FHA 203K Value Increase
These buyers found a great lot in a beautiful Dallas neighborhood using the power of FHA 203K Renovation. The home was built in 1925 and in desperate need of an upgrade to match the rest of the neighborhood. Finding a home in this condition in a neighborhood like this is a dream match for renovation loans and a great way to add value to your purchase!
The FHA 203k renovation loan on this house allowed a total budget of about $110,300. After the foundation was leveled, the focus was all toward a complete overall of this house!
FHA 203K Renovation Numbers Breakdown
Purchase Price
Base Bid
Contingency
Inspections
$175,000
$110,300
10%
5
After improved value of $300,000
This one story house in Dallas has 3 bedrooms, 2 baths and was built on a pier and beam foundation. Similar to what you see on HGTV, the plan is to completely remodel the property inside and out. The FHA 203k Standard Loan allows walls to be moved; that was the case here when the buyer decided to expand the master bedroom and remove a partition wall to open up the kitchen area. With a house of this age, the contractor the borrowers chose also installed new electric, plumbing, and HVAC to bring the utilities into the modern age.
The best part of a remodel is always the kitchen isn't it? New cabinets, tile, sink and all new appliances are going to be the center piece of a newly spacious kitchen. Take a look at some of the before pictures below and remember that FHA 203K allows you to find a great deal or perfect location and make the home your own while adding value.
Kitchen before renovation
Breakfast area before renovaiton
Living room- wall to be removed
Living room before renovation
Did you know this about the FHA 203K Renovation Loan?
FHA 203K Renovation Loans now allow pool repairs with no restriction to the amount. If the property has a pool already, you can repair it! Often times, pools will need to be resurfaced or the pool pump is no longer functional or missing all together. Don't let a repair scare you away from a property when a renovation loan is the answer. Call and apply today!
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.