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Step 1
Let's Talk
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Step 2
The first step is to talk with me. As a renovation specialist, I can tell you everything you need to do and what documentation you'll need to have to get a quick loan approval.
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Step 3
Feasibility
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Step 4
At this time, I'll also help you determine if you should enlist the services of a HUD-approved consultant, home inspector or another third-party vendor for help in assessing renovation needs, getting a rough estimate of the costs and estimating the value of the property after the improvements. This will help give me a good idea of how much the renovation will cost, and how much you may need to borrow.
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Step 5
Selecting a Contractor
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Step 6
One of the most important steps in the renovation process is your selection of a contractor. It is advisable to get recommendations and price quotes from several reputable contractors. In most states, your contractor must be licensed and insured.
Your contractor will probably have questions about your financing and the loan guidelines. I'll help explain the process and provide the required documents that you and the contractor will need to complete throughout the project. -
Step 7
Hiring a Consultant
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Step 8
I'll also inform you of any inspections that are necessary, as well as how to order them, and provide you with the names of renovation specialists to serve as your renovation consultant. The consultant will inspect the property, assist and advise you on the needed improvements and the cost estimates for those repairs/improvements. The consultant will ensure that you're making all the necessary renovations and the desired improvements and will then itemize them in a document called a work write-up.
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Step 9
The Work Write-Up
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Step 10
The work write-up is a detailed scope of work that includes the necessary materials and a cost breakdown. It defines what is required to renovate the property to meet the customer's needs and program guidelines.
This document also ensures that all health and safety issues have been addressed and, most importantly, that the allocated funds for the project are sufficient to cover the required work for project completion. The consultant will also factor in a contingency reserve to be used in case of unforeseen deficiencies that may appear as work is being performed.
Most importantly, it provides an opportunity for all of the parties involved to understand and agree on the scope of work.
After the work write-up has been completed, I'll send it to an appraiser, who will use it to determine the after-improvement value of the property
