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Posts Tagged ‘home improvement’

  1. Send Your Home Value Skyrocketing With These Improvement Tips

    May 23, 2018 by Thomas Herr

    You’ve probably heard of home improvement and thought that it’s something you could never do. Be aware that even beginners can make certain improvements. This article will provide some valuable information, advice and tips on how to enjoy the benefits of a well done home improvement project.

    A quick home improvement idea is to lighten up those small, drab rooms in your home. Let some light in! Clean your windows until they sparkle, and open the blinds! A room will instantly look bigger with a little natural light. Paint your walls a color that is pale and do not have a cluttered home. That tiny room will suddenly seem much more spacious and breathable.

    TIP! Lampshades that are plain add no personality and are boring. Get cheap stencils at the crafts store, an ink pad or acrylic paint, and try dabbing the designs around the shade.

    You can make a huge positive difference in the appearance of a room by installing a new floor in it. A good flooring company can give you carpet, hardwood, tile or laminate in one day; you can also do it yourself by visiting a home store and checking out what is available.

    Construction adhesive can help eliminate a squeaking floor. You may need to do it from your basement or even the crawlspace, but this is one improvement that is worth the effort. You will basically be gluing each floor joist to its neighbor by applying a glue line along each one with a caulking gun.

    If an interior designer is too expensive for you, do some research to do the job yourself. Try some websites, books and magazines for some help. You may discover an inspiration for a new look in a magazine. Many magazines also offer tips on how to cut costs on home improvement projects.

    TIP! When replacing baseboards, stained wood offers more appeal than painted baseboards. This gives your baseboards that look of real wood that blends very well with a modern or classic home.

    If your home heating costs are out of control, consider insulating your attic to save money. Because heat rises, a massive amount of heat can be lost by houses that have bad insulation, especially during autumn and winter. The insulation can be purchased at any hardware store and is relatively easy to install.

    Before you do anything with electrical outlets or lighting fixtures, you need to turn the electricity off. Touching live wires without having disconnected the power supply can cause electrocution and even death.

    As mentioned before lots of projects are accessible, even to newbies. You should be be more confident now, so make use of these tips, and tackle your home renovation projects. The accomplishment you feel will be worth every second spent.


  2. Get Rehabilitation Mortgage Insurance to Improve Your Home

    February 11, 2015 by Thomas Herr

    construction houseThe U.S. Department of Housing and Urban Development (HUD) offers the Section 203(k) rehabilitation mortgage insurance program that allows homeowners and homebuyers to obtain financial assistance in purchasing, refinancing or rehabilitating their homes.

    The 203(k) rehabilitation mortgage insurance

    In purchasing a home that requires repairs or modifications, homebuyers often have to adhere to expensive and complicated processes. Customarily, home improvement loans have relatively high interest rates and brief repayment terms.

    The purpose of this mortgage insurance program is to provide solutions to help borrowers and lenders by insuring a fixed or adjustable long-term rate loans that covers a home’s purchase and rehabilitation. This program also saves borrowers an amount of cash and time because of the insured loans. Section 203(k) also safeguards lenders by enabling them to have insured loans even before the property’s value and condition provide enough security.

    Type of assistance

    Section 203(k) requires that the property is at least a year old for it to insure mortgages that cover the acquisition or rehabilitation of a home. A piece of the loan proceeds go to pay the seller to fill the bill of an existing mortgage. The remaining funds are directed to an escrow account and issued when the rehabilitation is completed. Rehabilitation costs at least $5,000 to qualify. However, the property’s total value must be in range within the Federal Housing Administration (FHA’s) area mortgage limit.

    The property’s value is determined by:

    • Property’s value prior rehabilitation and rehabilitation costs
    • 110 percent of the property’s appraised value after rehabilitation

    Lenders usually impose additional charges to cover supplemental origination, preparation of documents, review of rehabilitation plans and appraisals.

    Eligibility

    The level of the rehabilitation under Section 203(k) may range from minor to virtual reconstruction (minor repairs must exceed $5,000 in costs). A property is also qualified provided it has been demolished or will be bulldozed as part of the rehabilitation and that the existing foundation is still intact.

    Section 203(k) insured loans can also fund the rehabilitation of residential parts of a property that has a non-residential value.These loans can also cover property size conversions to a one- to four-unit construction.

    Using Section 203(k), borrowers can make these types of improvements/upgrades:

    • Alterations and reconstruction of the remaining structure
    • Modernization and home function improvements
    • Removal of health and safety hazards
    • Improvement of physical appearance
    • Elimination of obsolescence
    • Replacement or reconditioning of plumbing
    • Installation of water and waste management systems
    • Replacement or addition of roofs, gutters and downspouts
    • Replacement or upgrade of flooring; adding floor treatments
    • Improvement of site and landscape features
    • Addition of handicap-accessible construction
    • Addition of high energy efficiency improvements

     

    HUD mandates that properties or homes financed under Section 203(k) must follow basic energy efficiency and building standards.

    To apply

    Loan applications must be directly submitted to an FHA-approved lender. Lenders choose an FHA-approved consultant, who produces a description of work needed to improve the property. Then, an appraiser establishes the repaired value of the property.

    Eligible applicants must also demonstrate the capability of meeting and repaying their loans. The FHA Resource Center can provide you with answers to your mortgage and loan products as well as your home improvement and rehabilitation questions.

     


  3. Considering Renovation? Get that Home Improvement Project Done through Financing

    February 4, 2015 by Thomas Herr

    home financingA major home improvement project is often associated with high costs. So, homeowners usually think twice about whether these costs would match their budget. But, did you know there is a range of available financing options to help homeowners get the overhaul their homes deserve?

    Read on why…

    Financing is the way to go

    There is a variety of factors involved in a home improvement project. First, consider whether you have timeon your hands. Planning and undertaking home improvement projects can be strenuous so you want to get these projects done ASAP. Set up a date on when to start and complete the project so you will have a schedule.

    Next is considering financing. Once you have planned this project, you realized you cannot afford the major expenses involved even if you have coughed up a substantial amount of savings. Talk to a lender about the available financing options that would suit your budget, situation and personal preferences. While some contractors do offer financing options, they typically run at a higher interest rate and are often unsecured. If you’re unsure of being eligible for financing, you can choose this convenient route.

    You can also choose to borrow from conventional lending institutions. You can start off with the bank of your choice or a credit union. These institutions provide good, if not high, interest rates and if you’re a member, you will be given generous terms. Considering mortgage brokers is also a good idea if you’re inquiring about home financing. In fact, you can take advantage of a rehabilitation mortgage insurance program to help homeowners like you secure home improvement grants and loans.

    The type of financing that suits you

    To be eligible for home loans, your credit history should be good. Your income and other securable assets are also examined and verified to see whether you are capable of repayment. Lenders review these things and they will use what they learn to determine the types of financing that you qualify for.

    Everything depends on your situation, however. Below is a list of common financing options that you, as a homeowner, can use to finish off that long overdue home improvement project:

    Cash-out Refinancing:

    Cash-out refinancing changes your current mortgage with another loan that usually reimburses your current mortgage balance and utilizes your home equity to present additional funds for other functions.

    Home Equity Loan:

    A home equity loan enables you to obtain the full loan amount straight away. With this type of financing, you can select from a range of loan terms, enjoy fixed interest rates, flexibility (you can choose the option of home equity closing costs that best fit your needs) and potential tax benefits since your home equity loan interest may be tax deductible.

    Home Equity Line of Credit:

    A home equity line of credit lets you decide if you want to continue with a variable-interest rate or adapt a fixed-rate advance option exclusive of refinancing. With this type of financing, you can also opt for the best closing cost options that are suitable to your needs. Furthermore, this financing option offers tax deductions on your home equity financing interest.