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Consumer News and Advice Archive
It is a loan against the equity in your home. Financial institutions will generally let you borrow up to 80 percent of the appraised value of your home, minus the balance on your original mortgage. ...
With a refinancing, you pay off an old loan on your home and take out a new one, usually at a lower mortgage interest rate. To refinance, you will generally need to have equity in your home, a good credit rating, and steady income. You can borrow a percentage of ...
According to the Millennial Housing Commission, few lenders are willing to administer home improvement loans. Most prefer to make home equity loans or unsecured consumer loans because they are easier to manage. Home improvement loans usually require inspections and irregular draws on the loan amount as work is completed, which ...
Chances are you will have to pay the going rate for contractors in your area. Architects or designers will typically cost 12 to 20 percent more. ...
If you are displeased with the results for obvious reasons, keep after the contractor to make the needed repairs. When that fails, contact your local consumer protection agency. Make sure you have a copy of the contract, receipts showing payments, and photographs of the work. ...
According to the Federal Trade Commission, there are several ways to spot less than reputable contractors because these hucksters tend to do the following: ...
Use caution. Your home is your most valuable financial asset. You will want someone who completes the job, not botch it up. It is important that you find a competent and reliable contractor who will successfully complete your home improvement project. ...
Home improvement professionals vary. Who you hire also will depend largely on the size and complexity of your project. What follows is a brief description of the different contractors who do work for homeowners: ...
To save both time and money, some people avoid getting building permits. But most cities require them. Besides ensuring safety during construction - housing inspectors sometimes stop by to check on the progress of projects at key points - they are also a source of revenue. ...
Building codes set minimum public-safety standards for such things as building design, construction, use and occupancy, and maintenance. The codes are established and enforced by local politicians and government officials, who also tend to modify them constantly. The codes are usually enforced by denying permits, occupancy certificates, and by imposing ...
It is a request made to your local jurisdiction to deviate from current zoning requirements. If granted, a variance will allow you to use your land in a way that is normally not permitted by the zoning ordinance. ...
Zoning ordinances and maps are a matter of public record. Visit your local zoning office, city hall, or some other local planning board and get a copy of your local ordinance. ...
Zoning is the government's way of controlling the physical development of land and the kinds of uses to which each individual property may be put. ...
Yes. The last thing you want to do when undertaking a home improvement is go overboard. This means fixing up the home to the point where it becomes worth far more than nearby neighborhood properties. ...
Some improvements offer a greater return than others do. This will vary greatly depending on the type of work you have done. Remodeling magazine publishes an annual "Cost vs. Value Report'' that can answer this question in more detail, based on the top 15 home improvements. A recent study it ...
