Home ownership is an investment just like any other, and with most investments you generally get out of them what you put in. If you make home improvements and take proper care of your property and its equipment, you increase the value of the home and extend the life of your property.
Home Improvement Maintenance Tips
- One of the first home improvement maintenance tips is to change your HVAC filter often. If your unit has the type of filter you can clean and replace, be sure to perform this task regularly. The unit runs more efficiently which prolongs its life. It also uses less energy.
- Have an HVAC system checkup at least once yearly. Twice is better, once just before the height of the cooling season and again just before winter.
- If your home has gutters, they need to be cleaned out regularly. Debris, leaves, nests, etc. accumulate and if not removed periodically will break down and decompose, causing damage to your gutters and possibly your roof and fascia. Additionally, water will become trapped and unable to escape, causing moisture problems, which defeats the purpose of the gutters in the first place.
- Outdoor maintenance is important, too. Picking up loose limbs and keeping leaves raked and burned is easier if done regularly rather than letting it build up to an intense and time consuming job. Your landscape needs to be cared for just as your home does.
- Weatherstripping may need to be replaced around doors and windows for increased energy efficiency and utility bill savings. Insulation may need to be inspected to see if an upgrade is needed.
- The roof requires regular inspection for leaks and missing, loose, or damaged shingles. Water is one of the worst enemies of a property, and if allowed to seep through the roof it can cause mold, mildew, structural damage, not to mention what it can do to your interior and personal belongings.
- Some tasks in your home are best left to professionals, such as with your HVAC and electrical systems. If you are not properly educated in electrical wiring, it is advised to avoid shock or electrocution by allowing a trained professional to work on your wiring. Improper wiring can also cause electrical fires, possibly resulting in loss of your home.
- Termites favor moist and dark conditions, and you can deter them by routing water away from your foundation. Also avoid placing wood piles up against the building; if you store firewood, store it away from the residence. Hire a professional exterminator to do regular termite inspections; it can end up saving you a lot of money later if any problems are detected early.
- Discourage mold growth by controlling the humidity in your home. A dehumidifier and a system to control temperature (air conditioner) both help prevent mold. Any time there is a leak, flood, or other type of water problem, it needs to be handled quickly to avoid spreading mold and mildew throughout your home. Moisture, remember is one of the biggest enemies of a home.
Performing home improvement maintenance does require some expense and time. It is a good idea to sock some money away each month as a part of your budget to put in a home maintenance account. Then when funds are needed for improvements and maintenance, it isn’t such a hardship thanks to the money you’ve set aside for this purpose.
Should you decide to sell your home or remain in it yourself, taking good care of it all along will definitely pay off in the end.
Whether you are buying a new home or trying to improve your current home, making sure you cost and budget small and large renovation projects accurately is essential. However, working out how much a new kitchen, bathroom or carpets fitted in your home isn’t always that easy!
When you are thinking about carrying out a renovation project, it’s important to find out as much about the job you want to do as possible. You might think ‘but I have a budget and I just need some carpets, that’s not a difficult job to do is it?’ However small your home improvement project, I’m afraid it’s not that easy!
Take a ‘simple job’ like fitting new carpets. The easy and good bit about new carpets is that they can all be ordered and fitted by one company, such as a carpet retailer who normally has its own carpet fitters.
However, you don’t just order carpets. You need to first decide:-
1. How long do you want the carpets to last for?
2. Is it for the bedroom, stairs or lounge, how hardwearing do you need it to be?
3. What’s the likelihood of stains? Do you need the carpet protecting?
Once you’ve decided on answers to these questions, you then need to know about all the ‘other things’ you have to pay out for when fitting carpets, for example:-
2. Carpet grippers
3. Stain guard
4. Costs for taking off the doors and re-fitting
5. Costs for fitting the carpet – is this fixed or could it cost more? What services does the cost include?
If you haven’t got a large enough budget to have a full job done, or you are a landlord for example, and will change the carpets on a regular basis, then you may prefer to choose a rubber backed carpet that doesn’t require underlay etc., and you may even be able to fit this yourself.
The renovation project costs aren’t everything, you also need to make sure you ask the right questions from the contractors and think through and plan:-
1. How long will it take for the carpet to be fitted? One day, two days or longer?
2. Who moves all the furniture?
3. Is any of the furniture too heavy to move yourself?
4. Where will you store the furniture while the carpet is being fitted?
5. What time will the workmen start and finish?
6. Who will clean up any mess? If the contractors do, will they do it to yours or their satisfaction?
7. Are the contractors insured to do the work? What if they break something in your home or cut through a wire?
8. What happens if you aren’t happy with the work carried out? Who do you complain to?
9. When do you pay for the job? Do they need a deposit upfront? Do you only pay when the job is completed?
10. What if you place an order and the company goes bust? Is any money you pay, such as a deposit, insured?
To properly work out what your home improvement and renovation costs will be, you need to really understand what the project involves and especially focus on ensuring you know what questions to ask BEFORE you jump in and go ahead with it!
1. Make a list of what you want doing.
2. Find out how long the project will take, you may be able to buy a carpet today, but how quickly will it be delivered?
3. List all the people/companies involved, for example when fitting a kitchen, you’ll need the kitchen, but you are likely to need electrical and plumbing work too and may be new flooring and/or lighting fitted?
4. Ensure you know how much you will be spending on materials and labour separately.
5. Make sure you have a contract signed between you and the contractors.
Finally, always ensure you discuss with material suppliers and contractors what happens if things go wrong, such as incorrect items supplied or fitted, mistakes or accidents do happen, so what’s the contingency plan and how would they handle a dispute between you?
Depending on your situation you may need to resort to a mortgage loan or a refinance mortgage loan. You may also be able to resort to home equity loans in order to finance home improvements and both home equity loans and refinance mortgage loans will be guaranteed with the available equity on your loan in order to keep rates low.
Home Equity Loans
Home equity loans resort to equity in order to provide the needed guarantee to allow the lender to provide better loan terms. Equity is the difference between the market value of a real estate property and the amount of debt that the property secures (usually a home mortgage balance). This guarantee reduces the risk for the lender with many benefits for the borrower too.
Home equity loans provide loan terms almost as advantageous as those of home loans. With home equity loans you can obtain lower interest rates, higher loan amounts, longer repayment programs and lower monthly payments compared to unsecured loans. All of this is particularly beneficial when it comes to home improvements.
Refinance Home Loans
Refinancing a home loan consists on taking a mortgage loan and using the money to repay the previous loan. The same property is used because, once the loan is obtained, the previous mortgage is fully paid off and canceled. If the new loan provides a higher amount than the remaining of the previous mortgage debt, the additional cash can be used for any purpose, including home improvements.
These loans are known as cash-out refinance home loans and the extra cash has obviously the same loan terms as the rest of the loan which implies extremely low interest rates, low monthly payments, a flexible repayment schedule and high loan amounts. All of which are especially beneficial for home improvements.
Home Improvements Purpose
As long as the money is used for home improvements, lenders can provide you with promotional interest rates and other advantageous terms. This is due to the fact that when used for home improvements the money that the lender grants contributes to increasing the value of the property that is being used as collateral for the loan.
Thus, don’t forget to mention the fact that you are planning to make home improvements when you request loan quotes from different lenders as they might be able to offer you special loan programs to suit your needs. More and more lenders are designing exclusive loan programs for home improvements in order to attract customers who need finance for that particular purpose.
Also, don’t forget not to go with the first offer you receive. Instead, compare loan quotes from different lenders paying special attention to the APRs and the loan terms that most concern you (repayment program and loan amount). That way, you’ll be able to get the best terms on your home improvement loan.
There is no courage in living an existence where you are constantly dissatisfied. Accepting your current resident as package you can’t exchange is a myth. On the contrary it is true that not everyone has available money to finance home improvement. Home improvement loans enable every resident to own and construct the house that is home in the real sense of the term.
While looking for Home improvement loans the first thing you concentrate on is interest rates. Borrowers must look for low fixed interest rates. The advertised rates may or may not be low rates for your profile. You will learn that interest rates are a personalized concept. Interest rates for home improvement loans are primarily dependent on whether you offer a security for the loan or not.
Consequently, home improvement loans are either secured or unsecured. Secured entail collateral. On the other hand unsecured home improvement loans get approved without security. Both loan types come with their own set of advantages and disadvantages. Secured loans for home improvement is ideal for raising large amounts (£25,000-£75,000 or above) at low interest rates and flexible terms. Home improvement loans that are secured come with downside of losing your property in case of failure in repayment.
Unsecured home improvement loans will be best for small amounts. There is no obvious downside except that your credit ratings will suffer if you cannot repay. However, the lender can get back his money through legal process which will ultimately put your property under risk. Why get into such complications – just payback the loan!
No matter what you apply for first take account of the cost. Make a list of all the material required for home improvement and their cost. This will help you in assessing the loan amount you should be applying for. The contractor is paid the money for home improvement and then the lender takes to which the borrower makes monthly installments.
It is going to be worth it to spend time in searching for home improvement loans. Your effort will be rewarded in the form of better interest rates and terms. Use considerable time of your search in home improvement loans comparison. You can use home improvement loan calculator to calculate monthly installments. You fill in few of your details, your income, the amount required and there you get a quote which gives the approximate cost of home improvement loans for you. The quote for is free on most of the sites. Your information remains confidential with no obligation to apply. Use APR while comparing loans. This is because annual percentage rate or APR takes into account closing costs, origination points, discount points and insurance. That is ideally the way to compare home improvement loans.
Don’t mistake home improvement loans for long term loans. Try to wind up home improvement loans within 5-10 years. A 30 year mortgage for home improvement is not advisable. However, if you already have a thirty year mortgage then you can make additional payments and achieve the same result. Does that sound confusing? All that is implied here is weigh your options and find the one that suits you.
And in case you did not know there are home improvement loans for bad credit also. Start from your credit report, know your credit score, shop for options and apply for bad credit home improvement loans. Bad credit home improvement loans will have high interest rates; therefore, think realistically about what you can get.
This year £40 billion pounds is expected to be spend on home improvement. These include simple home repairs and large scale remodeling and major restructuring. Chances are you have caught the home improvement bug. If this is so make improvements that pay off. The loans that you have taken for home improvement should target both adding value to your home and comfort. Invest home improvement loans in enabling them to reach achieve the standard of neighbouring homes. Every home improvement that you opt for should have positive impact.
Do the air conditioning system and the shutters and the conservatory look all the more desirable? Then what are you waiting for? This season go for home improvement loans.