The major draw back when opting for 203K financing is finding a contractor who can comply with the qualifications required by FHA and who is willing to work under FHA payment terms. As the 203k guidelines are complicated to meet, work with a local FHA approved lender with experience in funding 203K loans for renovation of residential properties in New Jersey.
Return on renovation - cranfordMy wife and I are considering remodeling the main bathroom (full gut) in our 4BR 1.5 Ba home in the south side of cranford as well as redoing the floors in our kitchen (kitchen already has
You should be able to get an estimate without paying a fee. There is no reason to pay anyone a fee for an estimate for this type of work. Schedule 2-3 contractors to come out and ask for a copy of their liability policy/coverage for their business and employees, license, and 5-10 referrals of other homes where they have done similar renovations. Good luck. Tom Hinz www.shortsaletosell.com... more
Hi David, I'm looking for a property just like yours! Could you email me some specifics? We aren't flippers but are looking for a value in the neighborhood that we can fix up ourselves over time. We live in South Orange and I'd be able to come take a look any time! Allisonfclark@gmail.com. Thanks!... more
You're definitely going to need to get professionals to come out and quote the work for you. It's going to be impossible to know how much this will cost without all of the details of what you want. The work will cost more if you need to add plumbing for instance. Getting those professional opinions will let you determine exactly what you need and make things a little bit easier to figure out.
Usually, it is ok to not upgrade the plumbing when remodeling as you've described...however, if you decide to change the routing of any older pipes, change joints, couplings, vents, etc, those things should be done to code. A licensed plumber will usually not make changes to old stuff unless they are up to code for inspections. Tom Hinz www.shortsaletosell.com... more
You need to be a certified contractor. The specifics vary from state to state. Once you're certified, you can inspect roofs during sales. It should help your business a lot, because it really opens up what you can do. http://crosbyroofingusa.com... more
I guess a lot of it depends on the market and the buyer. Your best bet would be to talk to a realtor in your area. They know what the local market looks like, and what buyers are hunting for. Then you can make your decision of remodeling or not. http://www.renovations.rdinet.com/your-project/... more
I would suggest calling around to friends and family members in that area. Having a good plumber is so important because everyone is going to have to call a plumber at some point in their life. This is why calling someone who has already hired one is such a great idea. They can give you great recommendations and really help you know who to hire. http://www.clearwaterplumbing.com/plumbing-services/... more
The master bath in a Split is often tiny so I understand your dilemna. If this change will add to your enjoyment of the home and you can live without the bedroom you sacrifice, then I'd give it serious consideration. From a resale standpoint, you will be balancing out the value of the bathroom renovation and additional closet space (which can also be lacking in a split) against the lost bedroom as a room and as square footage. From a comparable standpoint in determining value, you will stack up agains 3 - not 4 bedroom homes. You will also lose buyers who are looking for 4 bedrooms so your buyer pool will decline. Having said that - with a nice sized master bathroom, your split will compete well with new(er) homes that have that attribute.
Unless you are planning to sell in the near term, I say make the changes that will maximize your enjoyment and lifestyle. After all - it is your home.... more
Definitely speak with 2-3 contractors, and if possible, use someone recommended by a friend. If you're unfamiliar with the area, or don't have any one who comes recommended I know a few people have had success with homeadvisor.com.... more