Home Repairs: Finance the Long List with FHA 203k
A few home repairs can take a weekend or maybe an evening to complete. Add a little caulk to your bathtub, put a weatherstrip on your front door or paint a bedroom. These projects are easy for any amateur do-it-yourself homeowner. But sometimes that to-do list grows like a dandelion in early summer. And it's just as hard to knock down. This is why a home improvement loan like the FHA 203k exists: to help homeowners finance long lists of repairs and remodeling ideas.
Let's face it: we're all busy. Kids in sports, dance or music lessons; overtime hours; family dinners and other activites keep us going all hours of the day. Those to-do lists around the house tend to get longer every year. Maybe we have time to fix a leaky faucet or a quick room painting, but the more in-depth repairs and renovations are probably on the back burner.
So what happens when that list gets as logn as your arm? One of the best solutions may be to hire a professional to get the work done for you. A trusted contractor or handyman service can plan and execute repairs for you, if you don't mind paying for the service. Of course, even if you do the work yourself you'll pay in materials and time. So either way you're opening up your wallet. If you're willing and wanting to pay a professional to do the work, then the FHA 203k can help.
Here's a look at repairs eligible for 203k financing:
- Window replacement & weatherization
- House painting
- Roof repair
- New flooring (carpet, tile, laminate, harwood)
- Kitchen remodel
- Bathroom renovation
- Basement waterproofing/finishing
- Furnace replacement (including a geo-thermal furnace)
- Water heater replacement
- Driveway repair
When your list grows to include several of these repairs, you're probalby looking at a professional to help get them done. And you're probably looking at financing that work. This is why the FHA 203k is so important to understand. You can refinance your current mortgage into a 203k and pay for these repairs.
Learn more about the 203k and what's involved in the mortgage loan process with "The FHA 203k Survival Guide." You can download the free guide at the button below. You'll learn about the 203k process from mortgage pre-approval to completed projects and everything in between.
(long list photo creative commons credit)