in at 10 percent to 40 percent below what they were during the housing boom. And smart consumers have apparently taken notice.
An American Express survey found 62 percent of homeowners planned a home improvement project for 2010. They focused on do-it-yourself, or DIY, projects, like indoor cosmetic work, and planned to spend an average of $6,200.
With remodeling, your best tool is neither a saw nor a hammer; it’s knowledge.
Gone are the days of lavish renovation projects like adding a second story, with budgets bigger than your average McMansion. Harvard’s Joint Center for Housing Studies found that remodeling expenditures more than doubled from 1995 to 2007, reaching $326 billion. However, they declined by 16 percent by the end of 2008, and the NAHB’s Remodeling Market Index slipped in the second quarter of 2010.
With conditions weak, homeowners who have considerably less home equity to finance improvements are bucking for a bargain and prizing the practical, says Scott Duncan, owner of Duncan’s Creative Kitchens in Bradenton, Fla. “The one major trend I am seeing is ‘budget-conscious,’” he says.
Your best bet is to focus on thrifty upgrades that will make you glad you’re home. For example, a whirlpool bath you’ll never use is money down the drain. Opt instead for a handheld shower head with multiple settings. Top-of-the-line luxury can be had for a few hundred dollars.
Before you do anything, ask this question: Who’s the boss? Perhaps it should be you. If all your home needs is a little TLC, DIY may be better for your billfold.
“DIY saves a fortune,” says Roger Lew, a builder in Sag Harbor, N.Y., noting that labor accounts for up to half the cost of redoing a bathroom. “But you have to have the time and the inclination.”
If DIY is how you want to go, get free or cheap help from resources like your local hardware store or home improvement chains. Most offer free information and tutoring.
For major jobs, you may need a contractor to oversee the project. If so, nail down the specifics of what you want before hammering out a contract. That means listing details, including costs, about every product — down to paint, lighting and brand names of the appliances you expect to be installed.
“You have to do some homework and define what you want, so that when you get bids, you’ll be comparing apples and apples,” Lew says. Consumer Reports warns homeowners not to sign a contract with a lot of open-ended amounts for products and materials. Ask for a list of previous customers and call them.
Get estimates from at least three contractors, but remember that cheaper isn’t necessarily better. They may be using inferior materials or simply low-balling the bid to get the job.
Consumer Reports adds that you should never make the final payment until you have received waivers and releases from all subcontractors and suppliers. That way, you don’t get slapped with a lien if the general contractor didn’t pay them.
With rehab projects, resale value is on everyone’s mind. But the reality is that the payback on renovations has fallen along with home prices. A study by Remodeling Magazine found the average return on an upgrade declined from 87 percent in 2005 to 64 percent in 2009. The study also found that midrange upgrades now bring a better return, percentage-wise, than upscale renovations. That means be cautious about where you sink money into renovations like a new kitchen, says Duncan.
You can’t knock the value of a good door. According to Remodeling, a door of around $1,200 brought the greatest return — an impressive 128.9 percent.
A 2008 survey by the NAHB found 72 percent of consumers say energy-efficient features in a home would influence their purchase decision. So what simple things can you do in remodeling to go greener? Use paints with low levels of volatile organic compounds, or VOCs. These chemicals easily evaporate at room temperature, potentially causing health problems, particularly for people with respiratory concerns.
Another green move: Buy appliances that have Energy Star ratings. Energy Star is a designation by the Environmental Protection Agency and Department of Energy for energy-efficient products. Also, if you’re remodeling the bathroom, go with the low-flow when it comes to fixtures such as toilets and faucets.
If it’s an option, use the sun to rein in utility bills. A solar water heater system can trim your hot water expenses by 50 percent to 80 percent, so they can pay for themselves within a few years. Don’t forget the 30 percent federal tax credit on the purchase, and check to see if your state and local governments offer incentives.
Housing prices may be on the decline in much of the country, but mortgage rates are on the rise.
Bankrate’s latest survey found the average 30-year fixed rate mortgage at 5 percent. Mortgages haven’t been this costly in seven months, hitting 5.07 percent in early May before beginning a months-long descent that eventually take them to record lows last month.
This week’s climb for 30-year mortgages was relatively steep, rising 11 basis points from last week’s 4.89 percent. A basis point is one-hundredth of 1 percentage point.
Shorter-term home loans are also on an upward march. The 15-year fixed mortgage averaged 4.37 percent. The gain, as with 30-year loans, was 11 basis points.
The 5/1 adjustable rate mortgage rose nearly as fast, gaining 10 basis points to settle at 3.95 percent.
Jumbo mortgages, or generally those for more than $417,000, had the sharpest increases, with the 30-year jumbo rising 19 basis points to 5.58 percent.
Source: Chicago Sun Times http://searchchicago.suntimes.com/homes/news/apartments/2970918,cheap-home-remodeling-1216.article
- Social networks
