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What is Home Equity?
By Susan M. Keenan

The equity of a home is calculated by taking the current market value of a home and subtracting the debt owed on the property. For example, the current market value of the home is $250,000 and the current amount of money the homeowner still owes to his lender is $115,000. If you subtract the debt of $115,000 from the market value of $250,000, the home's equity is $135,000.

Since the initial down payment builds up equity in the property, the larger the down payment on the home, the larger the amount of equity in the home. In many cases, a larger down payment will equate to a better positioning stance for acquiring a loan as well.

Most often, the home and its accompanying land and structures are used as collateral to secure the mortgage. The value of the property is used to ensure the lender that he will not lose his investment.

Once a homeowner has lived on the property for several years and paid into the home loan or mortgage, the equity of the property increases according to the amount of each monthly payment that went toward the principal portion of the loan. If more than one loan has been taken out using the home as security for the loan, the balance of each loan must be subtracted from the current market value of the property to obtain the current equity.

 

From Cabinets to Countertops – Creating a Kitchen on a Budget

Making just a few changes to your kitchen can go a long way in giving it a brand new look and feel.

 

 


Courtesty ARAContent
 

It is the busiest room in the house and often needs the most improvement: the kitchen. A remodeled kitchen increases the value of the home and makes it more enjoyable to cook, live and dine in. However, many homeowners are left wondering how to create the culinary oasis of their dreams on a budget.


 

 



“Just about everyone has cost concerns when it comes to remodeling. Very few people have unlimited budgets, so doing research on various options will go a long way to stretching your dollars,” says Connie Edwards, certified kitchen and bathroom designer and director of design for Shenandoah Cabinetry. Edwards offers some valuable tips for controlling costs when remodeling the kitchen.

• Do as much of the work yourself as you can. Wallpaper removal, light demolition, and cleaning up after subcontractors require hard work as opposed to skill; there is no point in paying skilled contractors to clean up.

• Buy stock cabinets. Instead of having cabinets custom-made, find a line of stock cabinets that you like. Shenandoah Cabinetry, sold exclusively at Lowe’s, is a stock cabinet manufacturer that offers a wide range of premium construction features and accessories at a value price.

• Use alternative materials instead of costly marble or stone. Laminate countertops and vinyl flooring create rich-looking surfaces on a modest budget. When choosing faucets, brushed and polished chrome is vastly less expensive than more exotic finishes, and basic white fixtures are budget friendly and won’t look dated in a decade.

• “Wow” the island. The island is the first thing that people notice when they walk into the kitchen, so keep the main cabinets simple and put the emphasis on the island. Make the island pop by increasing the thickness of the countertop, using a premium finish or glaze on just the island cabinetry, or illuminating the island with inexpensive but attractive pendant lights.

• Work within your existing space. Annexing space from an adjacent room or removing a wall can be costly, so add storage and organization features to new cabinets to utilize space you already have. Many of these accessories are now factory installed, such as those offered in Shenandoah’s OrganizationOptions program, making things simpler for the consumer and easier on their wallet.

• Use moderately priced items in an interesting way. Small splurges in small spaces like a glass tile backsplash behind the oven range will spruce up the kitchen and is the best use of your dollars.

• Consult a design professional. A design professional can help you avoid costly mistakes and ensure the job is done efficiently.

 

Get the Look of New Cabinets
New cabinets not within the budget? Here are some tips to make them look like new.

  • The easiest, least expensive way to update your cabinetry is to replace the hardware. Look for hardware that really adds to the overall look and feel of your kitchen. For a retro kitchen, consider glass knobs in a green hue that will add to the charm. If you have a kitchen filled with traditional white cabinetry, wrought iron pulls will add instant drama. For a country kitchen, take a whimsical approach and combine several different knobs and pulls.

  • Give the cabinetry a completely new look by giving the doors new fronts.  Do this by cutting  and removing  the inner portion of your doors. Then, replace it with plexiglass, frosted glass, or even wire- change all of your doors or just a few. This project will take some knowledge of tools and materials; do some research or take a class to become more familiar with the process.
  • Painting your cabinetry will give you perhaps the most dramatic change to your kitchen. Do be careful when selecting your paint color- I recommend painting some samples and placing them in the kitchen before paint touches the cabinets. You will need to prepare and paint the surface properly in order to achieve the best results - do your research and do the job right.

 


TIP

: Make a diagram of your kitchen and number the cabinet doors. Then, using painter's tape and a permanent marker, physically number the cabinet doors. This will ensure that when you are ready to re-hang the doors, that you will know where each one goes making reinstallation a cinch.

 

Kitchen Countertops

When it comes to countertop surfaces, never before have there been so many choices. Whether your tastes lean toward country charm or city sleek, there is something for everyone.
 


 


by HSM Staff

In the past, natural stone was more or less reserved for high priced homes, but today it is becoming a staple for homes at nearly every price point. When selecting natural stone, there are many different types, finishes,  appearances, thickness, and textures from which to choose. Generally you may expect to pay $70-$100 per square foot for your natural stone, but high-end slabs may cost as much as $300 per square foot.


Granite
Granite is the most durable of the natural stone countertops. It is scratch, chip, and heat resistant, but it does require special sealants and regular maintenance. Granite is available is a wide range of colors ranging from light to black with the flecking within varying from slab to slab.







Marble
Marble is a warm, soft stone with a smooth feel and rich look. Marble is available in a many colors and will have variations of veining within each individual slab. Because marble is prone to scratching and staining, many people choose to use it in select areas of the kitchen instead of the whole. Marble is waterproof and heatproof, but does require constant maintenance and should be sealed to prevent staining.




Jerusalem Stone
Jerusalem stone looks like limestone, but is as hard as granite. It is available in shades of gray, honey, and salmon. Jerusalem stone is porous and will require annual sealing to keep it stain resistant.









Soapstone
Soapstone has a smooth feel and is usually dark gray in color. It is much softer than granite, but is rather resistant to stains. It can be used for both a countertop and sink material. Soapstone does require regular maintenance and it may scratch and chip, especially on the edges. Note: scratches in soapstone may be buffed out using a fine grit sandpaper.





Slate
Slate is available in dark, natural colors and is durable, hard, and fireproof. Because slate is not porous like other natural stone surfaces, it is not susceptible to staining (though it should be sealed regularly). Slate will scratch, however, but the scratches may be removed.







Travertine
Travertine has a smooth warm feel and although it comes in several different hues, cream is the most popular choice. Travertine is softer than some other natural stone choices and is suseptible to staining. Spills must be quickly wiped up and the surface must be resealed annually.







Cleaning stone is a fairly simple procedure if you follow the instructions given to you with your stone. Generally, this means using a mild dish detergent and water to clean the surface. The most important thing to remember is that you should always avoid products containing abrasives, lemon, vinegar or other acids. In addition, stay away from scouring pads which may scratch the surface or dull the finish.

 

Alternatives to Natural Stone

Engineered Stone

Engineered stone is composed of quartz particles and is easy to care for and is both stain and acid resistant. It comes in a larger range of colors and has a nonporous surface that resists scratches. Engineered stone is priced at about the same as natural stone, anywhere from $40 to $125 per square foot. 

Solid Surface
Solid surface counters solid all the way through making it possible to sand out any scratches. Solid surface counters come in an array of colors and patterns, are seamless, and stain resistant. They can be expensive (from $40 to $100 per square foot) and the surface can be damaged by hot pans and stains. 

Wood / Butcher Block
Wood countertops can bring warmth into a room. Wood is available in a wide range of colors and finishes, is easy to clean, and can be sanded and resealed as needed. Standing water and liquids can damage wood and cause dark areas to form on the surface. Wood will also stain over time and absorb food odors. It is also rather pricey at $50 to $200 per square foot.

Stainless Steel
Stainless steel is durable, heat resistant, and impervious to acids and oils.  It is also very easy to clean. Stainless steel can scratch easily and care must be taken to avoid an institutional feel. It will cost anywhere from $75 to $150 per square foot. 

Concrete
Concrete  is extremely strong, heat and scratch resistant and porous. In order to prevent staining, proper sealing and waxing is needed. Concrete can be color-tinted with creative colors and inlays. Concrete may crack and can sometimes look industrial. It will cost  from $75 to $200 per square foot

Laminate Countertops
Laminate countertops are still a popular choice in homes today. They come with the most reasonable price tag and are available in hundred of colors and finishes. Although laminate is not heat or scratch resistant like many other countertop surfaces, it requires only general cleaning and no maintenance.



The Top Ten Choices 
in Countertop Surfaces

  1. Granite
  2. Engineered Stone
  3. Solid Surface
  4. Ceramic Tile
  5. Laminate
  6. Wood or Butcher Block
  7. Stainless Steel
  8. Soapstone
  9. Marble
  10. Concrete
     


Did You Know?
Elberton, Georgia claims the title "Granite Capital of the World". Annually, the town produces more granite products than any other city in the world.



Ceramic Tile
Ceramic tile offers the flexibility to create a custom countertop surface. The ceramic surface is impervious to heat, but grout lines can become stained. Because ceramic tile is available at every price point, most everyone can find a choice that fits within his or her budget.

Save Money on Your Kitchen Countertops
If you like the look of natural stone consider the following lower-cost alternatives.

  • Use natural stone tiles in place of large slabs. The purchase price of tiles is substantially less than that of a slab. In addition, you can often install tiles yourself (slabs must be professionally installed) saving you even more money. 
  • Laminate countertops have come a long way from their humble beginnings and laminate that mimics the look and texture of nature stone surfaces is now available. Backsplashes can be molded in order to make a seamless product, adding to its appeal. Laminate is virtually maintenance free unlike natural stone and is inexpensive when compared to the cost of natural stone.
  • Use concrete countertops stained in a natural hue. Concrete will not mimic the appearance of natural stone, but it can create a similar feel when stained the proper color. Concrete does require some maintenance and can be more expensive than other countertop surfaces, but compared with natural stone, concrete is still less expensive in general.
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