Whether you're planning on replacing your home windows or adding new windows to your home, it's important to do your research first. Although many window companies are honest with their customers, many others are not as upfront, and some may actually lure homeowners into purchasing windows and accessories they do not need. Before investing hundreds, perhaps even thousands of dollars upgrading your home windows, talk to friends and coworkers and get referrals for work they've had done. In addition, keep the following five tips in mind when considering any window-replacement job.
"Free" home window inspections often turn into hard-sell presentations. Beware of claims for "free' or "complimentary" inspections of your home windows. A thirty-minute inspection can quickly turn into a three to four hour high-pressure sales pitch.
If at any point during the inspection or demonstration you feel uncomfortable, ask the representative to leave your home. Never feel obligated to sign any agreement or write a deposit check. After all, a high-pressure pitch isn't what you requested, and if you sign an agreement out of frustration or to get the representative to leave, you'll more than likely end up regretting your decision.
A company may claim your windows need to be replaced, even when they can easily be repaired. Think about it: If you drove a functioning but banged-up car into a new or used car lot, the salesmen wouldn't try to convince you to fix your car, they'd try to get you to buy one of their models. The same holds true for some window companies.
Unfortunately, many uneducated homeowners will take the word of the so-called "experts" and spend thousands of dollars replacing their windows on their advice. Your company should have a great BBB rating, be nationally ranked as a professional remodeler, have a local office and showroom and an outstanding reputation in the community.
A company may try to convince you to not replace your single-paned windows with double-paned windows. Adding storm windows to your existing windows may seem cost effective, but usually is not a wise investment over the long haul. Many companies entice homeowners not to replace their old single-paned windows with double-paned windows, thinking they'll save money in energy costs by adding a "fantastic" storm window. You may find, after installing the salesman, Super hi-energy efficient outside mount insulated window system, that you experience massive ice build-up on your windows, they still rattle and don't operate properly and
A company may try to pressure you into signing a contract without revealing there may be hidden finance charges. Before signing any contract for window replacement, read the agreement carefully. Sometimes during hard-sell, in-home presentations, a window company may try to convince you to sign a contract on the spot, and many of these companies prey on the elderly. If an elderly friend or relative expresses interest in replacing their home windows, make sure you or someone you trust is present during any inspection or presentation.
Convince your friend or relative to take as much time as they need to review the contract and make their decision. Read the contract carefully to make sure the agreement does not include exorbitant interest rates or hidden finance charges. Use a company whose contracts are concise and to the point, and designed for everyone to understand in layman's language and terms.
You may save some money by installing replacement windows yourself. For homeowners without a great deal of remodeling experience, installing replacement windows may sound daunting. But with a little research and by following instructions to the letter, installing replacement windows yourself can save you a few hundred dollars. There are many helpful books on the subject, and you can purchase a window-replacement DVD, from which you'll get the step-by-step visuals you'll need to do a quality job.
Keep in mind; these over the counter aids are like purchasing generic aspirin at your local pharmacy. Aspirin is for the average headache or minor aches and pains and your doctor is the professional you contact for anything more severe. Windows are the same; you may need the services of a professional for difficult metal removals, specialized jambs or changing opening sizes.
Before doing any work on your home, always check with your town or municipality to determine whether you need a permit. Although most local governments only require homeowners to obtain a permit if they are constructing new windows, regulations do vary, so it's always a good idea to check first before beginning any remodeling project. Keep in mind, just as you call your doctor at times it is best to hire a professional, as a seemingly small mistake or error may be very costly to repair.
Did you know most of the foreclosures taking place now could have been avoided? With all the foreclosures taking place because of adjustable rate mortgages (ARM's), this could have been avoided if the lender had put families in a 30yr fixed mortgage. During the real estate boom, individuals that had less than perfect credit were put into sub-prime loans. There were millions of families put into sub-prime loans that had the qualifications to go FHA, which is a 30 yr fixed mortgage. The reason why was because there were many mortgage companies that did not have the necessary funds to get their license to originate FHA loans. So the mortgage company had no choice but to stick their client into a sub-prime ARM loan. Was this unethical, I would have to say yes. Also the mortgage companies that were sticking people in 2 year Sub prime loans sold everyone on 2 yr ARMs when they could have put them in a 30yr fixed sub-prime loan. Here is what took place.
2 year ARM sales pitch. Here is what mortgage companies sold to potential borrowers. Sir or Mam you don't have the credit to go with a prime conventional loan but we can put you into a 2 yr ARM. With good credit history we can refinance you in 2 years into a 30 year fixed mortgage. This is what was being told all over the United States. Guess what? These people could have been put into a 30 year fixed sub prime mortgage as well. But the rate was lower on a 2 year ARM, and the lender made more money selling the ARM loan. Also the lender would get there business again two years down the road. So it was like machine during the real estate boom. This is the secret that lenders did not want you to know, and most of them never gave the option to the potential borrower.
The builder problem During this boom the builders were doing more than selling 2 year ARMs, they were selling low payments. They would sell all these bogus incentives to use their mortgage company and along with the bad loan they were put into they sold them on low payments because of the un-improved taxes on the property. Yes there was this sneaky disclosure used to explain un-improved property taxes at closing, but they blew through it so quick the borrower never really understood it. Also the loan officer providing the loan never explained the repercussions of not collecting escrows for the mortgage. Most of the 2 year sub-prime borrowers with builders did not escrow their taxes and insurances. That is the other way they were sold on this whole process. During the excitement of this whole process, the borrower did not see the danger down the road. To talk a little about un-improved property taxes, here is how that nightmare works. When you buy a property, the taxes on the property if it's a new build is usually based on the land only. That is why the taxes and along with you payment is so low. But guess what, you will have an escrow shortage in about a year. Which means your payment will go up around $300 to $400 dollars. This is part of the reason for the foreclosures as well. Builders pretty much do what ever they want due to a lack of good legislation.
2 year ARM is up Your 2 year ARM is up, and you now have two problems. First you cannot refinance because you don't have the credit. Second your property value has declined and you don't have the equity to roll in closing costs which is required to do a refinance, unless you have the money to pay all your closing costs. Since you cannot refinance your payment jumps up around $400 dollars and now you cannot afford your home. This is what is going on all over the country.
This is a example of how greed is going to destroy our country. It's unfortunate that our lending industry took advantage of people. This is going to affect us for a while. If you found yourself in this situation, the best thing you can do is work on your credit, and make sure you pay everything on time.
Check your free credit score report often so you know where you stand credit wise.
Both Devin Hansen & Mike Clover are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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