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How Does a Home Improvement Loan Work?

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Home improvement loans are not necessarily characterized as such. All loans can conceivably be used as home improvement loans. However, there as some loans that must be used to rehabilitate or improve a property. These loans are often sponsored by the federal government. HELOC HELOCs (Home Equity Lines of Credit) are loans that use available equity in the home to secure a second mortgage. These loans do not alter the first mortgage; rather, they use the remaining equity in the home. These loans are often used to make home improvements as customers can borrow, repay, and re-access the credit line. Personal Loans While personal loans are often not thought of as home improvement loans, smaller ones can be used to improve the value of a home. For example, an $8,000 personal loan can secure energy-efficient appliances (like washers, dishwashers, and refrigerators) for homeowners. These loans, however, often carry higher interest rates than traditional home improvement loans, as they
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How to Find a Grant for Home Improvement

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You read the advertisements on infomercials and see the pop-up ads all the time on the Internet. "Get a home improvement grant!" the advertisements and commercials shout. It may seem like a bunch of snake oil, but there is a kernel of truth in these ads: you can get home improvement grants. Whether you need to have your home's exterior painted or want a new, more efficient wood stove, you can find grant programs for home improvement issues. Not everyone qualifies, and not every part of the country offers home improvement grants, but they do exist. From veterans nationwide to residents of the City of Boston, find out how to get a grant for home improvement and how to find such grants online and offline. Things You'll Need Internet access Search engine Telephone Instructions How to Find a Grant for Home Improvement Start by going to your town hall/city clerk's office or checking your municipal website and asking about home improvement grants and income
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What Is a Home Improvement Loan?

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Whether you want to make a few upgrades to your kitchen and bathroom or you're looking to completely remodel your house, a home improvement loan will probably be necessary to finance the project, unless you've got a stash of cash lying around. Before you borrow, it's important to understand that a home improvement loan is specifically for work on your house, and not to be confused with a home equity loan, which can be used to pay for a number of other things. Loan Purpose A home improvement loan allows you to borrow money to fix up your home. This could mean anything from installing a new kitchen, adding another bedroom, finishing a basement or repairing a roof. As with any loan, the amount you can borrow to make home improvements depends on your credit history and your income. Lenders look at your loan-to-value ratio, which considers the value of your house and the amount you still have to pay on your mortgage. If you have some equity in your property and your credit a
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How to Advertise a Home Improvement Business

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You have a knack for home improvement and, like any good entrepreneur, you've started your own home improvement business. You know you have the talent and the skill to be profitable, but as soon as you officially open, the phone sits silent. You need to advertise. Get your name into the public forum and that phone will start ringing. Things You'll Need Capital for advertising Paint or craft materials for signs Poster board Wooden stakes Show More Instructions Make your own signs and post them around your community. This is the cheapest advertising option. Take some cheap wooden stakes, some poster board, and some paint and simply create your own sign advertising your business. Place these signs in public areas where people can see them. Enter your business into a home improvement trade show (or start your own home improvement trade show). According to Entrepreneur.com, home improvement trade shows are a popular way to advertise your business (and a good way to make
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How to Get a Home Improvement Loan

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If your house is several years old, it is probably time to make some major improvements. Updating items such as flooring, counter tops and plumbing fixtures adds monetary and personal value to a house, but can be very costly. Here's how to get a home improvement loan and begin converting your house into your dream home. Instructions Figure out what work needs to be done and have contractors provide estimates for completion. Determine the total cost of the remodel to determine how much money to borrow. Gather documents and data required by lenders. Essential items include tax forms for the previous year or two, a credit history, employment verification documents, proof of supplementary income such as social security benefits, debt to income ratio and proof of income such as pay stubs. Request a free credit report, which you are entitled to once per year according to federal law, and review it carefully. If you notice any discrepancies, file a dispute with the appropriate cred
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How to Become a Home Improvement Contractor

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You want to contract yourself to repair and renovate people's homes, but you don't want to work for a company. Use your skills to start your own home improvement business and contract yourself to others. With a little effort and some marketing, you can have the freedom of being your own boss. Instructions Understand the nature of the work. You must find people who want home improvement jobs done for them. Then you outline the job in a contract and get signatures from all parties involved. You must supply the material and the equipment. The customer pays you for completing the job. Check the laws in your state or province. You may need a contractor's license before you begin. Find out if you need insurance in your area. You want to protect yourself in case of legal or safety difficulties. Develop skills in general home repairs and renovations like painting, electrical work, plumbing, drywalling, tiling, flooring, building and wood working. Learn to replace, renovate a
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How to Deduct Home Improvements

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Home improvement expenses are not deductible on your tax return in the year they are incurred. They are considered capital expenditures and are added to the basis of your home (the price you paid for it plus closing costs and legal fees). When you sell your home, the increased basis decreases your capital gain and your tax liability. There are, however, some expenses related to home improvements that you may deduct. Things You'll Need Receipts IRS Schedules C, E and D Show More Instructions Deduct Home Improvements Keep good records. Make a folder and save all of your receipts and records for any improvements you make to your home. If you're audited, the IRS will want to see them. The cost of labor also counts toward your cost basis, so save your canceled checks. Deduct interest paid on funds borrowed for the construction of a major improvement to your home. Interest for debt incurred up to 2 years before the completion of a major home improvement project or up t
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