Fixer Uppers: The 203k Mortgage

Purchasing a New Home? There is no need to be discouraged by Fixer Upper’s: The 203(k) Mortgage solution.

203(k) Kitchen before Renovation

So you have decided that your 2 bedroom, 1 bath cottage home isn’t going to cut it anymore. After all, its getting tight with you, your spouse, two kids, and Rufus your dog (or Crookshanks your cat). The stresses home searching can be daunting. Will you be able to find a home in a respectable area, with good schools, the space that you need, within the budget you have to stick to? These are just some of the thoughts that add to the stress of home buying.

Let’s say its a quite Sunday afternoon. While driving with your family to your favorite ice cream shop, a sign in a yard catches your eye. This home has everything. It’s in a great neighborhood for your kids. It’s only 10 minutes from the office. The yard needs some tender care, but definitely manageable. 5 bedrooms, 3 bathrooms, a garage, a family room – plenty of space for your growing family. Your realtor opens the front door. Disappointment is an understatement. There are water stains on the ceiling, and entire walls of sheetrock missing. There is an obvious leak under the kitchen faucet that has rotted out the cabinets, not to mention rotted window sills and brickmold. You think to yourself, “It could have been perfect.”

Here is the great news: IT STILL CAN BE!

203(k) Kitchen In-Progress

Enter the 203(k) solution-

There has been a mortgage program out for while, but has not been aptly utilized. This type of mortgage is called the 203k Mortgage. This type of mortgage allows you to not only purchase the home of your dreams, but also roll the remodeling, upgrades, or necessary repairs into your mortgage. There are two main types of 203(k)’s you should know about:

“Streamlined” 203(k)

I have found streamlined mean “less red tape.” It also limits the scope of your project to $35,000. We have found streamlined 203(k) loans used to make minor repairs and replace finishes, like flooring, scraping the popcorn texture off the ceilings, and adding cabinets to the kitchen.

203(k) Kitchen with Pendant Lights, Granite, and more

Regular 203(k)

If you are prepared to ‘HGTV’ your new home, the Regular 203(k) may be the solution for you. There are limits based on how much your home is worth after the remodeling and upgrades, but do not be discouraged: We have had clients that were eligible for $80,000 or more for their projects. Oh the possibilities…

203(k) Kitchen with new, custom built cabinets and flooring

The 203(k) mortgage is a great option to get your dream home, and your dream home configured the way that you want it. Ask your realtor or mortgage lender professional for more information about the 203(k) mortgage, then call Hazelwood Construction Company, Inc. to make your vision come into reality – We have experience you need to work with you, your realtor, and your mortgage lender professional to utilize the 203(k) to make your home dreams come true.

 

SAVE MONEY: Upgrade Your Insulation

SAVE MONEY! Upgrade your attic insulation and stop giving your hard earning money to the electric company today.

If you own an older home you know how frustrating it is to pay high energy bills during the hot summer and the cold winter. You know the problems of fluctuating temperatures during day, and those hot spots throughout your home.

During a recent remodeling project, our client mentioned that he was experiencing “hot spots” in his home, outrageous electric bills, and severe temperature fluctuations in his home – especially in the afternoon when the sun was beating down on his home. Mind you this is during the hot South Carolina summer. I asked to inspect the attic and sure enough I found very little insulation! R6 at best.

In Need of Insulation

Notice how you can see the ceiling joists. This attic is losing energy, and in need of attention.


Insulation 101 – the R-Value

The most basic knowledge you need in regards to insulation is the R-Value. Simply enough the “R” in R-Value stands for “Resistance”. Essentially, the R-Value is a measurement of the insulation’s ability to resist the flow of heat. In your attic, the insulation provides a thermal barrier between your ceiling and the heat that accumulates in the attic. In your attic, you want a minimum of R38, which equates to 16″ of loose fill insulation (shown in photo). Loose fill fiberglass insulation is the most common material used in attics. Other materials you may find in your older home include cellulose and rock wool insulation, however upgrading to fiberglass is both cost effective and energy efficient.

New Insulation

R38 Fiberglass Insulation Up Fit


How We Can Help:

For our client, we provided a turnkey insulation R38 up-fit for his attic. Because we are general contractors, we work with the vendor(s) to provide the utmost value and service to our clients. We deal with all the scheduling, invoicing, quality control, and any potential headaches that come with dealing with vendors.  Our client is now experiencing less expensive electric bills, and steady, cool temperatures throughout his home – at an excellent value. For our client, his investment will pay off in less than a year! He will be saving his money instead of sending it to his electric company. You can too!

If you are experiencing energy loss problems (therefore money loss problems!), please give us a call. We will be glad to provide a home inspection to determine whether your attic is up to the latest standards and codes, and rectify the problem quickly, and efficiently so that you can start saving money! For more information about the other valuable services we offer to our clients please check us out here.

3 Quick Tips When Finding A Local Home Repairman

3 Quick Tips When Finding A Local Home Repairman

Is your garage door giving you a bad time these past few days? Perhaps, it is time to contact a local home repairman. Trusting a repair guy to do the work seems the easiest recourse available in times like this one.

But even though repairmen are the most convenient solution to household repair problems, and especially if you are not adept at this kind of jobs, you still want to make sure that some things, like if the guy is insured, so that you get a quality and insured job. After all, everyone wants to have a house that functions really properly for the longest time and no one wants to always spend on repairs for broken appliances or home improvement fixtures.

So, what are the things you need to remember when hiring a home repairman? From finding out if the repairman is properly insured to making sure they bring the right equipment, having your garage door fixed should produce favorable results to you if you remember these 3 quick tips. Read below.

Is he properly insured?

This is the very first thing that you must take care of before any repairman takes care of the garage door job, or any home improvement job for that matter. In home improvement tasks like this, accidents are inevitable. You don’t want to have an injured workman in your house uninsured and pay for their hospital expenses, so better make sure the handyman who is going to handle the garage door repair is properly insured so as to protect you against any odds arising from injuries or accidents that happened during the job.

Can the company or handyman furnish a free estimate of the total cost of the job repair?

Is the handyman willing to provide the digits? If not, there is a problem there. You don’t want to work with a contractor that you don’t initially know how much they charge for the work done. Free quotes are given as a courtesy to customers who even thought of availing their services. When asking for a free bid, include an estimate of time they think will be required to finish the job.

Is the company experienced and organized?

Although photos are not enough, you can see in them the kind or quality of job the repair company has done with their previous customers. This is just one but most effective ways to determine if they are the right choice. Besides, if the repair company is confident with their services, it would be willing to provide before and after photos to encourage customers to trust them.

You can also ask them the length of time they have been in the business. The longer they exist, more so that you can trust them. But don’t just rely on this aspect. See the company profile. If possible, check if they have the right types of equipment and tools. See their vehicle. You can also ask the assigned handyman to do the home improvement job in your house with questions you think necessary for you to trust them.

Doing these things help determine if the company is experienced and organized. Once you are secured with the above tips, it will give you the confidence you need to consider that the local home repairman or the repair company is the right choice for your needs.

Courtesy of Hazelwood Construction Company.