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Tips to Homeowners

March 15, 1987|Armand L. Fontaine

Question: When we originally built our home, the painter used a semi-gloss, oil-base paint throughout the inside. Over the years, we have repainted with water-based paints. We would like to repaint the inside again and use an oil-base, semi-gloss over the water-base paints. Is that possible?

Answer: Yes, but you should apply a sealer first. However, you may find difficulty in obtaining oil-base paints as a result of recent air pollution standards for the painting industry.

Q: I understand that under the new tax law, interest payments on your home are still tax deductible. However, I have been told by a friend that the points that I pay for obtaining the loan are not deductible. Is this true?

A: Under the new tax law, points paid to obtain a home loan are not deductible. They are considered to be a fee for obtaining a loan, not an interest charge.

Q: I recently had my home appraised for a new loan and found that its value had declined. I thought that home values had generally gone up in California.

A: Your letter indicates that you live in the San Diego area. A recent seminar on appraising indicated that home values in the San Diego area, in general, had decreased about 5% over the past year, but home values in the Orange County area had increased by over 5% during 1986.

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