McDonnell Group Practical Guide to Renovation Loans 4.13.18 - Flipbook - Page 11
IT'S RENOVATION TIME!
Your Renovation
Project Timeline
Renovating your dream home begins well before the actual work begins
Understanding each step of the process, from assembling your team to
determining the overall time frame is crucial to keeping things moving
smoothly and limiting surprises along the way.
Your home renovation is only as good as the team around you! HUD
Consultant, Contractor and Lender. Each plays a critical role in the
process. You can assemble your team in any order you choose. But keep
in mind that each plays an integral role in the planning, execution, and
funding process. Together they will help make your vision a reality.
The following timeline will help you plan for your project. It is based on a
four-month renovation project, however all projects are not the same.
Typically, minor improvement jobs can be completed sooner, sometimes
in less than two months. Bigger projects could easily take 6-9 months.
Phase 1
Assembling your team (approximately 1-2 weeks)
Financing First! Not all lenders are created equal and unfortunately too
many renovation-seekers will make the wrong choice when choosing a
Lender. Here are 3 MUST-ASK questions when deciding:
Will a real underwriter approve my application before I start
spending money on this process?
How many renovation loans have you personally closed in the last
12 months? On average how long did they take from start to finish?
If you are not able to close my loan on or before any required
deadlines, will you agree to pay any financial penalties I may incur
because of your delays, including my purchase deposit if it is forfeit?
Let the Experts guide you. The HUD Consultant plays an important role in a
successful renovation project, so as soon as your financing is secure you'll
select one to work with. If you're unsure where to start your Lender can
provide a list.
Reliable Contractors are priceless - and hard to find! Word of mouth from
friends, family and neighbors is a good place to start. Check references!
For liability reasons your Lender & HUD Consultant don't make Contractor
recommendations, but will alert you with any concerns about your
selection. Once you've narrowed your search to 2 or 3 options, request at
least 2 bids to compare costs.
To learn more, call us at 714.559.3696 or visit us
online at www.financemyimprovements.com
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