Home Improvement Construction

You have finalized the home improvement plan and selected your contractor; all you need now is to finance the project. If you are cash rich you can just finance it yourself paying cash as the project progresses, if not you can get an equity loan from the bank or a residential construction loan to finance your home improvement construction project.

Home improvement construction loans are short term loans that allow you as property owner or the builder to borrow the money needed to remodel your property. Loan terms vary from project to project but what you need to be aware of is construction loans are interest only payments and the rate of interest charged is generally higher than the long term mortgage rates charged. The way it works, once the loan is sanctioned; funds are distributed either to the property owner or builder all through the duration of home improvement construction process in accordance with a predetermined disbursement schedule. Interest is payable only on the amount drawn to date and not on the whole loan amount. Dependent on what has been agreed with the lender; you will be allowed to draw on the funds either in a percentage breakdown example: 10% of the loan on completion of 10% of the home improvement construction project or when a specific part of the project is completed like the foundation or roof, etc. The final amount will be disbursed once the certificate of use and occupancy is issued.

You will be required to submit complete plans and specifications for the home improvement construction project you are setting in motion. Apart from the plans the builder has to provide an all inclusive budget, construction schedule and proof of qualifications to manage the home improvement construction project.

In order to apply for a construction loan you will have to provide a copy of your credit report. All lending institutions like mortgage companies, credit card companies, car dealers, etc. frequently use the information contained in these reports to decide whether you are a credit risk or not. All bad debts appear on your report for a period of 7 years; if your loan application has been rejected at any time due to the credit report, you are entitled to a free credit report copy. You are also entitled to one free copy of the report every year. There are 3 main credit reporting agencies that provide the reports and note that frequently requesting a copy of the report will lower your credit rating!

I would like to close out this article with a few guidelines on selecting the right contractor; it is a well known fact that choosing the wrong contractor means letting yourself in for a nightmare of mammoth proportions!

Ask friends and family for recommendations; ask neighbors who have recently had home improvement construction done on their homes that you have noticed; there are director agencies and the Better Business Bureau you can contact.

Check out the website; do telephone interviews to get a feel for the person. Find out about present work commitments and whether your job is something they are willing to undertake. Then have face to face meetings to decide whether you can work with the person, gauge the attitude and check paperwork (they need to be bonded and insured). Don’t just ask for references – check them out. Talk to the sub-contractors as well to find out about their credit worthiness.

Now is the Time For Home Improvement

With the ever changing trends in decoration and the use of new eco-friendly materials in construction and renovation, a large percentage of the population has found itself willing to redecorate or entirely renovate their houses. Home improvement projects can be as simple as re-painting your bedroom but can also include major works like changing your plumbing, modifying the heating and air-conditioning system of your house, changing the home’s structural layout or remodeling a single room.

If you are thinking of improving your home, it is really important to evaluate your budget and really know what kind of improvements will fit your finances and overall lifestyle the best. It is also important to know exactly what results you want to achieve. A simple example would be the choice of colors in a room. If you are looking to paint a part of your house, it is necessary to be aware of the mood you are trying to create in that room and to chose colors that will keep you satisfied for more than a couple of weeks.

In the last couple of years, the phenomenon DIY, also known as “Do It Yourself”, has imposed itself on the home improvement market. As much as this solution might sound very appealing to some people, if major elements are involved, your best solution may be to contact a contractor. Every home improvement project, as simple as it can be, can be very time consuming and it is important to have a certain construction and decoration knowledge before trying to do everything by yourself, which is why getting help from a contractor can help you explore options that you might not know existed.

A new trend in the home improvement world is certainly the popularization of energy efficient home improvements. With the alarming rate at which the planet’s resources are fading, energy efficient solutions have become highly popular and are regarded by most environmentalists as essential. The Energy Star logo is now a must on every new appliance. The energy efficient housing is also now made more affordable, so there is no reason to not try it. Improvements like insulation, upgrading the heating system, windows and doors improvement and energy efficient lighting are all changes you can make your home and that can be done with the help of a construction company and that can help you save money in the long haul.

While the term home improvement usually refers to alterations that can be done to an existing house, it can also be used to refer to any modifications like landscaping, garages and gazebos. Whatever changes you are making to improve your property will typically increase its value. Making the decision to improve your home will allow you to make it more adaptable to your family’s needs and lifestyle, to save energy and to let you live more comfortably.

Safety Rules For Home Improvement

You have probably been planning that kitchen or bathroom model for months, perhaps even years, so it is tempting to dive right in and start the project. But before you ruin your carefully chosen materials, or cause yourself a trip to the hospital emergency room, take a few moments to review these 10 safety tips.

1. Check on building codes before you start any home remodeling projects. Building codes are intended to protect you, your family and your home, which is probably your largest financial investment. Ignoring building codes can lead to personal peril and difficulty selling your property when buyers learn you skipped the permits.

2. Check your electrical system and make sure it is able to handle power tools. Don’t overload your circuit and make sure your outlets and power tools are properly grounded.

3. Take a few extra minutes to read the manufacturer’s instructions before you start. Pay special attention to any warnings that are listed.

4. If using a table saw for your project, always employ the use of hold-downs and push sticks to keep your fingers out of harm’s way.

5. Respect the limitations of your power tools and don’t ask them to do more than they were designed to do.

6. Never use a power saw to cut tiny pieces of wood or tile. It is better to cut small pieces off of a larger piece of material.

7. When using a drill with larger size bits, always make use of the auxiliary handle to control the extra torque.

8. When cutting small pieces with a power saw, always clamp them tightly to a solid work surface to avid slippage.

9. Double check that all adjustments are locked before cutting with a power tool. The rip fence on a table saw or the bevel adjustment on a portable saw should be firmly locked in place before the power is turned on.

10. Unplug the power before changing a drill bit or saw blade. It is not sufficient to merely turn off the switch, as you may accidentally hit it while changing the blade.

These are just a few of the safety tips you need to keep in mind while tackling that home improvement project. The most important tip is to use your common sense and to avoid short cuts that create unnecessary risks. Remember, you won’t be able to enjoy that new kitchen remodel from your hospital bed!