FHA 203k vs DIY
Some home improvement projects you can do yourself. We can all paint a decent wall (although a professional painter is extremely valuable) or change the handles on our kitchen drawers. Other upgrades will require more time and skill than many of us have. Installing replacement windows comes to mind. I don't want to deal with glass, insulation and possible size changes. This is where a home improvement loan like the FHA 203k comes into play.
So how do you know whether you need a full home improvement loan to refinance your house and remodel? You can compare the projects you'd like to have done with your skill and the time you can afford to give to them. We're all busy with work, family and friends. Sometimes it's just better to hire a professional because of the time commitment. Another reason to hire a professional is the required skill set. We all have our talents, whether it's accounting, writing, managing or web design. That doens't mean we can all install windows or repaint an entire house. Sometimes the things we want done are just beyond our abilities.
With that in mind, let's look at a comparison chart of do it yourself (DIY) projects next to bigger undertakings that may require financing with the FHA 203k.
|Do It Yourself (DIY)
|Minor paint job
||Full home repainting
|Change your kitchen cabinet hardware
||Install new kitchen cabinets/counters
|Change the faucet in your bathroom
||Remodel your bathroom with new toilet, bath/shower
|Window treatments like curtains or blinds
||Replace old windows with new, efficient models
|Garage cleaning, reorganizing
||Add a garage onto your home as long as other homes in the area are similar
|Replace old door handles inside and out
||Replace old doors with new doors all over the home
You get the idea with the above chart. Some work is certainly worthy of a DIY weekend. These projects you can pay cash for or charge and pay off quickly. Other projects are beyond the scope of a weekend project. These are the projects that you can finance with the FHA 203k home improvement loan. You can refinance your mortgage to pay off the old note, finance the new value plus the home improvements that will add value to your home.
"Wait - I can't do any work myself with the FHA 203k?"
Not exactly. If you're looking to do some work yourself, check out the do it yourself procedures on FHA 203k loans and see if it's still worth it to you.
You can learn more about the FHA 203k and spring home improvement ideas with "The Complete Guide to Spring Home Improvement Financing" at the button below. The free guide offers ideas for DIY projects to spruce up the home, plus ideas for more in-depth work to renovate your house so it's the dream home you've been wanting. Get your copy today.
(window photo: Flickr user Bart Everson)