From the scary headlines about a “mortgage meltdown”, you’d think getting a home equity loan these days was harder than finding a scotch and soda in Riyadh. But in fact, homeowners with good credit are having no trouble securing money for renovations. And interest rates have even come down slightly in the past 12 months. They only change is that banks have stopped handing out cash on crazy terms. You’re now required to document your income, for instance, and you must actually have equity in your house to borrow against. Here, the pros and cons of the three most common loans for funding renovations.

According to Remodeling magazine’s “Cost vs. Value Report” in 2002, the payback on improvements was measured by comparing the costs of various types of projects in the nation’s top 35 markets to home values. A panel of more than 200 real estate agents and appraisers participated.

Nationally, the results showed that homeowners recover about 80 percent of home improvement costs through an increase in the home’s worth. In hot markets, the increased value of the home may exceed improvement costs.

Generally, homeowners recovered nearly 90 percent of costs for remodeling bathrooms, 67 percent for kitchens, 75 percent for master suites and 79 percent of basement remodels.

Question: We recently purchased a house that had been repossessed by the bank.

When we made our offer, our agent advised us not to get a home inspection since it was just an additional cost to us and the bank would not fix anything anyway.

In hindsight, we realize we should have had an inspection because the roof leaks and we get standing water around the foundation during wet weather. Do we have recourse or did we just make a huge mistake in not getting an inspection?

One of the biggest parts of interior house painting is the preparation. If these steps aren’t followed properly, mishaps will occur. Professional painters learn early that the key to a successful interior paint job is the preparation. Properly preparing a room for painting allows for easy clean up and a more professional look in the end. Follow these steps for the best results.

First, empty the room out as much as possible. Take out large furniture and make sure nothing can obstruct the preparation and painting process.

So it’s time to improve the old homestead. You’ve been collecting pictures of that new kitchen, bath or deck. Now you’re ready to move forward with the project. You’ve considered whether you can afford the remodeling. But there’s more than the cost to consider when you take on a home construction project. Let’s look at some of the financial considerations of home remodeling.