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Show Sunday, November Re a I Estate A whoDDin? I A i O state-wid- e Rfl " V. JV-Wf- .Titans CPAs responding to a recent survey said they would NOT advise a client to use a home equity loan for personal expenses, and 52 percent gave the thumbs down to using that type of financing for business purposes. The poll was conducted by the Utah Association of Cer- tified Public Accountants and tabulated by Dan Jones and Associates. "The home equity loan has become a hot number in this year's tax strategy sweepstakes," said Kevin Simister, spokesman for the UACPA, "but local CPAs are warning their clients about the potential risks of 'home equity loan abuse.'" According to Simister, the home equity loan is so appealing to consumers these days because it's one of the only forms of financing Will vinyl under tax deductible purposes; re- home remodeling; 59 percent for education; and 42 percent for debt consolidation. "As CPAs, we don't want to imply that home equity loans are bad," said Simister. "What we do want to say is that they're high-ris- k and should be used with great caution. The bottom line is that you shouldn't opt for a home equity loan unless you could survive losing your home." Money secured through a home equity loan currently may be used for any purpose whatsoever. (However, there will be stricter rules in the future.) Generally, lenders will allow you to borrow up to 75 percent of the appraised equity in your home. So long as you do not exceed your line of credit, form. A home equity loan is basically a line of credit, secured by an additional mortgage against home. your "There are legitimate rea- sons for securing a home equity loan, but too many people are taking dangerous risks by using this type of financing for inappropriate purposes," he said. In the recent UACPA poll, members were asked: "In general, would you advise a client to secure a home equity loan for any of the business purfollowing poses, home remodeling, education, personal expenses or debt consolidation." percent said they would advise a client to use a home equity loan for perOnly 12 sonal expenses. Thirty-thre- e percent said they would percent for 85 vise using one for business real estate industry. "The most visible renovations may highlight office buildings in major markets gutted and brought up to Class A status, or vacant industrial properties near downtown areas converted to fashionable lofts and retail uses," he said. built conditions in most markets." Increased competition has also spurred owners to modernize and renovate their properties, explained Livingston. "Faced with a stream of rivals for tenant dollars," Livingston maintains, "owners are undertaking more exten- CALL US FOR ALL YOUR GIFT GIVING NEEDS! sive renovations and scheduling renovations sooner," he said. Energy conservation and the need to lower costs are also good arguments for modernizing the property, he added. Featuring. The IREM president ex Order Before Dec 15th And Receive A FREE Christmas Bell Ornament On Any Item Ordered! MODULES General Ledger, Payroll, Gilts For All Occasions Accounts Payable, Accounts Receivable, InventoryOrder Processing, QUESTION: a room being added to for Dial-a-Gi- ft Job Control. (Use individually or integrated) LOCAL AND NATIONAL DELIVERY WITHIN A FEW HOURS NOTICE FOR USE ON Single-use- r cr Xenix 3 B ii Credit Cards Accepted PC, Network, multi-use- r Gallery 28 University Mall system. 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They are fairly high, but a bit away from the ceiling and I am afraid it would be awkward to hide them. Is there some way to disguise them a bit? ANSWER: In a recent basement renovation, the owner two. Sale! Compatible 00 QUESTION: I would like to install plastic piping. Is this permitted by law? ANSWER: Plastic pipe is permitted by most building codes, but you better check with your local authorities. If you are having a licensed plumber do the work, he will know which types of pipes and fitting are allowed in your community. skimmed off? ANSWER: You usually can skim off the skin with no damage to the paint. One way to prevent the skin from forming is to pour a little paint thinner over the paint before you close the top of the can. However, even this won't work if the paint is not used for a long time say a year or TM iiiirairlr IhrNirirrnihr" m.mi LANG When 226-007- 1 pasters our house. 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ANSWER: The best way to be sure it doesn't show through is to fill the opening with a spackling material ore you install the vinyl. 55 plained that modernization is occurring at many different levels and in all areas of the giimi you may borrow money simply by writing a check. ad- comes a viable alternative for providing housing and commercial space for the nation," he pointed out. "The fact that renovation has outstripped new construction," he continued, "also underlines the severity of over- Renovation and modernization of older buildings represents an enormous opportunity to real estate owners and managers, offering a new method of safeguarding and increasing the value of their investments, said the president of the Institute of Real Estate Management (IREM). "Renovation may be one of the most significant development trends of the next decade," said Frank H. Livingston, CPM, IREM president and director and senior vice president of Draper and Kramer, Inc. of Chicago. Livingston cited a number of economic reasons behind the increasing popularity of renovation activity today. "As tax law changes diminish the feasibility of new construction, renovation, with its lower capital requirements, be survey where interest is still fully - Page Renovations the 'in' thing Home Equity loans get low marks from CPAs in recent THE HERALD, Provo, Utah, 15, 1987 226-865- 1 PRICES APPLY AT RADIO SHACK COMPUTER CENTERS AND PARTICIPATING STORES AND DEALERS |