Most of the time, home improvement projects are costly. In some cases, people resort to tapping their savings to be able to get some home improvements done. This can be very hurtful to ones pockets. In some cases, people resort to getting home improvement loans which can sometimes drag your budget off track and getting you more buried in debt than ever.
However, you should not be in desperation, there are different ways of doing home improvements without spending too much money. Money is a resource that’s very important and should be spent in more important things like the education of your children and emergency situations like sicknesses.
Here are some tips on how homeowners can do home improvement programs the cheap way:
1. Know what you want
Many people hire contractors to do home improvement jobs for them precisely because they do not know what they would want to do with their homes. Consulting these professionals can really hurt your pockets only to find out later that you don’t want what they have done to your house.
You can use different home improvement magazines, watch some television shows regarding home improvements or even look around in other people’s homes to be able to get some ideas regarding what you would want to do with your house. These ideas can be put on paper in drawings or in short descriptions.
2. Feasibility
There are many ways of improving your home. YOU should think about the feasibility of home improvement projects before undertaking them.
3. Rearranging
Changing the arrangements in your house can be considered as home improvement projects. Putting your furniture in good and new positions can be a good way to change the overall ambience of the house.
4. Change the color scheme
Colors have big roles in terms of giving the home a good ambience. If you are getting bored with the overall ambience of your house, you can do some repainting jobs yourself. YOU can also involve the other members of the family and this will make the job easier and more fun.
5. Be green
Putting in plants into the overall scheme of home improvement is a good way to give the house a fresher look. Plants add warmth and freshness to every home. If you are clumsy when it comes to plants, you can use synthetic plants as well.
These are just some tips on how to achieve a better home with lesser budget. However, a cheaper way doesn’t equate to a less effective way. The more important thing is that you enjoy your house and feel comfortable with it.
By: Bill McRea
When you think of home improvement you probably think of the exhaustive assessment, careful planning, and infinite reserves of funds that it will require. But you know that if you do it properly you will add value to your home and as a result, make it look remarkably stylish, elegant, and sophisticated. On the flip side however if you do it improperly, you will only succeed in making your property look shoddy, which will cost you a lot in both time and money. Here’s how to make sure the work will actually improve the value of your property.
1. Try to decide the actual reason for your home improvement. Most generally people like you decide to undertake home improvement for one of three reasons. First they want to get a good price for their property. Second they want to make their home look better. Or third they may need to accommodate additional people. If you are looking to selling your home, then all the enhancements that you do on your property will impress the potential buyers. However if you are looking at keeping the property for yourself, then the improvements that you make should be considered invaluable additions.
2. Mark out areas in your home where you are able to make improvements. In your home there are certain areas where your home improvements will work the best. These include such places as your living room, where you like many probably spend at least half your time, your kitchen where you can update your appliances that you use the most, and possibly even your garden since it will look more appealing to the neighbors and passerbys. If you are lucky enough to have adequate amount of money at your disposal you can even add another room on to your property for your growing family. Each and every one of these improvements will as a result make your property more valuable. But you need to remember that the improvements that you are making should match the existing style of your home, as well as be consistent with the size of your property and overall layout of your house. You need to also make sure that you have the required permission from the local authorities for any alterations. A lot of states and cities require you to have a permit to perform any remodel project.
3. Make a financial plan. Depending on what you will be doing, you may need quite a bit of money to make improvements in your home. Things like construction materials, labor, and advice from contractors can become quite expensive. You need to ask yourself if you are actually able to afford your home improvement project. This is the very first and most important question that you will need to find an answer to. You can begin by creating expenditure plan and then make plans for the funds accordingly. You also have the choice of using your own savings or attempt to get a home improvement loan. You will need to consider the pros and cons of the above options before you make a final decision.
All of the above options need to be carefully researched before you attempt to make any home improvements on your home. If you do your home improvements properly you stand to add quite a bit of value to your home.
By: Ned D'Agostino
There are a number of things you can improve in your home that will increase your home’s value. You can add a bathroom, finish your basement and renovate your kitchen – just to name a few.
Unexpected home improvements like a new roof can be an expensive surprise.
Rather than waiting until your home is in need of repairs, consider a home audit to look for ways that you can improve your home and increase its value.
Home improvement loans are now available at historically low rates. The best way to obtain a low rate home improvement loan is through a mortgage. Using your home as security will enable you to secure lower interest rates than if you used an unsecured line of credit.
The type of home improvement loan you should apply for depends on the size of improvement you want to finance. A small renovation of $15K-$30K could easily be financed through a home equity loan or line of credit.
If you are financing a large renovation, refinancing your first mortgage may make more sense.
If you have had issues with credit, are self-employed or cannot prove your income, this will make things more difficult. These three things make you a higher risk to a potential lender; in turn you will need to have equity in your home.
Before you prepare to apply for renovation financing, consider what other existing debt you have. This may be a good time, if you are going to refinance your mortgage, to consolidate your debt. This will free up cash flow and reduce the interest you are paying on existing credit cards.
The next thing you may want to do is consider requesting your credit report from Equifax. This way you can see what lenders will see before you even begin looking for home improvement refinancing. If you can find places to improve your credit (for instance paying down a credit card balance that is close to or at its limit), do it. This could save you big. The stronger your credit is, the lower the interest you will pay.
Even in cases where consumers have bad credit, the interest for a bad credit home improvement loan or refinanced mortgage is still less interest than bad credit loans offered by finance companies. If you are thinking of financing a home improvement using your home, consult a mortgage broker. They will be able to discuss your financial options and negotiate the best deal for you. For more information visit http://www.firstequity.ca or call 416-440-1224 ext. 22.
By: Dave Mandel
It is nice to add value to your home. Remodelling, renovating and improving your home are great ways for a makeover and acquire extra space. There are many home improvement jobs that could definitely add value to any home to make it look beautiful. Some add more resale value compared to others.
Kitchen home improvements include modern styles and convenience, particularly in older homes. State of the art kitchens definitely boost the value of your home. Your kitchen should be fitted with modern gadgets together with new utensils as well such as new freezers, cookers and refrigerator concealed tastefully. Do not forget to add new taps and new wall tiles and floor tiles as well. Next to the kitchen is the bathroom. Updating bathrooms is one of the most effective ways to add value to your home. You could retile both the wall and floor tiles; add new spotlights on the ceiling together with a small extract fan over the shower or bath.
Enhancing the curb appeal is a great way of boosting your home’s value since the outdoor appearance of your home creates a first impression. Improving your home exterior includes siding and landscaping, especially in the front yard. Windows and roofs may be costly to replace but doing so could dramatically add value to your property. Converting your garage could give you additional space, but most buyers like to have a garage, so it is not necessary to convert your garage. Furthermore, consider your appliances. They may be in working condition but a buyer might have second thoughts if they look outdated. If your stove, fridge or bathtub looks old and rusty, try to replace them with a visually attractive but average-priced model.
Keep in mind that even if you do the right projects, it is no guarantee of a high investment return. Before you decide on a home improvement that adds value to your property, there are general factors that should be considered. Remember, it is not good to focus only on one room or area, particularly if your home was last updated twenty or thirty years ago. It will definitely look shabbier compared to the upgraded room or area. Practically, do not expect to recover much from your home improvement project, so be realistic when it comes to the value of your home improvement.
The real estate industry has real estate investors called flippers with various expertise levels who purchase homes, fix them, and sell them for a profit later. It is a good idea and a worthwhile project to make home improvements to boost the value of your home. However, you have to ascertain that you do not spend too much on these projects since there is no guarantee that you will receive sufficient return. For example, a swimming pool sounds great, but it is very expensive and comes with plenty of maintenance. Future homebuyers might not like that. It is important to determine your budget and from there make a decision on what important improvements you should prioritize.
By: Sonia C Llesol
When it comes to the topic of home improvement many of us tend to see a very costly and time consuming process ahead of us. However should you take the time and energy to go about home improvement correctly you will soon find out that this need not be the case.
There are many aspects and approaches which one can choose to follow when it comes to the area of home improvement, but knowing which ones will have the greatest impact on the value of your home is probably the true secret to effective and profitable home improvements.
As with anything in life, there is a right and a wrong way to approach this field, amazingly enough a lot of the smaller changes you make can have the biggest impact as to the appearance of your home. The greatest part of it all is that most of these small changes will not require the assistance of professionals as you will be able to take on these tasks yourself.
Take for instance the example of a new coat of paint, this is definitely one form of home improvement which one is able to handle on your own. All you need is the correct advice as to what paints will work best where and how to apply them in a professional and cost effective manner and you are well away.
By taking on a task as simple as adding a new coat of paint to your home, you will begin to realise just how many other small tasks there are which one is able to handle on your own. Let’s face it, by changing the look of your home through a fresh paint job, not only will the home take on a whole new appearance, but it is not going to cost you an arm and a leg.
When it comes to the added value of your home, a home which is freshly painted will sell far easier than one in which the paint work needs attention. In fact you are more likely to get your asking price in the market if the buyer sees that they do not need to repaint the home.
By: Dr Hannes Dreyer
For various home improvement projects, especially those that involve using concrete, most homeowners get the services of concrete contractors, as they are more knowledgeable in the process of such home improvements. However, given that there is quite a number of contractors who offer their services, finding the right contractor can be a bit of a challenge. Fortunately, doing an adequate amount of research can make the search a lot easier as you can be armed with the information that you need to help you pick the best contractor for your building needs. This research involves employing the same strategies used in canvassing for services from a number of companies that offer them.
Doing the research
One of the best ways to canvass for a contractor is to go online because doing so can allow you to browse through quite a lot of web sites of contractors that offer their services, which also allows you to compare other things like their rates. However, fully trusting the information placed on web sites may not be the best way to pick a contractor because just reading about them cannot give you a feel of how they work and on the type of service they provide.
To be able to get more information, you may need to get referrals from friends and family about a certain contractor that they have used in the past. This is because getting first-hand information from a friend or a relative can give you a feel of how these contractors work and provide their services. Apart from this, doing so also assures you that you would get advice from people who really wish to help you get the right contractor.
Apart from your friends and your relatives, another good source of information is to research about a contractor with regard to the associations and other affiliations they may have. This is because being a member of some of the most prestigious contractor’s associations can give you the assurance that the contractor provides quality work.
Getting the right concrete contractor can be a challenge given that there are a large number of contractors that provide their services, especially on the Internet. Given this, there are other steps you could to take, which includes asking for referrals from family and friends, to help you search for the that right concrete contractor for your building needs.
By: Kevin Stith
Opportunity and danger are two sides of the same coin. Home improvement projects offer the opportunity to enjoy your home and to increase its value. Such projects; however, present the danger of personal injury, property damage, and unexpected expense if the work contains construction defects. Here are some steps you should take to maximize the opportunity and minimize the danger of home improvement projects. This article addresses common construction defects in exterior projects involving gas pipes and electrical wires. Related articles cover other construction defects.
1. Do your homework. People research many major purchases; but they spend thousands of dollars on home improvements with little or no research about avoiding construction defects or about hiring a qualified and reliable contractor. Information that can help homeowners is available from many sources. Books explain basic construction and building code concepts in plain language. Manufacturer’s installation instructions for many products are available on the internet. This does not mean that you need to become a construction expert before you embark on a home improvement project. You can and should; however, become educated so that you can recognize common construction defects. Being able to recognize construction defects puts the contractor on notice that you are an informed consumer.
2. Use only licensed and experienced contractors. Verify the status of the contractor’s license and whether any complaints have been filed against the contractor. Complaints against a contractor are not always a deal killer, but they are a red flag that requires more investigation. Obtain references from the contractor and contact them. Use at least one reference from a project completed over one year ago to help you determine the contractor’s response to warranty issues.
3. Obtain a building permit, if required. A building permit is usually required if new electrical circuits, water pipes, or gas pipes are installed or if there are significant additions or changes to any of these systems. A permit is usually required when adding to or making structural changes to a building. A permit is an inexpensive way to get inspections of the work by a qualified third party. It may also reduce your potential liability if a problem occurs. The contractor should obtain the permit. If the contractor is reluctant to obtain a permit, this is a red flag. The contractor may not be licensed to do the work, or he may have other problems that you may want to know about.
4. Look for common construction defects. Here are some examples of common construction defects in exterior home improvement projects.
Failure to bury gas pipes and electrical wires at required depth. Digging around buried gas pipes and electrical wires can damage them and cause gas leaks and electrical shocks. Bury most gas pipes at least twelve inches below the finished dirt level. Bury electrical wires at least twelve inches if the wires are ground fault circuit protected. Bury wires enclosed in metal conduit at least six inches. Bury most other electrical wires at least eighteen inches.
Failure to place electrical receptacles on a ground fault circuit interrupter (GFCI) circuit when required. This is an electrical shock hazard. Place all exterior receptacles and all receptacles in garages on a GFCI protected circuit.
Failure to properly install and protect electrical wires. This is an electrical shock hazard if the wires become loose or damaged. Place most exposed and accessible electrical wires in approved conduit. Place electrical connections and wire splices in a covered electrical junction box. Electrical wires that are installed outdoors or that are buried must be approved for these uses.
Failure to protect gas pipes from corrosion. Corroded gas pipes can leak. Protect gas pipes against corrosion when they are in contact with the ground and when they are in contact with masonry and concrete. The gray paint on gas pipes around gas meters and pipe wrap tape are common corrosion protection methods.
Failure to properly install gas appliance flexible connectors. This is a gas leak hazard. Flexible connectors are the yellow (one common color) flexible tubes that you see between the rigid gas pipe and a gas water heater. These connectors are intended to connect one rigid gas pipe to one gas appliance. You should be able to move the connector at least two inches at the center of the connector. A connector that cannot be moved and is too tight strains gas connections at the pipe and at the appliance. The connector should not have a bend with a radius smaller than 1 ? inches. A tight radius bend can weaken the connector and reduce gas flow.
Seize the opportunity to beautify and improve your home; but be aware of the dangers that such projects present and empower yourself to avoid these dangers.
By: Bruce A. Barker
The popularity of HGTV (Home & Garden Television) has created a
thriving market in do-it-yourself home improvement and interior
decorating. All sectors of the home improvement industry have
benefited since HGTV started airing in 1975.
The real estate boom was followed by a home improvement boom.
People would buy a old house and want to redecorate the house
from floor to ceiling. People who had lived in their houses for
a while wanted new kitchen cabinets. The home improvement shows
were an impetus for a massive movement by homeowners to start a
remodeling revolution
The home improvements that people take on include makeovers from
the attic to the basement. They perform functional repairs like
fixing a leaky roof, replacing windows, and adding more room to the
house. Then there are the projects that are just for the
beautification of the home like updating kitchen, remodeling a
master bedroom.
Some people use home improvement as a creative outlet. They paint
and redesign just for the satisfaction of improving their living
space. HGTV has been a large contributor to the home improvement
revival.
HGTV reaches 89 million households every week and over 800,000
nightly prime time viewers. The format of the show has been copied
several times and spin offs like Trading
Spaces, Extreme Makeovers. Viewers sit for hours watching
“Design on a Dime” “Devine Design”, “Landscapers Challenge”.
The home improvement shows just keep coming.
HGTV provides instructions for thousands of home improvement projects.
They provide video clips for everything from garden projects to
constructing a bed. HGTV is the one-stop resource for finding anything
you need for expert help with “doing it yourself” projects.
HGTV makes home improvement look easy and fun. HGTV gives viewers
new ideas and inspires the week end warrior to do some type of home
improvement project. HGTV mission is “to provide ideas, information,
and inspiration for decorating and home improvement”.
The impact that HGTV has on home improvement can be measured in these
statistics.
Furniture sales grew by 75%, between Between 1995-2005
Sales of home furnishings increased 97% in this same period.
These items included soft goods as well, carpets, lamps, area rugs,
linens, glassware
People all over the country are decorating their homes to look like
these superbly beautiful fantasy creations that they view on HGTV.
If you are not a “do it yourselfer” you can just imagine the way your
home might look when you go on tours of million dollar home all
across the country. You see people who look like you making grand
improvements to shacks that end up looking like your dream home.
HGTV has had a dramatic impact on the home improvement industry
because HGTV appeals to the age group of people who have the money
to pay for major home improvement projects. The demographics of the
typical HGTV is a female age 35-64 years old. Over 70% of HGTV
viewers are females.
That means that the female viewers are encouraging husband, fathers,
brother to do the work so they can enjoy the benefits.
The additional general consumer demographics for home improvement by
female indicate:
They shop more often
Visit more stores
Spend more than the typical shopper
The target demographic for the Do It Yourself Website is:
Homeowners
Ages 25-54
Incomes of $60,000
Internet access
Propensity for home improvement
The home Improvement Research Institute studies show that both men
and women are active participants in the planning of home improvement
projects as well as the purchase of those products used for
improvement.
By: Tim Gorman
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.
Any other use can result in the cancelation of the loan program and the payments becoming immediately due. Therefore, be careful and read the contract thoroughly.
By: Jess Peterson
If you have been thinking about home improvements for upgrading or remodeling your home, you can qualify to receive a home improvement grant to cover your costs. Through various agencies both government and private funds have been allocated for home repairs, upgrades to green ecologically improved appliances and remodeling to meet the requirements.
The added advantage is that these home improvement grants do not require a background history of your credit rating, no collateral, and they don’t require a proof of income because they are provided by governmental agencies at local and state levels. There are numerous private organizations that have millions of dollars of grant aid available that get a tax rebate on providing these funds.
Once you are approved for the grant, you never have to pay it back. Any tax paying citizen over the age of 18 years can freely apply for multiple grants and keep the cash but all you need to do is to use the money for the reason it was allocated like fixing your house, for instance.
To give a wider coverage, there are numerous home grant programs to suit your project such as making your home accessible to special needs, or extending and adding a room. Other grants can be obtained to make your home energy-efficient. From new home owner grants to home improvement grants, there are a variety of options available that can benefit you.
Any tax payer over the age of 18 is eligible to search government and private grants database to suit your home improvement grants that may even run into thousands of dollars, interest and tax free that don’t have to be repaid. The private organizations that give out grants account for billions of dollars every year, so fill out the application and get your home improvement grants processed right away.
By: Sarah A. Baker
