Boise Idaho Real Estate Tips
Interested in Buying or Selling in the Boise Area? Find Real Estate Tips Here.Archive for home improvement
Home Improvement Loan Scam
Consider the following scenario… A contractor rings your door bell and offers to install a new roof on your home at a price that sounds great. You know your roof needs a little TLC so you tell him you are interested but you don’t have the money right now. He tells you “no problem” that he can arrange financing through a lender he knows. You agree an the work begins. At which point you are asked to sign several documents. The papers may be blank or the lender may rush you to sign before you have time to read what you’ve been given to sign. You sing the papers. Later, you realize that the papers you signed are a home equity loan with what appears to have an high interest rate, fees and points. To complicate matters more the work on your home is not completed or is a shotty job. As you can see you are left holding the bag with little help.
Protect yourself by not agreeing to a home equity loan if you can’t afford the payments. Don’t sign any documents that you have not read or are incomplete. Don’t be pressured. Don’t deed your property to anyone without consulting with an attorney. If you decide to get a home loan shop and compare loan terms.
Tips for Hiring a Contractor
When doing some home remodeling or repairs that require a contractor it is a good idea to interview each one you are considering. Some good questions to ask are:
- How long have you been in business? What you are looking for is a well established company.
- Are you licensed and registered with the state? Not all states require licensing however, if your state does ask to see their license and check to see if it is current.
- How many projects like mine have they done in the past year or so? Get the feel for their experience in the job you need done.
- Will my project require a permit? Most states require permits for building jobs, even for a deck. If the contractor is competent they will get the permits necessary. It is a red flag if the contractor asks you to get the permit for them. It could indicate that the contractor is not licensed or registered as required.
- Ask for a list of references.
- Will you be using subcontractors on the project? If they are it would be a good idea to meet them and make sure they have current insurance coverage and licenses, if required. You may even want to ask them if the contractor has paid them on time. You don’t want anyone to put a “mechanic’s lien” on your home if the contractor doesn’t pay them.
- What kind of insurance do you carry? Contractors should have personal liability, workers’ comp, and property damage coverage. Ask for copies of their insurance certificates and check they are current. If the contractor does not have insurance you will be responsible for any injuries or damage done while working on your project.
Remodeling?
When considering remodeling your home it is important to ask yourself whether you are going to sell your home in the near future. Often times when there is a remodel it revolves around individual taste and style. If painting you may use colors that match your current decor.
So if you aren’t planning on selling your home, go at it and have fun. If you are planning on selling your home consider doing things that add value. Do remodeling that enhances the beauty, comfort, and safety of the home. If painting use nuetral colors.
