Current tax laws are very specific on the deductability of the interest on any loans taken out for home improvement.
Please check with your tax advisors regarding to specifics because only CPAs and other tax professionals are permitted by law to give tax advice.
One important fact we can share with you is:
Make sure you keep all records of the major remolding (all the invoices, the contractor contracts) for when you sell your home. When a homeowner sells a property for a gain, that homeowner is then liable to be taxed on the difference between the original purchase price and the selling price, BUT all verifable home improvements are subtracted from the gain.
(Again, check with your CPA or tax advisor regarding current tax laws.)
For any remodeling in Orange County, we recommend S and P Premier Home Builders s-and-p-premier.com
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Warning signs when looking for a Home Improvement Contractor:
- Salesman uses high pressure tactics.
- Solicits door to door. This is a frequent tactic of fly-by-night scam artists.
- Offers you discounts for finding other customers.
- Happens to have materials left over from a previous job.
- Wants only cash payments. This is a big red flag. You can not easily get back cash once paid.
- Asks you to get the required building permits. This could mean the contractor is not licensed or registered.
- Does not list a business number in the local telephone directory.
- Tells you your job will be a "demonstration job."
- Offers exceptionally long guarantees.
- Asks for payment for the entire job upfront, or suggests that you borrow money from a lender the contractor knows. If you're not careful, you could lose your home through a home-improvement loan scam.
If a Home Improvement Contractor or salesman seems to be using any of the previous tactics, or if you have an uneasy feeling, or a feeling of being rushed, ask for more time to decide.
Do not let yourself be rushed into anything. A reputable business person would understand your wanting to think about a possible project or purchase.
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