Renovate Smart: Know the Language 

An educated shopper is a smart shopper. This especially hold true in the world of hiring and working with contractors to make improvements to your home. 

As you interview potential contractors, being able to understand the terminology they use can help you avoid miscommunication and ensure a smoother remodeling experience so you and your family can enjoy your new or updated kitchen, bathroom or room addition even sooner. 

Here's a glossary of some of the common terms used by builders and remodelers to help you understand the language of your renovation project:

Allowance: A specific dollar amount allocated by a contractor for specified items in a contract for which the brand, model number, color, size or other details are not yet known. 

Bid: A proposal to work for a certain amount of money, based on plans and specifications for the project.

Building Permit: A document issued by a governing authority, such as a city or county building department, granting permission to undertake a construction project.

Call-back: An informal term for a return visit by the contractor to repair or replace items the home owner has found to be unsatisfactory or that require service under the warranty.

Certified Lead Renovator (CLR): A professional designation program offered through the EPA that certifies firms performing renovation, repair, and painting projects that disturb lead-based paint in pre-1978 homes, child care facilities and schools and trains them to follow lead-safe work practices. 

Certified Aging-in-Place Specialist (CAPS): The CAPS designation was developed by the National Association of Home Builders and AARP. CAPS professionals have been taught the strategies and techniques to meet the home modification needs of home owners who want to continue living in their homes safely, independently and comfortably, regardless of age or ability level. CAPS graduates pledge to uphold a code of ethics and are required to maintain their designation by attending education programs and participating in community service.

Change Order: Written authorization to the contractor to make a change or addition to the work described in the original contract. The change order should reflect any changes in cost.

Cost-plus Contract: A contract between a contractor and home owner based on the accrued cost of labor and materials plus a percentage for profit and overhead - also known as a time-and-materials contract.

Draw: A designated payment that is "drawn" from the total project budget to pay for services completed to date. A draw schedule typically is established in the contract.

Lien Release: A document that voids the legal right of a contractor, subcontractor or supplier to place a lien against your property. A lien release assures you that the remodeler has paid subcontractors and suppliers in full for labor and materials.

Mechanic's Lien: A lien obtained by an unpaid subcontractor or supplier through the courts. When enforced, real property - such as your home - can be sold to pay the subcontractor or supplier. If a subcontractor or supplier signed a lien release, then this lien cannot be enforced.

Plans and Specifications: Drawings for the project, and a detailed list or description of the known products, materials, quantities and finishes to be used.

Punch List: A list of work items to be completed or corrected by the contractor, typically near or at the end of a project.

Subcontractor: A person or company hired directly by the contractor to perform specialized work at the job site - sometimes referred to as a trade contractor.

To learn more about renovating your home, including a checklist for selecting and hiring a remodeler and advice on financing and designing your project, visit www.nahb.org/remodel, or to find a professional renovator in Asheville, contact the Asheville Home Builders Association at www.ashevillehba.com. 

This article was written for submission in the ACT, Black Mountain News, and NC Builder Magazine.  Source www.NAHB.org.  

Living Stone Construction is a first-tier builder of fine custom homes in Western North Carolina.  Our Mission is to provide our clients with a new or renovated home that exceeds their expectations.  We do that with an attention to detail and adherence to our five core values: communication, quality, integrity, value, and timeliness.  Recognizing that each home represents a significant investment with the potential for substantial capital appreciation, we aim to provide our customers with a home that will be a delight to their families for years to come.
 
Everything that we build is "Energy Star Certified" as a standard of construction.  We are an Accredited Master Builder and one of the first and few builders in the county qualified to build certified "Healthy Built Homes" and "NAHB Green".  Most recently, we have become a "Certified Lead Renovator" approved to renovate homes built prior to 1978 with lead paint content.

Special Feature This Month! 

* Great Rates!

* 80% LTV up to $3 million.  Will consider over $3 million on case by case basis.
* All loans are portfolio so we don't have all of the limitiations of the secondary market.
* One time close means less hassle and lower fees.
* Construction period is 12 months.
* The 12 month construction period is included in the 30 year term so rate is locked at the beginning of the loan and remains fixed for the life of the loan.
* Second homes okay. 80% up to $2 million.  Same rate as Primary residence
* If building primary residence, can own up to 10 other properties
* Any equity in your existing lot can be applied to the 20 % down payment requirement.
* Loan may be used to purchase lot. 

For more information on a loan for your project, contact Melanie Christian at TD Bank.  Use the coupon above to save an additional .125% on your current interest rate!