Developing Your House With a No Equity Home Improvement Loan

Developing your homes for better comfort and privacy are one of the things homeowners would love to do, but they tend to be deterred by the financial issues they would face should they proceed with their plans. Even though there are many ways that they can secure financial resources, the majority of homeowners can be hindered by a multitude of requirements that lending institutions ask for and thus they have second thoughts and in many cases give up on their development plans. Also for renovation plans the same issue arises and so having a no risk financial and development program is certainly something homeowners crave for.

A no equity home improvement loan is now being offered to homeowners who are interested in further developing their properties. This offer is ideal for those that want to improve or develop their properties such as the house, garage, gardens or other structures in the property to better the functionality and comfort. It is has a low risk factor, and this type of loan is a very effective solution for many.

Is This Real?

The characteristics of no equity home improvement loans financially and legal are commonly doubted by many people because of the obligatory situations and its profit issues. This said, what the homeowners should concentrate on with these kind of services is the interest of the home improvement contractors and organizations that offer this. The main is that no equity home improvement loans are specifically designed to address the interests of the homeowner by providing a solution for the financial problems encountered in their plans. This being the primary interest, no equity home improvement loans do offer an advantage to the aspiring homeowners in that they have a low risk investment opportunity.

Supposedly, the loans are in part directed toward the financial and profit interest with regards to the risk for money lending, thus the loan’s interest should then be directed on the payment scheme of the loan and not on the equity of the property. This is so that contracting and obligatory payment of these financial transactions will be encouraged. The business organizations that are involved in this industry can actually get more business and profit for themselves from debtors by offering no equity home improvement loans. This great potential thus offers the benefit of not needing to put interest on the property’s equity.

When you decide to look for a no equity home improvement loan [http://www.globalfinanceworld.com/category/finance/loans/home-equity], as aspiring and potential homeowners you need to actually consider from number of packages offered and then compare the benefits of the offers with each other so that you can determine which one provides the most advantages with your interest in mind.

The loan offerings will vary and some will even include additional benefits such as project materials, home improvement contractor and design plans which make them a complete package and thus could potentially mean less problems and cost. This aspect of no equity home improvement loans make it a very attractive financial solution in your favor as a homeowner wanting to develop your homes for better functionality, comfort or ambiance, and thus will make your homes more suitable to your needs.

What You Should Know Before You Hire A Home Improvement Contractor

Home Improvement Contractors (HIC) and Home Improvement Salesman (HIS) are required by law in almost every jurisdiction in the United States to be registered and licensed. Licensing procedures are generally done by Municipal or local agencies of the respective State. For example, HIC and HIS are licensed by the Department of Consumer Affairs in New York City.

As you might be aware, many of these Home Improvements Contractors and Salesmen are “fly by night” operators who misrepresent and fraudulently swindle millions of dollars from innocent home owners every year. Many of whom run and operate their scams out of their Vans, Trucks and SUV instead of a physical business address. Many years ago, the home improvement trade was referred to as the “Tin Men” industry where high powered salesmen sold aluminum sidings to homeowners with over 500-1000 per cent mark ups in many cases. Many of those same homeowners ended up with huge second mortgages, mechanic liens and foreclosures in many cases against their properties.

If you are a homeowner making plans to renovate or improve your properties, these are some tips on how to select or chose the right Home Improvement Contractor for your next project. First and foremost, ask HIC and HIS for proof of license, business card showing address, phone number, website, email addresses, etc. Their licenses should be imprinted on business cards. Next, ask for references or testimonials. Try to get at least 3-5 references and make sure not only to call them, but go over and look at the work that was done first hand. Visual inspection is always crucial in deciding on a project. Most importantly, get at least 3-5 written estimates from other HIC/HIS and compare prices. It is never recommended to sign a contract on the spot with any of these high powered salesmen. Take time out to think about the quote or estimate, compare prices and most importantly, call your local municipal or agency to verify that the HIC and HIS are legitimate. It is also a good idea to find out if the HIC you are contemplating to do business with carry what is called a Home Improvement Trust Fund. This is a fund that each HIC is required to pay into so if a homeowner gets scammed, he or she can seek restitution directly from the Agency that licensed the HIC or HIS. Last but not least, try not to give a deposit during the execution of contract. Give yourself that 3 days cancellation right that you are entitled to, so you can think about the transaction or offer. If in any case you are required to give a down payment or deposit, give a very small deposit (less than 10 per cent) if possible. Always keep in mind, never give more than you can afford to lose. If the HIC or HIS is legitimate, they will not ask or insist on getting a deposit up front. They should be credible enough to have accounts/credit with Suppliers such as Home Depot, Lowes, etc., to get materials delivered to your property. Beware of HIC or HIS who desperately seek huge deposits up front. Some of them will demand that you write the check in their names or give them cash. Do NOT do it. That is the first sign to detect an illegal operator. You should write the check to the Company or use a credit card. If they refuse, you should show them the door or call the Police.

In conclusion, let me recommend that you seek a progress payment plan with your Contractor. In other words, you pay them as they go along based on your approval, and most importantly, the Municipal Building Inspector’s approval. You do NOT want to pay a Contractor until or unless the Inspectors give a green light certifying that the work is done professionally and in accordance with local building codes. Ask your Contractor to allow you to hold back at least 10 per cent of the final payment, or better yet, the total contract price for at least 60-90 days after completion, so as to make sure that the work was done correctly. Just imagine getting a roof done for example, and only to find out after a heavy downpour that your roof leaks. Many Contractors do not come back to repair their shoddy workmanship when they get paid. Hold back some money! If you financed your project through a bank or third party lender, get that finance company involved. Make sure that they do a visual inspection of the job that was done and also sign off with the job before they release final payments to the Contractor.

Home Improvement Stores – An Overview

Thanks to the popularity of home improvement programming on television, the last boom in the housing market and an influx of home repair magazines and media, the home renovation retail business is absolutely thriving. After watching how-to design programs on television and reading how-to articles in design magazines, homeowners are rushing out for paint, lumber, wiring and anything else they need for their next weekend project.

Another factor contributing to the surging interest in DIY home improvement are the costs of labor and contractors. As the expense of hiring help goes up, homeowners are increasingly likely to take on a project themselves, thus sending them to their local hardware retailer to stock up on needed supplies.

These same local hardware stores have gone from small shops to major, national retailers with huge chain networks. Examples of some of the larger home improvement stores include Lowe’s Home Improvement, The Home Depot, Home Hardware, Canadian Tire, Ace Hardware, Do It Best and Fred Meyer. These retailers can be found almost all over the United States and continue to expand into Canada, Europe and Asia.

The Best and Biggest Home Improvement Stores

As the largest in the country, The Home Depot is the hardware retailer of choice for the United States. Headquartered in Georgia, The Home Depot employs over 350,000 people and operates over 2,100 stores all over the world, including China. Second only to Wal-Mart for retail power in the United States, The Home Depot is the giant of home hardware supplies.

Lowe’s is the second largest hardware and home renovation retailer in the United States. Focusing their business model on service, Lowe’s takes aim at retaining a local store feeling. The Lowe’s chain began in North Carolina in 1946 as a single store and now operates over 1400 stores in the U.S. The chain is looking to expand into Canada and Mexico.

Another competitor that focuses on customer service and local emphasis is The True Value Company. By concentrating on quality service and extensive how-to programs, True Value is attempting to win over customers from large competitors like Home Depot or Lowe’s. True Value is also unique because it operates as a cooperative, meaning it is owned by its members. Essentially, it is a member-owned wholesaler and therefore is often able to deliver lower prices.

Finally, there’s Ace Hardware. A leader in global sales, Ace Hardware is also a cooperative, meaning most of their stores are owned and operated by a local dealer who owns a financial stake in the larger company.

3 Home Improvements That Are Cheaper in the Winter

Everyone is looking for ways to save money these days, even avid home improvement lovers. If you’re pinching pennies, this might not be the time to install those granite countertops, stainless steel appliances, or expensive home additions. However there are some home improvements that have to be done, either to help with the energy efficiency of your household or just because old systems have worn out.

Because winter is traditionally a time for hunkering down and staying in, people often don’t think of doing home improvements. This is exactly what makes prices excellent on services that can be offered no matter what the weather is doing.

While some work is definitely seasonal (no one wants to get up on your snowy roof to install solar panels in the winter!), others can be done year around.

Here are three jobs you might want to have done before spring comes around:

1 Install a Wood or Pellet Stove at the End of the Season

If you’ve been thinking about cutting back on your reliance on city-provided electricity or natural gas, a wood-burning or pellet stove may be an option. This is especially true in rural areas or places where wood, pellets, and even corn (many pellet stoves can burn corn) are readily available.

The best time to buy a new stove like this is at the end of the winter. Most people buy in the fall, when temperatures are just starting to drop, and they pay a premium! If you look for a stove at the end of the winter or early spring, you’ll be able to find good deals. This is also the best time to buy next year’s pellets or firewood!

2 Install a Home Security System

Although “home security” doesn’t necessarily have a season, installing cameras and alarm systems are things people don’t usually think of doing when snow drifts are snugged up to the side of the house. Professionals who work in the installation business still need work though and as long as the weather isn’t too bad, they can mount cameras and set up alarm systems.

If you’ve said no to home security systems in the past, you may be surprised at how affordable security cameras, home security dvr systems, alarm systems, and the like have become for homeowners. The technology has improved a lot too.

Because business is often slow in the winter, you can often find better deals than during busier times of the year. Installation and monitoring companies compete with each other, and there isn’t usually a lot of difference between what they offer, so make sure to comparison shop for the best rates.

3 Get Your Flooring Replaced

If you’ve been sick and tired of your stained carpets for a long time, winter can be a good time to find deals on carpeting, laminate flooring, hardwoods and the like. While the materials won’t necessarily be a lot cheaper this time of year, the installers who are scrounging for business are often willing to provide discounts.

Since flooring is installed indoors, even those deep drifts of snow won’t matter.

If you wait until summer, you’ll be competing with all the other folks who get the home improvement itch when the sun is shining. Winter is a great time invite contractors out to make estimates.