Home improvement projects can increase the value of your home. These types of projects are done to create additional living space, improve the safety and comfort of the home, or to simply enhance its look and feel. Some projects can be completed in one go, while others can be done over time. It is important to know the costs of your home improvement project, and to choose a contractor who will help you achieve your goals.
A good place to start is by making a detailed list of the work you want to have done. This will allow you to compare prices from multiple contractors. It will also help you negotiate with a contractor, and ensure that you get a firm price.
If you have a high credit score, you may be able to take advantage of a home improvement loan. These loans are typically secured by your home, and you can borrow up to 85% of its value. However, you may need to pay a higher interest rate.
You can also make use of a home equity line of credit. These loans have fixed monthly payments that you repay over a five to thirty year period. You may be required to pay closing and origination fees. You can also choose a 0% APR for an introductory period of up to 12 months, allowing you to pay for your project with no interest.
The best way to know if a contractor is trustworthy is to inquire about references and insurance. You can ask friends and family who have used a contractor, or check with the Department of Consumer Affairs in your area.
You should also make sure that the company you hire is licensed in New York City or Westchester County. If the company is not licensed, the State of New York can enforce the law, issuing a $500 civil penalty for each day the contractor is engaged in “home improvement” without a license. This is classified as a Class A misdemeanor in many counties.
The New York state law requires that all home improvement work be done under a written contract. This contract should outline the scope of the work to be done, the payment schedule, and any additional details of the project. The contractor should also be bonded.
In addition, you should check with the local building codes office to ensure that your home is in compliance. If you live in an older house, you might need to update it to residential building codes. This can be expensive, but it will improve the value of your home.
While a home improvement project is a great investment, it can be expensive. If you’re looking to do a large, complex project, consider using a home equity loan or a personal loan. They are often more flexible than a traditional mortgage, and they can be taken out without requiring collateral.
You should also check with your homeowner’s insurance. The insurer will help you find a contractor who is insured and bonded. It is also a good idea to ensure that a contractor has the permits and inspections necessary for the project.