The Property Brothers’ Best Small-Space Renovations for 2021

Property BrothersHGTV

Drew and Jonathan Scott of “Property Brothers” know that nearly all of us could use more space (particularly as the pandemic drags on and on). Now that the new year’s first episode of “Celebrity IOU” has arrived, they’ve broken out their top tricks for opening up a small house without breaking the bank.

In the Season 2 episode, “Rainn Wilson’s Surprise,” the Scotts meet the actor Rainn Wilson, of “The Office,” who wants to give his beloved nanny, Leslie, a living-room makeover.

Leslie’s Los Angeles home could definitely use it, given that the space is seriously dated and undeniably cramped. With her kids (and nieces and nephews) often running around the house, Wilson knows that this living space needs to be more kid-friendly, too.

Read on to find out how Drew and Jonathan open up this small living space, which might inspire some upgrades around your own home, too.

Remove kitchen cabinets to open up more space

Rainn Wilson
Rainn Wilson shows Drew and Jonathan Scott how much work needs to be done in the kitchen.

HGTV

When Wilson brings Drew and Jonathan to Leslie’s home, one of the first things the brothers notice is the kitchen’s cabinets.

The row of cabinets blocks sightlines to the living space and makes the kitchen feel separated from the rest of the house. Jonathan explains that the style is typical of the era the home was built in, but says it’s not a great feature for those who are making the meals.

“Whoever’s in there, all of a sudden, it feels like a cave,” Jonathan says.

kitchen
This kitchen was so closed off that it wasn’t functional for a house with kids.

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So, the brothers remove some cabinets and, to make up for the missing cabinet space, add smarter storage to the rest of the kitchen (like adding lots of drawers to the island).

In the end, the kitchen is beautiful, functional, and flows with the rest of the living space. Leslie will never miss those cabinets!

kitchen
With the floating shelves out of the way, this kitchen is much more open.

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Create more storage with built-in benches and hutches

storage
The brothers know that a house with kids needs plenty of storage.

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Wilson knows that Leslie and her children could always use more storage.

“One thing is, there’s a lot of kids bouncin’ around in here,” Wilson tells the Scott brothers when they first tour the house.

Luckily, the brothers have a solution to help this family organize its stuff: stylish built-ins.

hutch
This hutch created convenient storage, but it was too small.

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Drew and Jonathan add some built-in benches under the living room window, providing plenty of storage space under the seats. Then, they expand on the built-in dining room hutch, making it twice as big, for holding twice as much.

These two built-in storage solutions are perfect, because they don’t take up space, as a bulky piece of furniture would, and they leave the whole room open as a kids’ play space. It’s a great workaround for this family’s storage issue.

hutch
This larger hutch is much more convenient.

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Brighten beams to make a room seem taller

ceiling
These beams were beautiful, but the brothers felt that they were too dark.

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Jonathan and Drew like the wood beams in Leslie’s living room, but they worry that the dark color makes the room feel more closed in.

“From the moment we walked in, we noticed the dark beams and that high, recessed, rough-ridged ceiling. It was sucking the light out of the space,” Drew says.

But the color isn’t the only problem. The brothers notice that this room doesn’t have any ceiling lights, which makes this room even darker.

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Painted white, the beams brighten the space.

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So Jonathan and Drew paint the beams white and add white shiplap-style ceiling panels.

“Not only do they add brightness,” Jonathan says of the panels, “but they’re also going to be dropped down to accommodate new recessed lighting.”

In the end, not only does the new color make the space feel brighter, but the added lights literally light up the room.

Large doors make a small house feel bigger

Rainn Wilson
Wilson discusses new doors with Drew and Jonathan.

HGTV

While Leslie’s living room is laid out well, the space is relatively small. Although the brothers can’t add to the square footage of the house, Jonathan has the idea to expand the living space by improving the flow into the back patio.

“We could do something really cool with these sliders,” Jonathan says of the existing doors. “We could swap them out for, like, collapsible glass panels. They could flow in and out. It would be great.”

door
All that natural light really brightens up the living room.

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The brothers open up the walls and install large, collapsible window doors from two sides, making both the family room and dining space open onto the backyard.

To complete the effect, they update the patio by adding new flooring and new furniture. In the end, the living space feels twice as big!

patio
Two doors open up to the patio, making the living room seem far more open.

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Don’t go overboard with too much white

fireplace
This fireplace needed a new look.

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While the Scotts know that it’s important to brighten up a space, they also know that with the walls, ceiling, and kitchen all in white, the space could use some contrast. So they redo the white fireplace with a unique brown finish.

“This is just made out of marble powder, lime, and sand,” Jonathan says, as he applies a clay mixture to the fireplace face.

Some techniques, he says, come from Italy, and from different regions of Europe, but this one, from Morocco, is called tadelakt.

fireplace
With unique materials, the brothers turn this old fireplace into a modern feature.

HGTV

The light-brown color looks perfect in the space. The finish adds dimension without darkening the area, and the modern fireplace shape is much better suited to children, because there’s no mantel to climb on or base to trip over.

Best of all, this modern fireplace looks clean and elegant.

“I love that it looks like a five-star hotel,” Drew says of the new finish. “That’s the kind of feature you want to have.”

When Wilson finally brings Leslie and her family back to the house, she’s amazed by how spacious and elegant her living room looks. Let this serve as a reminder that just a few small changes can make even small spaces feel huge.

The post The Property Brothers’ Best Small-Space Renovations for 2021 appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

5 Renovations That Don’t Increase Your Resale Value

Couple renovating their home

The first major home renovation my husband and I ever undertook was insulating the walls of a 1921 Craftsman bungalow we shared in Columbus, Ohio. This project made the house a great deal more comfortable in the winter and the summer, since the existing insulation was the least expensive option available in the 1920s — making it completely inadequate for maintaining heat in the winter or coolness in the summer.

Unfortunately, despite the undeniable improvement to our comfort, we found that our new insulation did nothing for our resale value. Even though we had put nearly $5,000 worth of work and materials into this renovation, we didn’t see that money and effort reflected in our sale price when we had to move several years later.

Not all renovations are going to increase your resale value. That doesn’t necessarily mean you should forgo working on your home if you won’t see the value when it’s time to sell. For instance, I would definitely insulate that house again, even knowing that the money is only going to improve my comfort. 

But there are some home renovation projects that you just can’t expect to recoup your investment on. Knowing that, you should consider how long you intend to live in your house and whether you’re renovating just to increase your home’s value before jumping into any of these home improvement projects.

1. Invisible improvements

Insulating our bungalow was the kind of invisible improvement that had to be done, but didn’t appear to change the house. Unlike "sexier" improvements like updating a kitchen or bath, or even putting on a new roof, invisible improvements don’t change the look of the house. These are things like re-grading the yard to keep water from getting into the basement, updating the HVAC system, tuck-pointing bricks and chimneys, and replacing gutters.

While these improvements often have to be done to protect your house, the downside is that you may not recoup the cost of these improvements when it comes time to sell. It can be helpful to think of these renovation expenses as a way of protecting your home’s current value, rather than as a way to increase your future resale value.

2. Swimming pool

While homeowners in Arizona, Florida, Hawaii, and Southern California may find that having a swimming pool is a big selling point for their homes, this isn’t going to be the case nationwide. According to HomeAdvisor, the average cost to install a pool is over $27,000. That doesn’t include the annual maintenance costs, ranging between $500 and $4,000. It’s these maintenance costs, plus the work that homeowners will have to either do themselves or contract out in order to keep their pool sparkling clean that will turn off many potential buyers. Add in the additional insurance requirements that homeowners with pools will need to purchase, and it should be clear why many prospective buyers would rather not invest in a home that comes with a pool.

This is why you should only commit to the cost of installing a pool if you truly want to use it yourself and expect to stay in your home for at least five years. Otherwise, it might make more sense to invest in a membership to your local pool. 

3. Bathroom and kitchen upgrades

Remodeling your bathroom and/or kitchen is an excellent way to increase your home’s value, right? Yes and no. While replacing dingy tiling and updating old appliances will definitely help your home shine for potential buyers, there’s such a thing as going overboard with your bathroom or kitchen upgrades.

Specifically, if you add granite countertops, custom-made cabinets, stainless steel appliances, and ceramic tiles to your kitchen and bathroom, but the rest of the home is still an ordinary suburban home, potential buyers will see the house as a work-in-progress, rather than a home that feels move-in ready. Over-improving the bath and kitchen could make buyers think that it’s not worth the effort to try to get the rest of the house to match. (See also: 9 Home Improvements You Should Always Negotiate)

4. Built-in high-end electronics

We may all dream of living in a George Jetson house — where every possible electronic need you have is already built in — but committing to this kind of renovation may hurt your resale value. 

There are a couple of reasons for this. First, while your personal movie theater (with remote-controlled state-of-the-art projector) may be exactly what you want from your home, a potential buyer may just see a room that will need to be torn out and remodeled as soon as they move in. Plus, technology advances at a breakneck speed, so your cutting-edge electronics will soon look as dated as shag carpeting and harvest gold refrigerators.

If you need or want built-in high-end electronics in your home, make sure you’re installing them for your own pleasure and comfort, because it’s unlikely a buyer will appreciate them too.

5. Extravagant landscaping

Making improvements to your landscaping requires a gentle touch. On the one hand, landscaping is often touted as an important aspect of curb appeal, and making sure your yard and garden look attractive and welcoming is certainly a great way to draw in potential buyers. 

On the other hand, an elaborate landscaping remodel can turn off buyers. Those with black thumbs might look at your vast flowering garden with sculpted shrubs and pond and decide they are not up for the challenge of keeping it up, and those who do love to garden might not like your vision and want to start over.

If recreating the gardens of Versailles is how you make your house feel like a home, then there’s nothing wrong with investing in this kind of renovation. But make sure you’re doing this kind of work for yourself, and not because you hope to make back the money you spent once you’re ready to sell. (See also: 14 Ways to Make Your Yard Look Awesome for Under $100)

Renovate for the right reasons

While many experts focus on resale value as the deciding factor on whether to take on a home improvement project, the important thing to remember is that you live in your house now. Deciding which home renovations to work on based on what someone else might like is the way madness lies.

When you make improvements to your home, make sure you take your own comfort, your plans for living in the home, and the potential resale value into consideration. They all matter.


Source: feeds.killeraces.com

What Is New-House Smell? A Reality Check on the Risks, and How To Get Rid of It

new house smellMaría Garrido / EyeEm / Getty Images

While most of us are familiar with new-car smell—that distinct scent of a brand-new automobile—home buyers might have caught a whiff of another scent entirely during their home-shopping spree: new-house smell.

What exactly is new-house smell? Also known as new-construction smell, it’s essentially a combination of smells given off by the many materials that go into building a house—things like fresh paint, carpet, wood, and adhesives. If there’s any new furniture in the home, that could be contributing to the smell as well.

But is new-house smell unhealthy to breathe in, day after day? Here’s a closer look at what new-house smell is made of, and how to get rid of it, too.

What is new-house smell?

Before we dive deep into new-house smell, let’s take a step back—way back—and look at what causes anything to smell in the first place.

Bill Carroll Jr., an adjunct professor of chemistry at Indiana University, says all smells come from molecules in the air that your nose can detect. The molecules must evaporate to get into the air, and the more likely they are to evaporate, the more volatile they are and the easier they are to inhale and detect as odors.

“If you can smell it, it’s because of a molecule in the air,” Carroll says. “The fact that it’s in the air means that it is a volatile compound at least to some extent.”

As scary as “volatile” sounds, it doesn’t necessarily mean a substance is dangerous or explosive. Carroll says it simply means that something can easily evaporate into the atmosphere, thus releasing an odor. For example, he says metals aren’t very volatile, which is why you probably don’t smell much (hopefully) if you sniff your stainless-steel refrigerator. Other materials like paints, adhesives, and plastics, however, are more highly volatile.

Are VOCs dangerous?

While new-house smells aren’t necessarily dangerous, there is some concern about certain types of volatile organic compounds, or VOCs, that exist in some building materials (e.g., paint, carpet, and furniture). Some have been linked to health issues, including cancer and central nervous system damage in people (e.g., construction workers who don’t wear face masks) exposed to high quantities of such materials.

“When you talk about VOCs that raise health concerns, that goes more to a substance’s inherent toxicity or reactivity,” Carroll says. “It’s the difference between smelling a banana and smelling paint stripper, for example. They’re both volatile, but they have very different toxicities.”

“Regardless of odor, the ability of some of the VOCs emitted from any of [building] products and materials to cause health impacts or create other dangerous conditions varies greatly, depending on several factors,” according to the Environmental Protection Agency. “These factors may include the type and amount of VOCs emitted, the toxicity of the individual and combined VOCs, the ventilation rate in the space, the type and amount of other materials in the space, occupant level of exposure and length of time exposed, and the health of the exposed occupants.”

However, this is definitely not to say that a new-house smell will make you sick.

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Watch: Get Smoker’s Smell Out of Your House for Good—Here’s How

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The good news is that because of concerns raised over certain dangerous VOCs in the past 40 to 50 years, there’s a been a strong movement to reduce them. Carroll says that’s most apparent in regard to paint. While oil-based paints used to emit high levels of VOCs and the odor would linger for a long time, today’s paints contain virtually no VOCs and their odor dissipates more quickly.

In general, that means new houses today have much less of a pronounced smell than they did a years ago—and are less hazardous. For the overwhelming majority of the population, the odor is at worst a nuisance.

To reduce any potential indoor air–related health impacts from VOCs, the EPA recommends using low-emitting products and building materials and increasing ventilation. The agency also offers further information on VOCs and indoor air auality.

How to get rid of new-house smell

“If you like new-house smell, that’s OK,” Carroll says. “If you don’t, it’s important to remember that the solution is dilution.”

He says for an empty house, that means opening the windows to air things out, and usually in a matter of days that new-house smell will disappear. Another solution is to “bake” a new home. Since some VOCs evaporate more quickly at higher heats, this technique has a homeowner turn up the heat in the unoccupied house for a few days while running fans to push them out the windows. Running exhaust fans and using an air purifier may speed things up, too.

Carroll says what’s more concerning than new-house smell, however, is what you bring into your place on your own.

“The greatest source of VOCs is the stuff you bring into your house,” Carroll says. Items such as furniture, cleaners, waxes, and fragrances expose people to far more VOCs over the course of a lifetime.

Know this: If you’re moving into a new home and get a whiff of that telltale new-house smell, it will eventually wear off, even if you do nothing. Promise.

The post What Is New-House Smell? A Reality Check on the Risks, and How To Get Rid of It appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

What is a Payday Loan?

A payday loan is a short-term loan with a high annual percentage rate. Also known as cash advance and check advance loans, payday loans are designed to cover you until payday and there are very few issues if you repay the loan in full before the payment date. Fail to do so, however, and you could be hit with severe penalties.

Lenders may ask the borrower to write a postdated check for the date of their next paycheck, only to hit them with rollover fees if that check bounces or they request an extension. It’s this rollover that causes so many issues for borrowers and it’s the reason there have been some huge changes in this industry over the last decade or so. 

How Do Payday Loans Work?

Payday lending seems like a simple, easy, and problem free process, but that’s what the payday lender relies on. 

The idea is quite simple. Imagine, for instance, that your car suddenly breaks down, payday is 10 days away, and you don’t have a single cent to your name. The mechanic quotes you $300 for the fix, and because you’re already drowning in debt and have already sold everything valuable, your only option is payday lending.

The payday lender offers you the $300 for a small fee. They remind you that if you repay this small short-term cash sum on payday, you won’t incur many fees or any real issues. But a lot can happen in 10 days. 

More bills can land in your mailbox, more expenses can arrive out of nowhere, and before you know it, all of your paycheck has been allocated for other expenses. The payday lender offers to rollover your loan for another month (another “payday”) and because you don’t have much choice, you agree.

But in doing so, you’ve just been hit with more high fees, more compounding interest, and a sum that just seems to keep on growing. By the time your next payday arrives, you’re only able to afford a small repayment, and from that moment on you’re locked into a debt that doesn’t seem to go anywhere.

Predatory Practices

Payday loans have been criticized for being predatory and it’s easy to see why. Banks and credit unions profit more from high-income individuals as they borrow and invest more money. A single high-income consumer can be worth more than a dozen consumers straddling the poverty line.

Payday lenders, however, target their services at low-income individuals. They offer small-dollar loans and seem to profit the most when payment dates are missed and interest rates compound, something that is infinitely more probable with low-income consumers.

Low-income consumers are also more likely to need a small cash boost every now and then and less likely to have the collateral needed for a low-interest title loan. According to official statistics, during the heyday of payday loans, most lenders were divorced renters struggling to make ends meet.

Nearly a tenth of consumers earning less than $15.000 have used payday loans, compared to fewer than 1% for those earning more than $100,000. Close to 70% of all payday loans are used for recurring expenses, such as utility bills and other debts, while 16% are used for emergency purchases.

Pros and Cons of Taking Out a Payday Loan

Regardless of what the lender or the commercial tells you, all forms of credit carry risk, and payday loans are no exception. In fact, it is one of the riskiest forms of credit available, dragging you into a cycle of debt that you may struggle to escape from. Issues aside, however, there are some benefits to these loans, and we need to look at the cons as well as the pros.

Pros: You Don’t Need Good Credit

Payday loans don’t require impeccable credit scores and many lenders won’t even check an applicant’s credit report. They can afford to do this because they charge high interest and fees, and this allows them to offset many of the costs associated with the increased liability and risk.

If you’re struggling to cover your bills and have just been hit with an unexpected expense, this can be a godsend—it’s a last resort option that could buy you some time until payday.

Pros: It’s Quick

Payday loans give you money when you need it, something that many other loans and credit offers simply can’t provide. If you need money right now, a payday lender can help; whereas another lender may require a few days to transfer that money or provide you with a suitable line of credit.

Some lenders provide 24/7 access to money, with online applications offering instant decisions and promising a money transfer within 24 hours.

Pro: They Require Very Little

A payday loan lender has a very short list of criteria for its applicants to meet. A traditional lender may request your Social Security Number, proof of ID, and a credit check, but the average payday lender will ask for none of these things.

Generally, you will be asked to prove that you are in employment, have a bank account, and are at least 18 years old—that’s it. You may also be required to submit proof that you are a US citizen.

Cons: High Risk of Defaulting

A study by the Center for Responsible Lending found that nearly half of all payday loans go into default within just 2 years. That’s a staggering statistic when you consider that the average default rate for personal loans and credit cards is between 1% and 4%.

It proves the point that many payday lender critics have been making for years: Payday loans are predatory and high-risk. The average credit or loan account is only provided after the applicant has undergone a strict underwriting process. The lender takes its time to check that the applicant is suitable, looking at their credit history, credit score, and more, and only giving them the credit/loan when they are confident it will be repaid.

This may seem like an unnecessary and frustrating process, but as the above statistics prove, it’s not just for the benefit of the lender as it also protects the consumer from a disastrous default.

Con: High Fees

High interest rates aren’t the only reason payday lenders are considered predatory. Like all lenders, they charge fees for late payments. But unlike other lenders, these fees are astronomical and if you’re late by several weeks or months, those fees can be worth more than the initial balance.

A few years ago, a survey on payday lending discovered that the average borrower had accumulated $458 worth of fees, even though the median loan was nearly half that amount.

Cons: There are Better Options

If you have a respectable credit history or any kind of collateral, there are better options available. A bank or credit union can provide you with small short-term loans you can repay over many months without accumulating astronomical sums of interest. 

The interest rates are much lower, the fees are more manageable, and unless your credit score is really poor, you should be offered more favorable terms than what you can get from a payday lender.

Even a credit card can offer you better terms. Generally speaking, a credit card has some of the highest interest rates of any unsecured debt, but it can’t compare to a payday loan. It also has very little impact on your credit score and many credit card providers offer 0% on purchases for the first-few months.

What’s more, if things go wrong with a credit card, you have more options than you have with a payday loan, including a balance transfer credit card or a debt settlement program.

Why Do Payday Loans Charge So Much Interest?

If we were to take a cynical view, we could say that payday loans charge a lot simply because the lender can get away with charging a lot. After all, a payday loan lender targets the lowest-income individuals, the ones who need money the most and find themselves in desperate situations.

However, this doesn’t paint a complete picture. In actual fact, it all comes down to risk and reward. A lender increases its interest rate when an applicant is at a greater risk of default. 

The reason you can get low rates when you have a great credit score and high rates when you don’t, is because the former group is more likely to pay on time and in full, whereas the latter group is more likely to default.

Lending is all about balancing the probabilities, and because a short-term loan is at serious risk of defaulting, the costs are very high.

Payday Loans and Your Credit Score

Your credit will only be affected if the lender reports to the credit bureaus. This is something that many consumers overlook, incorrectly assuming that every payment will result in a positive report and every missed payment in a negative one. 

If the lender doesn’t report to the main credit bureaus, there will be no changes to your report and the account will not even show. This is how many payday lenders operate. They rarely run credit checks, so your report won’t be hit with an inquiry, and they tend not to report on-time payments.

However, it’s a different story if you miss those payments. A lender can report missed payments and defaults and may also sell your account to a debt collector, at which point your credit score will take a hit. 

If you’re concerned about how an application will impact your credit score, speak with the lender or read the terms and conditions before applying. And remember to always meet your payments on time to avoid any negative marks on your credit report and, more importantly, to ensure you’re not hit with additional fees.

Payday Loans vs Personal Loans

A personal loan is generally a much better option than a payday loan. These loans are designed to help you cover emergency expenses, pay for home improvements, launch businesses, and, in the case of debt consolidation loans, to clear your debt. 

The interest rates are around 6% to 10% for lenders with respectable credit scores, and while they often charge an origination fee and late fees, they are generally much cheaper options. You can repay the loan at a time that suits you and tailor the payments to fit your monthly expenses, ensuring that they don’t leave you short at the end of the month.

You can get a personal loan from a bank or a credit union; whenever you need the money, just compare, apply, and then wait for it to hit your account. The money paid by these loans is generally much higher than that offered by payday loans and you can stretch it out over a few years if needed.

What is an Unsecured Loan?

Personal and payday loans are both classed as unsecured loans, as the lender doesn’t secure them against money or assets. Secured loans are typically secured against your home (mortgage, home equity loan) or your car (auto loan, title loan). They can also be secured against a cash deposit, as is the case with secured credit cards.

Although this may seem like a negative, considering a lender can repossess your asset if you fail to meet the payment terms, it actually provides many positives. For instance, a secured loan gives the lender more recourse if anything goes wrong, which means the underwriters don’t need to account for a lot of risk. As a result, the lender is more likely to offer you a low interest rate. 

Where cash advance loans and other small loans are concerned, there is generally no option for securing the loan. The lender won’t be interested, and neither should you—what’s the point of securing a $30,000 car against a $1,000 loan!?

New Payday Loan Regulations

Payday lenders are subject to very strict rules and regulations and this industry has undergone some serious changes in recent years. In some states, limits are imposed to prevent high interest rates; in others, payday lenders are banned from operating altogether. 

The golden age of payday lending has passed, there’s no doubt about that. In fact, many lenders left the US markets and took their business to countries like the UK, only for the UK authorities to impose many of the same restrictions after a few years of pandemonium. In the US, the industry thrived during the end of the 2000s and the beginning of the 2010s, but it has since been losing ground and the practice is illegal or highly restricted in many states.

Are Payday Loans Still Legal?

Payday loans are legal in 27 states, but many states have imposed strict rules and regulations governing everything from loan amounts to fees. The states where payday lenders are not allowed to operate are:

  • Arizona
  • Arkansas
  • Connecticut
  • Georgia
  • Maine
  • Maryland
  • Massachusetts
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Vermont
  • West Virginia

It is still possible to apply for personal loans and title loans in these states, but high-interest, cash advance loans are out of the question, for the time being at least.

Debt Rollover Rules for Payday Lenders

One of the things that regulations cover is something known as Debt Rollover, whereby a consumer rolls their debt over into the next billing period, accruing fees and continuing to pay interest. The more rollovers there are, the greater the risk and the higher the detriment to the borrower.

Debt rollovers are at fault for many of the issues concerning payday loans. They create a cycle of persistent debt, as the borrower is forced to acquire additional debt to repay the payday loan debt. 

In the following states, payday loans are legal but restricted to between 0 and 1 rollovers:

  • Alabama
  • California
  • Colorado
  • Florida
  • Hawaii
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • North Dakota
  • Ohio
  • Oklahoma
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Washington
  • Washington D.C.
  • Wisconsin
  • Wyoming

Other states tend to limit debt rollovers to 2, but there are some notable exceptions. In South Dakota and Delaware, as many as 4 are allowed, while the state of Missouri allows for 6. However, the borrower must reduce the principal of the loan by at least 5% during each successive rollover.

Are These Changes for the Best?

If you’re a payday lender, the aforementioned rules and regulations are definitely not a good thing. Payday lenders rely on persistent debt. They make money from the poorest percentage of the population as they are the ones most likely to get trapped in that cycle.

For responsible borrowers, however, they turn something potentially disastrous into something that could serve a purpose. Payday loans still carry a huge risk, especially if there is any chance that you won’t repay the loan in time, but the limits imposed on interest rates and rollovers reduces the astronomical costs.

In that sense, they are definitely for the best, but there are still risks and potential pitfalls, so be sure to keep these in mind before you apply for any short-term loans.

What is a Payday Loan? is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

‘Home Town’: Ben and Erin Napier’s Top Upgrade To Give a Home Happy Vibes

home townHGTV

Ben and Erin Napier of “Home Town” usually renovate single-family homes, but in their latest episode, they’ve turned their keen reno eye toward a good cause.

In “Color Psychology,” Napier’s clients Lisa and Mike Cochran have bought a house in Laurel, MS, for $25,000 in order to turn it into a women’s home. They want this nonprofit to be a welcoming place for women who have run into tough times. It should be comfortable and beautiful, but they also know it needs to function for multiple people (and their kids) at once.

Ben and Erin set out to create the ultimate “roommate house” with a modest all-in budget of $100,000. Read on to find out Erin’s favorite beautiful (but inexpensive) upgrades, and find out if you can use them in your own space.

Use bright colors for a welcoming home

house
Before: This house looked dark and dreary.

HGTV

Erin knows that the women who will move into this house have been through a lot, so she wants to create a welcoming, happy ambiance.

One way she does this is by using color to make the common spaces and the exterior give off a joyful energy.

“I did a lot of research in college about color psychology, and certain colors make you feel hungry or happy or sad or sleepy,” Erin explains. “In a color palette of sky blue, light-coral colors, lemon-meringue yellow, and then lots of neutrals and creams around those colors together give you a feeling of happiness.”

house
After: These colors are bright and welcoming.

HGTV

So Erin paints the exterior a beautiful blue, with a playful coral on the front door. Inside, she brightens up the living room with sunny yellow walls set off by creamy white trim.

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Watch: Exclusive: HGTV’s Orlando Soria Gives Us a Tour of His Home

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When the paint is dry, the house looks like it’s bursting with joy and life. Sometimes, the right colors can make all the difference.

living room
Erin Napier used bright, uplifting colors in this living room.

HGTV

Invest in small updates everyone will appreciate

window
Everyone will enjoy the new, improved window.

HGTV

Just like a fresh coat of paint, new windows are something everyone in the house will enjoy, and a window upgrade doesn’t have to cost a lot.

That’s why Ben and Erin decide to upgrade this house by replacing a window upstairs. While this only brings extra light to the attic, it also gives the exterior a more elegant look.

“That window is beautiful,” Erin says when she sees the new window installed. “That small change is like changing the world for this house.” This new window proves that sometimes the smallest update can have a huge impact.

Create a designated workspace for everyone

desk
These desks add extra function to this space.

HGTV

Erin knows that a home should be beautiful as well as functional, which is why she decides to add two custom desks to the living space.

With kids living in the home, she wants to make sure they have space to do their homework—but these convenient desks could also work in a house with roommates.

“We can make it even more multipurpose,” Erin says when looking at the dual kitchen and dining room. “We’re going to have kids. I want to think about how we have a really communal sort of dining space where there’s also maybe desks.”

desk
Ben Napier made these desks in his wood shop.

HGTV

Ben and Erin find space in the corners of the dining room where one desk could be tucked in on either side of the room, away from the dining table and out of the way of foot traffic.

The desks look lovely and prove that, while there might not be room for a dedicated office in a shared house, there can still be workspaces for everyone.

Use inexpensive and easily-cleaned materials

kitchen
This backsplash is inexpensive and fun.

HGTV

Ben and Erin next move onto the kitchen, choosing a backsplash that is beautiful, inexpensive, and easy to clean. They use vinyl wallpaper as a clever substitute for tile, giving the room a pop of color that doesn’t cost a lot. To protect the wallpaper from messes, Erin covers it with plexiglass so it can be quickly cleaned.

“We went with this because it’s affordable but it’s really pretty, because we want this to be a lovely, soft first landing for these women and their kids,” Erin says.

Best of all, Erin’s wallpaper is peel-and-stick, so it’s easy to put up and easy to take down. This makes it an especially great choice for any roommates who want to be able to change up the look of their kitchen without spending too much money.

Don’t go too pricey with kitchen features

Erin Napier
Erin learns how laminate counters are made.

HGTV

With a great roommate-friendly backsplash, Erin wants to continue the theme of inexpensive, sharable space with style. So she uses laminate countertops in the kitchen, knowing that this durable material will look great—and cost just $300. And that frees up funds for the nonprofit to use somewhere else.

“People want to be down on laminate,” Erin says, acknowledging how laminate might not be the popular choice. “But it wouldn’t make sense if we had put $2,000 worth of countertops in this house that was all about the budget.”

And the laminate counters look just like marble, giving the new tenants a beautiful kitchen that isn’t breaking the bank.

When the house is finally finished, Erin and Ben get to present their clients with a happy home that will be enjoyed by many deserving women for years to come.

The post ‘Home Town’: Ben and Erin Napier’s Top Upgrade To Give a Home Happy Vibes appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

7 Creative and Quick Dining Room Updates

With so many dining rooms being converted into part of the living room or kitchen these days, dining room design has kind of fallen by the wayside. But if you’re one of the lucky homeowners to have hung on to a formal dining space, you’ve got an opportunity to make some amazing modern updates. Here are 7 affordable ways to breathe new life into an old dining room:

#1 Perk things up with paint.
Are your dining room walls still the same color they were when you moved into your house 10 years ago? If so, there’s a good chance the color’s a little past its prime. In fact, it may also be doing an injustice to your furniture and the updates you’ve made in adjoining rooms as well. Refresh the walls with a paint shade that makes you feel comfortable and cozy. The room will reflect that feeling.

#2 Modernize the lighting.
Are outdated chandeliers and lamps gathering dust in your dining room? Consider sending them packing and installing some recessed lighting and pendants in their place. Pendant lights, in particular, come in a wide variety of styles and colors sure to add some new pizzazz to your space.

#3 Repurpose another room.
If your dining room is located in an undesirable space — a cramped corner of the house away from the kitchen, for example — pick a new place for your table and chairs. Put them in the kitchen, if you have the the space. Or, place the dining table somewhere right in your living room, where there’s easy access to the TV and stereo. You should always feel comfortable during a meal, and being confined to an area you don’t enjoy doesn’t contribute to that feeling.

#4 Add some visual appeal.
Visual appeal doesn’t stop at paint and lighting. It’s also important to consider how wall decor may increase the interest and comfort of the room. Blank walls may make it easy to zone out and focus on your meals, but your guests will surely enjoy looking at something a little more interesting. Depending on your budget and the size of your dining room, consider hanging potted plants and colorful pieces of art. Just be sure to balance wall decor with other elements in the room so your space doesn’t feel like it’s cluttered with stuff.

#5 Throw in a rug.
One of the worst sounds to hear is a chair scratching against the floor as you go to get up from the dining table. So fix the issue. Add a rug underneath the table and chairs to make things soft and cozy. Choose a rug that isn’t too thick with fibers. Otherwise, your chairs can get stuck and twisted. Of course, you’ll also want to make sure that the style and color of your rug complement the rest of the room.

#6 Use dividers.
Many newer homes combine kitchen and dining spaces. If you want to create a dedicated dining space, think about incorporating a room divider. It’s much cheaper than installing a wall — and you can add shelves, plants or a sliding door to further divide the two spaces. Plus, the flexibility of the divider allows to revert back to the bigger space any time you like.

#7 Build in.
How’s your dining room designed? Do you have a table that sits in the middle with four chairs around it? If you want to make the room more functional — and create more storage in the process — think about ditching the clunky furniture and opting instead for built-ins like bench seating, china cabinets and buffets. A professional can create custom built-ins to suit any style.

The post 7 Creative and Quick Dining Room Updates first appeared on Century 21®.

Source: century21.com