Home Equity Loan Rates, Home Equity Credit Line, Home Equity Loans

Home Remodeling

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Sooner or later the day to day grind gets the best of us.  Everything becomes routine and boring - We wake up, go to work, go back home in the evening, go to sleep, and do it all over again the next day.  Change would be nice, but usually doesn't seem like a viable option.  However, it can be.  With a home equity loan online you can get the money you need for some serious change...Change that you can come home to.  Did you ever want a den? Or how about a peaceful garden sanctuary in your very own backyard?  It can be done!  And you don't have to do it yourself!  You can hire somebody else, sit back, and watch your new world unfold before your eyes.  Just follow the four steps below when you are ready to give the green light for some seriously needed home remodeling.

Step #1: Organizing Yourself
Have you heard the phrase "99% preparation and 1% perspiration"?  Well, that is precisely what we intend to do.  The key to good preparation is in being organized.  The following is a checklist for getting you headed in the right direction:

• Devise a principal plan - Establish what your home needs are - provisionally and long term.
• Determine the breadth of your plan - Decide what you want done - Be specific and define exactly what it is you plan to do. 
• Make a file or folder for your project - Whether on your computer or tucked away with your important papers, you should start to organize all documents pertaining to your project.  It should include contracts, blueprints, invoices, insurance papers, and receipts.
• Document any changes to your project - Oftentimes, home remodeling projects evolve during the building process.  At this point, you should already have a signed agreement with your contractor detailing what is to be done.  So, if changes do occur, be certain that you write up those changes and have them signed and clearly understood by your contractor.

Step #2: Designing
First, determine exactly how much your project budget is and how much of that you want to go towards the design process before hiring a professional designer.

• Place a small percentage (15-25%) of your project budget to the side, only to be used in emergencies.
• Also, deduct permit fees, taxes, and code regulation costs from the initial budget.
• Next, place 5-10% of your budget to the side for designer fees.
• The amount you have left after the above deductions is what you can actually spend on the construction of your home improvement.

Step #3: Choosing a Home Remodeling Contractor
Once you have a detailed set of plans, you are ready to hire a contractor. You should meet with at least three qualified professionals. The benefits of getting multiple estimates and bids include:

After your budget and project goals have been written up, start looking for a professional contractor.  After you have sorted through all of them, pick three that you would most likely hire for the job and meet with them.  By doing so, you will have the following advantages:

• You will be able to judge each contractor's character.
• You will be able to compare different estimates.
• You will be able to compare the different options each contractor may offer.
• You will have the opportunity to negotiate with the contractor for cost savings.

Initial Meeting
Take the following steps when first meeting with a contractor: .

• Observe their response to your questions.  Pay attention to their willingness to meet your needs as well as their overall attitude towards you.
• Explain to them all the details of your project - Ask for feedback.
• Know what questions you want to ask ahead of time.  Be sure  the contractor replies without avoiding the question.  As more questions come up during the meeting, ask without hesitation.  If you don't understand, ask the contractor to clarify.
• Request a written bid/estimate after you have fully articulated your project.

Background Checks

• Search for references on the contractor.  Talk to previous clients and get their opinions regarding the contractors past work.
• Request the contractor to provide you copies of their insurance paperwork.
• Request a copy of their contractors license.  Since most states require contractors to be licensed, this should not be hard to obtain.  Also, check that they have their license renewed and that it has not expired, which is also required by state law.

Step #4: Finalizing the Contract 
Once again, evaluate the contract to a T before signing it.  Any work not clearly stated in the contract is null and void. Some matters to look for when reviewing the contract are listed below.

• Be sure the wording in the contract is as specific as it can be.
• Check that any promises you made with a handshake are listed in the contract.
• If there is anything you don't understand, have the contractor explain it to you.  If you are not satisfied with their explanation, have somebody else explain it to you who is familiar with the business.
• When you are satisfied, sign the contract.  There is normally a three day grace period for canceling the contract if need be.

Items that should be listed in the contract:

• A detailed account of the work to be executed.
• A list of required materials and tools needed for the project.
• The contractor's total fee with a payment timetable.
• Beginning and ending construction dates.
• An explanation of how changes to the contract will be made.
• Copies of material, equipment, and work warranties.
• A written provision dealing with the resolution of possible disagreements.

Home Equity Loan Rates, Home Equity Credit Line, Home Equity Loans