The term Home Improvement, also called home renovation, is a broad umbrella term encompassing a broad range of projects that improve a home’s interior or exterior. Whether you are planning to sell your house in the near future, or just want to make some cosmetic changes to the interior, you can find a number of useful and cost-effective home improvement tips. Here are a few tips to get you started:
Before hiring a contractor, make sure you have a contract in hand. Home improvement contracts in New York must include details about the project and timeline, as well as payment arrangements. The contract should include an architect or engineer’s plans that detail virtually every aspect of the work. Also, consider creating an escrow account for your project. That way, the money is restricted to the project until it is substantially complete. Then, you can use the funds to make other home improvement projects.
A home equity loan is another option for financing a major home improvement project. These loans are a type of second mortgage that are paid back over a five to 30 year period. They can be used for expensive expenses, but the total amount cannot exceed 85% of the home’s equity. Make sure you have a budget for the project before you look into these options. Remember to include closing costs and origination fees, as well. This way, you’ll be more likely to get the money you need and keep the interest rates low.
