Home equity burning a hole in your pocket? You may want to think twice about that boat.
Home equity is a valued resource, and if you have it, you might be tempted to tap that wealth for other purposes. A home equity loan, which allows you to use your home’s equity as collateral, is a great way to do this. But depending on your personal situation, it may not be the right thing to do.
Here’s when a home equity loan makes sense — and when it doesn’t.
DON’T: Fund a lifestyle
Remember when homeowners yanked cash out of their homes to fund affluent lifestyles they couldn’t really afford? These reckless borrowers, with their boats, fancy cars, lavish vacations and other luxury items, paid the price when the housing bubble burst. Property values plunged, and they lost their homes.
Lesson learned: Don’t squander your equity! Look at a home equity loan as an investment — not as extra cash when making spending decisions.
DO: Make home improvements
The safest use of home equity funds is for home improvements that will add to the home’s value. If you have a one-time project (e.g., a new roof), then a home equity loan might make sense.
If you need money over time to fund ongoing home improvement projects, then a home equity line of credit (HELOC) would make more sense. HELOCs let you pay as you go and usually have a variable rate that’s tied to the prime rate, plus or minus some percentage.
DON’T: Pay for basic expenses or bills
This is a no-brainer, but it’s always worth reiterating: Basic expenses like groceries, clothing, utilities and phone bills should be a part of your household budget.
If your budget doesn’t cover these and you’re thinking of borrowing money to afford them, it’s time to rework your budget and cut some of the excess.
DO: Consolidate debt
Consolidating multiple balances, including your high-interest credit card debts, will make perfect sense when you run the numbers. Who doesn’t want to save potentially thousands of dollars in interest?
Debt consolidation will simplify your life, too, but beware: It only works if you have discipline. If you don’t, you’ll likely run all your balances back up again and end up in even worse shape.
DON’T: Finance college
If you have college-age children, this may seem like a great use of home equity. However, the potential consequences down the road could be significant. And risky.
Remember, tapping into your home equity may mean it takes longer to pay off the loan. It also may delay your retirement or put you even deeper in debt. And as you get older, it will likely be more difficult to earn the money to pay back the loan, so don’t jeopardize your financial security.
11 tips that will save your garden, lawn and flowers ... not to mention your green thumb reputation.
Whether you’re dealing with California droughts, Midwest heat waves or Deep South downpours, summer can be a tricky time to garden. Here’s what you need to know before leaving air-conditioned comforts for a steamy backyard jungle.
DON’T: Plant cool-season vegetables
Generally speaking, it’s a bad idea to attempt veggies like peas, lettuce, carrots and radishes in summer. They will quickly bolt in the heat, meaning they’ll devote their energy to blooming and producing seeds, making the edible parts bitter.
DO: Plant hot-season vegetables
Take advantage of summer’s sunshine by planting these heat-loving edibles:
Drought-tolerant okra produces prolific pods all summer long, and sweet potatoes make an excellent temporary ground cover, shading out weeds until the arrival of cold weather and harvest time.
DON’T: Water unless necessary
It’s tempting to set the sprinklers on a timer, kick up your feet and consider it handled. But you don’t want to run sprinklers in a rainstorm, so water plants only when they’re newly planted or wilting and/or dropping leaves.
DO: Use drought-tolerant plants
Drought-tolerant plants are all the rage, and not just because they conserve water. Grow drought-tolerant plants because they’re low-maintenance and because you’re an average person with — you know — a life.
That said, drought-tolerant does not mean you can plant it and forget it. Keep the soil moist until the plant takes off on its own.
DON’T: Turn your back on the garden
Because in summer, things can change in a heartbeat. Plants can succumb to pests, drought, wet soil or rot in a matter of days. Pay attention to weather forecasts, and watch for struggling plants.
Use those pruners on any bullies that seem to be taking over less vigorous plants. When in doubt, rip it out.
DO: Water deeply
Water like you really mean it, with a deep soak so that the water penetrates the soil without running off or evaporating in the summer heat. Watering deeply will also encourage deeper root growth, which helps plants (especially shrubs and trees) stay healthier and more drought-tolerant in the long run.
Water in the root zone with a garden nozzle, a soaker hose, or just a hose and a full stream of water.
DON’T: Scalp your lawn
If you plan on turning your summer lawn into a putting green and you mow your lawn close, you’ll be sorely disappointed by the results. (Unless you’re willing to settle for a putting brown, that is.) Shortcuts mean less drought-tolerance, patchier growth, more weeds and shallow roots. When in doubt, cut high.
DO: Fertilize warm-season grasses
Give your lawn a pick-me-up to cope with the summer heat. Your local garden center should have a good selection of fertilizers to suit your region and/or lawn type. Fertilize according to label instructions, using a broadcast spreader, handheld spreader or drop spreader for even coverage. Generally speaking, don’t feed on a hot day with temps above 90 degrees.
DON’T: Water in the afternoon
While it’s a myth that water droplets can magnify sunlight and burn the plants, watering in the hottest part of the day is still useless. Water quickly evaporates in summer, and many plants will go semi-dormant. Water in the early morning so the plants’ roots have a chance to absorb moisture.
DON’T: Let weeds go to seed
Procrastinate all you want, but pull those weeds before they have a chance to bloom and go to seed, spreading their progeny all over your garden. Don’t settle for hand-pulling everything either. Use a hoe or cultivator for new weeds in loose soil, or a heavy-duty weeding tool, like a hori-hori knife, hook or mattock for tough, established weeds.
DO: Plant tropical bulbs
Much of your garden will slow down in the heat of summer, but tropical bulbs such as caladiums, elephant ears, cannas and gingers will only grow faster. Create a lush and jungly understory beneath shady trees by planting en masse, or use sparsely for architectural interest in container combos and flower beds.
In early 2011, you may remember there was a lull in foreclosure activity – a lull that was prompted by nationwide scrutiny into lenders’ home-seizure practices. But in more recent months, as barriers that have been holding foreclosures back have been removed, banks, anxious to rid their books of long-delinquent mortgage loans, have been stepping up foreclosures — all over the country.
Granted, we’re well below the peak levels we saw from 2007-2010, but even so, consider this: In March, 2012, foreclosure filings were reported on nearly 200,000 properties — that’s 7.4 out of every 10,000 homes. With many more foreclosures in the pipeline, here’s how to avoid becoming a statistic:
Buy a home you can truly afford
Ok, so this is an obvious point, but reiterating the numbers is never a bad idea: Your housing costs (mortgage, insurance, taxes) should be no more than 25-28% of your monthly take-home pay. Use Zillow’s affordability and mortgage calculators. They’ll estimate the monthly costs of home ownership within the context of your monthly budget. If the payments seem too unruly (Give them a test drive!), you may need to come up with a larger down payment or shelve your purchase plans altogether.
Contact your lender immediately!
Doesn’t look like you’re going to be able to make that payment .. again? You need to let your lender know about your financial woes immediately, and, ideally, while your head is still above water and your credit is in tact.
Consider temporary relief
If you think that your inability to your make your mortgage payments is going to be temporary, see what kind of temporary relief your mortgage servicer can offer. They may be willing to accept reduced payments over a certain period of time; they may allow you to skip payments over a certain period of time; they may extend the grace period for late payments. Just remember: these solutions are temporary, so in the interim, try to find new ways to slash spending and save more. You must also prioritize your bills, paying attention to the ones that are the most essential.
Look into a modification
If your financial situation has permanently changed, then temporary relief is not going help much. You may need to have your loan modified. And while there are many different ways to do a modification, they generally incorporate interest rate cuts, term extensions and principle reductions – or a combination of these methods. Yes, there is a lot of paperwork involved, and yes, it can be complicated, but banks are under pressure to do these modifications and as a result, we are seeing higher success rates: the average savings, per modification, is about $500 a month. To see if you are eligible for a modification, go to makinghomeaffordable.gov.
Explore a short sale
If you’re underwater (as 23% of homeowners are today), cash-strapped, desperate for relief, and foreclosure is looking imminent/speed is of the essence, then you might want to consider a short sale. This where you’re selling your home, for less than what you owe on it, to your mortgage lender. The upside: No more negative equity burden; it’s not as damaging to your credit as a foreclosure is; you can purchase a home again in as little as 3 yrs; and you’re selling your home with your pride in tact.
Basic preparation can make your move into a new home or temporary storage unit much more efficient. Think ahead about what supplies you’ll need on-hand through the move, and be sure your arsenal is fully stocked with the essentials. Heed this advice and take a deep breath — your belongings will be safe, sound and organized when it’s all over.
1. Boxes and permanent markers
Boxes are a lot easier to stack and organize than bags, and you can label them with bold markers for quick identification. Find boxes for free at the supermarket, or buy some at your self-storage facility. Sometimes it’s better to buy new to ensure you get sturdy construction and uniform sizing, which facilitates safer stacking and space-efficiency.
2. Packing tape
A good roll of duct tape can be a lifesaver in almost any situation. For the more aesthetically sensitive mover, clear 2-inch wide packaging tape is the perfect tool to seal your boxes. Remember, you never realize how much tape you need until you run out. Keep a couple rolls handy as back-up.
When it comes to protecting your belongings, you can never be too safe. Save newspapers as you start to plan the move, so you don’t have to go scrounging for them at the last minute. Bubble wrap is ideal for smaller precious items, while moving pads and packing blankets should be sandwiched between and wrapped around furniture and other large pieces.
4. Dolly or flat-bed cart
There’s a good chance your storage facility will have one of these on-site to use for free during move-in and move-out, but call in advance to make sure. You don’t want to have to inefficiently drag or carry heavy boxes across the parking lot, one at a time. These come in handy for DIY home moving as well, especially when you need to haul something from the farthest end of the house to the truck outside.
5. Sturdy storage lock
We’ve seen Houston storage facilities (and others nationwide) with some amazing modern security features. Despite this, a good self-storage lock should be a top investment to ensure the safety and security of your belongings. Avoid standard padlocks or combination padlocks, which are not designed to withstand a legitimate break-in attempt. Instead, choose a closed-shackle padlock or disc lock. Your facility manager can recommend the best type for their doors
… even Bill Gates! We saw the headlines on the Seattle blog and the CNET News Blog that the Microsoft chairman admitted to checking out the value of his mansion on Zillow at a recent conference. He also admitted that the Zestimate was too low (even at $134 million). That’s not too surprising, as the Zestimate takes comparable sales into consideration, and there really is nothing like the Gates residence anywhere in the U.S. Unique features include:
We know Bill didn’t go to Zillow to set a Make Me Move price — although, wouldn’t THAT be interesting — but he came to see how technology is mashing up with real estate. So, we say to Bill as we say to everyone: Zillow is a starting point and that starting point becomes more precise with the more data we have to crunch. So, if you feel your home’s value is not spot-on, you can do something about it: Claim your home, edit the home facts and create your own estimate using My Estimator. Real estate is part art and part science. And if you have heated toilet seats and they don’t know it, you can go ahead and add that value to your home details page to get closer to what you think your home is worth. Give it a whirl and let us know what you think.
Heated toilet seats? Check…
Retractable garage roof? Check…
Tunnel to next door neighbor’s wine cellar? Check…
Know what we hate? We hate going through mails and seeing an envelope bearing the words “URGENT LETTER” and “PLEASE EXPEDITE” — because rather than informing that a wealthy distant relative has passed on and have less than 24 hours to claim the inheritance, have the sneaking suspicion that…sure enough: another refi offer.
Don’t get us wrong — refinancing can be a boon to mortgage holders who are either locked in at, or have found themselves adjusted to, a significantly higher APR. Today’s featured Real Estate guide article, Refinancing Your Home, explains the various reasons people choose to refinance. But as syndicated columnist and “Mortgage Professor” Jack Guttentag notes in last Sunday’s column, many borrowers are being tempted by refi offers that would actually wind up making them poorer. These loan offers start off on an alarmist note (“Interest rates are going up!” “Qualifying guidelines are changing!”), but don’t despair — if you ACT NOW, you can still take advantage of their “money-saving” loan programs. Credit problems? No problem!
Reading the fine print, however, reveals minor details like the fact that incidentals such as taxes, title, and insurance are often not included in their APR calculation. Moreover, it turns out that making the minimum payment (i.e., the one they advertise prominently) may cause negative amortization. Finally, the predicted savings (not to mention the ability of the borrower to make payments) depends on housing prices continuing to rise. And as an increasing number of subprime lenders are painfully aware, that’s not always the case.
Here’s the thing to remember the next time you receive an “urgent” offer to refinance your home: The companies that send these loan offers don’t guarantee that you’ll be better off after all the new fees have been paid in order to get rid of the old mortgage. If you are seriously considering refinancing, proceed with care and do the math.
The scent of freshly baked cookies wafting through the house? Check. Eager agent milling about? Check. Blue paper shoe covers that make you look decidedly Smurf-like? Check.
Ah, the joys of the open house …
The crowd at open houses is usually a mix of nosy neighbors (“I’ve always wanted to get a peek at their backyard …”), habitual house hunters (you know, the ones who are “just looking”), and, of course, serious buyers. If you fall into the serious buyer camp, you might be interested in an article in the Real Estate Guide that covers what you should and shouldn’t do at open houses.
As the article says, open houses can be a great opportunity for gathering information on the house and the neighborhood. The agent showing the house can give you some good info, and the neighbors who will inevitably pop in are a fantastic resource. They might even be able to give you the scoop on other neighbors who are about to sell their homes.
While it’s good to chat up the agent and the neighbors, it’s important to remember to keep your opinions on the house to yourself (stuff one of those cookies in your mouth, if you have to!). Remember, you might be negotiating with the seller’s agent later, so you don’t want them to know how much you adore this house, thus reducing your negotiating leverage. Conversely, if you voice criticisms about the home, that might also come back to bite you later.
Thinking about buying new construction? The article also covers what you should look for and ask when visiting a developer’s open house.
What does it take to make a home famous? In case you’re wondering how to make YOUR home famous, there are two main routes to explore: Either become famous yourself (the more difficult of the two options) or lend your home to a film project for use in a movie or even a commercial.
Found an interesting article published March 5 in the Los Angeles Times titled “The star treatment: Want a film set in your living room?” (To access this article, registration is required). It’s all about looks, marketing and good neighbors that gives some background on how to go about getting your residence into a film. The article states that “On a big-budget Hollywood film, your house can earn anywhere from $2,000 to $20,000 a day.” Even though you have to register on the L.A. Times site, it’s definitely worth the effort if you are looking for the fast track to having a famous home (or if you just want to get paid $2k-20K per day to stay in a hotel)!
Millennial veterans and military members are helping fuel the resurgence of the historic VA loan program. Last year’s 700,000-plus loans were more than double the agency’s total from five years ago.
Younger buyers in particular have flocked to these government-backed mortgages during a time of tight credit and flatlining wage growth. The VA says millennials accounted for about a third of all VA loans last year.
These low-interest loans offer qualified buyers a wealth of benefits. That’s especially true for millennial borrowers, who often have dented credit or minimal savings. This $0 down payment loan program was created to help level the playing field for those who serve our country, and it’s still doing so today.
“VA loans offer an extraordinary opportunity for veterans because of lower interest rates, lower monthly payments, no or low down payments, and no private mortgage insurance,” said Jeff London, director of the VA home loan program.
Here’s a closer look at three of the big benefits that make VA loans such a good match for millennial home buyers.
1. No down payment requirement
This renowned benefit of VA loans helps veterans purchase without having to spend years saving for a down payment. When determining affordability, qualified buyers in most of the country should know that they can purchase a home for up to $424,100 before having to factor in a down payment. That ceiling is even higher in costlier housing markets.
The average VA loan last year was for about $253,000. Getting a conventional loan for that amount often requires a down payment of at least $12,000. FHA loans require at least 3.5% down. That’s no small sum in either case, particularly for younger veterans and military families.
2. No mortgage insuranceVA buyers also don’t have to pay extra each month for mortgage insurance, a common feature of low-down-payment loans. Conventional buyers typically need to pay for private mortgage insurance unless they can put down 20%. FHA loans come with both upfront and annual mortgage insurance premiums.
For example, FHA buyers shell out an additional $140 per month for mortgage insurance on a typical $200,000 loan. That extra outlay can limit your purchasing power, as well as put a hole in your monthly budget.
Most VA buyers encounter a funding fee that goes straight to the Department of Veterans Affairs. Veterans and military members can finance this cost over the life of their loan. Borrowers who receive compensation for a service-connected disability don’t pay it at all.
3. Flexible credit guidelinesVA loans were created to boost access to homeownership for veteran and military families. They’re naturally more flexible and forgiving when it comes to credit underwriting.
Lenders typically have lower credit score benchmarks for VA loans than for conventional mortgages. The average FICO score on a VA purchase last year was 50 points lower than the average conventional score, according to Ellie Mae.
Compared with conventional borrowers, qualified VA buyers can also bounce back faster after a bankruptcy, foreclosure, or short sale.
Despite their flexibility, VA loans have had the lowest foreclosure rate on the market for most of the past nine years. That’s due in large part to the VA’s commitment to helping veterans keep their homes.
Loan program officials can advocate on behalf of veteran homeowners and encourage lenders and mortgage servicers to offer alternatives to foreclosure.
“VA is even there to assist veterans who encounter difficulty making payments,” London said. “Last year, VA and servicers helped over 97,000 veterans avoid foreclosure. Using the VA program is a win for veterans, lenders, and taxpayers.”
More than seven decades after their introduction, VA loans are still making a big difference for veterans, military members, and their families.
“A home and its equity becomes the bedrock of their economic future,” said Curtis L. Coy, deputy undersecretary for economic opportunity at the Department of Veterans Affairs. “Money that would have typically been used for the down payment is now money in their pocket—money that can be the beginning of their savings or can be used to fix up their home. It is a win-win for the veteran and the community where they spend that money.”
This article was written by Chris Birk, director of education at Veterans United Home Loans and author of “The Book on VA Loans: An Essential Guide to Maximizing Your Home Loan Benefits.”
This article was written by Chris Birk, director of education at Veterans United Home Loans and author of “The Book on VA Loans: An Essential Guide to Maximizing Your Home Loan Benefits.”
NMLS 1907 (www.nmlsconsumeraccess.org) Veterans United Home Loans is not endorsed or sponsored by the Department of Veterans Affairs or any government agency; does not reflect DOD endorsements. Equal Opportunity Lender. 1400 Veterans United Drive, Columbia, MO, 65203.
Summer is peak season for home selling—but also for barbecues, vacations, and long, lazy beach days. In other words, there are lots of things to distract even the most diligent would-be buyers. And that’s not even counting those dog days when it’s too hot to even venture out to view homes.
But for home sellers who are eager to drum up an offer before Labor Day, having their sale sidelined isn't an option. And luckily, there's plenty you can do to lure buyers through your door. Check out these five smart tips for getting buyers to brave the heat and squeeze your house into their summer schedule.
1. Embrace 'rush hour' traffic
Long weekends out of town are the stuff summer dreams are made of. But they're also the reason many Saturday and Sunday afternoon open houses end up nearly empty. Choosing an alternative time frame may turn that around.
"During the summer months, I've found holding 'rush hour' open houses to be hugely successful," says Lindsay Bacigalupo, Engel & Völkers Minneapolis. "For example, Minnesota is full of lakes and so many residents here go up north for the weekend to enjoy time at their cabin. That's why I hold open houses on Thursdays from 4 to 6 p.m.—it creates an opportunity for buyers to view it during a time that might be more convenient."
2. Turn your open house into a summer party
Let's face it: Heading to a barbecue or pool party sounds a whole lot more fun than an open house. If you can't beat 'em, why not join 'em?
"Advertise it as a party instead of simply an open house," says Brett Fischer, associate broker at Lee & Associates Residential in New York, NY.
In other words, put together a gathering that feels more like a celebration than a sales pitch. Try serving up refreshments outside like lemonade and iced tea on trays, or fire up the grill to serve summer-themed appetizers or sliders.
Timing can make a difference here, too: Rather than holding your soirée in the middle of the day, wait until the evening when the temperature's bearable and people are ready to venture out and kick back at a house party.
3. Shine a spotlight on the outdoor space
Nothing's more appealing on a scorching summer day than a backyard pool. Play up this feature and other outdoor amenities to convince buyers this is the warm weather oasis they deserve.
"The long days of summer make for the perfect opportunity to highlight the exterior living spaces of the property," says Than Merrill, a real estate investor and CEO of the real estate education company FortuneBuilders. "Make additional effort to keep patio areas, the pool, and outdoor furniture extra-clean. Incorporate tasteful props such as cushions, towels, lanterns, and string lights to help spur the imagination of your guests."
Mark Cianciullli, a real estate agent at the CREM Group, recalls how setting the stage paid off by getting potential buyers to envision themselves enjoying the amenities he's featured.
"It was a hillside home that had a beautiful view of the city below, especially at night when the city was lit up. So I decided to have a 'summer nights'–themed open house where I set up bistro lights in the backyard and floating candles in the pool and served wine and cheese," he says. "It was such a charming atmosphere that the ultimate buyer wanted the house so bad so she could re-create those kinds of settings for parties or just hanging out with her family and friends."
4. Create a community event
Sometimes getting a home sold is a matter of enlisting the help of those who already live in the neighborhood. Merrill recommends hosting a summer block party at the front of the property, rather than in the backyard, to invite more attention and foot traffic from neighbors and others passing by.
"Prepare a theme, such as a luau or a summer barbecue, with entertainment for kids," he suggests. "Make sure to design and pass out event fliers around the neighborhood days in advance. Consider renting food trucks, including a snow cone or ice cream truck, to help serve your guests. As you mingle with guests, invite them to take a tour of the property and ask them to spread the word to friends and neighbors."
This concept translates to urban areas as well.
"New York City is famous for its residents fleeing the city on weekends, so real estate professionals have to get creative," explains Mable Ivory at Engel & Völkers in New York. "So this week, I hosted a community event called 'Sunset Soiree in the South Bronx.' Attendees could preview my listing, a penthouse on the Grand Concourse, while enjoying Bronx and Manhattan skyline views at sunset. We provided live music from Bronx native Pernell Walker, custom-designed 'Bronx Bomber' cocktails and bites, and had a raffle for 'The Bronx Rox' gift basket. It was more than just an open house, but a way for the community to get together and celebrate their neighborhood."
5. Advertise early, often, and offline
Spreading the word about an open house is always key to getting people in the door, but never more so than that stretch between Memorial Day and Labor Day.
"Summer is a crazy season, and often people become unplugged from their devices," says Jennifer Brownhill, regional marketing manager of CLV Group. "So advertising online well in advance will help give people the heads-up to clear their schedule for this day."
To capture more eyeballs offline, plant signs on roadways headed toward the beach, campgrounds, and other popular summer destinations. Add extras like balloons to draw even more attention.
"Buyers know that it doesn't take long to tour the home," says Alex Hubler of Keller Williams Premier Realty Lake Minnetonka, MN. Advertise how your home's just five minutes off the highway, and "people can pop in quick if they're on their way somewhere, rather than taking the whole day to tour homes."
If you've ever gotten ready to sell a home, you know that in order to fetch top dollar, you need to get your place in good shape. But that costs money—hiring contractors, painters, and other pros—so you might be wondering: Why not save some cash by tackling a few of these fix-its myself?
That's fine and good if you know what you're doing. But unless your DIY skills are fairly advanced, experts agree that this is one of the biggest mistakes a home seller can make. If you bungle the job, you might end up making things worse, and shelling out even more money down the road.
"You have to ask yourself: Is it likely to do more harm than good?" says Dan Bawden, chairman of the National Association of Home Builders Remodelers
To help you separate the tasks you can tackle from those best left to the pros, here are some DIYs to avoid when preparing to sell your home.
If you have rooms that need a fresh coat of paint, go for it, says Bawden. But if you have cracks in the drywall from a shifting foundation or a little depression from years of doorknob slams, it's worth it to hire a pro.
"In my house, I wouldn't do the Sheetrock," says Bawden. "I'd hire someone to fix plaster or drywall. If you don't get the texture just right, when you paint the wall, the repair is going to stick out like a sore thumb."
You don't want your "fix" to look worse than the original problem. Contract out the drywall repair, then DIY the paint job afterward.
"I’ve been in the construction business for years, and I don’t mess with anything inside an HVAC," says Bawden.
The heating and cooling systems in your house are complex, and often connected to both electrical and gas. Making a mistake could mean blowing out the entire system, setting you up for a much more expensive repair in the end.
Furthermore, you'd better believe that potential buyers are going to have their inspector go over the HVAC as thoroughly as possible. Even something relatively simple such as installing a smart thermostat can fry your wiring if done incorrectly. When it comes to your heating and AC, approach with caution.
Unlike installing a refrigerator, stove, or washer and dryer (which can often be a simple DIY task), installing a new dishwasher is complicated.
"The complexities involved with setup, such as installing water and drainage lines under the kitchen sink cabinet, are best handled by a professional," says Doyle James, president of Mr. Rooter plumbing.
Doing this job wrong could mean flooding your kitchen, which will ruin your floors and more. And besides, most big-box stores offer installation for a fairly reasonable price if you're buying new units, or a plumber can handle it for $150 to $500.
"Even if it's not a really massive tree, you'd be surprised how hard it is to dig around the roots," says Bawden.
It's also dangerous, especially if you don't have the tools professionals would use to remove the upper part of the tree before taking out the stump. Do you really want to be that person who puts a tree through your own roof because you were too cheap to hire a tree removal professional? (No, you don't.)
Siding and window fixes
Bawden cautions against DIY siding or window replacement, because water can seep into the walls if you don't reseal the layers properly. It might not be noticeable at first. In fact, you may sell the house not even realizing there is a problem, but down the line, mold and water damage will start to appear.
Not only is that bad karma, it could also be what Bawden calls "lawsuit city."
While replacing a light fixture or ceiling fan could be fine to DIY, experts draws the line at any electrical work involving the breaker box. Not only could you hurt yourself, you could also create a fire hazard, especially if your home isn't brand-new.
"Older homes do not usually have safety devices like ground fault circuit interrupters, making it especially dangerous," explains Shawn McCarthy, owner of Handyman Connection of Colorado Springs.
"You reach the limit pretty quickly," agrees Bawden. "Anything that involves running new wires or repairing faulty wiring should be left to a professional."
Aside from the risk of fire or injury, serious electrical work done by an unlicensed electrician could have code problems, meaning you're likely to get a thumbs-down from the inspector later anyway.
Even if it's just a little fix that the average DIYer could easily do (e.g., hammering down a shingle or two or replacing chimney pipe roof flashing), be cautious.
"It's very easy to get disoriented," says Bawden, especially on a peaked roof. This is why even pro roofers always use a harness in case of falls, so unless you take similar safety measures, steer clear.
Some plumbing tasks are doable: Fixing a running toilet or snaking a slow drain should be in pretty much anybody's comfort zone. The problem with attempting bigger DIY plumbing tasks, though, is that you often don't quite know what you're getting into. Disassembling leaky or blocked under sink pipes, for example, seems simple enough. But according to James, "Pipes are complex and very tricky to reassemble, particularly when they're in close proximity to other plumbing components and machinery, such as dishwashers or garbage disposals."
He notes that what might appear to be a straightforward problem, like low water pressure or a fractured pipe, could actually be a symptom of a larger issue with your system. Plumbing has a way of getting out of hand—i.e., broken pipes, flooding, and worse.
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