A home improvement loan calculator will help you to know the amount of money that you can get from the bank or private lending company. Some of the factors that this calculator uses to do the calculation are:
- Debt-to-Income Ratio
- Credit history
- Credit score
- Personal loans
- Home Equity
- Monthly Income
It is recommended to visit the bank’s website before you fill the application forms to know the amount of money that you should quote. Go an extra mile and contact the support team to get information about the various documents that will be required to review and finally approve your applications.
Once you get the loan, it is important to manage it well to ensure that you get maximum ROI. Otherwise, you might end up making monthly repayments for a renovation project that failed to achieve the expected results.
Here are seven wise nuggets on how to ensure that your home improvement project is successful.
Focus on the Big Picture
The main reason why you are considering renovating your home is to increase its value and make it more comfortable. Any renovation that will not yield significant positive results is probably not worth spending the home-remodeling loan on. It is recommendable to look at the big picture- energy loss, repair, and long-term maintenance expenses can add up quickly and adversely affect your financial stability.
Hire the Best Remodelers
It does not matter the magnitude or type of renovations that you want to be done; you should hire only the best remodelers in the market. Experience, membership to a professional body such as the National Association of the Remodeling Industry (NARI), track record, and reputation are some of the factors that you should consider when hiring the contractor. Go an extra mile and contact clients who have in the past sort the services of the remodelers on your list to get a clear perspective of what to expect when you hire them.
Visit the Remodeler Current Job Sites
Take time to visit the remodeler current job sites to get an even clearer picture of their services. The best home renovation contractors are organized, maintain high safety standards, and keep their work sites clean. They also know how to keep a low profile in the neighborhood.
Insist on a Detailed Contract
Unforeseen occurrences can make the renovation project more costly and time-consuming. How will such challenges be addressed? Will the contractor charge you more for the additional work? Such information should be included in the contract to protect both parties from such scenarios. You may as well as hire an attorney to draft the agreement and sign the contract for you. Concisely, the contract should cover every aspect of the renovation project such as the agreed start date and completion date, the materials to be used, the design, and expected outcomes.
Know the Impact of the Renovations on your Home
Will the new flooring complement or blend well with the existing interior decorations? Sure, remodeling projects are exciting, but it is essential to make sure that you know what you are getting into to avoid regrets. Remember that some of the changes will not be reversible. Consult widely and do not be in a hurry to make decisions to avert spending the home improvement loan on renovations that are unnecessary or have no face value.
Tuck-Away your Valuables
The remodeling project will affect every room in your home. Based on this fact, it is essential to prepare well for the project to avoid any surprises. For example, move vases, take down pictures from the walls, and pack away all your valuables before the work commence to protect them from any damage. Immovable fixtures such as chandeliers and inbuilt cabinets should also be protected to avoid additional repair expenses after the remodeling project.
The best home improvement contractors maintain high safety standards - they will adequately prep for the project to cushion your belongings from damage. For example, if you intend to repaint the walls, they will cover the furniture with special protection papers to ensure that no paint drops compromise their beauty.
Home remodelers can implement incredible changes to your home, but they cannot read minds. Therefore, it is vital to organize meetings with the team to explain the goals and objectives of the project. With this information at hand, they will be able to come up with a plan on how to make your dreams or expectations a reality.
A home renovation loan will not be of much benefit to you if you do not plan for the project well. The above tips will ensure that the project goes on smoothly and cushion you from additional expenses. Make sure that you use the home improvement calculator to know the specific amount of money you qualify for before applying.