second part

Milwaukee Journal Sentinel
7F
Sunday, November 18, 2007
Continued from previous page
it and ended up sweeping
away the sidewalk itself, as it
crumbled under the broom.
The cost of the sidewalk replacement — $2,000, Keith
thought — was on a collision
course with the summer-living accoutrements that Vicky
wanted. So far, the Newsons
hadn’t had any unexpected
expenses; even the first quarterly water bill was so low
that Keith kissed Vicky with
delight.
The last thing they wanted
was to start spending money
they didn’t have, though lenders thought they had plenty
— if they borrowed against
their new equity.
“We get all sorts of mail
since we’ve been here,” Keith
said of the onslaught of refinancing and home equity
lending offers crowding into
the family mailbox. “I’ll read
it and I’ll be, like, ‘man, I’m
not going to take that
chance.’”
So the sidewalk project was
put on hold.
But the garage project
wasn’t.
The garage housed the Seville, and the Seville represented not just a smooth
ride on a sunny day, but the
possibility of a thriving business restoring old cars.
But the garage needed
some fixing of its own. It had
barely survived the winter.
Its roof needed to be replaced,
as did the side and overhead
doors.
The Newsons had about
$1,000 saved for the project.
And Keith planned to do the
work himself. With what was
left over, he might think
about some lawn furniture.
Budget busted
Just a month later, in May,
Keith Newson paced the
grassy backyard.
“I’m in debt now,” he said.
“I wanted everything all figured out, and I thought I
did . . . I spent too much
money. The garage door went
up on me.”
It sure did: It cost twice as
much to get the new door and
install it than he’d planned,
blowing the budget for the
whole renovation.
Earlier that month, he’d
tackled the garage, peeling
back the old aluminum siding
and stockpiling it to sell to a
junk dealer. He and his boys
replaced the roof. He found a
replacement side door on sale
and installed it.
Then, spending the last
$380 of the house fund allotted
for the project, he ordered the
overhead garage door.
It arrived, and it didn’t fit.
The interior beam supporting both the roof and the rails
for the door had bowed. On a
Saturday afternoon, Keith
Newson had to come up with
$600 in cash for a replacement
door or risk leaving the Seville, the kids’ bikes, and all
his tools open pickings for
anyone who drove down the
alley.
The first thought that
popped into his head was to
run over to Burleigh St.,
where every other block has a
JEFFREY PHELPS / [email protected]
Maurice (left), 14, and Qumaine Moore, 11, enjoy watching TV in their room. Keith Newson painted the room when they moved in, something he couldn’t do in a rental home.
storefront lender advertising
easy credit.
But he’d been down that
route before.
Two years earlier, in an attempt to rebuild his credit
history, he’d purchased a stereo for his kids from a rent-tobuy retailer. “It was $150, and
they said the total cost would
be $395, but I ended up paying
almost $500,” he said. “It was
a debt lesson. It’s not an option to go to a payday lender. ”
At the last minute, he
called his sister and borrowed the money, agreeing to
pay her back $50 a week.
And he still had to buy gutters for the garage, and some
hardware.
He had one source of quick
cash: the Seville. Purchased
for $350, He had bought it for
$350, then spent $1,800 fixing
it up — shocks, struts, new
seats, a spoiler, a new sound
system, right down to the final polish. He figured he
could get $3,500 for it.
Selling the Seville would
cover the overrun on the garage, and maybe yield enough
cash to rebuild the front steps
and replace the front light fixtures.
Patio furniture would have
to wait, even with summer
cookouts already planned.
“You ask yourself, ‘Can I afford that? Is it worth it?’ ”
Keith Newson said, his hand
resting on the shiny hood of
the car. “Don’t jump out there
thinking, ‘Ooohhh, I can get it
because they approved me for
the credit.’ Because only 10
percent or 20 percent of what
you pay is really the loan.
You’ll pay for it three times
over.”
new front and back sidewalks, the $1,600 price covered by $750 of Newson savings plus a grant from Housing Resources.
This might be the first
Thanksgiving that the Newsons host, depending on
whether the sidewalks are
completed. It’s hard to invite
people over when there aren’t
any steps into the house.
But the patio furniture . . . that wasn’t for this
year. The summer’s backyard parties were conducted
with a collection of kitchen
and castoff chairs. Holding
Keeping the faith
The garage door incident
was a fading memory by midNovember.
Though two potential buyers said they were interested
in the Seville, Keith Newson
hadn’t brought himself to
start actually advertising it
for sale. Vicky Newson has
answered several ads for a
Saturday job but hasn’t found
the right one yet.
Wooden frames were set to
receive fresh concrete for
onto his house has cost him
far more than he anticipated,
Keith Newson said. Maybe
he’d be able to save enough
money by next summer for
patio furniture.
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Rates effective as of 11/15/07. © 2007 Bankrate, Inc. http://www.bankrate.com. LEGEND: (A) Mortgage Banker, (B) Mortgage Broker,
(C) Bank, (D) S & L, (E) Credit Union. “Call for Rates” means actual rates were not available at press time. Conventional loans are based
on loan amounts of $165,000. Jumbo loans are based on loan amounts of $ $435,000. Points quoted include discount and/or origination.
Lock Days: 30-60. Annual percentage rates (APRs) are based on fully indexed rates for adjustable rate mortgages (ARMs). The APR on
your specific loan may differ from the sample used. Fees reflect charges relative to the APR. If your down payment is less than 20% of the
home’s value, you will be subject to private mortgage insurance, or PMI. Bankrate, Inc. does not guarantee the accuracy of the
information appearing above or the availability of rates and fees in this table. All rates, fees and other information are subject to
change without notice. Bankrate, Inc. does not own any financial institutions. Some or all of the companies appearing in this table
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House
Aspen Homes Inc.
1133 Quail Court, Suite 105
Pewaukee, WI 53072
262-695-4485
Michaela Dwornik
414-550-5259
www.aspenhomesinc.com
The Sierra Signature
The Sierra Signature’s large great room
welcomes visitors into this 2,119-squarefoot, open concept, split bedroom ranch.
The home features oversized windows,
drywall niches and arched doorways.
The kitchen is the focal point with its
half-circle, raised breakfast bar open to the
great room, wall of cabinets and walk-in
pantry. The dinette has a trayed ceiling.
The formal dining room can be converted
to a den/office. This home also offers a separate laundry room,
walk-in storage closet and an area for a boot bench or lockers.
The secluded master suite boasts a master bath with corner
whirlpool tub, oversized shower, walk-in closet and linen closet. On
the other side of the house are two large bedrooms and a full bath.
To visit the model at 1919 Patrick Lane in the Rolling Ridge subdivision
in Waukesha, take I-94 west, exit Highway G south to subdivision. Model
hours are noon to 4 p.m. Saturday and Sunday.
The House of the Week was prepared by the Milwaukee Journal Sentinel advertising publications
department. There was no editing or reporting from the newsroom involved.
of the
www.statecentral.com
43698
414-257-1050
Milwaukee Waukesha West Bend
Open to the public
*IMPORTANT NOTES: APR refers toAnnual Percentage Rate. Example of APR is
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amortized over 360 months. All state and federal regulations and lending policies of
State Central apply to this offer. RATES CAN CHANGE ATANY TIME. State Central is
an equal opportunity lender.
2952223
Week
Presented by:
MBA honors members
The Metropolitan Builders Association honored several
members at its installation dinner on Nov. 8.
Anders Lewis was installed into the MBA Hall of
Fame. An MBA member for 32 years, he served on the
Construction Arbitration Board for 30 years. He also
dedicated his time to the Industry Standards
Committee, the Parade of Homes Committee,
the Forms Committee and the Membership
Committee. Lewis won top awards in the Parade
of Homes seven years in a row. Consumers
knew him for his beautiful homes and the trustworthy manner in which he conducted his business; his business philosophy also made a big
impact. He relished in his role as mentor —
both to past employees and fellow MBA
members. His unprecedented commitment
and contributions to the MBA Construction
Arbitration Board made him an inspiration
to many.
Craig Rakowski of James Craig Builders
Inc. received the Builder of the Year Award.
Rakowski has been a member since 1998 and served
as president in 2005. He chaired almost every MBA
committee before joining the leadership ladder. As
chairman of the WBA Education/Contractor
Certification Board, he worked to mandate continuing
education for builders, including business classes as
well as construction classes. James Craig Builders Inc.
just built two homes at cost for two different causes.
The first was built to help fund a trust set up to aid an
employee and his family with the costs associated with
his transplant surgery; the second was built for a family
after a fire destroyed their home.
Lyn Schulz of Signature Lighting was honored with
the Associate of the Year Award. An MBA member since
1988, Schulz not only supports the MBA through her
work with the Associate Advisory Board, the Direct
Member Benefits Task Force, the Political Affairs
Committee and the Habitat for Humanity Home Builders
Blitz, but also is chair-elect of the Waukesha Chamber of
Commerce and has chaired and co-chaired its annual
Chamber Ball fund-raiser for many successful years.
She also volunteers on the board of directors for the
Pregnancy Support Connection in Waukesha.
Rod Demlang of Demlang Builders Inc. was honored
with the Associate’s Choice Award, which is given to an
MBA member who has established himself as a great
business partner to the 1,147 MBA associate members.
Demlang’s 2007 Parade Home won multiple awards,
thanks in part to the effort of many MBA associate members. Demlang has served on the Construction Arbitration
Board, the Parade of Homes Committee, the Parade of
Homes Site Selection Committee, the Finance Committee,
the Government Affairs/Developers Council, and two
terms on the board of directors. Outside of the MBA,
Demlang believes in giving back to the community. He
serves on the board of directors of a local community
bank, and his company supports local programs.
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