Posts Tagged ‘Loans’
Home Improvement Loans: Several Options
December 19th, 2011 | 
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Canada registers millions of homeowners getting engaged in home improvement projects. Everyone has a vision of his home, but homeowners who begin the task are to remain within personal preference and given freedom.
Canada has been passing through a phase when demand for housing is strong as interest rates are remarkably low. What one should try to take into notice is that home improvement does not associate only with accomplishment of dream; it adds equity value of the home and substantial financial guarantee.
The goal in the job of home improvement must be pin-pointed. People consider going for home improvement loans for the following reasons:
a) Landscaping
b) Repairing for water lines, sewer. Roof and gutters
c) Enlargement of the kitchen room
d) Renovating the bathroom and toilet
e) Construction of a new bed room when a baby is coming
f) Construction or repair of garage
There are also other reasons.
It is not wise to limit the use of home improvement loans only to repairing works or to the works of small construction here and there.
A homeowner can choose to act this way. A simple question should, still, rise in his mind: Have these repairing works added value to his home? Home improvement loans can be used as an instrument to remodel the home. The homeowner can consider going for it with his thoughts. He can also book a contractor for this purpose.
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VA Home Improvement Loans
Did you know that aside from buying or building a new home, veterans can actually use VA loans for home improvements? Everybody knows that updating a home can cost a lot of money but if you’re a veteran who is eligible for a VA loan can borrow as much as 90% of your home equity and use it for home improvements. This is something a veteran should take advantage of because of the VA loan’s advantages. But just like a typical VA loan application, one has to submit the necessary requirements and prove eligibility.
So why should you consider a home improvement?
For one, it increases your home equity. Of course it also adds comfort and value to your home. Now what types of home improvement projects can you work on? Here’s a quick checklist of what you can do.
- Roof Repairs – This is probably one of the best ways to use your VA loan since large improvements like roof repairs cost a lot of money. Installation of shingles or replacement of old ones cost somewhere from $2-$4 per square foot while flashing around the chimney costs about $300-$500.
- Flooring repairs – Another great way to spend your VA home improvement loan is by installing or repairing your home’s flooring. With your loan you can have your floors sanded and finished or you can install a ceramic or vinyl floor or install a wall-to-wall carpet. The costs usually range from $1.50 to as much as $22 per square foot for the services mentioned above.