203k Inspection | Buying a Fixer Upper? You need a 203k Inspection
203k Inspection | With the FHA streamlined 203k loan, you can get the additional money to take care of those repair projects. This is a great option, especially if you don’t have the extra money in your bank account to take care of the rehabs. Even with this great resource, buying a home that needs repairs can be an intimidating process. How will you know how much
extra money you need to borrow for repairs? Can you trust the contractors to give you an accurate estimate? What if I get in over my head?
These are a sample of the questions that many people ask themselves before buying a fixer upper. Not having the answers to these questions can often talk potential home buyers out of their dream home. So how do you get all the information you need to determine if this house is for you?
Find a Company That Offers a 203k Inspection!
A 203k inspection is your best option when you are looking to get a 203k loan for a home that requires some repairs. If you are in the Tampa area you should give the professionals at Beryl Project Engineering and Inspection a call (813-328-6856).
Beryl can first provide you with a Feasibility Analysis Report. This report is the first step to provide you with the renovating costs involved to meet the HUD minimum property standards. The Feasibility Analysis Report separates costs in to three categories:
If the home doesn’t meet the minimum HUD standards, then often seller will lower their
asking price accordingly.
Next in the process, Beryl can provide a more detailed report called Performance Specifications and Scope of Work. This report will show the contractors exactly what needs to be done to the property. It then asks the contractors to provide pricing for labor
and materials. You, as the home buyer, choose the contractor but Beryl will be there to help you make a good selection to fit your needs.
A 203k inspection can help ease your mind when purchasing a fixer upper and make the process seem less intimidating. Contact the experts at Beryl to get started.