You’ve decided to spruce up the homestead with some needed improvements. Fantastic. Now here lies the rub, how are you going to find home improvement financing?
Let’s face it, kitchen floors and new window panes don’t grow on trees. Even though home improvements are an investment that will make you money in the long run, finding the home improvement financing you need now can be difficult, and not getting an adequate amount of funding for your projects can lead to compromises in quality that you may later regret.
Homeowners have a variety of options when it comes to finding home improvement financing. They can borrow against the equity in their homes and various federal loan programs also exist for borrowers. Here’s a few home improvement financing options you may what to consider:
Mortgage refinancing: Now is the time to take advantage of historically low interest rates by refinancing your mortgage to pay for home improvements. You can refinance your mortgage and borrow money against the equity you have in your home. Some banks even offer loans that allow you to borrow more money up front by adding the value of the planned improvement to your equity. Refinancing your mortgage for home improvement financing purposes is a good deal because you’ll have the convenience of just one home loan and monthly payment.
Home equity loans: These loans, also known as second mortgages, lets homeowners borrow money by leveraging the equity in their homes. They’re popular among folks looking for home improvement financing because homeowners are able to deduct the interest from their federal taxes.
Federal Title I loans: If you don’t have much equity in your home, you may qualify for home improvement financing under a Title I loan. These federally-backed loans offer negotiable interest rates and can be tapped for about $25,000. The loans can only be used to pay for essentials however, such as improvements made necessary by a medical condition, not luxuries like swimming pools.
One method of home improvement financing you want to avoid is financing through a contractor. These loans often are made by sub-prime lenders and come with hidden fees. Also, getting financing through your contractor puts you in a poor bargaining position with him when it comes to getting a quote for your home improvement project. When hiring a contractor, it’s best to have your budget and home improvement financing already prepared to ensure the best deal.
Home ownership is like any other investment — you’ve got to spend money to make money. But to get the most out of your home investment, make sure you get your home improvement financing right. Borrow from reputable lenders and don’t overextend yourself.
February 26, 2011
August 13, 2010
Home Improvement Service
We at G. N. Home Improvements Limited are a small family run business providing a vast range of home and building services. We specialise in reconstruction, refurbishments and new build homes.
We have all fully qualified tradesmen under one roof, (Electricians, Plumbers, Plasterers; Joiners; Bricklayers; Painters and Decorators) so we can offer you a full service across the board improvements. We even offer a Landscape Garden Service and fitting kitchens and bathrooms are a speciality. You name it we’ve got it covered.
We are UK based and 80% of our clients return for a further service after giving them a 100% job satisfaction. Our services has taken us to Europe on several occasions to build homes, fit kitchens, bathrooms, supply new windows and doors reconstruct and decorate homes and we are proud of the Quality of work we give..
So if you require a UK firm to build you a house, reconstruct or even paint and decorate your home – just give us a call and we will give you our immediate attention and first class service. Supply us with the jobs you need doing, plans will obviously be of a great help if you have them and we will get back to you as quick as we can with a free no obligation quote. See our web site which gives a brief explanation of who we are and the services we offer. Don’t worry if you cannot see the one you want, we will assist you all we can.
Your budget is our budget too !!
Just ask for Gavin Nunn (Director) or David Sharp. (Company Secretary) Hope to hear from you soon.
June 14, 2010
Hire Licensed and Respected Home Improvement Companies
Finding the right home improvement company to update or renovate your home doesn’t have to be a stressful and disheartening process. Yet most homeowners have no idea where to start because they are bombarded with bad press about contractors who are dishonest, inexperienced and downright unreliable. Homeowners today are wary of who they can trust.
Home Improvement Complaints and Scams:
“With lower-rate mortgages tempting homeowners to trade up to a bigger house, or to refinance and expand or repair their existing home, we’re finding that construction and home improvement activity is way up, and with it is the number of complaints in those areas,” said Consumer Protection Commissioner Edwin R. Rodriguez. (Consumer Affairs, January 2006)
“Home improvement complaints rank as the top consumer complaint in Connecticut and elsewhere across the country,” Rodriguez said. “While home improvements themselves can be expensive, any problems that arise often cost consumers thousands more to fix. Unfortunately, there have been many cases where a homeowner is left with a huge problem and has no financial means of getting it repaired.” (Consumer Affairs, June 2006)
Basic scams usually do not occur with accredited companies, so make sure the company you use is licensed. “The law requires home improvement contractors to register and follow certain procedures for a reason, to protect homeowners,” Rodriguez said. “This includes complying with state laws that assure consumers a level of financial protection.†(Consumer Affairs, June 2006)
Be Wary of Certain Sales Tactic:
According to the National Consumer Law Center at consumerlaw.org, unscrupulous contractors mostly target senior citizens. Do not fall into the trap of the following sales tactics that take advantage of homeowners:
• “Bait and Switch” – offers low prices for installed items like windows and home siding, and then tells the homeowner the item is out of stock and can only be replaced with a high-priced substitute.
• Misrepresent the urgency of a needed repair.
• Claim the item is more expensive than advertised because it has to be “custom made” to fit the home.
• Misrepresent that the consumer is receiving a discount because the home is selected to model the repair when, in reality, the consumer is paying market price or more.
• Misrepresent the energy savings, health benefits and value added to the home.
• Misrepresent the terms on which financing is likely to be arranged.
Practices to Follow for Finding the Right Contractor:
If you hire a contractor with a license and a good reputation (such as the Home Remodelers Group®), you are guaranteed to avoid unfinished work, financial wrongdoing and fraud.
The National Consumer Law Center has a list of suggestions for homeowners looking for a home improvement company:
• Do not hire an unknown contractor that solicits business by knocking on your door. Deal with companies recommended by friends or reputable building supply stores.
• Before agreeing to hire any home improvement contractor, get a second estimate for the same work from another contractor.
• Get references for the contractor and speak to those references. Ask about satisfaction and any problems that arose.
• Look at other work performed by the same contractor.
• Many states require contractors to be licensed and/or bonded. Check with the state licensing body to see if the contractor you are considering is licensed.
• Get a written contract describing explicit specifications of the work, the price (including details of any financing or credit terms), the responsibility for cleaning up, and the hourly rate for any added work. Ask for guarantees and other promises to be made in writing.
• If the written documents are different from oral promises, do not sign them.
• A 3-day right-to-cancel applies to door-to-door sales and home improvement loans even after the papers have been signed.
• Do not allow a contractor to begin work until financial arrangements to pay for the work are complete.
• Do not agree to pay the final payment until the project is finished.
• Do not consolidate other debts with a home improvement loan.
• If problems with a contractor or home improvement lender arise, get help from a lawyer or housing counselor immediately.
Take Care of Your Home:
The Home Remodelers Group® has been in business since 1964 and there is a simple reason for our longevity. We take great pride in helping our customers beautify their homes, we enjoy our work and we want our customers to be happy with their homes. The Home Remodelers Goup® is licensed and insured so you can feel secure when working with us. Before you sign any contract, we provide a written estimate and detailed information on the scope of the project. You’ll know exactly what you are getting before we do anything. We do this to provide our customers with peace of mind. We have survived in this business because we focus on customer satisfaction, attention to customer service and offer quality products at a fair price.
Think of your home like a child that needs a doctor. You would take your child to a licensed and professional doctor, not someone that comes to your door. So make sure your home receives the care it deserves by hiring experienced and well-accredited home improvement professionals.
For more information visit http://www.homeremodelersgroup.com/?source=articles
