The home loan program that we decided to go with (FHA 203k) involves a lot of oversight by the lender. The process not only has a 6 month completion deadline, but along the way we have to make draws for money from the lender, via our inspector.
The way the draw process works is that we (contractor/subcontractor) complete work items, and after work is complete, we contact the inspector. The inspector comes in to ensure that the work is done correctly, and we get the money agreed on for the particular job. There are five of these draws throughout the 6 month process.
The obstacle that we face is that we bid pretty low regarding the work items, therefore, we will be doing A LOT of the work ourselves in order to stay with our $50k budget. Yes, $50,000 to rehab our 2500 square foot home. The work includes refinishing trim, replacing drywall, kitchen remodel, bath remodel, bath build, refinished wood floors, removing exterior vinyl, refinish/paint exterior shiplap. As I typed all of that and thought about our $50k budget, I think to myself "You're an idiot". Therefore, no need for you to type that in the comment or wonder if I know that I am certainly an idiot. *sigh*
BUT, here we are. We own this .24 acre plot of land and the 88-year old, 2500 square foot home sitting on it. Now we have to ensure that we put in the necessary work to keep all of the above.
We started off by cleaning up the overgrown jungle/yard a bit...
The way the draw process works is that we (contractor/subcontractor) complete work items, and after work is complete, we contact the inspector. The inspector comes in to ensure that the work is done correctly, and we get the money agreed on for the particular job. There are five of these draws throughout the 6 month process.
The obstacle that we face is that we bid pretty low regarding the work items, therefore, we will be doing A LOT of the work ourselves in order to stay with our $50k budget. Yes, $50,000 to rehab our 2500 square foot home. The work includes refinishing trim, replacing drywall, kitchen remodel, bath remodel, bath build, refinished wood floors, removing exterior vinyl, refinish/paint exterior shiplap. As I typed all of that and thought about our $50k budget, I think to myself "You're an idiot". Therefore, no need for you to type that in the comment or wonder if I know that I am certainly an idiot. *sigh*
BUT, here we are. We own this .24 acre plot of land and the 88-year old, 2500 square foot home sitting on it. Now we have to ensure that we put in the necessary work to keep all of the above.
We started off by cleaning up the overgrown jungle/yard a bit...
No comments:
Post a Comment