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| Remodeling |
Unlike an accountant or stockbroker, your remodeler will be a part of your daily life and available for some on-the-job education. He or she will be privy to your personal life, more so than your doctor or lawyer. Your contractor will know how you look early in the morning and how well behaved your dog is. It makes sense that you should take some time to carefully select this person and make sure that it is someone to whom you can ask questions.
PROPER PLANNING IS IMPORTANT
For considerably less than a new home, careful planning of your home-improvement projects will enable you to update your home, increase the value of your investment and customize your living space. As part of the planning process, look over your property carefully. What repairs are needed? What improvements would you like to make? Think ahead and determine your future needs. Professional remodeling contractors can help you in your planning by outlining options and discussing the improvements you can make within your budget. Be sure to review your homeowners insurance policy and make adjustments for the added value of the work being done.
TIPS ON FINANCING YOUR REMODELING PROJECT
There are various financing options available to homeowners. Among the most popular is the equity line of credit that bases the loan amount on the equity in your home.
The Federal Housing Administration (FHA) has loans specifically for home improvements. They are available through many banks and lending institutions. The FHA, however, requires the lender to approve the contractor. The FHA does not guarantee the remodeling contractor’s work.
Some institutions will allow you to borrow against the anticipated equity in your home once your home-improvement project is complete. A professional remodeling contractor is familiar with financing options available and can help. Research various sources of funding to compare individual qualification guidelines, interest rates, terms and tax considerations.
THINK ABOUT DESIGN AND FUNCTION
Design and function should be foremost in your mind if you’re thinking of adding a room or converting an existing room. When planning a larger, more complicated project, give thought to details, such as intended use of the space, flow of the space, where you want electrical outlets, telephone jacks and cable hook-ups located, the type of lighting required, your current and future storage needs and whether you want to include luxury items. These details will enable your home-improvement project to better suit your needs and your lifestyle.
A professional remodeling contractor or design service should be consulted about design and function of any remodeling project. He or she also can help you with time- and money-saving hints.
COMPLY WITH LOCAL CODES AND PERMITS
Building codes have been established by most cities, towns and counties. They vary considerably from one jurisdiction to another. A building permit generally is required whenever structural work is involved or when the basic living area or footprint of the home is to be changed. Ask your real estate agent or your local home insurer about the requirements in your area.
A WELL-WRITTEN CONTRACT IS ESSENTIAL
Before any remodeling work can begin, there must be a complete contract. This holds the job together and ensures that all parties involved agree to the same vision and scope for the project.
According to NARI, here are some key areas you should look for in a contract:
KEEP IN MIND
In addition to the information provided here, Texas residents are reminded of the following on contractor selection, from the Office of the Attorney General of Texas (www.oag.state.tx.us):
BE SMART ABOUT CONTRACTS
Most home repair and remodeling work is performed under contract. Legitimate businesses usually will insist on having a contract for their own protection, and a well-written contract should protect the homeowner, too.
PROPER PLANNING IS IMPORTANT
For considerably less than a new home, careful planning of your home-improvement projects will enable you to update your home, increase the value of your investment and customize your living space. As part of the planning process, look over your property carefully. What repairs are needed? What improvements would you like to make? Think ahead and determine your future needs. Professional remodeling contractors can help you in your planning by outlining options and discussing the improvements you can make within your budget. Be sure to review your homeowners insurance policy and make adjustments for the added value of the work being done.
TIPS ON FINANCING YOUR REMODELING PROJECT
There are various financing options available to homeowners. Among the most popular is the equity line of credit that bases the loan amount on the equity in your home.
The Federal Housing Administration (FHA) has loans specifically for home improvements. They are available through many banks and lending institutions. The FHA, however, requires the lender to approve the contractor. The FHA does not guarantee the remodeling contractor’s work.
Some institutions will allow you to borrow against the anticipated equity in your home once your home-improvement project is complete. A professional remodeling contractor is familiar with financing options available and can help. Research various sources of funding to compare individual qualification guidelines, interest rates, terms and tax considerations.
THINK ABOUT DESIGN AND FUNCTION
Design and function should be foremost in your mind if you’re thinking of adding a room or converting an existing room. When planning a larger, more complicated project, give thought to details, such as intended use of the space, flow of the space, where you want electrical outlets, telephone jacks and cable hook-ups located, the type of lighting required, your current and future storage needs and whether you want to include luxury items. These details will enable your home-improvement project to better suit your needs and your lifestyle.
A professional remodeling contractor or design service should be consulted about design and function of any remodeling project. He or she also can help you with time- and money-saving hints.
COMPLY WITH LOCAL CODES AND PERMITS
Building codes have been established by most cities, towns and counties. They vary considerably from one jurisdiction to another. A building permit generally is required whenever structural work is involved or when the basic living area or footprint of the home is to be changed. Ask your real estate agent or your local home insurer about the requirements in your area.
A WELL-WRITTEN CONTRACT IS ESSENTIAL
Before any remodeling work can begin, there must be a complete contract. This holds the job together and ensures that all parties involved agree to the same vision and scope for the project.
According to NARI, here are some key areas you should look for in a contract:
- Be sure the contract includes the contractor’s name, address, phone and license number (if applicable).
- It details what the contractor will and will not do.
- Your contractor should detail a list of materials for the project in your contract. This includes size, color, model, brand name and product.
- The contract should include the approximate start date and substantial completion dates.
- Study all required plans carefully. Insist that you approve them and that they are identified in your written contract before any work begins.
- Federal law requires a contractor to give you written notice of your right to, without penalty, cancel a contract within three business days of signing it. This is provided it was solicited at some place other than the contractor’s place of business or an appropriate trade premises, such as your home, or has financing provision.
- Make sure financial terms are understood and spelled out in the contract. The total price, payment schedule and any cancellation penalties should be clear.
- A warranty covering materials and workmanship for a minimum of one year should be written into the contract. The warranty must be identified as either “full” or “limited.” The name and address of the party who will honor the warranty (contractor, distributor or manufacturer) must be identified. Make sure the time period for the warranty is specified.
- A binding arbitration clause is also a good inclusion in the event a disagreement occurs. Arbitration may enable you to resolve disputes without costly litigation.
- Thoroughly review the entire contract and be certain you understand it before signing it.
- Consider the scope of the project and make sure all items you’ve requested are included. If you do not see a specific item in the contract, consider it not included. Never sign an incomplete contract. Always keep a copy of the final document for your records.
- Consider having a legal professional review the contract before it is signed.
KEEP IN MIND
In addition to the information provided here, Texas residents are reminded of the following on contractor selection, from the Office of the Attorney General of Texas (www.oag.state.tx.us):
- A remodeler in Texas may not engage in projects that change the living area of the home or that cost more than $10,000 without first registering with the Comptroller of Public Accounts. Contact the comptroller to check on any contractor you are considering.
- The Texas Department of Licensing and Regulation (TDLR) (www.tdlr.state.tx.us) is a state regulatory agency that currently oversees more than 20 types of businesses, industries, trades and occupations. The agency is responsible for issuing licenses, conducting inspections, investigating complaints, assessing penalties, setting rules and standards and holding hearings.
- Verify any claims the contractor makes about energy savings or increased security, home value or other added advantages to the improvements you are buying.
BE SMART ABOUT CONTRACTS
Most home repair and remodeling work is performed under contract. Legitimate businesses usually will insist on having a contract for their own protection, and a well-written contract should protect the homeowner, too.
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