5 Tips to Finance Your Home Improvements

If you find yourself in the process of plotting out a magnificent home improvement project, you ultimately will need to address an important question: How will you pay for your improvement plan? One obvious, albeit possibly impractical, course you could take is paying for you home improvements with cash on hand. The reality is that for many homeowners who really want to improve their residences, this strategy is not going to work.

When it comes to paying for your home improvement project, painting services or alike there are five key tips that you need to bear in mind. Some of these may have already crossed your mind. However, like most people in your shoes who want to embark on a home improvement project, you may not be familiar with all of these suggestions.

Explore a Title 1 Home Improvement Loan
One possible avenue you may be able to pursue, that you may not be aware of at all, is a Title 1 Home Improvement Loan. The federal government established this loan program.

Pursuant to the Title 1 home improvement loan program, the U.S. government provides lenders with insurance on loans to homeowners who want to make improvements on their residences. The federal government will guarantee loans of this nature up to $25,000. In other words, the government essentially is eliminating the risk to a lender in making a home improvement loan of up to $25,000.

A Title 1 home improvement loan can extend for a term as long as 20 years. A borrower like you does not need equity in the residence in order to qualify for this type of loan.

There are some limitations, beyond the maximum dollar amount available in a loan through the Title 1 program. For example, the money cannot be spent on so-called luxury items. Luxury items are defined as such things as hot tubs.

Not all lenders are approved to make Title 1 home improvement loans. Therefore, the first step in exploring this type of financing option is to identify those lenders in your area that are approved for the Title 1 home improvement loan program.

Solar Energy Incentives
If you are considering installing solar energy systems of some sort in your residence, as part of your home improvement plan, you likely will qualify for different tax incentives available on both the federal and state levels. The federal government offers tax credits for the installation of things like solar-energy systems, including solar panels, or solar water heaters. Many states offer similar incentives, including rebates for at least some of the money expended on these residential improvements.

Don't Charge It -- Apply for a Personal Loan
Each year, tens of thousands of people "finance" their home improvement projects by going mad with their credit cards. The rack up what prove to be significant balances on their credit cards in order to pay for residential improvements.

Do not take such a step until you explore your other options. Included on the list of what you will want to check out is the prospect of obtaining a personal loan to at least fund in part your home improvements.

You do need to have solid credit for a personal loan. What you do not need is available equity in your home when you seek a personal loan. In addition, the interest rate associated with a personal loan will be less than what you would face using your credit cards and paying them off over time.

Contractor Loans
If you are not a do-it-yourselfer, and if you will be seeking a contractor to aid in your, you have yet another possible financing option that may not yet be on your radar. Larger contracting outfits sometimes provide their own financing options to people like you who want to undertake a home improvement project.

In regard to this type of potential financing arrangement, you need to make certain you undertake due diligence that includes getting a specific, guaranteed interest rate before you sign on the bottom line. You might also want to reach out to other homeowners who have done business with a particular contractor and obtained a contractor loan.

Home Equity Line of Credit
Finally, and this is likely a pathway you are aware of, you can always consider taking out a home equity line of credit. Of course, you must have equity in your residence in order to take out this type of financing. One of the benefits of a home equity line of credit is that you can "borrow" money as you need it for your home improvement project. You can more specifically control what you borrow, rather than just obtaining a lump sum loan.


Jessica Kane is a professional blogger who writes for Faxage a leading company that provides Internet fax service for individuals and businesses.

Comments

Post a Comment

Popular posts from this blog

Pressure Washing Surfaces Will Help With The Corona Virus

Image
  The Coronavirus pandemic is daily becoming the headache and health concern of all. Eliminate close contact, common sense and common hygiene help from contracting the virus, these are the best forms of protection. Everyone is advised to wash hands properly , avoid social gatherings, and stop all kinds of physical contact for now.    Also, to ensure personal hygiene, another way that may help with the Coronavirus is pressure washing common area surfaces. As a result, if most surfaces that many people will unavoidably get in contact with are chemical treated and pressure washed, most definitely a lot of the threat of the Coronavirus will be washed away.    Regular pressure washing surfaces that people touch often will lower the likelihood of the virus being contracted from the surfaces to people’s hands. Since it is not 100% clear how long the Coronavirus can survive outside the body (there are theories), it is essential to disinfect all the surfaces that people will ge
Read more

Make a Difference With Bold Paint Colors

Image
  Paint your home is one of the most powerful tools to decorate and transform your space. It does not only beautify but also protect the surface painted. However, it can be confusing or challenging when you need to choose your home's right color. Paint comes in a wide array of colors , shades, and finishes, which can all be used creatively to transform your space. Meanwhile, the focus of this write-up is the transformative power of bold paint colors. Fresh paint on your walls will undoubtedly enliven your interior and create a 'wow' factor in your home. You can make a big difference in your home with bold paint colors . Read further as we explore various bold paint colors you can use to transform your space. Take a look at the different bold colors below.   1. Canary Yellow This is a bright yellow with a touch of orange to make an impactful impression. It signifies positivity and best suited for an office setting where you make decisions. The color stimulates optim
Read more

Which Are The Best Paint Brushes For Painting

Image
  Best Paint Brushes For Painting Paint brushes may look small as a tool, but they are essential in the painting industry. As a result, much emphasis is placed on the quality and type of paint brushes chosen for a project. The paint brushes used for painting significantly impact the results, finish, and aesthetics of the painted surface. Also, a paint brush can determine how quickly the painting project can be completed. Whether you are an experienced painter or a DIYer looking for the right paint brushes to buy for your project, read this write-up further for information to help you make an informed decision.   Essential Features of Excellent Paint Brushes When searching for the best paint brushes to buy for your project, consider the features below:   1. Material Brush bristles are made from the following materials: a. Natural Materials from animal hair such as badger and hog, which are best suited for oil-based OR or solvent based paints. b. Synthetic materials fr
Read more

Pool Deck Painting 101

Image
  Painting Your Pool Deck Do you know that your pool deck determines the beauty of your pool? It's what attracts swimmers to your swimming pool , and adequate care must be taken not to choose the wrong color or do a bad job. Important Pool Deck Painting Factors A perfectly painted pool deck is very important in prioritizing how your deck feels like and should be made to wear a renewed look from time often. In this article, we shall teach you how best to paint your pool deck like a pro, even in late summer . Please note: It is highly recommended that you repaint your pool deck when it has cracks in it, looks old and dirty with chipping paint. These factors mentioned above can change the entire look of your swimming pool; thus, the need to pay special attention to it.   Pool Deck Preparation Before repainting the pool deck, it is advisable that you do the following a.       Prepare the surface to get a squeaky clean appearance with mildew build-up or pressure wash . b.    
Read more

Fresh Paint Colors For Summer

Image
Summer Paint Colors Fresh paint on your home's interior and exterior leave an impressive and warm impression on you and everyone that comes to your home. If you are planning to give your home a new coat of paint this summer, it will help you know the right summer colors to help you achieve your goals. Fresh paint unavoidably will create a significant impact on your building. But choosing the right summer paint colors will boost your property’s aesthetics and curb appeal beyond your expectations. Here are fresh paint colors you should consider for summer. And don't forget pressure cleaning  of your exterior to enhance the overall freshening up effects! Consider Vibrant Paint Colors 1. Bright Red Painting your home with bright red color will help to create a significant impact and help you to make a statement. The bright red color is bold and will cause your space to pop out. It is stylish, elegant, and full of energy. The bright red color will undoubted
Read more

Troubled Stucco - Try Elastomeric Paint

Image
Benefits of Elastomeric Stucco is part of your home's finishes that transform your walls. Due to its characteristics, stucco is not waterproof and can get damaged by water from the wind-driven rain. However, you can waterproof your stucco by using MasterProtect elastomeric paint on the surface of your stucco. You can create a protective layer of elastomeric paint over your stucco. This will shield the stucco from water. If there is an external crack in your stucco, it allows water to leak or seep into walls, you may caulk or patch the crack and apply elastomeric paint to finish the repair work. BASF and Sherwin Williams offers high-quality elastomeric paint mainly for its purpose to avoid tearing down your stucco due to leakage or water damage. When you notice a water issue with your stucco, or it has cracks or 'holes,' even if caulk works to patch the holes, you can rely on the waterproofing power of elastomeric paint to protect your stucco. Elastomeric will seal the
Read more

Paint Spill Horror At The Paint Store

Image
A visit to a paint shop will expose you to several funny and scary things. Starting from the painting tools and equipment to safety gear and items, you are in for a surprise whenever you find yourself in a paint store. Sometimes, you may feel like you are in a horror movie. With different unique and intricate items scattered all over the store, which are colorful and yet scary, you would see paint rollers, commercial paint sprayers, tape, top of the line paint , paintbrushes, paint buckets, caulks and sealants, paint supplies, construction adhesive, glues and Epoxy, tarps, drop cloths, and plastic sheeting. Even some pressure cleaners on the floor for sale. One day, a man visited a paint store to inquire about hiring professional painters. He entered and couldn't find the clerk at the desk. He thought the clerk might be inside the store taking inventory. So, he decided to take a look and call out. Unknown to the man, some painters had just returned from painting a house
Read more

Find A Stress Free Pressure Washing Company

Image
Pressure Washing Pressure washing your home is an essential maintenance step to spruce up your home or commercial building to keep it clean and maintained. This increases value and hinders costly damage and repairs. Keeping your surfaces clean will stop wood rot in most cases. Aspects To Consider For Pressure Washing Your building is exposed to the elements, which undoubtedly must have taken a toll on the luster and sheen of your property. However, you need to save your building from dirt, grime, mold, and debris it has acquired, and the best way to clean your building is pressure washing. As a result, you need to hire an experience pressure washing company . Looking for tips to find a stress-free pressure washing company? Do you want to pressure wash your home, landscape, patio, or garage? Are you searching for a reputable pressure washing company? Do not search any further; read the tips below to choose the right pressure washing company Steps To Find The Right P
Read more

Finding a Painting Company with Value

Image
  Insist on Value When Painting Your House Painting your house can be a major restoration work that a homeowner has to undertake at some point in time. Fortunately, many painting companies offer different types of painting services to hassled homeowners. But it is quite difficult to Finding a Painting Company with Value who completes the entire work on time and also in a professional manner. Selecting the painting company is not just about opening the local directory or the yellow pages diary or selecting the first listed company that you may find. Choosing the right painting company will save the hassle and time of completing the major painting work. How to find the right company? ·        Finding a Painting Company with Value that can meet all your painting requirements you can select from the referenced offer by professional organizations of your state like the  Better Business Bureau . These associations can provide you with the list of licensed and high companies that come
Read more

Paint Ideas for the Kid’s Room

Image
Painting of the kid’s rooms are just as important as other rooms in the house. However, kid’s rooms may require a different paint idea or technique. A kid’s room requires the right combination of paints, methods, and motifs to create a playful and conducive bedroom well-suited for kids. Kids have a high sense of imagination and need the right paint ideas for their rooms to keep up with their ever-fleeting imaginations. When painting the kid’s rooms, choosing kid-friendly color schemes is crucial and vital to appealing to the kids’ taste. Think about dynamic patterns, vivacious finishes, epic images or cartoon characters, and saturated colors to reflect kids’ joyful and playful attitude. Every piece of furniture in a kid’s room should be painted in colors that will complement the wall colors for a perfect finish that keeps the kids satisfied.   Here are the paint ideas for the kid’s room that really work! Select the Right Paint Kid-Safe interior paint is the b
Read more