San Diego home remodel investment

Paying For Your Project

Your home in San Diego is your biggest investment.
When remodeling your home, you may wish to obtain financing for the project through a personal loan, a home-equity loan, a credit union, an insurance policy, a bank, or a savings and loan. Your contractor may be able to help you secure financing, but it is important for you to investigate different sources of funding to compare the amount, interest rate, terms, and tax considerations.
If you cannot pay for a project without a loan, it is a good idea to add a clause to your contract stating that it is valid only if you obtain financing at a particular rate.

If your project is the result of damages covered by your insurance, check with your insurance company to determine the extent of coverage before signing a contract.

When deciding among the various loan sources, you should ask about possible prepayment penalties. Because lenders frequently package their loans to consumers to allow for interest earnings over the life of the loan, they sometimes provide for prepayment penalties that enable them to capture a portion of those earnings and the expenses of paperwork if the life of the loan is shortened by an early payoff. If you sell your property before the loan is due, you could be required to pay the loan in full, including the prepayment penalty. In some home-improvement loans, this penalty can be very high and should be a consideration.

Below are some additional links to helpful information

Paying For Your Remodeling Project in San Diego

Additional Work

The Right Choices

Communication with the remodeling company

Speak up, communicate, clarify!

The Pre-Construction Home Renovation Meeting

Timing and Schedules, its sunny in San Diego

Delays and Frustration, how to work it out

Be flexible and be realistic

Inconveniences can happen

Preventing the Home Remodeling Fever