The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1919-05-10
PAINT AS An ASSET.

Bankers Say They Lend More
Money on Property When
Buildings Are Well Painted.
AN INDICATION OF THRIFT.
One Concern Advances rs Per Cent.
More IL Repainting Is Done
Every Five Years.
Does 1t pay to paint carefully farm
buildings? Does it add to the selling
value Of a farm when buildings are
properly kept up and regularly paint
ed? A careful inquiry Of number Of
leading bankers in the Mississippi val
ley, including such states as Iowa, Hi
nois, Michigan, Ohio, Indiana and Mis-
souri,, reveals the fact that in nearly
every case the bankers did not hest
tate to say that they would lend all the
way from to 80 per cent. more on
land where farm buildings were we'll
painted and kept in good condition.
They maintain that well kept-up and
well painted buildings and fences are
an indication of thrift and that the
thrifty farmer Is a good client, and to
him money can be safely loaned. An
average Of the returns from these
bankers shows that the increased loan
value because Of painted buildings is
around % per cent.
Some of these bankers make inter-
esting comment. A Michigan concern
says that, while not especially pre-
pared to adyise definitely in response
to this inquiry, the officers would loan
more money on farms where buildings
were painted than where they were
not so treated. This bank also finds
that where houses, barns and fences
are we'll taken care Of the farm is a
profitable proposition, and bankers In
general consider the farmer good
client. Another Michigan bank says
"farm buildings out Of repair and
needing paint indicate that the owner
is slow pay" Such farms are rated at
about one-third of the assessed value
for loans. Where the farm buildings
are in good shape the rating Is one
half. The president Of middle west
ern bank says that when real estate
loans are considered, painted buildings
are always taken into consideration in
making an estimate The general ap-
pearance of the property surrounding
| the house and barn and also the fields
and fences would be carefully 0bserv-
ed. He further says that he has no
hesitancy In saying that he would alb
sOlutely refuse loan on farms where
the buildings were not kept up and
well painted. In his judgment I'M
painted farm buildings would reduce
the loan value at least % per cent.
A Minnesota banker says that he is
much more willing to loan money
where the buildings are well painted.
In his particular case he believes that
he would loan 20 per cent. more than
If the buildings were not properly
taken care of. A farmer who will
keep his buildings painted takes a
! much deeper interest IN his work than
one who does not. Another Mime.
sofa bank says that well painted build
ings have resulted in securing from
his bank sometimes as high as % pei
cent. more money than where the
buildings are not painted. An Ohio
concern says that it will loan % pei
cent. more money on we'll kept farm
where buildings are painted at Least
once every five years. A southern I'LL
nois bank says that 1t has no FIXED
rule about this, but it does make de
cided difference when owners Of farm
lands apply for loans. If the building
are well painted and thus well pre-
served the loan rate would not 0nl.
be cheaper, but the amount Of none.
borrowed would be larger. A northern
Illinois bank does not hesitate to sa.
that it would loan fully 80 per cent
more on a farm where buildings wer
well painted and in good order thai
where they were not. The vice presi
dent, who answers the inquiry, goe
on to say: '"There probably are man
farmers good financially and moral
who permit their buildings to remai
implanted, but as a rule the most sui
stantial people who live i'm the cour
try keep their buildings well painted.
An Iowa bank, through its vice pres
ident. states that it would make di1
ference of at least % per cent, in fs
vor of the farm with painted builC
ings. Another Iowa concern says tha
II would make difference Of at leas
20 per cent.
All this being true, 1t is perfect
evident that it is good business prof.
osition to keep the farm buildings we
painted i, They not only look bette
and are more pleasing to the owne
but the farm would sell to better a.
vantage, the loan value Of the propert
would be greatly increased and Il
buildings themselves would last niue
longer and need less repair.-Tl
American Agriculturist.