FINANCING

  • Financing for larger projects i.e. additions, major renovations, add-a-level, in-law suites are now extremely difficult, unless you have collateral. Ten years ago, all you needed was a good credit score and history and the ability to meet the payments. Check out your ability to borrow and share the budget with your builder and architect.
  • Additions, major renovations, add-a-level, in-law suites are projects that need planning with all parties involved, the home owner, architect and the general contractor should be involved in all of the homeowners budget requirements that dictate the size and quality of materials and fixtures to be used. The contractor has a very good idea as to the cost of fixtures.
  • In-law suites are usually relative to the sale of the property to provide the funds for the new addition or renovation. Additions should have all the accomodating features, i.e. size, bathroom features and adequate living space and still offer curb appeal at the same time. Features like private balcoly, decks, porches, etc., should be considered if budget allows.
  • In-law suites, additions and renovations have to conform to local codes. Your contractor should have a handle on these codes if the project is in the basic target area that he normaly does business. Some projects can be done without the expensive architect fees if the contractor has adequate experience. Choose a home improvement contractor with the more experience, the better, contractor age and experience is of prime importance. Don't choose young inexperienced contractors unless you want trouble. A contractor with 25 years under his belt should be a minimum experience.
  • If a contractor, you are considering has had a couple of negative comments, but has hundreds of approved projects, consider him instead of a contractor that has only two or three projects with no negative ones. Remember, experience counts. Any construction contractor worth his "salt" should have hundreds of completed jobs. Volume and quality is extremely important in choosing a good contractor that you can trust finishing the project with your approval.
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