This post is the third in a series of blogs about mistakes people make while renovating homes. This is pretty extensive and was inspired by an HGTV program aired a few days before Christmas.
I help a lot of home buyers purchase homes that need some TLC. They often purchase their homes using a FHA type loan product called a 203K loan which is a renovation loan allowing for the purchase and funds the renovation as well. There are several different types of 203K loans. A streamline which is very simple and does not require the home owner to have a consultant. For more information about 203K loan types you should speak to your local FHA Loan Specialist. Not all banks are doing 203K type loans though. My local specialist is:Stephen KirrEquity Mortgage Lending305 West Chesapeake Ave. Suite 310Towson, MD 21204Phone 410-321-7800 / 800-332-9221Cell Phone 410-599-7376Fax 410-296-3177 / firstname.lastname@example.org
Steve and his partner Ken will be giving a workshop in our office at Advance Realty Anne Arundel on January 8 at 6:00 pm and repeated on January 17 at 11:00 am. If you would like to attend please give me a call or email.
- A lot of people fail to anticipate storage of materials while doing the renovation. Sometimes they'll purchase everything at once and leave them laying in the yard covered by a tarp - thus failing to anticipate moisture from the ground and also insects, like termites who tunnel up through the soil. Building materials should be store in a cool, dry place or better still home owners should properly plan and purchase materials phase by phase rather than all at once.
- People often don't go green with their renovation because they don't know how to or they think it will be too expensive. Things so simple like using fluorescent bulbs rather than regular incandescent bulbs can save you a lot of money. We bit the bullet and replaced all the light bulbs in our house with fluescent bulbs and many are still working - we've replaced 1 in 2 years. But, what surprised us was the savings on our electric bill. Within two months the savings completely paid for the replacement of all our bulbs. The second thing we did was replace our thermostats with set back thermostats and the savings paid for the cost in one month. Reduce, reuse and recycle. Often you can find things like crown molding and other materials from recycle stores (check out my blog on building with recycled materials see above). Keeping materials out of the landfill is very important. And, if you have items left over or you are removing items from your home consider donating them to recycle centers in your area for someone else to use, you could receive a tax deduction as a result and feel good about doing something positive for the environment. Don't forget even hardware and small items can also be recycled.
- People often choose the wrong paint for the job at hand. Be sure the paint you choose is for your particular application. When you are painting a bathroom or kitchen be sure to choose a paint that is meant or kitchens and bathrooms as it will stand up to scrubbing and constant attacks from moistures and cooking smells. If you are painting something outside be sure the paint you are using is meant for exterior use and will stand up to the constant attack from the environment like the constant changes of temperature and changes in the weather. There are new paints coming out regularly that are eco friendly and have fewer odors. Read the instructions, read the paint can and use the right materials for application. Always keep in mind that you get what you pay for, so if you cut corners on price you may also be cutting corners on quality too.
Stay tuned for more installments!!
During 2009 Advance Realty Anne Arundel Inc is waving administrative fees active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's. If you enter into a contract by the New Year's eve Advance Realty Anne Arundel Inc. will waive the admin fee at settlement. This is a $350 savings. If you are thinking about buying or selling a home give Advance Realty Anne Arundel a call and receive full service real estate assistance from an experienced agent. Our office is open 7 days a week and we can be reached at 410-761-1550.