Home Improvement loans differ from remodeling grants in that the entire amount of a loan has to be repaid to the lender whereas a grant can be seen as a type of gift. However, it is unusual to get the full amount of the repair or improvement works on your house so the costs will have to be partially met by yourself.
Do I qualify for a Remodeling Grant?
1. Home owners aged 62 and older
2. Families with Low Income
3. Applicants who have bad credit
A professional inspector is sent out to the house in any of these scenarios to determine if repairs or renovation is needed.
Before any money is offered you will need to pass an inspection carried out by a professional whose job it is to determine exactly what renovation or repairs are actually required.
Depending upon the type of grant you apply for you will be paid in one lump sum or in payments. A good place to start looking is your local and state government offices or websites. It’s also worth contacting your local Department of Human Services. Each organization sets their own rules about who will receive a home improvement grant.
Because governmental organisations and institutions give out grants that are attached to the area in which they work, you will need to do find grants that that are appropriate to the nature of your repair. If, for example, the desired repair is to your waste management system, you can obtain a grant from the environment office.
If you’re turned down for a remodeling grant then you will have to turn to more traditional methods and try for a subsidised loan. There are lots available with interest rates between 1% and 5% and are usually set up so that repayments cover a longer period. Do your research first though and never borrow beyond your means.
By: Phil Nichol
Posts Tagged ‘Job’
What Is a Home Improvement Grant?
May 10th, 2010Estimating Home Improvements
March 22nd, 2010
To be successful, every home improvement project should be based on a sound plan. There are an abundance of books and other publications available, where you can get some great ideas. After you decide exactly what you want to do, try to estimate your costs as accurately as possible. Making a rough sketch can be helpful in working up your materials list.
Shop around for the best prices, and watch for sales. Try to visualize the stages of your project, and make sure you’ve listed every item, no matter how small. When you’re certain you haven’t forgotten anything, add 10 percent for wastage; and allow yourself double the time that you think you really need!
Home improvement magazines offer a wealth of materials knowledge; manufacturers’ brochures can also help you compare materials, and are readily available for free at building supply stores. Carefully weigh the differences between standard materials and pre-fabricated units. Products designed for installation by the home-owner can often be installed quicker and less expensively, but might not afford the same results as traditional materials. On the other hand, the do-it-yourself products are usually designed to be installed without a lot of specialized knowledge or tools, and could make the difference between getting the job done or not.
Financing your project: unless it’s a very small project, you could be arranging a loan – and you should shop around for a loan like you would for anything else. Compare the costs against the advantages of personal, home-equity and mortagage loans. You might be able to obtain a CMHC loan, and depending on your individual circumstances, part of the loan might even be “forgiveable”.
Do you need a contractor? Carefully consider your project, and unless you’re an accomplished renovator, you’ll find that contracting some of the work is easier (and sometimes even cheaper, in the long run) than doing it yourself.
Word of mouth is the best reference for a contractor. If you don’t know someone who’s had similar work completed by a contractor, then ask your bidders to provide you with references. Call their previous clients and ask them about their level of satisfaction, before you accept any bid. Ask about price, punctuality, workmanship and quality of materials.
Is your contractor licensed? Is he insured? Bonded? Does the Better Business Bureau have any record of complaints against him? How long has he been in business? (Most new contractors are out of business within the first three years.)
Ask for a detailed contract, including a full job description, material specifications, start and finish dates, permit numbers, clean-up, on-site behaviour, change-order clause and payment schedules.
Agree how disagreements will be handled before you begin the project. Planned arbitration will reduce the time, effort and energy spent on disputes.
I suggest that you observe the work regularly to minimize errors, ommissions and miscommunications. A healthy interaction with your contractor(s) will make the job go smoother!
Suggested reading: How To Be Your Own Contractor, Gene and Katie Hamilton,
Collier Books, Maxwell MacMillan Canada, 1991.
New Complete Do-It-Yourself Manual, Reader’s Digest Association (Canada) Ltd., Montreal 1991.
By: Gil Strachan
5 Questions To Ask Before Starting Any Home Improvement Project
March 2nd, 2010
1. What experience does your contractor have with this type of project?
How much experience does the home improvement contractor have in doing projects like yours? Does s/he specialize in this type of project, or will s/he be using your home as a learning project? Typically, contractors who have done several projects like yours will have a better idea of the actual costs and production issues involved in your project. Remember, however, that every remodeling project is a little different, and it is doubtful that any contractor has ever done a job EXACTLY like yours.
2. Who will be doing the actual work?
Will the individual you’re talking to be doing the work himself, or will they be using subcontractors or employees? Each scenario has its own advantages and disadvantages, but make sure you know what to expect on your job. Who will you ask questions once the project begins? Should you talk to the subcontractors, a jobsite manager, or the owner of the business? It is very important you have one person who will consistently answer your questions and not give you the run around.
3. What happens if changes are required to the initial bid?
What is the contractors’ process for making changes in the middle of the project? Most times you would like to avoid making changes mid-project but there can be unforeseen obstacles that arrive and it is good to know ahead of time how your contractor will deal with those obstacles. Most contractors use some sort of change order form that details the exact work and cost involved in changes once work has begun.
4. Am I prepared to be flexible when the unexpected arises?
Invariably, every job has something that wasn’t planned on come up. Delays due to weather, unforeseen conditions which present themselves once walls are torn down, changes to design or material choices, and problems with employees or subcontractors can all upset the planned flow of the project. Are you prepared to be flexible and work with your contractor to find solutions when these problems arise?
5. How do I feel about working with this contractor?
What is your gut feeling on working with this individual? Do you trust him or her? How do you feel about their design ideas as compared to your own? Can you communicate openly and clearly with this person? If it’s a remodeling project, how do you feel about this person being in your house for several days or weeks at a time often when you are not home? This is a really important factor to consider if you don’t trust this person don’t hire them.
By: Gregg Hicks