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Home Improvement Tips to Help Increase Your Home’s Value

December 17, 2022
By admin In Gambling

Home Improvement Tips to Help Increase Your Home’s Value

Home improvement

Home improvement can be a big investment, but it also pays off in terms of increasing your home’s value. A recent Zillow survey shows that 72% of homeowners have a home project on their to-do list in 2022. It’s a good idea to have a plan in place to make sure your money is well spent. This includes making a list of the work you need done. Then, compare the prices and timelines offered by multiple contractors.

When it comes to financing a home improvement project, it’s a good idea to look at a number of options. A personal loan may be the most flexible option for you. You don’t have to put up collateral and can qualify for a loan even if you haven’t established excellent credit. In addition, a home equity loan is a secure loan that allows you to borrow against your home’s equity. This may be a better choice if you’re looking to complete a large home renovation project at once. However, it’s important to understand that you’ll have to pay for the interest on the loan.

In order to qualify for a home equity loan, you need to have at least 20% of the home’s value. You can borrow up to 85% of the home’s value. These loans are installment loans that you repay over five to 30 years. You’ll be required to pay a minimum down payment and may have to pay an origination fee and closing costs.

To avoid falling victim to scam artists, you’ll want to look for a contractor with a license. The New York State Department of Consumer Affairs requires that you hire a licensed contractor to perform any home improvements. If you choose to hire someone that isn’t licensed, you could be facing civil penalties. For example, if you hire someone to do a project and they fail to complete it or fail to finish it according to the specifications, you can receive a civil penalty of up to $500.

In addition, you should ask to see the contractor’s insurance, references, and license. You’ll also want to get a contract that details the project, including the time frame and the payment schedule. This is especially important if you’re using a contractor who will be a subcontractor.

Before you begin your project, make a list of the things you need done. This list will help you identify which services will give you the most bang for your buck. It will also give you a solid basis for negotiations with a prospective contractor.

If you decide to finance your home improvement project, you should take advantage of an introductory 0% APR period. Most credit cards offer this introductory period, which means no interest on purchases during the first year. If you can’t qualify for a traditional mortgage, consider a personal loan. The APR is higher on a personal loan, but it’s much more convenient and flexible. You can often get a better deal on a personal loan than a credit card.

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