We had this problem right after we finished the bathroom: our bathroom looked so nice that it made the rest of the house look terrible. So, we decided to rip out the old carpet in the bedrooms, hallway, and living room, and bring it to life with new paint. Cost: $2,442.87
Let's Begin. Part III - The Living Room, Bedroom, and Hallway Seems like a lot right? Every other project we did was only one room at a time. So why did we think painting, plaster patching, ripping up carpet and installing new carpet in 3 rooms and a hallway would be no problem? Optimism...That's it! Matte paint seemed to be in style back in the 70s...or that is all they had. The living room and hallway walls were painted a light yellow that only Big Bird would have enjoyed. The master bedroom was a dull shade of blue that sported the matte sheen as well. Looking like they ran out of paint or color ideas, the spare bedroom was complete with a light tan, maybe, or maybe it was off white. No, it was like a real light brown. I'm not sure, but it was ugly. The carpet from the living room extended into the hallway. The carpet wasn't necessarily ugly like the walls, it was just worn down and old. Just like upstairs, the carpet in the bedrooms were "rugs". The master bedroom had a rug that extended all the way to the walls, it just wasn't tacked down. The spare bedroom had a very gross, very old, red rug that actually was thrown away in the first couple of days we bought the house. We replaced it with some remnants from my parents' recent carpet installation. It worked for the time being. This is the part of the story where we finally learn how to properly design our remodel. While exploring the idea of getting new carpet, we stopped in at National Carpet Mill in Wooster. We were introduced to a salesmen there that made the rest of our remodeling process extremely easy. Our main man Gary was a life saver. Design Remember the Sherwin Williams design pamphlet that we received when we painted the upstairs? We loved the dark, bold colors they had to offer. The problem with selecting these colors in our design was the limited space. We were afraid that if we selected a bold color, it would make the room feel smaller than it already was. We decided to explore the idea of accent walls for our rooms. We could select a bold color that we loved, then compliment it with a light neutral color on the other walls. Sherwin Williams provides you with "themes" to make sure that the colors your pick out match the rest of the house. We chose the "Urban" theme. -Olive Green for the Living Room -Storm Cloud Blue for the Master Bedroom -Bright Playful Blue/Green in the Spare Bedroom -Neutral Tan for the walls and hallway Gary at National Carpet helped us pick out the carpet to match our paint designs. He showed us all the carpet they had, from high end to low end. We went with more of a "medium" end. The carpet with picked out was around $2.50 a square foot. It had the earth tones we were looking for and even was speckled a bit; you know, to hide the cat hair and stuff. We installed this carpet in every single room: living room, hallway, and the bedrooms. Demo Super simple demo on this one. Rip out all of the stuff we don't want. Nails in the walls, old carpet, phone mount in the master bedroom, weird hook thingy-moo-bobbers. We made sure there was nothing left besides the subfloor and the plaster...we even took off all of the vent covers. That was easy. Plaster Patch Apparently there is some sort of skill involved with plaster patching. I thought I did a swell job up until I watched my friend Andrew do some drywall mud in the Kitchen --we will get to that next week. There is really no way you can mess this up. The plaster patch can be found at Lowe's and in any size you need. We didn't need much repaired so we just grabbed a smaller bucket. You apply the plaster patch over the crack or hole in the wall. Make sure you apply enough to the area that you can sand it down once it dries. We did this in every single room...including the hallway. Doing it now will save you from noticing the blemishes on your walls after you paint. If you have drywall, do the same exact thing, except with drywall mud. Apply the substance, let it dry, sand it down and BAM! Done. Paint I think I forgot to mention something. We were deciding between doing this, or buying a new washer and dryer. When Gary called with the quote for the carpet, we decided this is the route we wanted to go...that was on a Saturday. We started the demo on a Saturday night and bought our materials to start that night as well. I went to pay Gary on Monday and set a time...for some reason I thought Friday was a good day for the carpet installation. Friday... you know, like 4 days after Monday. We had half a room painted. Mrs. Bearded Banker wasn't the happiest. We started in the master bedroom. Remember when I told you that the family who built the house would just tempt us with hardwood floors? Well, the good news about the ugly subfloor was that we didn't have to worry so much about not making a mess on the floor with the paint. I worked on rolling while Mrs. Bearded Banker used a brush on the edges and corners. She has a steadier hand than I and somehow I tend to make a giant mess. We started with one color, and finished a coat. With the Sherwin Williams Infinity product, we only had to apply two coats to each wall. Not only cost efficient but also time efficient. ***HOW TO CHOOSE AN ACCENT WALL You receive so much conflicted information about which wall you should accent. Some people say the wall with a window, others say the same wall in every room, some people say you need two accent walls...BOOO Look, it's your house. Do what you want. Who cares what your brother's cousin's aunt's ex-husband's cat says? We chose the wall with a huge window in the living room, the wall with a huge window in the spare bedroom, and the wall that our headboard went against in the master bedroom. Remember, it's your home and you are the only one who needs to like it. Carpet Installation
As I said earlier, National Carpet Mill in Wooster really came through for us. They worked within our budget, communicated the entire process, and even made a follow up call to make sure we were happy with it. Gary, our Account Manager, asked us plenty of questions to make sure the padding that went down was perfect for us, our future family, and fit in our budget. He set up an installation for Friday morning and the crew showed up right on time. They needed the room absolutely clear of everything (so that means everything from these rooms went upstairs or in the kitchen). Finished Product The finished product was stunning. The living room was brighter and looked clean and sleek. The bedroom felt calm and the carpet provided a refreshing feel. The spare bedroom was bright and fun; perfect for when Mrs. Bearded Banker wants to relax with a book or work on her next project. It really made the entire downstairs finally feel like it's ours. Most importantly, it flows perfectly with the bathroom! The light gray floor in the bathroom matches the earth tone in the carpet and the grey paint we selected in the bathroom was from the "Urban" theme from Sherwin Williams. Final Cost: $2,442.87
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About 6 months after the entertainment room I for some reason, decided that the bathroom would be a great room to start next. What an idiot. A full 4 days worth of physical work was sprawled out over a 2 month time frame. With some help from my friend Andrew (who has spent his entire life working for contractors), we were able to do a complete makeover in our only bathroom. Total Money Spent: $1,252.80 Financed with: Lowes Credit Card at 0% interest for 6 months Upgrades: New Shower Surround, New Flooring, New Vanity, New Sink, New Light Fixture, New Plumbing, New Faucet, New Floor and Door Trim Let's Begin. Part II - The Bathroom I mentioned earlier that a family of 6 lived in this 1,246 square foot home. 3 bedrooms, 4 kids, and only 1 bathroom. I could only imagine how organized the morning ritual had to be to get everyone out of the house on time. I am pretty straightforward gentleman. So I'll put this as blunt as possible; This room was, well, it was ugly. Like green floors, pink walls, and some mallard wall paper trim (mallard isn't a color, it is a duck. Actually it's not a duck, it's a mallard) type of ugly. The shower surround had a tan-ish tint to it and was complete with hand rails on the back of the shower and the side. The walls sported some sort of plastic tile that started at the floor and went half way up the wall. The vanity was original with the house and looked every bit like a 60 year old piece of furniture. It needed a complete facelift and needed to be brought up to the 21st century. Design It's so intimidating to find your design. People seem to get carried away and end up creating a busy or cluttered design. I was looking at Google Images for some ideas trying to spark my brain and have that "eureka" moment. I saw beautiful showers, double sinks, and tile all around that makes your eyes light up like that one Christmas when Santa brought you a train set. One of the most important things you need to do is take a step back and think about your bathroom.
We started with one item and built our design off of that - the vanity. It was almost half price and we absolutely loved it. So, we just designed the rest of the room off of the vanity. Here is what we ended up purchasing for our bathroom to complete our design:
Shower Surround We really wanted to keep our tub and our toilet. If we were going to keep those, then I needed to design the bathroom using them. Our tub is an old cast iron tub. It is large and in fantastic shape; why change it out? We did want to upgrade the hardware in our tub but what I didn't know about the faucet and hardware for the shower was that if you purchase new items, you must change the plumbing in the wall as well. With our plumbing in working order and wanting to keep the cost low, we decided to leave the fixtures in the shower. Who would have thought that the most difficult item in the bathroom to design and install would have been the new shower surround? When picking the shower surround, we had to take in mind the make of our walls. Throughout the house, the walls are made of plaster. Just like the tub, the plaster is solid, in great shape, and not something we really wanted to get rid of. With plaster, we had one option for shower surround; an adhesive shower surround. I am spending a lot of time on this for one simple reason: no one ever thinks they have to buy a specific shower surround. We were shopping for one that had plenty of compartments for our toiletries and that also looked modern and sleek. Little did we know, 90% of the shower surrounds are designed for "direct to stud" installation; meaning you need drywall instead of plaster. Finding the right one was tough. We went from being picky to being desperate in a matter of hours. We finally found an "adhesive" shower surround that only required some construction adhesive or liquid nail to "glue" on to the plaster. Vanity / Sink As I said earlier, we based the design of the bathroom off of the vanity. It was on sale at Lowe's when we were browsing through one afternoon. Normally $299, it was $100 off for the weekend which made it cheaper than the smaller version of the same vanity. We went with a 30.5 inch wide model to make sure it was accommodating for our lifestyle. Ya know, Mrs. Bearded Banker likes to leave her hair brush and make up all over the sink in the morning. It's a burden sometimes being the one who picks up everything in the house (I am in huge trouble for this; we know who really leaves everything laying around...it's me). I loved the grayish tint in the wood. It was modern yet conservative enough to really tie the room together. The best part about the color was the flexibility it gave us to pick out the color on the walls and floor. Click here to view it Flooring We wanted to have a tile floor in the bathroom. Mrs. Bearded Banker and I looked at all the tile that was available at Lowe's. We found a few that we liked and couldn't pick which one we wanted. Since we couldn't make up our mind, we reached out to our good friend Andrew for his opinion. I mentioned before that Andrew has worked with general contractors all of his life. It is just recently that he made the move over to Verizon and is a manager at one of their stores. He graciously offered some guidance during the process. After looking at the ones we picked out, he said "You remember that tub right? It's one of those old cast iron tubs that curves on the floor instead of having a flat edge. This tile will be tough to cut precise". We had absolutely no idea. Our tub is going to dictate what kind of flooring we are going to put down? Wow. Andrew introduced me to something I loved even more than ceramic tile, Luxury Vinyl Tile. This stuff could be cut with a sharp utility knife instead of a wet saw; which is a huge win for us since we would've had to rent a wet saw. With a solid subfloor, you could install this flooring in a less than 90 minutes. To top it off, it was also $1.28 a square foot. Andrew for the win! A cool fact about this product: you actually can space these vinyl planks out and grout in between them to have them look just like ceramic tile. Actually, people always compliment our "tile" in the bathroom when they walk in. I just give them a nice smirk and say thanks :) Click here to view the flooring Light Fixtures Simple and efficient were the only two things we were looking for. I wanted something that was barely noticeable on the ceiling but provided plenty of light. I also wanted to make sure that it was energy efficient and wasn't a fixture I was going to be changing every 6 months. I went with a very inexpensive but bright LED fixture that has small light strips instead of bulbs. At the time we bought them, they were $24 a piece for the 13 inch fixture. Click here to view the fixture When it came to the fixture above the medicine cabinet, we went with something a little more elegant and old fashioned. When you think of a performer or actor getting ready for a big performance, you always think of them in front of a mirror in the dressing room putting on make up or getting their hair finished before they head out. Above their mirror, there is always a few big bright bulbs that illuminate their vanity so they can put their make up on. Now I need all the help I can get. Listen, there is a reason why the Bearded Banker is a lender instead of a run-way model. Don't get me wrong, I think I would be an excellent choice if they kept running America's Next Top Model. I have an awesome strut and my beard would blow in the wind just like the model's hair. But it takes a lot of work in the morning to look this good. I don't just roll out of bed looking this beautiful; it takes time. This is why we need a nice fixture to help me beautify in the morning. They were $16 and easy to install. We did purchase the larger LED bulbs so it gave it that classic bulb look. They are a warm white color so when you are taking a bath, it really gives you a nice cozy feel. Click here to view the fixture Demo This demo was a fun one. I mean, you get to rip up everything! Floor, trim, plastic fake tile, shower surround, old fixtures. This bathroom was basically left with a tub and a toilet...even the toilet was removed for a short while. One problem we ran into that we didn't expect; the plastic fake tile running up the wall. They used some sort of glue that was strong enough to rip off a lot of the plaster. So we had two options; 1- completely halt the process and destroy the plaster, hang new drywall, and finish the drywall OR 2 - patch the damage with plaster patch, sand it down, then hang some sort of cover up. They always say, find inspiration for your design from memories or TV shows of homes you loved. Well, we went on vacation to an island in Florida. We rented this large beach house that was absolutely stunning on the inside. One thing I vividly remember about the beach house was the way the designer divided the walls. They used Wainscoting throughout to divide the wall in half: color on half and white Wainscoting on the bottom. It gave it an incredibly clean feel and even made the area feel lighter, bigger, and refreshing. This is would work perfect in this space. It would cover the ugly plaster patches, it would help protect the wall from other water splashing on it, and it will make our only bathroom a light, clean, and refreshing room to freshen up in the morning. After ripping up everything we needed to demo and going back to Lowe's for some Wainscoting, we were finally ready for paint. Paint Using all of our equipment we purchased when finishing the upstairs, we just needed to buy a few new brushes and the actual paint. We were so happy with the Sherwin Williams Infinity product that we purchased it again when painting the ceiling and the walls. The ceiling was given a bright white high-gloss sheen. We wanted to make sure that if anything like mold or dirt would build up from the humidity in the room, we could easily clean it off. We chose a solid grey for the walls that would really make the white wainscoting pop. It only took two coats for the grey to look smooth and solid. This was much easier than painting upstairs because we knew we could be messy since the wainscoting would cover any overpainting we did. After one evening worth of painting, we were ready to remove the toilet and start the floor. Flooring Your floor is only as good as your subfloor. I have no idea if that is a saying or not. Probably. If it isn't then I just coined it. Boom. We installed a 1/4 inch subfloor to remain level with the hallway outside of the bathroom. We made sure we measured out the toilet and the tub and fit the pieces in snug against the walls. You can see in the picture that we made a small piece to curve with the tub. That was the trickiest part of the entire subfloor installation. After the subfloor was installed, we were able to start the vinyl tile flooring. What is so awesome about this flooring is the ability to grout the finished product. Each piece has an adhesive back that sticks right to the floor leaving no need for grout. The only reason you grout these tiles is to give it that "real tile" look. Using a spacer we made out of the sub floor, we started in the corner and started spacing out the planks. We made sure to measure out the toilet hole and cut accordingly. Placing the toilet over the vinyl tile will hide any imperfections that we may have created when cutting the tile to fit. The only other part that was difficult was cutting against the tub. Because of the curves, it made it difficult to measure out. Using a compass, we tried to keep the point with the edge of the tub and draw a line on the vinyl. This worked surprisingly well and made for a nice clear line as to where we needed to cut the plank. It took us a few planks to finally get the right one but lucky for us, each plank was less than $2. Our mistakes didn't cost us too much in the budget. Wainscoting These pieces worked perfect in our design and were simple to install. They came in 8 ft. long pieces and a package of them costs $26. We measured that 48 inches from the top of the floor trim would be a perfect height for our design. This meant that we could take each piece and cut it in half; making it less money we would have to spend since each plank would produce 2 useable planks. Each piece has a tongue and groove which allows them to snap together. Installation was simple because of it. As we installed, some of the planks were not as tall as each other. Since we were putting a matching trim around the top of the Wainscoting, it didn't matter if the height of each plank was a little off . Starting in the corner, we would glue some adhesive on the back of each plank and stick it on the wall; using a level to make sure we were even against the wall and running level along the room. Once finished, we added a matching white trim that ran across the top of the panels. This hid the imperfections and cleaned the paneling up. The best part about this, we only had to cut a few pieces to make it fit which was great for me because I am not so steady with a saw. It was a fairly simple installation and quite frankly made the design a lot nicer. I wouldn't have thought of this had it not been for the old plastic tile ruining the plaster. I am happy it did. Click her to view the wainscoting Vanity & Mirror & Light Fixture You're going to want to make sure you have someone else to help you during this part. It is easier to bring the vanity in first and install it over the pipes. Next, install the sink above the vanity. Hooking up the plumbing was simple enough and didn't require any additional parts. We had everything we needed except for some pipe dope. YouTube is a great tool when working with plumbing and I recommend researching a video before calling your plumber...may save you a bit of money. Just shut off the water for the love of Pete. The mirror and light fixture installation all depended on where the vanity was going to sit. We had to make sure that everything was centered around the vanity and was level on the wall. Using my Norwayne High School math skills and a tape measure, finding center was just a matter of a few minutes and a calculator. The mirror did take two of us to handle and install. Not only did it need to be centered, it also needed to be level. After screwing in one screw, we were able to manipulate the mirror a bit to get it level and center. As simple as 6 screws and some man power, we installed a level, centered medicine cabinet. The light fixture was very similar...finding center and making sure it was level. The wiring was a simple as the other light fixtures - just follow the directions provided. In less than 4 hours, we had a new vanity, new sink, new faucet, new mirror, and a new light fixture. Trim Work Okay, here is where I have to defer to my friend Andrew. He is very skilled when it comes to carpentry, and trim work is what he specializes in. I watched a few YouTube videos and saw the mess I was getting into and most likely would have ruined. I can cope the corners and make the trim fit but what I can't do is make it look as fancy as my friend Andrew. Trim work is all about time and patience. Taking the time to measure it out and cut your correct angles. There is a lot of cutting the trim, seeing how it fits, walking back to the saw to slice off a tiny piece, see how it fits, cut it one more time, set it in and it finally fits. Once done, make sure to go back and fill in the nail holes and put a dab of paint on it. Finished Product This bathroom is so clean and refreshing. With only one window bringing in light, the design had to feel light and vibrant. The white wainscoting really brightens up the space and adds light into the room.
The color in the vanity is the "dark" in the design with the floor and walls covering the "medium" color. The "light" white wainscoting, toilet, tub, and sink provide a clean feel and really makes our only bathroom a compliment generator from guests. Costs:
Total time: 4 FULL days of work Added Value: Complete remodeled bathroom according to Zillow: $13,000 in value. I have met with countless first time buyers in the past year as a Mortgage Loan Officer. One thing I always ask them to do on our first date (what I call our first appointment since it is usually at Starbucks or Panera) is to let me know what is going on in their head. Here is usually what I hear:
People watch The Property Brothers or Flip or Flop and become "selective" TV watchers. They see the process of remodeling and automatically think to themselves "I can't do that". They don't really remember the parts about demolishing the old carpet, repainting, or even ripping out the old cupboards. They do seem to remember the final product though. The lavish decorations with a mixture of top of the line appliances, luxury flooring, and even custom made doors and counters. First time homebuyers want that. Not the ugly house with a potential giant mess of a remodel. With inventory so low and prices running upwards, it is tough for first time buyers to find a property that meets their checklist. When they do find something that meets their checklist, it is so close to their max budget, or over it, that they are trying to find ways to make it work. "Well Mike, we can eat bologna and cheese until I get a job at Google." Don't get me wrong, you are perfectly qualified for your max budget. It is like when my grandparents always tell that story about driving on vacation and half of the car was in the rain but the other half wasn't. There always has to be an end point. But at the same time, are you really about that life? Being mortgage broke isn't that much fun. Prepare to read my story. You read that right. The Bearded Banker bought an old house complete with carpet in the kitchen and old lady smell throughout. It even had a home phone connected ( I know right?) and a TV in the living room that my grandparents said was too old for them to take off of my hands. My wife and I took a little over 2 years to completely update the entire house to our liking; and we couldn't be happier with it. Before I begin, let me preface with the following statements:
This is Part 1. There will be 5 parts of this blog and will be released every Monday. Here are the numbers: January 16, 2015 - Bought the property for $80,000. At closing, the property appraised for $82,000. USDA loan - $602 per month payment for the mortgage (Included Principal and Interest, Insurance, Property Taxes, Private Mortgage Insurance) I never was given special treatment from a bank. I never received any perks from contractors or suppliers, I simply was a normal consumer that took advantage of what these stores had to offer. **Disclaimer - I am not an endorser nor am I a paid spokesperson on behalf of any organization or product. I am simply a consumer that had not too shabby credit, a steady job, and a wife with expensive tastes. Let's begin. Part 1 - The UpstairsTime Frame: 3 days Plus 1 day for carpet install Cost: $650 Paid with: Cash The house was purchased off an estate that was being handled by two of the sisters that lived in the home. The couple that built the house actually ordered the home out of a Sears and Roebuck catalog back in the late 1940's or early 1950's. Pretty slick amirite? Think about the time period though... You didn't have large general contractors that had the connections needed to bring everyone together to build a home. If you were one of the few general contractors that had those connections, you were so busy keeping up with demand brought on by the Baby Boomers you couldn't accommodate everyone. So it was very common for people to order their homes from Sears, have the hardware delivered, and then find some friends and family to help build your house. I see a future for Amazon. The couple ended up having four children in this home, a home of 1,246 square feet. They raised their children here and retired here, living in this house until the very end. The husband passed away some time ago and the wife ended up passing away shortly after being moved to a nursing home in 2014. This family built this house in 1951 and lived until 2014. How cool is that? What is amazing to me is that this family of six lived in 1,246 square feet on a lot that is a little under 4/10s of an acre. 3 bedrooms and 1 bath means everyone is bunking up and you better schedule out a time to get in the bathroom. I know the sisters claimed the upstairs because the wallpaper looked like such. I'm not much of a flowers on a wall kind of guy. Now don't get me wrong, I buy my wife flowers on a random Tuesday just because I love her reaction. I didn't love her reaction when we saw this room though. But when we saw it for the first time, we envisioned what could be done to make this home our dream home, this room was no exception. This room was always going to be an entertainment room with big comfy chairs and a nice TV. The Bearded Banker loves to play his Xbox and watch movies, so this room was going to be very important to him :) After moving in, getting married, and finally settling down after the hectic summer, we decided to start our very first project. With no experience and a limited budget, we knew starting with this room would be an easy first step -- paint and flooring. The first thing we did with this room, just like every room, is demo. Demo This was a perfect room for us to demo first. We had absolutely ZERO experience with home remodeling. I lived in an old Victorian house in a small farm town with my family for 19 years. That house kept the same carpet, same wall paper, same paint, through my 19 year period living in it. No shame to Mr. & Mrs. Bearded Banker; but the only thing that resembled the 1970s more than that house was a disco ball. We started by trying to remove the wallpaper; it was a nightmare. Apparently in the 1950's, they used some sort of top secret adhesive when hanging wall paper that was so strong it could even keep Angelina and Brad together (too soon?). We ended up doing more harm than good. While trying to find a solution for the walls, we decided to rip up the "carpet". I say "carpet" because we noticed that most of the carpet in the house was not attached to a tack strip alongside the wall. So the carpet removal was fairly easy since it was mostly like a large rug...almost like they went to a warehouse, had them cut a piece for them, load it in the back of the car and flung it into the room. We rolled up all of the carpet squares and threw them out the window so we didn't have to carry them down the stairs. I mean, you have most likely have 60 years of dust in those things. I started reading blogs and articles about other people who ran into this same scenario involving the wall paper. A lot of people recommended blasting out all of the plaster and replacing with drywall (way too expensive) while some people said put 1/4 inch drywall right over top and redoing the trim all around the room (still pretty expensive and a bit difficult). I was able to find a blog that showed us a step by step process how to sand down the wall paper and paint right over it. Skeptical at first, we gave it whirl. Paint It is always so tough picking paint for your home. Being first timers, we went to Lowe's and talked with their associate. Side note, the gentleman at the paint section in Wooster is absolutely the best. His name always slips me (I think it is Marc) but he has slightly long slicked back hair. He was extremely helpful and we would have made some really dumb decisions if it wasn't for him. Still unsure on our design, he told us to think about places we like to watch movies or think of someone's home that had a nice entertainment room that we liked. Instantly; I knew the color I wanted. My mom's side of the family was from Wadsworth. We used to go to the movie theater in Wadsworth and always noticed one thing; the carpet all along the walls. It was a shag carpet and if you placed your hand on it, your hand left an imprint. It was the deep red that created this awesome early 1940's cinema vibe while watching a movie. It brought back some great memories as a child and also created an awesome potential image in my head. Marc talked to us about the difference between brands. Being a hometown kind of guy and always going local when I can, I chose Sherwin Williams. He told us about the different products offered by Sherwin and what they each brought to the table. We went with the mid-priced product but since they were sold out, he upgraded us to the Infinity line - the top shelf of paint if you will. We went with primer because we wanted to make sure we covered the wallpaper. After 2 coats of primer and 3 coats of paint, we finally had our walls looking amazing. We did go with a nice bright white to repaint the ceiling and 2 coats was all that was needed. It brightened thee room and brought it to life. After 3 days of painting, it was finished. Upgrading Outlets We had our electrical service upgraded when we purchased the house (it was still on 60 amp fuse box...like I said, old). The entire house had the wiring ready for the standard grounded outlets but they were still the 2 hole outdated outlets. We purchased a large contractors package from Lowe's and replaced the outlets ourselves. Of course, we made sure to turn the power off and used flash lights to make sure everything was secured correctly. We updated the 4 outlets in the room and also the light switch. This took us a total of 45 minutes to finish. New Light Fixture Going modern in the entire house, we went with a new LED light fixture which was $24 at Lowe's. If you haven't installed a light fixture before, it is super simple. You shut the power off, unscrew the old fixture, and follow the directions on your new fixture. Ours was as simple as putting 2 screws in the new bracket and wire nutting the wires together. 15 minutes tops to install and what a difference it makes. Carpet The room did have hardwood underneath the carpet when we pulled it up. Unfortunately, it only went about 2 feet from the wall to the center of the room. They laid a large piece of plywood right up next to the hardwood instead of installing it throughout the room. I am guessing they did this to save some money and planned on using large area rugs to tie the room together. Since we wanted a warm and cozy feel, we went with carpet for all 212 square feet in the room. For this one, we did use Lowe's to install. **This is the only time we used Lowe's to install flooring. We chose very low traffic carpet with a very cheap mat underneath. They accommodated but wanted to charge us for a "small job upcharge". I was a bit upset because we were taking advantage of a special they had on installation. After talking with the local manager, he waived the fee because he too thought it was silly. We appreciated that. The installation went great. They showed up when promised and worked efficiently. Overall, we were satisfied with the way it turned out. Finished Product ParThis was perfect room to start with. We were able to gain some confidence with remodeling and also design the room the way we wanted to. The light beige carpet really compliments the dark red walls. We did purchase Phillips Hue Lights for the fixtures. If you are not familiar with Phillips Hue, check out this video here.
This room is a perfect retreat when we are in the mood to watch a movie. Total Invested: $650 Total Time: 3 days (1 day for carpet) Furniture- $645 - Wayside Furniture Resale Value - This small investment will create some buzz on your listing. This entertainment room will get the buyer talking about how getting a 60 inch TV and sound system to make their movie watching experience mimic the theater. Part II - Bathroom Remodel - Tuesday July 4th Who else is excited for tax return time? I used to love getting my return when I was in college and spend it on the most absurd stuff. One time I bought Guitar Hero with it...man that was awesome. I talk to so many people through the year and they have the credit score, they have the income, they just don't have the down payment. I get it. Depending on what program you qualify for, you might need 3.5% down of the purchase price PLUS some closing costs that are not covered. Well tis the season to be rolling in the dough! Raise your hand if you get a pretty sizeable amount back on your taxes? I see some of you out there reading this imagining a small intimiate comedy club where I am standing up pointing at you in the crowd and your significant other forces you to raise your hand even though you are super reluctant to do so. No? Just me? Well then,.. Anyway, there is a reason spring time is always a great time to list you home. According to Zillow, the best time to sell my home is April and May. Now I am no detective. I have watched a lot of Batman and they call him a detective; perfectly qualified then. So I am going to go out on a limb and say that there must me more of a demand in April and May for homes. Why you ask? Because people are using their tax returns at a down payment and became a qualified buyer!
Do the math (remember to double check mine, I am just a banker). You want a $120,000 home, you need 3.5% for a down payment which is $4,200. With the average refund being $3,120 according to the IRS, you have little over $1,000 left to cover! Remember the rest of that money can come from:
As usual, it is a good idea to reach out before you get your return back. There are always T's to cross and I's to dot before we put an offer in. So this year, let's put that tax return to good use! Meet with a qualified tax accountant and get the most out of your return. Rember, it is your money after all. There is nothing more gutwrenching than meeting with potential first time home buyers and finding out their credit score is affecting their ability to purchase a home. You cannot help but feel for them. You hear people like myself talk about "#QuitPayingYourLandlordsMortgage or "Build your own equity", and you act upon it. When I have to deliver the bad news, many people tend to take it and feel like all hope is lost. They blame themselves and do nothing to fix it. They think that a huge weight is on top of them and there is no way they can lift it up and conquer it. Well guess what, YOU SO WRONG! Story time! A couple came to me in May of 2016. Let's call them the Griswold's. Clark and Ellen came to me ready to get pre-approved. They both have great jobs, great income, some money saved, even an excellent nack for hanging Christmas lights (lol, I am sorry). I go to pull their credit and Ellen comes back with a 750 score. Great! I get Clark's report and it is not so great-- a 510. Not only was it a 510, but it also showed over $7,500 in collections -- unpaid. Clark was determined though. Remember how hard he tried to get the lights to turn on after he spent all day stapeling them to the shingles on the roof? Take that and double it. I provided him with a list of the collection accounts and we Googled some phone numbers. There was 1 major one he didn't even remember -- $5,000 for back Jelly of the Month Club membership fees. Clark was young and dumb when this happened. Most of it was fees associated with it going to collections. But nonetheless, it was money that he owed. So, Clark picked up the phone and called the collection company. What Clark did learn was that some companies are willing to settle on an amount that may be lower than what he owes in collections. After not accepting their first offer and playing a little hardball, Clark was able to settle the collection for $1,100. SAY WHAT!!! He did the same with a few other small collections and after 3 weeks, Clark was collection free. He was also checking with some credit counseling sites, such as Credit Karma, that would tell him what he needed to do to help his score. For Clark, it was getting a small credit card and lowering the balances on his Student Loan debt to about $800 lower than where he was. Flash forward to September (About 3 1/2 months of working on his score). Clark and Ellen come visit The Bearded Banker one more time and we pull their score. Ellen was at her usual 750 but Clark, now Clark was a few points shy of a Christmas in September Miracle. His score jumped from a 510 all the way to a 617. Again, I am a Banker, so my math tells me that is a jump of 107 points. Did you know I only need a 620 to help start the pre-approval process? Clark was 3 points away from getting pre-approved...something he wasn't even close to doing with a 510 credit score back a few months ago. Guess who will be purchasing a new house in the next week...Clark will be! Moral of the story: It doesn't take a Christmas Miracle to fix your credit. All it takes is you and your determination to fix it! #BeardedBanker #QuitPayingYourLandlordsMortgage Obviously figurative man. Like, the man all of the people from the 60s and 70s was trying to stick it to. But in all seriousness, stick it to the man. Rent has always been synonymous with growing up. People tend to think the only option they have out of college is to find a multi-unit apartment building, meet with the landlord that shows you a "spec" unit and then you start to fill out the paperwork. If they are smart, they do a credit pull and then request perhaps references. In lieu of references, they may request some verifying documents (paystubs, W2s, etc.) and then make a decision on whether they will allow you to rent. They say yes and require you to pay your security deposit and first months rent right up front of $700 deposit and $700 for first month's rent (Ohio's average rent for a 2 bedroom apartment is $700. So if you want an above average place, looks like you can add a few more hundies to that total). If my math serves me correctly (hey, I am a banker after all) then you are looking at $1,400 just to move your favorite futon in with your 32 inch TV and Xbox One. You signed a one year lease right? Okay, well let's take a look real quick: Security Deposit: $700 Month #1: $700 TOTAL: $1,400 Monthly Rent: $700 Remaining Months: 11 TOTAL WITH REMAINING MONTHS: $9,100 Look, I get it. It's safe and easy right? It takes you a few weeks and you can leave after a year because obviously you are not going to live in an apartment when you start a family or get that promotion at work you deserve or when you are 30 years old and get sick and tired of the upstairs neighbor using a jackhammer or playing Jumanji at 2:00 in the morning every Wednesday. What if I told you that there are loan programs that allow you to have NO MONEY DOWN. What if I said that FHA allows you to put just 3.5% down? What if I told you that you are literally paying your landlord's mortgage for them. What did I say earlier about the man? I can't remember, but think about this. 24 years old, 2 years out of college and you are working at XYZ making $40,000 per year. You have a car payment of $220 per month, a credit card with a minimum payment of $30 per month and student loans that total $400 per month. You are paying $700 per month for a 2 bedroom apartment. You come visit The Bearded Banker and I do this. I take your monthly payments of $220+$30+400 and add them up to get $650 (see that math there). I see you make $3333 per month at your job ($40k per year divided by 12). The lawmakers allow for a 43% debt-to-income ratio when obtaining a mortgage. So if we look at $3333 and multiple it by 43%, that allows you to have a total of $1,433.19 per month. If we subtract what your currently have ($650), that allows your to obtain a monthly mortgage payment of $783.19 (Bearded Banker Math FOR THE WIN) So let's play with $783.19 per month. If we take a rough estimate of your taxes, insurance, and PMI would be about $250 per month, that allows you to purchase a house for around $108,000. Remember earlier in your story when you went to the landlord's office, did a credit pull, filled out paperwork, provided some documents, ya-da ya-da ya-da. Guess what it takes to start a pre-approval: I do a credit pull, ask for paystubs and W2s, print you a letter and say go buy a house. Remember how it takes a few weeks before you get to move in to your apartment. I have been closing loans at 30 days (okay one more week than a few but close enough). Remember that security deposit and first month's rent? If you saved for another month or two, you'd have 3.5% down of that $108,000 - which goes straight to your equity in the home. I know this sounds juvenile and simple, but it sometimes is: "It was definitely a lot easier than I thought before doing it. I knew that for what I would be paying towards rent that I could have something of my own and pay the same amount" |
AuthorMike Sweigert is The Bearded Banker. He is a Licensed Loan Officer with Top Flite Financial. Archives
July 2017
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