avatiiab! IF YOU'RE interested in remodell- ing your home and also want to upgrade its energy efficiency, but aren’t sure where the money is go- ing to come from, why not con- sider borrowing against the equity you've built in your property? Many homeowners are finding that loans are readily available and interest rates are lower than they’ve been in years. There are several types of home improvement loans. Home equity or second mortgages are the most popular today. With such a loan, the amount you can borrow is calculated on a percentage (usually 75 to 80 per cent) of your home’s appraised value minus the unpaid balance of your mortgage. Here’s an example: If your house is appraised at $100,000 and you have a balance of $60,000 on your first mortgage, you could get fect. According to experts, home improvements offering the most value are: Energy-saving upgrades, kitchen modernizations, existing space redesign and bathroom addi- tions. Increasing your home’s energy efficiency pays immediate divi- dends in the form of lower fuel bills. Adding insutation yourself to an entire house will cost roughly $1,200, but will add approximately $1,000 (83 per cent of cost) to its equity financing value in the eyes of a mortgage lender. Modernizing a kitchen will cost e for upgrading between $4-$10,000 and up — but produces resale and mortgage fi- nancing returns of 86 per cent and 83 per cent respectively. Redesigning existing space into more economical space is rewar- ding while living in a home and eye-catching to future buyers. Be careful not to raise the value of your home more than 20 per cent over the others in your neighborhood, however. Adding a new bathroom will cost about $4,900, but will yield an average 104 per cent return on resale. ‘HEAT PRO >BLEMS?| ITAKE CARE OF YOUR LOVED ONES WITH A a $20,000 to remodel your kitchen & and add a bathroom, as long as you meet standard loan qualifica- tions. The rates for home equity or se- cond mortgage loans vary, although they often are set at two percentage points above the prime “rate. Also, the repayment periods are generally shorter than the first mortgages. Naturally, if you're going to remodel your home, you "i} want to get the maximum real capital ef- Rikki says. ..please recycle, it helps everyone. Thanks. Includes: 1 hallway 1 flight of stairs MARSHALL BUILDING | HOT FRIES ay for FREE HEAT MACHINE’ FIREPLACE =< HEAT EXTRACTOR 5 "4M seu 21423 models Brass hood plone! A a he OPEN . SUNDAYS