Fannie Mae HomeStyle allows 2nd story addition
Homeowners in Houston, Texas found a way to customize their current home with a Fannie Mae HomeStyle Renovation Loan.
Where did they get the vision? Maybe HGTV inspired or possibly just crafty homeowners looking for a way to expand the property, add value and fix a few bruises on a home originally built in 1923.
Either way, Fannie Mae HomeStyle helped the vision become a reality.
The Fannie Mae HomeStyle Renovation loan on their property allowed a total budget of about $130,000.00.
Adding a second story to a house of this age is can be a huge undertaking but with the right lender and contracting team, it can be done and so much more!
Fannie Mae HomeStyle Numbers
Base Bid
Contingency
Inspections
$125,965
10%
5
After improved value of $395,000.00
Adding a second story to an existing 1,396 square foot home with the second story to match the square footage of the first level was key for increasing the value to this home.
Doubling your square feet is big and the second story will match the stile of original 1923 home to keep this property exuding class for many years to come!
The second story will include, two bedrooms, one bathroom, one laundry room, and a family room, along with an open loft space.
Foundation
2nd Story layout
The downstairs will also feature some changes to accommodate the new layout as well converting existing master closet to kitchen pantry.
Downstairs bathroom to be converted to a master closet and new Bathroom to be added to Front room. Dining to living wall to be opened up and wood floors repaired to match original 1” flooring. Stairs to the 2nd story addition and we are off and running.
The foundation also needed to be reinforced to support a 2nd story. The plans and specs above outline the layout changes and foundation reinforcement that was needed to make this dream home possible.
Aside from the addition and remodel, several needed repairs were also taken care of thanks to the Fannie Mae HomeStyle Renovation Loan. The porch pillar you see on the right was reinforced, HVAC and Electrical were both upgraded and of course the kitchen received a face lift. New counters, cabinets and appliances put the finishing touches on a renovation project estimated to take 2-3 months after closing. A before picture of the kitchen can be found below along with helpful did you know section. Stay tuned for pictures highlighting the finished project in a few months. Cant wait to see it!
Did you know this about the Fannie Mae HomeStyle Loan?
Selecting the right contractor for your project is key when using a renovation loan and Fannie Mae HomeStyle is no different. Take a look at some tips and requirements below so you can make the best decision when selecting a contractor of your own.
- You may select 1 General Contractor and 1 Specialty contractor (foundation, roof, pool)
- What are your material allowances for material items like flooring, cabinets or appliances? Ask your contractor for specific material choices or allowances to decide later
- Ask your contractor to itemize the bid and break each line item into labor and material
- Your contractor must carry a minimum of $1 million in general liability insurance
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.