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What To Consider When Choosing A Home Renovation Contractor
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Thanks to the 203k HUD home rehab loan programs, tens of thousands of Americans have acquired homes. HUD offers differnt types of loans that covers the cost of the mortgage as well as renovation costs on properties that are in need of renovations.
Thanks to the 203k HUD home rehab loan programs, tens of thousands of Americans have acquired homes. HUD offers differnt types of loans that covers the cost of the mortgage as well as renovation costs on properties that are in need of renovations. These renovations need to be carried in accordance with HUD rules, so you need to hire a professional 203k contractor who is familiar with this type of home renovation. Before & After Interiors along with their experienced subcontractors will remodel your kitchen, bathroom, windows, flooring, drywall, paint, siding, plumbing, electrical, etc. Ensuring that your home is as good as new once the project is completed.
The 203k renovation loan helps Philadelphia, Berks county and Montgomery County Pa and homeowners through out the country with purchasing and remodeling there home. A professional 203k contractor can help with carrying out plumbing and interior design among other home rehab projects but does not receive money upfront, unless its a streamline 203k. Typically a contractor will have to wait three to four weeks after start of work before receiving the first draw installment. This means that all payments are made in arrears. Your contractor will be paid for the work that has been completed, and even then, the bank holds 10% until the entire project is completed. This retainage gives you some leverage in the event that some aspect of the home renovation project requires some attention.
Make sure you carefully scrutinize potential 203k contractors. You should evaluate 203k contractors qualifications and credentials and document these items. The items that a potential 203k contractor must have available for approval include a contract, trade references, workers compensation insurance, liability insurance and local licensing. Also, note that a 3rd party 203k consultant inspector certified by HUD conducts all draws. The inspector visits the site during the home rehabilitation project and determines how much money the contractor should receive for each draw.
In summary, when a 203k contractor starts a 203k home rehab project, it begins work with no down payment. After the contractor completes part of the work, for example, the interior design. It fills out some paperwork to apply for a draw and meets with the consultant to confirm that the work has been completed. Thereafter, the contractor gets the check for the work within 10-15 working days. This is an elaborate process and should only be done by a 203k professional contractor to ensure that you, as a home owner are protected. It is, therefore, important that you hire a contractor like Before & After Interiors that specialize in 203k HUD renovations.
The most important qualifications to consider when hiring a 203k contractor is experience. You are better off hiring a contractor that has been in the 203k HUD renovations business for a long time as they are connected to all the right people. These include HUD inspectors, real estate agents, Banks like Annie Mac, Wells Fargo, Primelending, Homepath , Greentree and loan officers among others. They have dealt with numerous clients, some of whom may have had home renovation needs identical to yours. Therefore, they can give you the most suitable solutions to any situation. Hiring an experienced and competent contractor is a huge step towards getting the home you want for you and your family.
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