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Home improvements are sometimes necessary to make a house safer, more comfortable or more functional, but they are often very expensive. Many homeowners struggle to save money for upgrades and consider tapping into their retirement savings to fund projects, especially for urgently needed repairs, such as a roof replacement. Dipping into money set aside for your golden years may or may not be a wise move, depending on your circumstances.

How Close Are You to Retirement?
Borrowing from a retirement account could help you avoid high interest rates associated with credit cards or loans, and the money could be used however you saw fit. However, youd reduce your retirement savings, and money that you contributed later might not have enough time to accumulate interest and get your savings back to the level they were at before the withdrawal.

This means that how far you are from retirement is a key part of the equation. Generally speaking, borrowing from retirement accounts is not a good idea if youre nearing retirement age. If youre decades away from retirement and you can continue to make regular contributions and allow your money to grow from compounded interest, you should be able to build your savings back up by the time you retire.

Potential Taxes and Penalties
If you withdraw money from a 401(k) or a traditional or Roth IRA before age 59 1/2, youll have to pay a 10 percent early withdrawal penalty and income taxes. In addition, the money that you withdraw wont be able to accumulate interest. The total hit to your retirement savings could be much larger than the amount of the withdrawal because you could lose years or decades of potential savings with compounded interest.

Talk to a Financial Professional
If your home needs repairs as soon as possible, tapping into your retirement savings may seem like an attractive option. In some cases it makes sense, but in other situations it can be too risky. Consider the type of work your home needs, how urgent it is, the cost, how much money you currently have saved, how far you are from retirement, and the potential taxes and penalties you could have to pay. A financial advisor can help you understand the implications and weigh the pros and cons so you can make the right decision for your circumstances. If youre considering cosmetic changes or improvements that can wait, you might be better off exploring other financing options.

Published with permission from RISMedia.

Youve just moved into your starter home”congratulations! But spare cash is limited, and you are eager to show your new home off.

Start with a few cosmetic changes, advise the money editors at Bankrate.com, who offer five easy upgrade projects that can help spruce up a tired living space for a few hundred dollars or less:

Start with a power wash.It wont cost much, but having your homes exterior professionally power-washed will give it a fresh, bright look”and since curb appeal counts, make sure the lawn is edged, hedges are trimmed and weeds are pulled.

Freshen the front door.A new fiberglass door can cost $1,000 or more, but you can get a snazzy new look by simply painting the old door and/or replacing any worn-looking hardware. (While youre at it, you might replace a tired-looking mailbox.)

Paint the interior.For a minimal investment, fresh paint makes any room look cleaner and brighter. Its your space now, so cover those interior walls with the neutral shades or bolder colors that appeal to you.

Improve the lighting.Replace old ceiling fixtures with inexpensive new designs from the home store that may cost less than you imagined. While youre there, check out modestly priced DIY track lighting, spotlights and accent lights that can brighten and modernize any room.

Spruce up the kitchen.Short of replacing cabinets or countertops, you can give your kitchen a new look on a limited budget by painting the existing woodwork and/or changing outdated door and drawer pulls. If your kitchen appliances dont match, check with the manufacturer about ordering new doors or face panels.

Buff up the bath.Adding a pedestal sink can radically and economically change the look of an older bathroom. While youre thinking economically, you can install a new toilet for less than $200. It will not only look good, but todays low-flush models will save you money on the water bill.

Expand your storage space.Older homes are notoriously short on closet space. A quick trip to the home store can net you a variety of inexpensive closet organizers that may not add much to the look of your home, but will save you from crying over too-cramped closets.

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When you replace a carpet in your home, whether it’s because you are trying to improve a room before selling or redecorating once you move in, it can be challenging.

Removing the carpet itself isn’t terribly problematic, and if you have some friends willing to help, it can be done pretty easily over the course of a day, but most times, you will see marks on your floor due to the glue that was used to keep the carpet in place.

Now, this doesn’t matter much if you are only going to install new carpeting; you can simply cover it up. But a lot of homeowners are choosing to go with the natural wood floors underneath, so those marks need to be removed.

Just by using a little elbow grease and following some basic DIY instructions, you can be enjoying a hardwoodfloorbefore you know it.

First, try to figure out what type of glue you are dealing with as not all glues are the same, and removing the different kinds can require different solutions and steps. For example, tar-based adhesives are dark brown or tan, while yellow-looking adhesives signify a carpet was glued down with a more general adhesive.

Next, visit your local hardware store and buy the appropriate removal material. Tar-based glues need mineral spirits to get the job done while general adhesives are best removed with some basic adhesive remover. Both require a good deal of that elbow grease we spoke about earlier.

Once you do, removing the glue is rather simple. Scrape off any spots you can, but don’t dig in too deep or you may damage the floor. Then add the adhesive remover, spreading it out evenly. Read the instructions carefully to ensure you keep it on for the correct amount of time. Also, since many of these can be toxic, be sure to wear gloves and keep the windows open to allow ventilation inside the room.

Always use a plastic putty knife to scrape the glue away as this won’t scratch or scuff the floor like a metal tool will. If the glue isn’t completely wiped away, follow the instructions again and add more remover to the spot. This time, use an old towel to wipe away the remaining glue.

Once all the glue is gone and the floor has dried, vacuum the area so no glue particles remain. Buy some floor cleaner and polish up the wood floor so it looks brand new, and enjoy.

Published with permission from RISMedia.

While they may not be as common as their outdoor counterpart, indoor swimming pools can be a highly coveted luxury to affluent homebuyers. Whether youre a devoted swimmer or simply appreciate lounging on an inflatable at any time of year, there are plenty of reasons to get excited about this feature. If youre considering purchasing a home with an indoor swimming pool, here are just a few of the benefits you can look forward to.

Year-Round Exercise

It doesnt matter if its the middle of a blizzard or hurricane, you can still get a full body workout and enjoy the fact that your exercise routine will never be interrupted by inclement weather. As swimmers are likely already aware, this is the perfect activity to build strength and cardio abilities with low impact on your body. Who wouldnt want to do that year-round?

Private Wellness

These days, indoor swimming pools are often designed to feel like your own private wellness area. From striking glass walls that feel connected to nature and open up in the summer, to underground retreats that epitomize secluded serenity, an indoor pool is like having an oasis that you can escape to at any time.

Easy Maintenance

Because theyre protected from the elements, indoor pools typically require less maintenance and dont have to be cleaned as often as outdoor pools, which have a tendency of accumulating leaves and twigs.

Winter Pool Parties

When the temperatures get frigid and everyone feels like they could use a tropical vacation, the perfect antidote is inviting friends and family over for an afternoon of swimming and spending time together. Winter pool parties are a great activity that everyone will enjoy deep in the depths of the cold season.

No Winterizing

When the summer ends, outdoor pools need to be drained and closed for the year. Sometimes theyre damaged by weather or prolonged exposure to chemicals. However, with an indoor pool, you need not worry about any of that, meaning you can spend more time relaxing in the deep end and less time winterizing your pool.

Published with permission from RISMedia.

Do you dream of a light, airy living space? Do you want to feel like you’re living inside of a cloud? Below are five tips for a lighter living space, now.

Paint it white.Well this is an obvious one. From walls to wood paneling and hardwood floors, two coats of white paint will turn your living space into a year-round winter wonderland. Done and done!

Minimize.Do you really need all twenty of those awkward family photos on that side table? De-cluttering surfaces will lighten space with smooth lines. Cut clutter by adding hidden storage systems (like an ottoman with stow space), and minimize furniture to a handful of necessary pieces.

Add mirrors.Mirrors have long-since been a go-to trick for opening up a space. In addition to wall mirrors, consider adding mirrored back splashes or mirrored trays. Not into mirrors? Sparkle can do the trick, too. Glass-top tables and crystal candle holders, anyone?

Lighten the linens.Breezy, airy curtains and snow-white throws will make your space seem plush and comfortable, like snuggling with a sheep.

Shades of gray. To avoid looking as if you doused your house in bleach, consider adding soft, light shades of gray or blue to your color scheme.

Published with permission from RISMedia.