It's a good idea to take a close look at your overall financial picture before you get going on any type of home improvement or remodeling, regardless of the extent. Of course, with the exterior remodeling services we offer such as roof and siding replacement, our customers are dealing with a significant amount of money, and we recognize that part of their satisfaction with our work depends on how comfortable they feel about whether they could afford the cost.
Once you've figured out how much you can afford to spend, here are the next two steps to take before you commit to anything with a Minnesota home improvement contractor. Got Multiple Remodeling Projects in Mind? Set Your Priorities Most homeowners we work with have a 'wish list' of things they'd like to do to their homes. Some of those things are in the category of needed updates, others are to improve energy efficiency, while a few might be things you're dreaming of to make your house more to your liking. It's wise to make a list of the projects you're considering and then put them in order of priority.- Start with things that HAVE to be done. For example, if your roof is old, getting a new roof installed isn't a project that should go very far down the list. Priority should be given to any home improvements that are in the category of maintenance and repair.
- Then sort them in order of how long you expect the current situation to be acceptable. A roof leak or a missing section of siding should go to the top of your list, not be put off. Old windows and doors that are leaking air and wasting energy might not be in the category of 'we need to do this right now,' but you should plan on having this type of work done in the not-too-distant future. The longer you put these projects off, the more you're wasting on your heating and cooling bills.
- At the bottom of the list should go 'nice to have some day' projects.
- Exterior remodeling should take priority over interior remodeling, since the exterior of your home is what protects the interior. Keeping it in the best shape possible is important.
Most Twin Cities homeowners don't have lots of cash lying around to pay for home improvements, so most need to finance their project. The first thing you need to know is the equity you have in your home. Any lender is going to want to have your home as collateral, and how much equity you have in your home is going to go a long way to the amount you can qualify for.
- Know your current credit score
- What do you have available on your credit cards? (This should be your last option; credit card interest rates are usually higher than home improvement loans. Consider credit cards only if the amount you need to finance is small and you intend to pay it off quickly. It might be a good way to get your living room repainted but not if you need to replace your siding.)
- Check out local grant or assistance programs in your area. Sometimes there are funds available to help improve home energy efficiency, or to update an older home in a certain neighborhood.
- Does your remodeling contractor offer financing? We do! We have partnered with EnerBankUSA, and you can apply for your home improvement loan right on our website!
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