Funding for updating house

Another use is energy conserving improvements or solar energy systems.

Improvements can be handled on a do-it-yourself basis or through a contractor or dealer.

Under such a plan the contractor provides all materials used, takes care of all work involved, and arranges for your loan.

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Protect Your Housing Investment Your home is an investment in living as well as in savings. If properly maintained and improved, it will pay a high yield in comfort and usefulness for your family and in avoidance of costly repair bills.

Home improvements also tend to raise neighborhood standards and, as a result, property values.

You cannot use them for certain luxury-type items such as swimming pools or outdoor fireplaces, or to pay for work already done.

Title I loans can also be used to make improvements for accessibility to a disabled person such as remodeling kitchens and baths for wheelchair access, lowering kitchen cabinets, installing wider doors and exterior ramps, etc.

Financing Improvements As a rule, the thriftiest way to finance improvements is to pay cash.

But if you lack the funds even for immediate repairs such as replacing a worn-out roof or a broken-down furnace, you should weigh the cost of borrowing against the cost of delaying the work.Understand What You Sign The contract that both you and the contractor sign should state clearly the type and extent of improvements to be made and the materials to be used.Before you sign, get the contractor to spell out for you in exact terms: After the entire job is finished in the manner set forth in your contract, you sign a completion certificate.There are several ways to check on a contractor: Compare Contractor Offers Before deciding on a contractor, you may want to get bids from two or three different firms.Make sure that each bid is based on the same specifications and the same grade of materials. Many contractors offer package plans that cover the whole transaction.FHA-insured Title I loans may be used for any improvements that will make your home basically more livable and useful.