Once you have made the decision to go ahead with a 203K loan
and have the best 203k certified contractors on hand, you are ready to make a few final decisions in regards to what you want done. Remember the directives of a 203K loan have changed over the years and what may not have been approved ten years ago is now approved. Here are a few things to keep in mind.
- Major structure issues should come first and foremost. These 203K loans can be used in order to make major repairs to foundation. Not only that, but you can actually tear down an existing home and build a new one!
- The superficial aspects are now covered for those who need a cosmetic makeover. Many may think that a 203k construction loan should not cover these types of things. Such as new doors, fresh paint, new hardware, and or some kitchen and bath updates. These are probably the same people who can have their homes custom built for them. Many 203K loan receivers are not that lucky.
- Conserving energy is important to us all. At least it certainly should be. Having the ability to exchange or replace the current appliances with energy efficient and ‘green’ appliances is a luxury that should be taken advantage of. You can report the energy efficiency to the energy company and the home insurance company and possibly receive discounts or kickbacks for being a sound purchaser.
There are so many other reasons to choose a 203K loan,
entirely too many to list here. However just know that if you have faith in your consultant, and contractor and you are fine with the 203k consultant fees; then you are ready to sign on the dotted line! Soon enough you will be enjoying the luxury of your own home.
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