Remodel & Renovate in 19143>Question Details

Alisa Miller, Home Buyer in Philadelphia, PA

What is the least expensive way to rehab an older home through FHA 203K Are there ways to reduce the costs of drawings, labor, etc?

Asked by Alisa Miller, Philadelphia, PA Mon Sep 20, 2010

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Paul Welden’s answer
Hi Alisa,

The ways to reduce costs would be to negotiate with the contractor, receive proposals from multiple contractors (make certain they are knowledgeable/experienced with the 203k program) and only include in the bids, what is required by FHA, which the FHA appraiser or HUD 203k consultant can tell you.

Contractor Directory for the FHA 203(k) Program
(480) 463-4663
Web Reference:
0 votes Thank Flag Link Sat Sep 25, 2010
Since I specialize in this type of financing, I can tell you from working with many GC's over time that the "cheapest" isn't necessarily the best route to go. I've seen many inexpensive jobs that looked less than professional. When you're talking with your GC's, you may also want to talk to a few references if you have doubts. Many GC's will have websites or portfolio's/binders they can provide showcasing their work. Whether you go to this length to find "your" GC is up to you of course, just make sure you don't sacrifice too much quality for few dollars less/month on your mortgage payment... It will be very expensive (refinance costs + cost of redoing the work, etc) to fix it down the road if you decide you didn't get what you wanted (you may have got what you paid for though).
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1 vote Thank Flag Link Tue Sep 21, 2010
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