Saving money is something that we are all looking to do when we take on a remodeling project at home. Many people are facing financial difficulty right now and need a way to get their remodeling job done right without spending so much money that it them becomes difficult to pay the mortgage. One great way to save money on your remodel without having to sacrifice quality or style is to look for ways to cut out the middle man. The middle man is the entity that buys from the manufacturer and sells to the retailer. Each time a piece of merchandise changes hands, the purchase price goes up, so that each participant in the sales process gets a portion of the sale profits. No middle man means that you can save at least that portion off the purchase price of the item.

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One of the best ways to save money by owner-building, is in just doing it. If you build your own house, and you save a bunch of money doing it, meaning you build a $350,000 house for $250,000, you have increased your value by $100,000 and that money has not been touched by taxes of any type. Sounds pretty good right? Who would not like to have $100,000 tax-free income, and get the house of their dreams in the process?

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When you build a home, you are going to want to create a budget so that you can stick to it as closely as possible, and stay on top of things. This will help you save money, and will help you come in under budget and not have to go to your lender asking for more money to be able to finish your house. You do not want to have to stop construction because you run out of money because you did not create a good enough budget. So, create a spreadsheet budget!

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When it comes to building your home, you want to save money in as many aspects of the process as you can. One of the areas you can save the most in is materials and suppliers. As the materials are what your house is made of, you want to get as good a deal as possible, but keep the quality high. So how can you do this? The following is a list of suggestions

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When you build a home, you want all the money you spend to be put towards the home itself, not towards other people. You want your money to stretch as far as it can, and make your dream house perfect, without making your finances scary. So, you are going to want tips and tricks to save money.

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When it comes to construction, many people think it is better to hire subs and contractors that provide their own materials, rather than worrying about finding subs and materials. The idea is nice, but it is not always your best option. Materials purchased separately often cost significantly less. It is very convenient to simply hire contractors that provide their own materials. However, with convenience is a price tag.

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When it comes to management for your construction project, here is a list of 10 things you can do to save money and improve quality:

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Planning to build a home can be a very large project. Many elements go into getting the project underway that each carries a certain amount of importance in the overall success of the construction. One of the essential elements of building a new home is creating the budget for the project. This can be a difficult task if the home owner is not experienced in home building.

While the owner could rely entirely on the contractor for the overall cost of the project, having an idea of what the construction should cost from an independent source can help owners avoid paying too much for a project. Many owners are turning to cost estimator software as their independent source for an estimate of how much home construction will cost. Here are a few of the best cost estimator programs.

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Nothing can be more exciting than planning to build a brand new home. The possibilities for customization are endless. However, at the same time the opportunities to raise the cost of construction are also endless. So, how can a potential homeowner prevent overspending and still build the home they have always wanted? Here are a few tips on how to save money when building a home.

Budget

Create a budget and stick to it. The first thing a potential homeowner can do is look at their finances and decide how much exactly they are willing to spend. Once they have established the amount they are willing to spend, they should set aside a portion for unexpected expenditures that are inevitable with construction.

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After years of living in the same home for many years or right after moving in, sometimes a home just needs to be remodeled. Maybe the kitchen is just a little outdated or isn't functional for a changing family. Maybe the bathroom was neglected by the previous owners and needs to be redone. It is understood that remodeling a room or section of a house is going to cost money, but it can be easy to get carried away. Here are a few tips on how to save money when doing a home remodel.

Prioritize

At the beginning of a remodeling project, sometimes it is easy to want to make tremendous changes. However, some changes, while possible, just aren't very cost effective and will end up causing more problems than they are worth. For example, avoid moving entire walls, putting in new windows, or moving a tub from where the drain is to where there isn't a drain. These types of large construction remodels end up costing extra. Instead, look at the space available as a puzzle. How can the space be remodeled without costly changes?

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Building a room under a garage can add square footage to your house, but they also have some downsides. They can cost a lot to build and can be expensive to keep up. Here are some things that you need to know before you build a room under the garage or before you buy a house with a room under the garage.

First off, building a room under a garage is a huge task. It's not just like adding a room onto your house. There are a lot more steps and tasks that have to be done. There is a ton of engineering involved. You will have to hire someone to build the room for you, unless you are a contractor yourself. You will have to fork out the money to pay someone because you could hurt yourself and really wreck your house if you don't know exactly what you are doing.

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Home equity lines of credit are a great way to get the needed money now to remodel your home. Of course, like anything in life, there are pros and cons to using a home equity loan to remodel your home.

First, let's look at the pros of a home equity line of credit:

With a home equity loan, you can borrow as much money as you need within the loan limits. A home equity loan payment is similar to a credit card; you only pay interest on the balance of your loan, not the total line of credit.

You should use your home equity wisely. Home equity loans are tax deductible so that new kitchen can be a tax write-off. Many people find that it is easier to combine their first mortgage with the home equity loan to obtain one low fixed rate.

A home equity loan will also allow you to pay down the amount and re-use the available line of credit. This means that you can pay off the new kitchen, borrow the money again and remodel your bathroom.

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It's inevitable that over time most everyone would like to remodel their home. For many people, finding the money to remodel their home comes directly from their home. Home equity lines of credit have been popular for many years among home reconstruction projects.

Equity is the current value of a property minus the liens that are secured against it. For instance, if you pay $300,000 for a home using a $250,000 mortgage and a $50,000 down payment, you will have $50,000 equity in the property. This equity is the money many home owners will use when they are doing a remodel in their home.

If you do not have home equity, there are some ways to build it. First, look into an amortized mortgage. Amortized mortgage payments allow a portion of your payment to go the interest and the other portion will go back toward paying the amount your borrowed. A 15 year amortized mortgage will also help you build equity faster than a 30 year mortgage.

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Remodeling jobs are expensive and time-consuming. And unless you are planning on living in the home you are remodeling for the rest of your life, most people want to remodel their homes in ways that will add value to their home for when they sell it at some point down the road.

If you are considering remodeling your home soon, the following are some tips for adding value to your home during a remodel:

Master bedroom
In the market today, homes with master bedroom suites sell very well. If you are looking to add value to your home, one way to do so is through the master bedroom. Often, a master bedroom suite has large closet space and even his and her closets, large private bathrooms with soaker tubs, jetted tubs, large walk-in showers and dual sinks. These suites generally increase the value of the home and make the house more marketable.

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One of the biggest problems people face when building a home is figuring out how to cut construction costs without sacrificing construction quality. A new wave of construction is modular construction.

Modular homes are partially constructed in factories, but it is not like a mobile home. A modular home is built in sections, boxes or modules in compliance with state and local building codes. A modular home is the same home that would be built directly on your site, but it is built off site and then moved to the site in sections.

Cutting construction costs can be done by speeding up the construction process. A modular home can be constructed in half the time it takes to build a normal home. Typically the home can be ordered, built and delivered within 12 weeks. The large benefit to a modular home is the money you save on interest. If you are borrowing money, you won't pay interest for 6 to 12 months like you would with a normal home construction.

Modular construction can save you 20 percent over traditional site building. Of course this figure will vary depending upon your area.

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On worry that every home owner has when building their own home is how to keep that new home construction both on track and on cost. Nobody wants to find out that they can't move into their new home until about six months after they had planned-six months after they move out of their current home, and that they end up having to pay thousands and thousands of dollars more than they had planned and more than they can afford on their new home. Sort of makes all the excitement of moving into a dream home a lot less exciting, doesn't it?

There are some steps that you can take, however, in order to ensure that you keep your new home construction both on track and on cost. As the home owner and not the actual home builder, you can't physically ensure that home construction stays on track, but maintaining a healthy relationship with your contractor and being involved in the home construction process can help you ensure that your home construction stays on cost and on track.

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Dreaming of building a new home, but worried about the expense? If you have detailed construction plans, your builder can give you an estimate. But it pays to begin estimating costs before your plans are finalized. Estimate costs early and you can modify your plans to meet your budget.

For a rough estimate -- or, "guesstimate" -- of your building costs, use a free online building cost estimator. Then look out for the details and hidden costs that will add to your final bill. Here are tips from a building plans pro.

"Guesstimate" the Cost of Your New Home
Home building tips by Ken Katuin

1. Contact Local Builders
Meet with builders who construct houses that are similar in size, quality, and features to the home you want. Builders will tell you how much per square foot they usually charge for home construction. They can also give you a ballpark idea of what your dream home might cost. However, it is important to know exactly what is included in the price. If you ask, some builders will provide you a list showing the materials they will use.

2. Count the Square Footage
Look at newly constructed homes that are similar in size, style, quality, and features to the home you want. Take the price of the home, deduct the price of the land, and divide that amount by the square footage of the home.
For example, if the home is selling for $230,000 and the land costs $30,000, then the construction cost is around $200,000. If the home is 2,000 square feet, then the cost per square foot is $100.
Use several new homes in your area to get an approximate square footage price. After you have calculated an average square footage cost, you can multiply that cost by the finished square footage of your house plan to get a ballpark estimate.

3. Expect Some Features to Cost More
The most expensive areas in a home are usually the bathrooms and the kitchen. The number of windows and the size and quality of windows can also affect the cost. Vaulted ceilings and high roof pitches can increase the cost of a home. When using other homes to calculate an estimate, be sure the home has a similar style and features of the home you plan to build.

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There are a lot of different things that you have to take into consideration when you are thinking about building a home. You have to decide where you want t build your home, how big of a lot your want for your home, and even if you want to build your home yourself or have some one else build it for you. If you are thinking about building a home and don't know how to figure out cost. Here are some tips on how to plan for your home building costs.

The first tip is to decide what type of house you want to build. You will probably have to look at a variety of house plans and even walk through some houses to decide exactly what you want. If you still can't find what you want to may have to pay some one to draw up your house plans. You will want to make sure that this is something that you figure out so that you can add in the cost.

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There are so many different things that you can do to improve your home. Depending on how old your home is and what style it is will also depend on what type of improvements you will want to do. A lot of people do not have money up front to do home improvements so they use some type of consumer credit card to help them get started. There are a lot of pros and cons to using consumer credit cards at home building supply stores. Here are some examples of pros of using consumer credit cards at home building stores that might help you get a better idea when to use them and when not to.

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If you are thinking of remodeling your home or rooms in your home, but you don't think you can afford it, there inexpensive ways of doing so. Don't be discouraged if you think you will never be able to remodel your home because of the lack of money. Remodeling your home or a few rooms can change the whole feel of your house and give you the home you've been wanting. Remodeling gives a fresh new feel to any room and you will enjoy living there all the more. Don't worry about the expense of a fancy new remodel and take a look at these low cost remodeling tips. Most of these can be done by you, the homeowner.

The kitchen
If your kitchen cabinets look dirty from the wear and tear, but you don't have the money to replace them, don't worry. Painting your kitchen cabinets can be an easy and cheap solution. This will take a lot less money than if you were going to replace them or even put in new countertops. Remember, anything you do yourself will be cheaper!

You can also replace the doors of the cabinets and the handles which will be extremely cheaper than replacing the whole thing. This will give your cabinets a nice fresh new look.

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There are so many different things that you can do to improve your existing home. Some people want to build or buy a new home because they want new things or just don't like their house. But if you love the location of your house and don't want to move but do want to update your house you might want to think about doing some remodeling. If you have thought about remodeling but don't know where to start and don't know what the cost will be here are some tips on what home remodel costs.

The first tip is to decide what you like about your house and what you dislike. This will help you to get an idea of what type of remodeling you will want to do and what types of things can stay. Once you have decided this you will want to decide what types of things you want to replace the old with. Having a general idea of what you want will help it be less overwhelming when you go to start pricing certain things. Plus you will be able to tell the sales people exactly what you are looking for. At first you might want to go all out tell them everything that you want. For example if you want to remodel your kitchen have them do a break down of what everything costs individually. For example if you want granite counter tops and decorative shelves or a decorative hood above you stove. Make sure to have them include this in your bid but have them list it separately. This will help you to get an idea of what different things cost and you can make the decision if the cost is worth it or not.

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One of the first things you need when building a new home is a budget. Before you are allowed to get a building loan or receive a building permit, you must have a budget ready. If you have hired a contractor, they can sit down with you and create a budget. Many people who are building their homes themselves will need to find an alternative method. There is home building software available that can help you do this.

For starters, the internet is always the way to go. You can find free calculators on the internet that can help you determine the cost of your home. It will be a ballpark figure based on the size of your house, the area, and the cost of building materials. This will not work if you need to draw up budget for a loan or building permit.

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If you are thinking of building or remodeling your home, there are plenty of places to find financing for just a project. There are many different loans out there that are set up to help you be able to accomplish these dreams. The problem is finding what loan is best for you. Here are tips to finding the right loan for building or remodeling your home.
What loans are good for building your home?

When building a home, there are a number of different loans to choose from. The loans that seem to work the best for building a home are Construction Loans. There are many companies who offer this type of loan. These loans are a short-term loan unlike home loans and mortgages that have long repayment times. Unlike a regular mortgage, which usually has a term of 15, 30 or even 40 years, a construction loan is a much shorter term. Generally, the loan time ranges from six months to a year, and the money is utilized to finance the building of the home.

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When you start a remodeling or building project on your home you should start with your budget. You will need to know how much to spend and what you need to spend your money on. Home building and remodeling can become very expensive in a very short amount of time. There are some ways on how to find great prices on the many materials you will need for your home building or remodeling project.

To start off finding great prices you may want to start on the internet for home plans if you are building the full house. Keep in mind that if you are doing an add on you may also be able to find cheaper plans on-line. You will need to take them to a local engineer to get their approval on the plans. This is for safety reasons. Getting the plans signed off by a building engineer will help insure that the structure will be made according to your state codes.

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If you are planning on selling your home at anytime you may look at doing improvements to increase the resale value. There are many things you can do to help increase the value. Some projects may be more time consuming then others and some will add more value then others. You should look into these popular options for your home that increase resale value.

The most popular option for increasing your home resale value is a kitchen remodel. This would include new cabinets and countertops. When you do a remodel don't just replace the existing cupboards with the same type in a different color. You are looking to increase your cupboard and cabinet spaces. You should look at adding or replacing existing appliances. Get a better dishwasher, refrigerator or oven. You can also add a built in microwave. You will also need to replace floors if the remodel damaged the floors or shows the bare floor. Options for flooring depend on the styles at the time you remodel. Tile, stone and wood floors are popular right now. Make sure to do something that is popular now and not years ago. Your kitchen remodel can be range from minor to extensive. It all depends on what you decide to do and what to replace. The average cost is about 5-35 thousand but the return for the remodel can be up to 81%-88% depending on how big of a remodel was done.

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Staying within a building budget may not always be as easy as it seems. Even carefully planned budgets can become complicated when unpredicted factors come into play. Some people do not even take the time to plan out a budget in the first place. These types of people typically make guesses as to how much things cost and may even run out of money long before the project is over. Spare yourself the inconvenience and frustration of going over your budget and spending more that you planned. Here are some tools that are intended to help you to stay within a building budget.

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If you are planning on building or remodeling your house and you are going to need a little bit of help from the bank when it comes to funding, there are some small things that you really need to consider before and while applying for a construction loan. As you may or may not know, construction loans are significantly different from standard home loans. There are more variables to consider and as banks commonly view construction loans as higher risk loans, you need all the help that you can get when it comes to first convincing the financial institution that they should give you a loan and secondly, making sure that you can live with the terms of that loan.

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One of the biggest challenges in home building is setting a budget for the entire project. It is important to understand that a budget is a financial plan for your entire design or build process. The home building budget is the dollar equivalent for all the work it takes to design and build your new home. You need to understand though that this is a work in progress as you should not expect to create this document accurately at the outset of your experience as it's best to begin with estimates and refine your financial plan as time goes by. Here are some tips and guidelines for setting a home building budget and making it accurate.

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When building a home the potential home owner is constantly looking for ways to save money. One of the biggest costs in homebuilding is that of materials. If you can substantially cut material cost without sacrificing quality you can find huge savings in the overall cost of your home. But the home building industry is large and sometimes can seem overwhelming to navigate. Yet by doing a little research and putting in some effort it is possible to find discounts on home building materials. If you are contemplating building a new home or even staring a remodel on your existing home here are some tips on how to find discounts on home building materials.

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Did you know that you can add value to your home without spending a ton of money? Many people with older homes have asked themselves this question. Believe it or not, there are ways to add value to your home with gutting the entire thing. Here are some suggestions on how to add value to your home without a huge price tag.

The Kitchen
Let's face it, kitchens and bathrooms are a major selling point to home buyers when looking at potential homes. Most homebuyers are looking for a kitchen with space, organization, and in good condition. If you're thinking that you're out of luck because you have none of that, keep reading. To make your kitchen look bigger install lights that make it look brighter. This may mean installing some new light fixtures which don't cost a whole lot of money. You can also try new window furnishings that will allow the natural light into the room. If your cabinets make your entire kitchen look dated try adding a new coat of paint with some new hardware. Paint and hardware can do wonders for a kitchen.

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There are a lot of things that you will become quite familiar with when you start building a house. You will learn things from what type of lumber is what, what the difference is between different faucets and fixtures. You will also learn things like the different colors of shingles and soffit there are to choose from. You will also learn how to use a construction loan. If you have never used a construction loan before you will want to make sure you know how to use one. Here are some tips to help you understand a little better how to use a construction loan.

The first tip is to make sure that you understand exactly what the process of a construction loan consists of. Each bank or credit union will do things a little differently. You will need to make sure that you ask your bank how many draws you get to make a month. This will help you to determine how you need to pay your bills. For example if you only get to draws a month you will want to make sure that you get as many invoices from sub-contractors that have completed their work. You will want to submit as many as you can at once so that you don't use your two draws on just two invoices. Not sending your invoices in and getting them paid on time will end up causing you money because of late charges. This is why it is important to plan your draws.

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There are a lot of different things that you have to take into consideration when you are going to build a home. You will want to first decide if you are going to be your own contractor or if you are going to have a contractor build it for you. Then you will want to start looking at house plans. You will also want to pre qualify for a house loan so that you know how much you can spend on a house. You will want to make sure that you check into some things before you decide on what type of home building loan you want. Here are some tips on how to apply or a home building loan.

The first tip is to compare interest rates. You will need to make sure that when you are comparing interest rates that you pay attention to if the interest rate is a variable interest rate or a fix interest rate. There are some banks and credit unions that advertise low interest rates such as minus .75 below prime but they don't advertise that it is a variable loan so you are not locked in and might end up paying more money then you would if you would have locked in to a fix rate for so many months.

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When you hire some laborers to work on your house building or remodeling, you will want to make sure that you pay them a fair and decent amount. This way, the laborers will get the money that they deserve for their work. In addition, you also will be able to pay an amount that it fair to you (and to your checkbook!). When hiring laborers for your building or remodeling, there are a couple of things that you should know. Here are some of the cardinal rules for paying laborers:

 Make sure that the people get paid: One of the most important rules about paying your laborers is to make sure that the laborers are paid! After a job is completed, you should be able to pay your laborers right away. There have been some legal problems with employers not paying their laborers. If you do not pay your laborers, you will be in risk of sanctions by the government. So, when you pay your laborers, make sure that you pay them with

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The following are things you need to know about construction loans:

1. How to apply for them: If you want to apply for a construction loan you will want to recognize that it is not as simple as a typical mortgage loan, and the reason is that there is less security, after all, the house is not built yet. So, in order to even be considered for a construction loan, you need to show the bank some good reasons to put their money and faith in your ability to complete the building of the home. You do this by hiring a contractor who then draws up a budget, plans, schedule etc. Or, you do those things yourself. If you go to the bank with a budget, and bids, etc. to verify the claims and numbers you make in your budget, a schedule or time frame of how and when your house will be done, and some great home plans, they are going to be much more likely to lend you money. If you go them and say you want to build a house, will they lend you money, they will say no. They need assurance they will either get paid back, or have a house to take if they do not get paid back.

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Applying for a construction loan is a rigorous loan process. The lenders are risking a great deal by lending money on construction loans. Expect the application process to take a long time and require you to bring in lots of your own records and information. Fortunately, a prequalifying process will act as a primer for the actual construction loan process. You will need to bring the same documents to both apply for each.
 Personal information-you will need all of the information that you would be required to put on a job application. This includes your contact information, your social security number and other identifications.

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Getting a construction loan is not as easy as getting other types of loans. It might seem similar to a home loan. I mean, after all, you are buying a home, right? But it's not quite so easy. A home loan is money for something that already exists and has value. A construction loan is money for something that will potentially exist. There is a lot more risk involved in shelling out real money for something that is only exists hypothetically. Be aware going in that construction loans are more involved than home loans. Prepare to spend more time, sign more papers, and endure a more rigorous application process than when getting a home loan.
Clean up your credit-before you begin shopping for a construction loan you should do whatever you can to clean up your credit report and improve your credit score. The first thing you should do is obtain a copy of your credit report. This is yours for the asking and you can go online to download it. Read it carefully. If there are any items that you believe to be incorrect, you should address them. You can write a letter to the creditor disputing the claim and asking for an investigation.

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So you would like to remodel your house but the remodeling cost scare the life out of you. What to do? You might consider updating items in your home or yard to enjoy the benefits of a remodel without the cost.

Color
One of the most often updated household features is color. By changing the color of one wall you can give a room a whole new look. Look through some home design magazines or web sites to get good ideas about what the latest trend are in color.
Long gone are the days when every wall in a room was the same color. Now it is extremely popular to use an "accent wall". An accent wall is one wall painted in a color that accentuates other features of the room or the house. It is also popular to paint only the upper or only the lower portion of a wall or to paint only the molding and trim.
Painting a wall is cheap. Even if you have to buy all the equipment (paint pans, rollers, brushes, tape, and paint), you will probably not spend $100 on your update.

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If you are asking about how to take advantage of float when getting a construction loan, you probably have been doing some research on the topic. There are construction/permanent loans that are basically one loan with two parts: a construction loan and a permanent loan. This type of loan is often one of the better ways to finance your building project.
If you decide to go with the construction/permanent loan. You will need to decide between fixing your interest rate when you secure the loan or getting a float option. With the fixed rate option, you are locked into your interest rate immediately. With a float option, you can settle on an interest rate during a later period, when your house is nearly complete. So, what is the best option for you? The truth is that, just like everything related to money, a float rate is a gamble. Here are some tips to help you increase your odds of winning when opting for a floating rate.

Float if the market is

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If you are going to take on building your own home, you will need help to budget the project. Before you are even able to get a building loan or a building permit, you will have to show your budget. This can be an unbelievably daunting task. However, there is now budgeting software that can help you do this.
There are free calculators available on the internet that can help you calculate the cost of your home. These calculators will give you a ballpark figure based on the size of your house, the area, and the materials you plan to use. However, if you are drawing up a real budget for loan and permit purposes you will want to purchase the commercially available software.

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Instant equity is the term that describes the value of your new home exceeding the cost of building the home. Of course, this is the goal of most homebuilders. After all, if you could buy the same house, already built, for the same price there wouldn't be much point in building would there?
The trick is that, although instant equity is often the goal it is not guaranteed. There are some tips to building instant equity into your home.

Owner/build-If you have the skills necessary to build your own home without using a general contractor then you can save money right up front. There are some stipulations to being an owner/builder, like you have to live in the house once it is constructed for some predetermined time. If you take the "instant" part of instant equity to mean that you can sell the house the minute it is done then owner building is not going to be an option for you.

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If you can avoid problems and changes, through proper planning you will be able to finish what you started, and get the results you want. No one wants to see their dream house sit half finished because they could not afford to finish it. Proper planning is going to help you avoid this problem completely.

Continue reading "Make fewer Changes and Prevent Potential Problems" »

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When you build a home, you are going to want to create a budget so that you can stick to it as closely as possible, and stay on top of things. This will help you save money, and will help you come in under budget and not have to go to your lender asking for more money to be able to finish your house. You do not want to have to stop construction because you run out of money because you did not create a good enough budget. So, create a spreadsheet budget!

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You have to have more than materials to build a house. Before you start building your home you will need a few other things. Pretty much everyone knows you have to have building permits, etc. What everyone doesn't always realize or consider is the importance of having insurance. Sure you get insurance for you house after it is built, but what about while it is being built? You may not think about it, but ignorance is not excuse. There are several insurance and legal issues that are associated with the home building process, and it is best to cover your bases by getting adequate insurance.

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If you have a pool you probably know that it is one of the major users of water and energy at your home. Many people complain about the cost of maintaining and running a pool, but your cost does not have to be as high as you think. By reducing the pool's energy and water use, you will receive substantial savings on your utility bill, and get the added plus of benefiting the environment. You do not have to enjoy your pool less to use less energy, so lets take a look at some of the things you can do to save energy, water and money while still enjoying your swimming pool.

Continue reading "Swimming Pool Energy Conservation" »

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In order to get a relatively accurate cost estimation it is best if you have already you're your building site purchased (or at the very least picked out and under contract to purchase, i.e. earnest money paid, an agreement signed), and the detailed plans and drawings of your home. Once you have those, the best thing to do is start with a material's take-off list. There is no way to get an accurate cost estimation if you don't have detailed specs or plans and a good material's take-off to go from. You can have this drawn up by a number of people, but either way, you will need one in order to get a good cost estimation, which of course, you need as well.

Continue reading "Your Materials take-off list" »

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Having solar utilities is a great way to be independent and to fight the rising cost of utilities. There have been several rises in prices for natural gas and other forms of utilities, and many people are getting fed up with the costs, but there is not much they can do about it. The best way to fight the rising cost of utilities is to take matters into your own hands. Solar utilities are the way to go. So, how do you you're your home a home that can run on solar utilities? The fastest way to make your home solar compatible is to install photovoltaic cells. These cells can be put on the roof of your home and can be highly effective.

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Solar energy has a variety of practical and cost-effective applications in today's homes, in fact home solar power has rapidly grown in popularity and in number of applicable uses. For example, home solar power is often used in solar pool heating systems, which heat pool water to extend the swimming season and eliminate pool heating costs. Other uses include solar hot water heaters which can replace existing conventional water heaters and can easily be paired with radiant panel flooring, thereby reducing utility bills. Other home solar power comes from photovoltaic cells (or PV cells), which are solar panels that have no moving parts, yet they convert sunlight directly into electricity to be used to satisfy all of a home's electricity needs.

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When you build a home you must insulate it to make it comfortable. Insulation keeps the cool in and the heat out, or the heat in and the cool out, just depending on what you want. Insulation is the process of enclosing or covering an object with a material that serves as a barrier and reduces the flow of energy, specifically heat.
Insulation is used for things other than just your home, but in general it can be said that insulation is used for the following reasons:

To reduce heat energy losses.
To prevent nearby objects from heating up.

Continue reading "What Insulation is Best?" »

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How To Deal With Suppliers

When you build your house you are going to be dealing with various suppliers for all the materials you will need. This means you will need to know which suppliers are the best to deal with. The following is a list of good rules of thumb when it comes to dealing with suppliers. It can mean you get the best supplies for the best prices.

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When you build a house yourself, as an owner builder, you will be depending on other people to keep your project moving forward and on schedule. In order to accomplish this you are going to have to do a few important things. Remember, as an owner-builder, you are going to save thousands, but you are also going to have to act as manager of the project. A good manager always keeps the team motivated, and moving in the right direction. There are a few things you can do to be the kind of manager you need to be and keep the people you hire working for you, with you, and on time:

Continue reading "Work Your Schedule to Your Advantage" »

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Insulating your home well is one of the fastest and best ways to improve and ensure energy efficiency. However, many people struggle with insulating because there are so many different types of insulates available. With so many different types, how are you to know which is the best type for your project and why? Also, insulation is all given an R value, and before insulating your home, you should know what exactly that R value means.

Continue reading "Mineral Wool Insulation" »

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You need t get materials lists and sub bids at the same time. If you can get your lists and materials together, subs are more motivated to help with the materials lists in a timely manner. Does that make sense? Once you have your list of items needed to build your house all put together and checked over for accuracy it is time to get bids.

Of course, if you really wanted to you could do all the figuring yourself, but why would you that would be a royal waste of time? These are the people you will be paying, so their numbers will be deadly accurate for your cost estimation because their bid is what you will be paying.

Continue reading "How to Get Contractor Bids" »

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When you own a home, are building a home, or are buying an existing home, you will be required by your lender to have homeowner's insurance, which is also referred to as home hazard insurance. This is very important, but you should know that not every home hazard insurance policy is created equal, so the following are a few common, and potentially costly, mistakes that people often make about insurance, which you should avoid when purchasing home hazard insurance:

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Construction has a lot of parts, there are inspections, dimensions, specifications, sequences, and lots of different contractors and sub contractors that will need to be hired to get the job done. When you build a house, if you do not have a good system for keeping track of everything, your project will be chaos, and you will likely go way over budget, and not be able to finish your house. So, the solution to this problem is to spend sufficient time planning, and make sure you are organized. Then, you will have no trouble at all (haha, not true, but the amount of problems you run into will reduce significantly) and you will save a lot of money by

Continue reading "Save $ By Planning" »

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Before you can build a house you need to answer to the question "How much house can you afford?" This question is not always very fun to answer, but it is an important one if you want to get a dream house that fits in your budget. Just remember, the question is not how much you wish you could afford, or what you want to build, it is what can you build?

Continue reading "How Much House Can You Afford to Build?" »

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When you own a home, are building a home, or are buying an existing home, you will be required by your lender to have homeowner's insurance, which is also referred to as home hazard insurance. This is very important, but you should know that not every home hazard insurance policy is created equal, so the following are a few common, and potentially costly, mistakes that people often make about insurance, which you should avoid when purchasing home hazard insurance:

Continue reading "Home Hazard Insurance" »

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When it comes to home repair grants, most fall under the FHA and HUD programs for home rehabilitation and repair. The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various grants for the rehabilitation and repair of single family properties. Most of these grants are directed towards specific communities and neighborhoods to help with that community and neighborhood revitalization, and also to help with expansion of homeownership opportunities.

The main goals of HUD are to revitalize homes and neighborhoods, thus the home repair grant programs are a large part of their programs. The main program for home repair grants is Section 203(k).

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Building a house is a great way to save money, if, and only if you go about it the right way. What is the right way? The right way is plan, plan, plan, and then build like mad. What does that mean? It means that once you break ground you start paying interest on the loan to build the house. So, take advantage of the time before you break ground to plan really well, and then once you start, get your project done fast so you don't pay any interest you don't need to.

So, part of the planning you should do before you start paying interest, is plan what materials you will buy, and from where. When you plan and look for deals before you break ground you are going to save money. Where? Well, obviously you will save money in interest, but you are going to save money elsewhere as well. Think of it this way. It costs nothing to plan; you aren't causing delays by looking for deals, and you don't have anyone on the clock waiting for materials. You can take as much time as you need to in order to uncover bargains. You take the time to negotiate for better prices. And you can take the time to find opportunities for superior options for your house and the construction process.

Continue reading "Find Deals BEFORE you Start Paying Interest" »

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Insulation means comfort in your home. A well insulated home will be more energy efficient as well as being more comfortable all year round. It will maintain desired temperatures longer and with less effort. Insulating your home well is one of the fastest and best ways to improve and ensure energy efficiency; however, while it is a simple way to increase your home efficiency, there is more to it than always meets the eye. One of the most common issues with insulating is knowing of the many different types of insulates available, which is the best for your project and why? Many people want to know what the difference is for example between a rigid insulation and a fiberglass one, and which is better. Price is not everything with insulation, as you will see.

Continue reading "Rigid Insulation" »

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Suppliers come in every shape and form, and every price range and quality of materials. You will want to do some research and find suppliers that are known for supplying only the best materials out there. You will want to make sure that they will have the supplies you need, when you need them, and that they can deliver them to you on time. You will also what to make sure that other builders use these suppliers and that they are not too good to be true. There are a lot of things to do when it comes to picking a good supplier, but the biggest thing you should do is get 3 separate bids, from 3 separate suppliers, for the same materials.

Continue reading "Get 3 Bids From Each Type of Supplier You Need" »

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Construction planning is crucial to getting your house built efficiently and on schedule. Your planning starts the first time you look through a magazine or drive down a street and notice something you like in a home. You make a mental note of that for your future home, and maybe even write it down or cut out a picture to put in a portfolio. Then you further your planning by having plans and specs drawn up for your dream house. You have blueprints made, and lists of things to buy. You interview general contractors, and subs, and you plan, plan, plan. You plan out how to save money, and you plan out how to save time. You do your job so that everyone else can do theirs, and you can save money.

Continue reading "Plan Daily" »

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When it comes to construction loans you are basically paying interest on a loan until your house is completed, and then you start making regular payments where you pay off principal. This is your permanent loan. With your construction loan, it is interest based, and you pay interest on the money that you have pulled out with each draw. So, there are ways you can build your home and save money, just by being aware of how you are paying, and taking advantage of it.

Continue reading "Money Saving Tips For A Construction Loan" »

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Chances are you have heard that radiant heating is a great way to go, and that it will increase the value and comfort of your home. You may be considering installing radiant heat into your existing or your new home, but don't quite understand the advantages or the differences between heating applications. Without understanding the benefits you won't understand why radiant heating is such a great way to go, so let's take a look at seven awesome benefits of radiant heat:

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No one likes the feeling of not being able to use the things in their house due to a power outage, especially if their livelihood or comfort depends on it. When bad weather or other conditions interrupt power service, you could very easily find yourself unable to heat or cool your home. In the summer or winter this could be very problematic and uncomfortable. You may also find that when the power is out you can't run necessary appliances and lights. Now, many people think, So.I can use flashlights, etc. While fireplaces can provide some heat and flashlights or lanterns can provide light, many appliances will remain unusable until power from the grid is restored, and it is amazing how dependent you will realize you are on some of these simple appliances.

Continue reading "Emergency Backup Power Systems" »

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When you are building a home, you want to save as much money as possible in order to build a great home for a smaller price. The following is a list of ways you can cut construction costs during construction, and save money:

 Do some work yourself:

There are going to be many of the aspects of construction that should be left strictly to the professional. However, there are some jobs you should consider doing yourself, and by doing them yourself you will save a lot of money.

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Many people want a radiant heating system to warm the floors of their home. They have heard good things about this system type, and know they want it, but that is about it. Unfortunately and fortunately there are dozens of products available to purchase, and there are even more companies telling you that their product is the best. So, how do you know which really is the best? Then questions start popping up; should you install a hydronic heating system that pumps hot water through your floors, an electric cable heating system, or a low voltage screen system? When choosing a radiant heating system, how do you know what you need? Well, the answer lies in the type of project you are doing. Obviously not every system is ideal for every project, but the good news is that there is an ideal system for every project. So, let's take a look at some of the different types of radiant heating systems, and learn how to choose which is right for you:

Continue reading "Choosing a Radiant Heating System" »

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If you want to make some home improvements and you do not have the cash to do it, it is possible to get a home improvement loan. These loans work in a number of ways, the most common home improvement loan is obtained through a home equity loan or line of credit you. Whether you're adding on a room, remodeling your kitchen, or completing several different household improvements, a home equity loan or line of credit can help you finance the project, but if your home does not have a lot of equity and you need to make improvements, you have to explore other options.

You may be able to get a loan similar to a construction loan where you will need to take plans, and specifications to your lender, and show how making those improvements will increase the value, and therefore equity in your home. If you need this type of loan you will need to talk to the lender to see what they require from you. This type of loan will require that you have decent credit, or at least some creative financing options.

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Building a house costs money. When you build, why not try and save some money by using things you already have and trade services, or at least negotiate for the best price. The following will show you how useful bartering or negotiating can be o getting a good deal.
Barter

A great way to save money and get good work done, is to trade. Often by trading what you have for what they have is the best way to get a good deal. For example, trade a boat, motor home, real estate property, professional services, promissory note, snowmobiles, motorcycles, etc for them to do your framing, lay your floors, provide supplies etc.

Continue reading "Bartering and Getting the Best Price" »

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Subcontractors become your best and worst friend when you build a house. They are going to offer you advice that is valuable, they provide services that are needed to build, and they are also going to screw up your schedule and make you crazy when they do not show up on the site.

Despite the good and the bad, you have to have subs, and you need to have them give you bids. You need 3 bids for each job, so you need to have 3 different subs to choose from, and ask for bids from. These bids are the foundation of your project staying on budget, and coming in at a reasonable final price, so they are very important, so you want to get them as detailed and accurate as possible. To give you a better idea of their importance you need to realize that getting detailed accurate bids is the only way you are going to be able to A) compare the bids to each other, and B) save money!

Continue reading "Detailed, Accurate Bidding" »

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Energy conservation in the home has more benefits than just lowering your utility bill some. When you conserve energy in your home, you can maintain or actually improve the quality of your life. Now many people think that the word conservation somehow means their lifestyle has to drastically alter, and the quality of life they live must decrease. This is incorrect. To conserve energy doesn't always mean to 'cut-back.' Energy conservation in the home can simply be a result of increased awareness. For example, when you are energy conscious you may be more inclined to turn off the lights when you leave a room, this does not interfere with your quality of life, and it conserves energy. So, as you can see, by noticing how you use power, you can find where you're wasting power, and change that by taking some small steps a bit.

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Everyone has exterior doors in their home, as doors are necessary for access to and from the house. Doors are also often used for ventilation and illumination too. Doors are something we pass in and out of without much thought. This is understandable, however, if these doors we are not thinking much about are in poor condition (or are very old) they can contribute to more than 40% of a home's air leak related energy losses. This is something we should think about as it costs time and energy.

So, if your doors need replacing it is something worth doing as it can make your home look nicer, but also for the energy efficiency of exterior doors today. Modern exterior doors often fit and insulate better than old ones, and their associated heat losses (or gains) only come from opening and closing the door. This means that the only energy you lose happens when the door gets opened and closed, not just because there is a door.

Continue reading "Energy Efficiency of Exterior Doors" »

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A home equity loan or line of credit allows you to borrow money, using your home's equity as collateral. Meaning, borrow the difference of what you owe on your house vs. what it is worth.

To understand how a home equity loan works, let's look at some definitions:

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Home improvement grants are an interesting topic because often times an actual grant is difficult to obtain, rather a loan with low interest rates is a more practical option. Most government programs offer low interest loans for home improvements, and a few offer specific improvement grants.

For example, you may be able to get a grant to improve aspects of your home that will add to the energy efficiency of the home, but not for other home improvement projects. So, you could get a grant to replace old appliances with more energy efficient ones, or to insulate your attic, but to remodel an old bathroom you would be on your own.

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Everyone has exterior doors in their home, as doors are necessary for access to and from the house. Doors are also often used for ventilation and illumination too. Doors are something we pass in and out of without much thought. This is understandable, however, if these doors we are not thinking much about are in poor condition (or are very old) they can contribute to more than 40% of a home's air leak related energy losses. This is something we should think about as it costs time and energy.

So, if your doors need replacing it is something worth doing as it can make your home look nicer, but also for the energy efficiency of exterior doors today. Modern exterior doors often fit and insulate better than old ones, and their associated heat losses (or gains) only come from opening and closing the door. This means that the only energy you lose happens when the door gets opened and closed, not just because there is a door.

Continue reading "Energy Efficiency of Exterior Doors" »

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A heat pump moves heat from one place to another. This can come in very handy in say your home in the summer. In the summer, a geothermal heat pump in a cooling mode lowers indoor temperatures by transferring heat from inside a building to the outside ground. This is a great thing, and it sounds an awful lot like air conditioning. However, unlike an air conditioner, a geothermal heat pump's process can be reversed. Thus, in the winter, a geothermal heat pump extracts heat from the ground and transfers it inside. This means that instead of needing two systems for your heating and cooling needs, you only need one!
Let's take a look at some of the other benefits of a geothermal heat pump as there are many:

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Closet organizers are for the type of people that like everything to be nice and neat all of the time. Not just put away, but put away neatly. If this describes you, then you should probably look into some of your options for closet organizers, and how they can make your life easier, and your cleanup faster. Most people like you love to keep everything in its place. They like to clean up every room of the house often, have very drawer and cupboard nice and neat. However, it can take some hours to get everything in the correct place, especially if you don't have a kind of storage organization guide. Getting organized is a huge battle if you go too long with organizing your things, and if you don't have the proper tools to organize our things. With the right tools your job becomes much simpler. This is where closet organizers come in handy. Closet organizers are definitely the storage space tool that will make your life easier. You can increase the current storage space as much as you want. There are many closet organizer options that will allow you to achieve either a double or triple space, depending on how organized you are and the available space to work with. If you learn how to use closet organizers to make the most of available dimensions and existing storage then finding a place for everything will not be a problem anymore.

You will save on headaches as well as a lot of energy just by having a guide on how to keep all your belongings well organized. Plus, having a closet organizer will make the cleaning process easier than ever. You will be able to see your clothes all the time, and not spend hours searching for that great item you bought on sale last year and stuck somewhere, but who knows where. Closet organizers will give you the ability to know what you have and where it is at all times. Because it's possible to double or even triple your closet space with closet organizers, you no longer have to feel guilty about buying that item just because it is one sale. Once you have your closet organizers installed you will get and stay organized forever.
l arrangement for once you have a closet organizer is

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Whether you are building or just replacing an old furnace, choosing a furnace for your home is not difficult if you know what to look for. The following are features that you should look for when buying your furnace:

1. The type of furnace. Gas or Electric?

Obviously there are two choices when it comes to choosing a furnace, you can choose a gas or an electric furnace, so let's look at each one, and see what it has to offer.

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If you are planning on building your house, and want to try and save significant amounts of money, you are probably going to act as your own general contractor. Since you won't be hiring a general contractor, many people think that they become obsolete. This is entirely untrue. Although you aren't planning on actually hiring a general contractor, why not go ahead and just check to see if they can give you a good enough deal to change your mind? It is worth a shot. They probably won't, but by asking for a bid from them you get some valuable things, in fact, you get two things, and just those two make it worth it. You get the following: free information, and a possible builder if you should change your mind.

Chances are you won't be changing your mind about owner building, especially if you put in the time to learn about it, and if you see the amounts of money you could save by building a house yourself. However, it is always worth having a backup plan, and you just can't go wrong doing that. What if you have a serious health issue come up and end up hospitalized? What then? Do you just leave your project unfinished? No, you hire someone to finish it for you. So, having a list of those someone's and their bids will be very useful if the occasion and need for it arises. So, go to at least three different general contractors from your area and get them to give you a bid-it's free and very valuable to you.

Continue reading "General Contractor Bids!" »

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Homes do not seem like something you would need a warranty for, but if you buy a hairdryer and it turns out to be defective, you can take it back to the store and ask for a replacement; most stores, even if not obligated to replace the hairdryer, will do so. But what happens if you buy a new house and it proves to be defective? Can you just return it? No! Besides, where would you live while another home was being built? So, basically, you can't return it, but what can you do to set things right, and what can you do legally to protect yourself from taking a loss if a house is defective?

The first thing you can do is be selective. You have to take the responsibility to choose your builder carefully. Not all builders were created equal, and some do a better job than others. Most builders will come back and make adjustments for a year or so after you move in, but you still want to make sure of that when you hire a builder. You also want to check references. Price is not always a good indicator. To protect yourself, a good idea is to talk to previous customers before you sign a contract you can't get out of. Ask previous customers all the questions you can, and find out what they think of the builder's performance both before and after the house was finished. The house may have turned out great, but the process was not a good experience, so get someone that was in your shoes' input.

Continue reading "Home Builder Warranty" »

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Building your curb appeal is very important, because when it comes to the value of your home, first impressions matter. If you plan to sell your house, curb appeal is essential, as most buyers will not take the time to look in the house if the first impression is not good. Even if you are not selling you should still care about keeping your biggest asset, your house, in top condition. Building your curb appeal is a great way to do this, but you do not want to spend hours and hours doing so, so the following are some easy ways to build your curb appeal without spending a ton of time or money.

1. When it comes to building your curb appeal the best place to start is the driveway. A significant portion of what people see from the road is the driveway, and if it looks smooth, black and new, the whole house looks newer. What can you do about a weathered driveway? If it is gray and weathered, recoat it with asphalt sealer. You will need to clean it first, and get rid of oil as sealer won't stick to it. After it is clean, use a squeegee to spread the sealer over it, and let it dry. Your driveway will look awesome!

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1. Make it easy for bids to be right: if you want to make money you have to know your costs, and control them. You can't do that if you give shoddy or incomplete plans to subs and suppliers for bids. Your job means working out all the potential problems on paper, before they come up on site. If you can do this, your bids will be right on, and you will make tons and tons of money.

2. Keep walls simple and lined up: if you want to stay under budget, and build your dream house for a reasonable amount, you have to plan it so the construction costs are low, and the value is high. Fancy, and broken up walls, that don't align are expensive to put in, and don't make the resale value that much higher. So make money by saving money and keeping things simple. You will get more of a return that way, and you really won't notice a difference.

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When you remodel your home, if you are looking to remodel areas such as the kitchen, you should know that the cabinets you choose are going to make a big difference. Cabinets are like the face of the kitchen, so make sure the face you put on your kitchen is exactly what you want, and need. Choosing cabinets does not have to be difficult. Cabinets are essentials tools to any household of office. They facilitate organizing all of your utensils and kitchen gadget, or if the cabinets are not for the kitchen, they facilitate the organization and storage of files, etc.

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When you own a home, are building a home, or are buying an existing home, you will be required by your lender to have homeowner's insurance, which is also referred to as home hazard insurance. This is very important, but you should know that not every home hazard insurance policy is created equal, so the following are a few common, and potentially costly, mistakes that people often make about insurance, which you should avoid when purchasing home hazard insurance:

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Because more than 4,000 Americans die each year in fires and approximately 20,000 are injured, fire safety is a real concern, and something that should not be taken lightly. Every year, tons of fires occur in homes, not just factories and warehouses, so you are not without risk. However, there are time-tested ways to prevent and survive a fire in your home. By implementing some fire safety procedures, your chance of survival if a fire should occur in your home will not be a question of luck, rather a matter of planning ahead. So, let's look at what fire safety procedures, etc. should be implemented in your home:

1. Every Home Should Have at Least One Working Smoke Alarm
Smoke alarms are not expensive at all, in fact you can buy a smoke alarm at any hardware or discount store, and it will usually cost you less than $10. It's inexpensive protection for you and your family. Most of the smoke alarms you purchase at a hardware or discount store are very easy to install, and can be installed in a matter of minutes. It would be best to install a smoke alarm on every level of your home. It is fact that while they are not full proof, a working smoke alarm can double your chances of survival. So, make sure yours is working: test it monthly, keep it free of dust and replace the battery at least once a year. Smoke alarms themselves should be replaced after ten years of service, or as recommended by the manufacturer.

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When it comes time to build a house, you need to have a good idea of what your costs are going to be. Having a great cost estimation is going to be important. You won't finish your project if you don't have at least a somewhat accurate cost estimation. Most people think that somewhat accurate is just not good enough, rather getting a great cost estimation is essential.

So, when it comes time to get an accurate cost estimation of what the total is going to be to build your house, you need to do a little (or in most cases a lot of) work. Although this is a somewhat daunting process, it doesn't have to be if you use your resources well, and rely on the help of expert to get your costs as close to realistic as possible. Those professionals will make it easier, although it will still be time consuming.

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Getting accurate bids is important. When you build a house you aren't going to do all of the work yourself, instead you are going to hire people to do much of it for you. You are going to get bids from these people on what it will cost you to have them do the jobs for you. So, let's talk about how important getting accurate subcontractor bids is, and how that is going to save you money.

Ok, in order to get an accurate bid, the first thing you need is a detailed set of plans and specifications. When you have a detailed set of plans you will know every single task that you need to have contracted out, and be able to get bids for each one of these items.

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In order to accurately create a budget for your construction project, you are going to want to get some help from a professional. You want to remember when you get help from a professional that what they say is not the law, but it is certainly a great place to start on creating your budget.

Bids From Contractors

So, the professionals you should get help from for creating your budget are three general contractors, and some experienced subs. What you want to do is ask them to get you a bid on your specific project, you want a line by line estimate, and an indication of who will be doing the work at that price. So, to get accurate bids from these people you want to give them as specific of plans, blueprints, specs, etc as you can. The more specific your plans are, the more accurate the budget they create for you will be. You will be able to ask for these bids, and use them to help you create a budget just for you. So, give the general contractors, and subs your plans and specs, and set a date that you want bids back by. Once you get your bids back from the general contractors and subs that you selected, lay them out line by line on a spreadsheet.

Develop a Budget Spreadsheet

This is the first step to saving your self a whole lot of money on your project. How does a spreadsheet help you save money? What laying the different bids out side by side does for you is this...it gives you a relatively good idea of what your house, your specific plans and specifications are going to cost. Because this is based on your specific plans, and prepared by someone that is familiar with the local market, and the different prices and options available to you, it will be fairly accurate.

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One of the best ways to save money by owner-building, is in just doing it. If you build your own house, and you save a bunch of money doing it, meaning you build a $350,000 house for $250,000, you have increased your value by $100,000 and that money has not been touched by taxes of any type. Sounds pretty good right? Who would not like to have $100,000 tax-free income, and get the house of their dreams in the process?

It is worth repeating that one of the very best ways to make tax-free money is by owner-building. Is this really possible, how can you earn money and not have it be taxed? You certainly can't get these results by winning the lottery! Even if you were to be given money you would probably have to pay taxes on it, so how is this possible? Well, think about it this way, the money you save in building your house is untouched by state, federal, property, etc. taxes. How? It goes directly, untouched, into the equity of your home, which of course also makes your net worth higher.

Instant Home Equity

Now, this may not seem like tax-free income because it is just sitting in your house. But, having a higher appraisal value on your home than your loan amount generally means lower rates, you may not have to pay PMI (property mortgage insurance), and if you sell, it is profit. Or you could simply refinance, and pull it all out tax free. So, as you can see, these tax-free savings are BIG savings. For example, on a $100k refinance you are in the average tax bracket 30%, that is $30,000 extra, tax-free money in your pocket. And, if you sell, you could pay off your home loan and have all that extra money, and not have it be taxed.

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When it comes to interest only loans, the name "interest only loan" is misleading. It should be "interest only payment." There is no such thing as an interest-only mortgage, because eventually you'll have to pay the loan principal as well. What you're really getting is an interest-only payment method which can be combined with any type of traditional mortgage.

Not paying any principal now means that you'll pay more interest later. Interest only loans, or in other words, interest-only payment mortgages aren't new. They originally grew out of the less-rigid and more inventive jumbo mortgage markets. Originally aimed at well-heeled, savvy-investor-type clients who preferred to utilize what would have been the principal portion of their payment for other, hopefully more productive investments. For these type of purchasers, this loan is great because they are jumbo loans, thus the difference in monthly payment was a substantial amount of cash that could be put to better use. However, for a typical home, the difference is minimal, thus the "interest only" option is something many people convince themselves is more valuable to them then it really is.

Interest Rate on Mortgage Loans

Most interest-only payment schedules are offered on Adjustable Rate Mortgages (ARMs), but they can be found on a fixed rate mortgage (FRM) as well.

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Construction loans can be complicated, and sometimes take some time. If you plan to break ground by a certain date, you will want to make sure your loan will go through by then so that you can pay for the work.

There are a lot of lenders out there, and each offer similar, yet slightly different options for you. You will want to make sure you find a lender that can give you the options that best fit your needs. In order to do this, you may want to ask your lender the following questions:

Questions For Your Home Loan Lender

1. Will you give me a copy of my appraisal including all documentation? (This is something that are going to have done, as they have to know what the value of your home is before they can lend you money, so ask for a copy. There is no sense in your paying for an appraisal as well, so get a copy of the appraisal and all documention.)

2. Will you give me an amortization schedule and allow prepayment of principal without penalty. (You may or may not live in the house forever, so you will want to know what will happen to your loan if you should choose to sell the home and pay off the loan early.)

3. How soon after I complete the loan application will you give me a loan commitment? (This needs to fit your specific timetable.)

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With the convenience of the Internet, it is even easier now than it has ever been to find a loan that fits your needs. Finding loans online has become a popular way of getting the loan product you want, and browsing your options. The danger of finding loans online comes in doing so unprepared. So, use the following tips to finding loans online, and getting the best loan possible:

Tips for Online Loans

1. Know your credit score and what it means- your lender will pull your credit, but you should never look for a loan before first having a good idea of what your credit looks like. Your credit score is a number, and that number is going to determine a lot about what type of loans you can and can't get. So, in order to get the best deal out there on a loan, know your credit score, and what it means BEFORE you start finding loans online.
2. Shop interest rates- while most places will offer similar interest rates, the loan industry is competitive, as there are many lenders out there as you could ever want. So, take the time to shop the interest rates, know what the going rates are, and with your credit score what kind of rates you should be getting. Doing this BEFORE you find a loan online will ensure that you do not get yourself into a loan that has too high of an interest rate. Also, if you know the basics, you will be able to detect fraudulent loan advertisements, and not waste your time, or give out your personal information to a phony.

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In order to build a home, there are two types of funding required: the construction loan, and the permanent loan. The construction loan is the short-term funds used to build the structure. The permanent loan is the long-term mortgage of 15-30 years.

Construction Loan

Before you can get a construction loan you have to show that you can pay your bills. In other words, you have to have some credit and qualify for a permanent loan. This is something you should have worked on for years prior to getting a loan. Your lender will pull your credit, so make sure your credit is good enough that you can even qualify for a loan.

Once your credit has been pulled, etc. and you have been qualified you will get a Letter of Commitment. This is what you will take to your construction loan lender to show that after construction is complete you will have a permanent loan in place to take-out the construction lender's involvement. You may use the same lender for both loans.

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