In my previous article, "What You Need to Know Before Appealing to a Home Renovation Contractor," I have tips on how to choose the right contractor for your project. Do not become the next victim.
Before hiring a Home Improvement Contractor (HIC), be sure to call the ministry or municipality that has licensed this contractor or business. I encourage you to also call the Bureau of Business Ethics to see if the latter has or has had any complaints. If you have received a free estimate or quote from a home improvement salesperson (HIS) representing a contractor or business, make sure that he or she is also authorized by calling the department or municipality that authorized this company. Ask for a piece of identification, such as a driver's license and a HIC / HIS license with photo. If they do not have a driver's license or identity card, it is very likely that they are fake and you should refrain from leaving them at home.
If financing has been offered to you through a bank or third party lender recommended by the Home Improvement Company, be sure not to sign or sign any blank documents. Some HIC / HIS may ask you to complete a credit application so that they can check your credit profile to see if you are qualified for a home improvement loan. Keep in mind that this check will show up on your credit report as a survey that can reduce your credit score. However, if you have been informed that you have been approved for such a loan, be sure to read carefully the obligation of payment in retail installment. Look at what rate of interest you have been assigned or charged, the monthly payment, the number of months and, most importantly, the total amount of the payment. The total amount of the payment is the amount you have advanced plus the interest added on the months or the term of the loan. You can also ask the HIC / HIS if there are prepayment penalties or if the loan will be registered as a second mortgage on your property.
If you are a veteran or a member of a credit union, you may be entitled to a much lower interest rate. Shop with your banks before jumping for a home improvement loan. Know your rights as a consumer and invoke them respectively. You have the right to be selective. That no one forces you or forces you to sign a contract. Always take the time to think about it, discuss it with your family members or consult with your lawyer before performing a contract to which you may be bound once you have it. signed or signed. In most cases, after the expiry of the third business day, if you have not canceled, there is a valid and enforceable contract.