haapai
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Post by haapai on Oct 12, 2023 17:33:02 GMT -5
Any news yet? Are you even going to get any numbers?
Sooner or later, you will have to sit down and take a hard look at what any loan is going to do to your paycheck and what kind of taxes and loss of tax credits you'll be facing when you have to pay off a loan instead of socking the money into a 401(k). None of us can do this for you. You are straddling a tax bracket and losing credits and we don't know the details. We also do not know the details of your child support and any college tuition payments. We don't know what kind of taxable gains you would incur by liquidating your taxable account or when you intend to cash in the earmarked amount. I can't remember what you have said about when you want to retire.
The only good news is that I'm pretty darned sure that you can figure out a path and a strategy that would never occur to us.
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Post by minnesotapaintlady on Oct 12, 2023 20:40:44 GMT -5
Any news yet? Are you even going to get any numbers?
Well, I hope so! I'm sure it takes awhile to quote a job that big and they're all really busy right now trying to get as much done as they can before the weather doesn't cooperate anymore.
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TheOtherMe
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Post by TheOtherMe on Oct 13, 2023 9:36:06 GMT -5
Are there still delays on supplies. I remember the bathroom remodel didn't start for over a year after I signed the contract due to delays in supplies.
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Post by minnesotapaintlady on Oct 13, 2023 10:23:19 GMT -5
That I'm not sure. I just know they all have a long backlog of work due to all the hailstorms this summer.
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Post by minnesotapaintlady on Oct 13, 2023 14:23:28 GMT -5
First estimate is in...
I think the only big shocker for me is 3K to replace a couple steel doors. I mean, I can get a steel six panel door from Menards for $250.
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jerseygirl
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401K Loans
Oct 13, 2023 15:48:10 GMT -5
via mobile
Post by jerseygirl on Oct 13, 2023 15:48:10 GMT -5
Door estimate is wacky! Solid steel doors? It’s a garage not a bank
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haapai
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Post by haapai on Oct 13, 2023 16:21:00 GMT -5
Someone has to ask this question. Are those first three things different options or are they all part of the estimate? Please tell me that those are your choices of materials.
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Post by minnesotapaintlady on Oct 13, 2023 19:16:17 GMT -5
Door estimate is wacky! Solid steel doors? It’s a garage not a bank I don't think they're actually solid steel. They're probably steel clad over an insulated core like I have now...but yeah, super spendy doors regardless. I'm assuming that comes with them replacing the entire frame on each and not just hanging new doors.
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Post by minnesotapaintlady on Oct 13, 2023 19:17:03 GMT -5
Someone has to ask this question. Are those first three things different options or are they all part of the estimate? Please tell me that those are your choices of materials. Yes, I asked him to quote me plain vinyl, insulated vinyl and steel. This company does not do masonite.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Oct 15, 2023 11:10:18 GMT -5
Someone has to ask this question. Are those first three things different options or are they all part of the estimate? Please tell me that those are your choices of materials. Yes, I asked him to quote me plain vinyl, insulated vinyl and steel. This company does not do masonite. seems in line with what you were expecting....which...wierd after the time lapse.... Are you going to wait for a masonite quote from someone else before deciding?
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Post by minnesotapaintlady on Oct 16, 2023 8:56:29 GMT -5
Yes, I asked him to quote me plain vinyl, insulated vinyl and steel. This company does not do masonite. seems in line with what you were expecting....which...wierd after the time lapse.... Are you going to wait for a masonite quote from someone else before deciding? I'm still waiting for the quote from the first guy, and I haven't heard boo from the Hardie board site that I put in a request to have them line up installers. The second guy seems way more on the ball. I know the name and they have a good reputation around here, but that 3K for two doors kind of has me floored. The 23-34K for siding, yeah...got it, but 3K for a couple plain steel doors? WTH?
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Rukh O'Rorke
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Post by Rukh O'Rorke on Oct 16, 2023 12:24:36 GMT -5
seems in line with what you were expecting....which...wierd after the time lapse.... Are you going to wait for a masonite quote from someone else before deciding? I'm still waiting for the quote from the first guy, and I haven't heard boo from the Hardie board site that I put in a request to have them line up installers. The second guy seems way more on the ball. I know the name and they have a good reputation around here, but that 3K for two doors kind of has me floored. The 23-34K for siding, yeah...got it, but 3K for a couple plain steel doors? WTH? Ask! Say - why so high? Menards says 250 for the door..... Maybe there is something that can be explained? Maybe they can do a substitute? or maybe it shows they are untrustable?
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Post by The Walk of the Penguin Mich on Oct 17, 2023 15:59:56 GMT -5
seems in line with what you were expecting....which...wierd after the time lapse.... Are you going to wait for a masonite quote from someone else before deciding? I'm still waiting for the quote from the first guy, and I haven't heard boo from the Hardie board site that I put in a request to have them line up installers. The second guy seems way more on the ball. I know the name and they have a good reputation around here, but that 3K for two doors kind of has me floored. The 23-34K for siding, yeah...got it, but 3K for a couple plain steel doors? WTH? I think that the door off of the garage was about $1000. It was rotted, needed to be replaced and we got something similar. We thought that was too much, but went ahead and did it because a lot of extra stuff was thrown in that they didn’t charge for (like painting the deck railings along with the house).
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Tiny
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Post by Tiny on Oct 17, 2023 17:09:01 GMT -5
Which of these holds up the best to hail damage? Are the doors being replaced a standard size or will they have order the doors (I assume for 3K the doors are NOT some weird custom size - maybe a "we don't carry that size, they aren't aren't a special order (one of a kind), we just need to order them and then wait for them to be delivered" kind of door). Will you be getting custom finish on the new doors (some color other than white?) Does the estimate include the door handles (the lock sets?) or is that extra? The handles/locksets for two doors could run a couple hundred plus each. will there be added weatherstripping or sweeps on the doors?
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Post by minnesotapaintlady on Oct 18, 2023 7:25:46 GMT -5
Which of these holds up the best to hail damage? Are the doors being replaced a standard size or will they have order the doors (I assume for 3K the doors are NOT some weird custom size - maybe a "we don't carry that size, they aren't aren't a special order (one of a kind), we just need to order them and then wait for them to be delivered" kind of door). Will you be getting custom finish on the new doors (some color other than white?) Does the estimate include the door handles (the lock sets?) or is that extra? The handles/locksets for two doors could run a couple hundred plus each. will there be added weatherstripping or sweeps on the doors? Well, not A, that's for sure. It might be a toss-up between B and C. But, despite getting two new roofs for hail damage in the past 20 years, I've never had my siding damaged by hail. That's part of the reason I let the rotting get so bad, I kept hoping for it to get pummeled one year and have insurance cover it, but that never happened. It was close this summer. Just a few miles down the road the hail destroyed siding and killed cattle it was so bad, but we got nothing.
I have not talked to this guy since the estimate. Still waiting (a little less patiently) to hear back from the guy that was here a week prior to give me a masonite estimate. So, all I know about the doors is what is quoted in that estimate. But, they are just normal sized walk doors. Nothing special.
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jerseygirl
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Post by jerseygirl on Oct 18, 2023 9:05:28 GMT -5
We had vinyl siding put in about 10 years ago. It does get algae growing on it never had this on the previous wood siding. Had house power washed this summer. Also we have about 10 windows that have wood exterior others are all vinyl exterior with wood interior Well the siding included putting vinyl on exterior window sills. All the wood exterior windows now have water damaged bottoms. Apparently there is a small gap between vinyl and window bottom that let in and allowed rain to remain and rot wood Getting estimates now to repair windows and then seal gap Windows are fine inside and outside except for bottom
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TheOtherMe
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Post by TheOtherMe on Oct 18, 2023 9:43:03 GMT -5
I have vinyl siding and some brick in the front across the living room and garage.
The only hail damage I have had on the siding has been to the brick.
The houses around me that have had to repair siding has all been the west wall of the house. Because it's a duplex, I don't have a west wall.
I need to get a hail storm that damages my roof enough to get it replaced. This is year 14 for this roof. My insurance agent said after 15 years, my current insurance company will not cover at replacement cost.
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Post by minnesotapaintlady on Oct 18, 2023 9:54:27 GMT -5
I get mold and mildew on the north side of my house that never gets any sun. I was warned vinyl would do the same and should be pressure washed, but also that pressure washing can damage the vinyl too. I would never pressure wash my current siding. I would be way too worried about causing a minor chip that would let water in and rot a whole area.
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tskeeter
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Post by tskeeter on Oct 18, 2023 19:56:18 GMT -5
I get mold and mildew on the north side of my house that never gets any sun. I was warned vinyl would do the same and should be pressure washed, but also that pressure washing can damage the vinyl too. I would never pressure wash my current siding. I would be way too worried about causing a minor chip that would let water in and rot a whole area. When I lived in the Atlanta area, we had problems with mildew. The solution was to spray the affected areas about once a year with a diluted bleach solution. Took a plastic garden sprayer and about 45 minutes to spray the eaves, window trim, etc.
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haapai
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Post by haapai on Oct 19, 2023 8:54:59 GMT -5
What is the term of the HELOC option? Is the rate fixed or variable?
I'm trying to imagine how I would finance such a repair or at least one that was a similar percentage of my gross income. The option of splitting the financing between a 401(k) loan and a HELOC is intriguing but it only works if the HELOC has a longer term. The basic strategy is to choose a split that leaves you with options instead of a five-year slog.
A variable interest rate on the HELOC might not be a deal-killer. It might actually be a plus. This is the loan that you'd be throwing any extra resources at and the required payment might have to be recalculated over the remaining term every time the interest rate changed.
ETA: I erred when I spoke of percentages of gross income. It would be more fitting to speak of the effects of various loan options on discretionary income or left-over income. I also wish that I had spoken of a "multi-year slog during which you have so little money left over that the thought of throwing it at an installment loan is pretty terrifying" instead of a "five-year slog". I'm really choosing my words badly today.
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Post by minnesotapaintlady on Oct 19, 2023 14:06:24 GMT -5
The HELOC has a variable rate. I actually just came from talking with them at the credit union because this is an old HELOC (2015) and the draw period ends 11/2025. If I don't pull from it until next Spring/Summer it would mean maybe only 18 months before the balloon payment came due so I wanted to talk to them about my options. They said I could either have it extended when it ended or pre-emptively renew the HELOC now (or better idea wait until Spring) so I'd start out fresh with a 10 year draw period when the work started. During the draw period you are only required to pay interest on the debt, not principle.
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Post by minnesotapaintlady on Oct 24, 2023 10:36:57 GMT -5
Three weeks now and still haven't heard back from the first contractor that came out. The second guy called me back again last night. He said he really would like to book this job and wants to sit down and talk to me about what he installs and why it's priced how it is. I told him the siding costs were about what I expected but I was blown away by the doors. He talked to me about them for awhile, but I was driving and running Carrot to stuff so I didn't get it all. He said they're nothing like Home Depot doors, they're much thicker steel and the frame and threshold are also steel clad and won't delaminate (like the ones I have are doing), plus they're pre-finished so no painting.
He gave me a long list of addresses of houses I can look at and he has good Google reviews. Been doing this for 30 years and I've seen his trailer around all over the place for a long time. He's booked out until June currently and says sometimes he books 2 new jobs in a week, and sometimes it's 2-3 weeks with booking nothing. (Basically warning me that the longer I wait I might risk pushing into next Fall).
I'm thinking about calling him back to have a sit-down. I'd like to hear back from one or two others with initial numbers first, but it's not going well.
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Post by minnesotapaintlady on Oct 25, 2023 10:04:48 GMT -5
Heard from the LP Smartside installer. 49K. He also stressed me out a lot and now I'm a little overwhelmed and depressed so probably going to ignore all things siding related for a few days until I mentally regroup. As a side note, I talked to him about Hardie Board and he said nobody around here installs that anymore because since the initial rush to put it on by everyone in the 90's and early 2000's, it's been discovered it doesn't hold up to the weather extremes we have, which explains why I'm not hearing anything back in that department.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Oct 25, 2023 11:18:54 GMT -5
Heard from the LP Smartside installer. 49K. He also stressed me out a lot and now I'm a little overwhelmed and depressed so probably going to ignore all things siding related for a few days until I mentally regroup. As a side note, I talked to him about Hardie Board and he said nobody around here installs that anymore because since the initial rush to put it on by everyone in the 90's and early 2000's, it's been discovered it doesn't hold up to the weather extremes we have, which explains why I'm not hearing anything back in that department.
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resolution
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Post by resolution on Oct 26, 2023 8:25:35 GMT -5
Three weeks now and still haven't heard back from the first contractor that came out. The second guy called me back again last night. He said he really would like to book this job and wants to sit down and talk to me about what he installs and why it's priced how it is. I told him the siding costs were about what I expected but I was blown away by the doors. He talked to me about them for awhile, but I was driving and running Carrot to stuff so I didn't get it all. He said they're nothing like Home Depot doors, they're much thicker steel and the frame and threshold are also steel clad and won't delaminate (like the ones I have are doing), plus they're pre-finished so no painting.
He gave me a long list of addresses of houses I can look at and he has good Google reviews. Been doing this for 30 years and I've seen his trailer around all over the place for a long time. He's booked out until June currently and says sometimes he books 2 new jobs in a week, and sometimes it's 2-3 weeks with booking nothing. (Basically warning me that the longer I wait I might risk pushing into next Fall).
I'm thinking about calling him back to have a sit-down. I'd like to hear back from one or two others with initial numbers first, but it's not going well. I think it's great news that you found a contractor that is motivated and wants the job! We contacted around 11 painting companies and got maybe 2 responses when we had the house repainted a couple of years ago.
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Post by minnesotapaintlady on Nov 8, 2023 9:27:14 GMT -5
Steel siding guy is coming out tonight to talk to me in person and show me samples. I'm so ready to just get this ball rolling but I have questions about cell signal and noise with steel siding and how he's going to handle the windows that are in contact with the ground. I also cannot decide if I want to pay the extra 6K to replace sofit and fascia. I go back and forth on that almost daily.
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CCL
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Post by CCL on Nov 8, 2023 9:33:46 GMT -5
I'd do the soffit and fascia. Then you'll be done. Unless you plan to move in the next 5 or so years.
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Post by minnesotapaintlady on Nov 8, 2023 9:56:52 GMT -5
God help me if he starts asking about colors.
I don't think I have much choice if I want it to still match my barn though. Not going to reside that too!
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Post by minnesotapaintlady on Nov 8, 2023 19:13:59 GMT -5
Signed a contract for steel with the soffit and fascia and the garage doors and added composite material around my garage doors and shutters, for another $1400 or so. He told me to think long and hard about replacing my front door as well, but it will be spendy. At least 5-6K. I am going to find someone to sand the small rust spots and paint it instead. It has never been painted, it was always just primed since it was built.
Unlike the other guy that wanted half down with the contract, this guy just wanted $1000. He said after the new year (taxes), he'll ask for another 10K to bring the down payment to 25%. The rest is due when the job is done.
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CCL
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Post by CCL on Nov 8, 2023 19:28:14 GMT -5
Sounds like a good plan MPL.
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