203k Inspection | What Improvements Can You Make with a Limited 203k Loan?
203k Inspection | Purchasing a home that needs some improvements is an option for many Americans because of the Limited 203k Loan. The Limited 203k Loan provides the purchaser funds to perform minor repairs to their new home. To assess what repairs may need to be done, it is a good idea to get a 203k inspection performed before signing a contract. Once the 203k inspection has been completed you will have an idea of what repairs are needed and how much they are going to cost.
The Limited 203k Loan will allow simple repairs that can be easily estimated and completed. The repair loan is a separate dollar amount than the loan for the actual home and property. Here are some of the common home improvements you can make with a Limited 203k Loan.
Some of the common exterior repairs include roofs, gutters, decks, patios, porches, windows, doors, and exterior painting. These exterior repairs are not major structural repairs and an accurate cost estimate can be established.
Some of the common interior repairs include HVAC systems, plumbing, electrical, flooring, basement completion and interior painting. The interior repairs include cosmetic remodels and repairs that can improve the efficiency of your new home.
You can also use a 203k Loan to borrow money to put towards appliances such as refrigerators, ovens, dishwashers, washers, and dryers. Being able to use the 203k Limited Loan for appliances is a huge positive. Often all your spare money goes into a down payment for a home and you do not have the money left over to buy working appliances.
The 203k Limited Loan is a great program to help gather funds to make your home seem new and become more functional. Before embarking on this loan, you should contact the professionals at Beryl Engineering and Inspection for a 203k inspection. The 203k inspection can give you a blueprint of needed repairs, costs of the repairs and help you decide if the home is right for you.