Remember about a month ago when I did a Thing and that Thing was presenting on the topic of DIY at the New England Home Show? Well I did it again, this time down on Long Island, and this time outdoors, and this time they had me cut my presentation down a little and answer more questions about renovation stuff.
Here’s what the Thing is: TD Bank has teamed up with HGTV Magazine to go around the country on what they call the TD Bank Rolling Renovation. This flashy car photographed above is driven by a couple of very nice men who evidently never sleep, because essentially everyday they have to set this whole thing up, work an event, pack it all up, and drive to some other faraway place to do it all over again. I’m very fascinated by these very nice men, because I have to imagine that they’re surviving on a diet of Red Bull and more Red Bull but they still manage to be so nice.
At a lot of the stops, HGTV and TD Bank have lined up people to give presentations and Q&A sessions. Sometimes it’s a blogger. Sometimes it’s that hunky blonde guy from DIY Network. Sometimes it’s a hunky blogger, who is me.
The point of the Thing is to help spread the good word about TD Bank’s Home Equity Lines of Credit. It’s all very civil and not-gross—there are people there to give information and answer questions, a sweepstakes you can enter, small prizes to win, and games to play on those iPads. They don’t take personal information so they can’t bombard you with junk mail later and the point is not to get anyone to sign up for anything right then and there, even if they want to—nary an application or anything like that in sight. It’s more like, “here’s this interesting way that you can finance stuff, and we offer a pretty sweet deal, and also here’s an iPad with games and a blogger to talk to!” Nothing wrong with getting some information and a free tape measure, am I right? I like information. The Thing is not a bad way to spend a little time on a sunny Sunday afternoon on Long Island. Especially when you arrive an hour early and have unexpected time to go to the adjacent mall to buy pants.
Not that I know anything about that, because I am a professional who brings my own pants.
Even though all I was hired to do was give a couple of presentations and answer questions about renovating—how to choose a contractor, what to tackle yourself, what to do first, how to avoid buying a money-draining nightmare of a property (thank you for teaching me so much, Olivebridge Cottage), that kind of thing—hanging around the TD Bank Rolling Renovation set-up was actually pretty informative for me in terms of thinking about how to finance all this stuff. If you need a wall covered in subway tile, I’m pretty good for that kind of thing, but I’m basically a toddler when it comes to understanding semi-complicated things with money. In general, it’s like this:
- I get paid.
- I pay for stuff.
- I put some money away for later to pay for other stuff.
- I charge stuff for which I don’t have enough money to pay but still need.
That is my financial planning. It is not the most advanced.
But what I do have is a house, and because the initial purchase price was very low and I took out a proportionately small loan to pay for it, I actually don’t owe that much money on my house. But I have poured a lot of cash money and time and hard work into my house, and it’s worth a lot more than I bought it for, which I guess means I have a lot of this thing they call equity, which I literally had to google a few years ago because I had no idea what it actually meant. Thing is, it’s been almost three years and I still have a lot of work to do on this sucker, and honestly? Some of it I just want to be DONE. You know I’m all about that crazy renovation lifestyle, but what I might be more about is having a renovated bathroom or a bedroom without crumbling walls or even something crazy like a guest bedroom I don’t have to apologize for. I’m not saying, like, finish the whole house in four weeks, but having someone hand me a big ole’ check that I get to repay over time, in exchange for some of this invisible equity thing I have, at a pretty low interest rate, to knock a few major things off the list that will drastically improve my quality of life? It kinda sounds good?
People ask me a lot of questions about renovating old houses, many of which I now feel equipped to answer, but I’m pretty much useless when it comes to ones pertaining to financing and I’m probably doing all sorts of things wrong. Maybe this is not the kind of thing to be discussing on my blog, but I’m genuinely curious: is a home equity line of credit something you’ve done? How’d that go? Any other financing tips you care to share, for those of us that are not so financially savvy? Since I’m worthless as a resource on this topic, I’d love if the comments section on this post could be a better one!