Monthly Archives: June 2018

Common Misconceptions About Home Improvement

Deciding on home improvements is a big decision. It can be a scary process knowing that someone is going to dismantle your house with the promise of making it look better. Finding and trusting a contractor isn’t easy. You’ve probably heard the warnings or horror stories from neighbors or friends of construction projects gone wrong. However, that doesn’t mean the myths are all true. There are plenty of misconceptions that many homeowners hold about contractors and this article is designed to weed out the truth. Here are some of the 5 most common misconceptions:

1. You’ll Save Money Doing It Yourself

Sure, it seems like you’ll save much more by taking on the project by yourself, but that usually isn’t the case for several reasons. One of them may be because you don’t have all the necessary tools for the job, and as everyone knows, tools can be expensive. By the time you’ve bought all the power tools you need, you would probably end up paying more than the price of a contractor’s service. There is also the possibility of making a mistake. Even the smallest mistake could end up putting the whole project in jeopardy. It’s better to have an experienced contract do it right the first time.

2. The Higher the Price the More Reliable

The price tag shouldn’t be your focus when searching for a dependable contractor. In fact, the reason contractors often charge a higher price is because there aren’t many other companies close-by to do the project for a lower cost. It’s the simple rule of supply and demand. Instead, you should choose a contractor based on legitimate reviews by real customers. That’s the best way to judge the services of any contractor. And if possible, find some pictures of the contractor’s previous work so you can review them for yourself!

3. Hiring One Contractor is Risky

These days there are specialists for everything. It may seem like a good idea to hire a different contractor for every different project you may have, but trust me, it’s not. It’s actually better to just hire one contractor for the whole house or multiple projects if necessary. Hiring more than one can cause a headache for all parties involved, take more time and cost more money in the end. It’s best to go with a well-rounded home improvement contractor such as IPC Restoration and Renovation.

4. Contractors Can Sue Me if They Get Injured

Any construction site can be dangerous and they usually are. Any professional contractor will know this and hopefully be ready for any accidents that may come up. This means they should have insurance. Never hire a contractor that isn’t insured. Hiring uninsured contractors is like inviting a stranger over after an ice storm; If they get hurt, it will be your fault. Therefore, always check with the company about insurance and make sure you will not be liable for any injuries they might sustain on your property.

5. I Should Plan Before Hiring a Contractor

Although it would make the contractor’s job a little easier, it’s not necessary to have everything planned out before scheduling the work to be done. In some cases, it’s even better not to have it all planned. Usually the contractor will help you with your plans and alert you to any problems or give helpful suggestions on what should be done. If they are very experienced, they will know what won’t work, what will look weird, or what the best option for a particular space is. As long as they are a trustworthy company, you should always let them just as much of the planning process as they are the construction process.

Hopefully these 5 tips have cleared up any misconceptions that might be out there about home improvement work and hiring a contractor. While it isn’t a guarantee, these tips should help you find a quality and reputable contractor like IPC Restoration and Renovation so you don’t end up telling the same horror story you heard from that neighbor or friend about their home remodel!

The Truth About Home Improvement

Are you planning to stay in your home for a long time, but you aren’t quite satisfied with the look of your home? Do you think your home could use new cabinets in the kitchen? Perhaps your house needs a new roof or new carpets? Or maybe you think your house needs a new bathroom? If you are thinking like this in anyway, you probably need to look into home improvement loans. Home improvement loans are what people use to make improvements such as these to their home. If you are unsure about this subject, there are some things you should know. Please continue to read for the truth about home improvement loans.

Most home improvement loans are often FHA loans that are commonly insured because they are used to
improve a home or rehabilitate it so it revitalizes it in an aging neighborhood. In essence, home
improvements are seen as a good thing where lenders are concerned. But home improvement loans can
be costly. Most home improvement loans are done through a home equity line of credit or home
equity loans. Some are even done with a second mortgage. This, in reality, costs people a lot more
money. When you get your home improvement loans in this manner, you are actually getting the money
from your equity… money you have already put towards paying off the house. This means you are
basically starting all over and paying for the house all over again.

There are many factors to consider when you search for a lender to get the home improvement loans
from. Before you start, make sure your credit score is as good as it can possibly be. Next, when
getting home improvement loans, try to search for the one with a low fixed rate. Variable rates
tend to change quite often and thus cost people more money in the end. Also, when searching for
home improvement loans, look into the ones that will get you the cash when you need it. Some
lenders take an awfully long time to get you the money you are asking for. Lastly, when looking for
home improvement loans, search for the ones with the best deals. Some lenders offer no appraisal
fees and no lender fees. This will in turn save you a bit of money.

This is some of the important things you need to know when you decide to look into home
improvement loans. You want to make your home beautiful, but be sure you do it in the cheapest manner
possible. With careful research, you should be able to find the right home improvement loan for you
that will save you money in the end. You can then look forward to having a lovely home!

Home Improvement Loan Rates

If you’re looking to flip a house, home improvement loan rates need to be on the top of your mind. If your loan rates are really high, they will cut into your profit margin and leave you with less money for your time, effort and capital. Considering that if your flipping a house you’re doing it exclusively to make money, a high rate can be a bit of a problem. The best way to get a low rate home improvement loan is to have good credit. If you don’t currently have good credit, you should probably start working on improving it. Pay off old debts as soon as you can and make sure you’re keeping up with the bills that you already have. A good credit score means that you’re trustworthy with money, and as your score improves it becomes less risky to lend you home improvement cash.

Besides home improvement loan rates, if you’re trying to flip a house you should be on the lookout for a good contractor. Good contractors are hard to find, so if you happen upon one who does a good job, comes in at or under budget and completes the tasks in a timely manner, make sure you hang onto him. Bad contractors can cost you a lot of money and drag out the flipping process, meaning that you won’t be able to make as much money over the course of the year.

Before you even need to worry about home improvement loan rates and contractors, however, you need to get in touch with a real estate agent who knows what she is doing. She can help point you towards a good lender (and sometimes even recommend a contractor!), saving you time and money. She can also help you to scout out potential homes to invest in, as well as tell you which modifications will increase the value of the home the most.

Some Facts About Home Improvement

Loans for home improvements have some particularities that are worth mentioning. Following are a series of facts about home improvement loans that you should take into account prior to considering your options.

Home Improvement Loans Nature

What makes a loan a home improvement loan is the use that the money receives. This use can be a condition for the loan approval and thus there are penalties that can be applied if you don’t comply with that requirement. However, those home improvement loans that are unsecured are actually personal loans and the use you give to the money is really up to you. They are just promoted as home improvement loans to attract customers but those loans are nothing but personal unsecured loans.

Home Improvement Loans And Equity

Home improvement loan don’t necessary require equity but unsecured home improvement loans are too expensive when compared to home improvement loans based on equity. Therefore it is always advisable to obtain a home equity loan for home improvements. These loans use the available equity on your home to secure the money borrowed and since the money is used to improve the property that will be used as collateral, qualifying for these loans is a lot easier.

125% Home Improvement Loans

These loans let you use 125% of the value of the property as guarantee of repayment. Thus, even if you don’t have enough equity on your home, you can still obtain these loans. The idea is simple: the money will be used to improve the property which will in turn raise its value making more equity available and with few monthly payments, the accumulated debt (mortgage plus home equity loan) will equal 100% of the value of the property and so, both lenders will be fully protected.

Requirements For Approval On Home Improvement Loans

Home improvement loans, especially those based on equity are very easy to qualify for. The risk involved in the transaction is very little. The chances of default are greatly reduced and in the event of default, repossession assures the lender that he will recover the investment. Therefore, a moderate credit score and history will be enough; there is no need for your credit to be good or perfect.

Only serious delinquencies like bankruptcies or defaults can ruin your chances. Other than that, your income needs to let you afford the payments with ease. There are no further requirements because as the loan is used for improvements, it raises the value of the property which is the asset guaranteeing repayment.

Legally Fixed Purpose On Home Improvement Loans

Do remember that on most home improvement loans the fact that the loan has to be used for making home improvements is one of the contract’s clauses. Therefore, you may be required to show proof of the improvements you are going to make like constructor’s plans, designer’s plans, etc.