203K Consultant | Tampa | Ever turn on HGTV and think, “I could renovate a house like that”? Want to take a rundown house and make it your dream home, or just do some modern updates to your current home? Well, a 203K consultant may just be your first step in making this dream a reality.
When purchasing or renovating a home with an FHA 203K loan, hiring a consultant may be the most valuable part of your process. A 203K consultant is a licensed home inspector whose expertise may just be the difference between a repair win and a renovat-uh-oh!
203K consultants begin by assessing the property, identifying potential hazards and problems before the job even begins. This includes laying out a plan which outlines minimum property standards, as well as all of those bells and whistles you wanted after you saw them on TV (optional of course)!
This report is then passed on to the lender and details several important things that are used to determine the feasibility of your project:
· Overall cost – This includes materials and labor.
· Tentative Inspection Schedule – Outlining when your consultant will check completed work throughout construction.
· Contingency budget – Money that should be set aside for unforeseen renovation costs.
The work doesn’t end there! Your consultant will work with your lender to complete any other necessary information such as roof or termite inspection. After loan closure, your consultant may also check to make sure work is completed and satisfactory before funds are released from your Repair Escrow Account to pay contractors and the like. Services like these save you money and protect you from contractors taking short cuts at your expense!
So, what’s stopping you? With one of Beryl Project Engineering’s certified 203K consultants, you’re just a few coats of paint away from your next fixer-upper!