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You wouldn’t think that going $80,000 over on a remodeling project would pay off, but for a lucky Lake Oswego, Oregon couple it did.

Sarah Max, a writer for Money Magazine (a.k.a. CNN Money.com), did a piece last November on Erika and Greg Tansey, L.O. homeowners that learned the ins and outs of remodeling the hard way - by living it.  Sarah titled her article Remodeling School and outlines the four home remodeling lessons the Tansey’s learned:

1. The words “under” and “budget” do not coexist

2. You can get a better price

3. Don’t count on hosting New Year’s Eve dinner

4. Even Bob Vila has his limits

Go here to read the full article.

So, you are thinking about new appliances for your home. Before you go out and buy, you might want to consider checking into the various rebates and incentives that are available. Chosing energy efficient models might prove a better way to go. Depending upon the appliance you buy (or the way you choose to power them), you may be able to stuff a few dollar bills back in your pocket. Read the rest of this entry »

A few days ago I wrote a post about the Portland Development Commission’s low-interest loans for necessary repairs and home improvements to your home.  Well, did you know that they also have a home loan program for where you can refinance your home at a 90% loan-to-value (LTV) ratio, based on the after-improved value of your home? Cool, huh?  Read the rest of this entry »

So, you live in a house that needs some repair. I don’t mean a new kitchen or a little paint, I mean REPAIR. Perhaps the furnace has a mind of its own and works sporadically or the home has faulty plumbing. Maybe every time a rain storm comes through town you are immediately on bucket patrol to catch that inevitable drip here or there.

Like many of us, you probably love the house (or neighborhood) despite it’s flaws and you just don’t want to (can’t afford to?) move.  You have the desire and ideas to repair these necessary items; the only things holding you back is finding the money.

Well, if you live in the Lents Town Center or Interstate Corridor areas, you might be in luck. The Portland Development Commission (PDC) has a couple of loan programs for folks needing critical repairs to their homes. Critical repairs include such items as:

• Leaking roof
• Dangerous wiring/faulty electrical circuitry
• Failing structural system
• Faulty plumbing
• Broken sewer connection
• Inoperable heating system
• Hazerdous porch/stairs
• Critical assessibility need
• Code violations related to health or safety

However, there are income levels to qualify (no more than 50% or 80% of Median Family Income, depending upon the loan type) and a list of other criteria:

• Property taxes must be current for owners qualifying for the loan, or no more than two years’ delinquent
• There must be equity in the property equal to the loan amount
• Applicant must intend to occupy the property as the primary residence throughout the term of the loan
• Total assets cannot exceed $50,000, not including the value of the primary residence
• Applicant must be on title to the property
• Loan Conditions :
  • The loan amounts range from $5,000–$10,000; some repair needs may be extensive or too costly and consequently not feasible under this program
  • Lien placed on the property, from 20–30 years, depending on the interest rate
  • Loan comes due when the property changes hands

To start the process of receiving a PDC home remodeling loan you need to contact a PDC Loan Specialist. The telephone number to call is (503) 823-3400 or you can contact a specialist via email here.

Good Luck!

Photo by Penny Mathews, used under creative commons.