203k: Making Renovation Numbers Work for Urban Rehabs
- 06/21/11 09:09 AM
We have been working with a home-buyer this week who wants to purchase a shell in Baltimore City, so we can then do a full-gut rehab on the property for her. This client has had a couple of target properties in mind. Since we have done over a hundred of these projects in Baltimore, we have been guiding her about the economics and the pros and cons. One of the things we have been talking about is what kind of properties "work" for full-gut rehabs. Many do not. In order for a house to be a good candidate for a full-gut: … (0 comments)
203k: Before and After - Major Remodel in Columbia Heights
- 06/20/11 03:40 AM
New Before & After Pictures for a Major Remodel in Washington, DC's Columbia Heights Neighborhood We're pleased to share the photos from our latest project. A homeowner purchased this Columbia Heights rowhome in Washington, DC and wanted to update it before he moved in. New City reconfigured the existing floor plan to make room for a new, modern kitchen, to add a powder room on the first floor and a to create a second full bath on the second floor. We also converted two bedrooms on the top floor into a master suite with a large, modern master bath. Throughout the … (2 comments)
203k: Hiring a General Contractor vs. Managing the Project Yourself
- 06/01/11 03:23 AM
People often wonder whether or not it makes sense to hire a general contractor (GC) for their home remodeling or 203k project. It really depends on the nature of your project, your construction knowledge and the free time you have available. But first, let's talk about cost. As with any service, there is a cost to hiring a general contractor; they have to pay their staffs and make a profit for the company. However, unlike some other service providers where the fee is explicit -- like doctors or hair stylists -- a general contractor's management fee is often buried in the … (0 comments)
203k: The Truth About Your Remodeling Project: 203Ks, Home Additions, Finished Basements and Whole-House Renovation Jobs -- Part 3: Planning for Project Discoveries
- 05/02/11 05:09 AM
Part 3: Planning for Project Discoveries In the last post of this series, we talked about Setting Realistic Expectations for Your Home Remodeling Project. Today, we're going to discuss discovery items. These are the issues that are often unknown before a project starts. When they are discovered, they create additional costs and usually extend the project schedule. However, there are ways to anticipate many of these issues and to plan for them, so they do not become unpleasant surprises. The following are the most common discovery issues you are likely to encounter for your home remodeling, addition or 203k project -- … (0 comments)
203k: The Truth About Your Remodeling Project: 203Ks, Home Additions, Finished Basements and Whole-House Renovation Jobs -- Part 2: Setting Realistic Expectations for Your Home Remodeling Project
- 04/28/11 12:08 AM
In the first post of this series, we explored the Top Ten Problems Homeowners Face in Remodeling Projects. But, a list of problems is not very helpful without some solutions, so we'll start tackling those now. Set Realistic Expectations for Your Home Remodeling or 203k Project The first and best way to avoid problems in your remodeling project is to set realistic expectations for yourself and your project. We believe that "eyes wide open" is the best policy for everyone. For this reason, here at New City Construction, we start off every new renovation project with a client meeting to … (3 comments)
203k: The Truth About Your Remodeling Project -- Part 1: The Top 10 Problems Homeowners Experience
- 04/18/11 06:26 AM
203Ks, Home Additions, Finished Basements and Whole-House Renovation Jobs Undertaking a remodeling project -- especially a large one -- can be overwhelming. For most people, it's a new experience, it's one of the biggest purchases they'll ever make, and they find themselves dependent on people who know far more about the process than they do. This can be very uncomfortable. The idea of this blog series is to give you the "inside track" on home-remodeling projects, so you have the information you need to make yours a success. It doesn't matter whether you are interested in a room addition, a whole-house renovation, … (2 comments)
203k: Before and After Video of Remodeling Projects in Maryland and Washington, DC
- 04/15/11 09:31 AM
So it's a Friday afternoon, and I am working on our Internet marketing. A good friend, also an Active Rainmaker, Brent Kluge (a terrific lender, by the way, if you are looking for an expert on 203ks and other renovation financing), helped us create our first video of completed projects to post on our Website. It includes pictures of full-gut rehabs, whole house remodeling projects, additions and other major renovations. Please watch the video and let me know what you think. How can we make it better? We're very new at all of this online media and would love any help … (1 comments)
203k: What It Takes to Be a 203(k) Contractor
- 03/22/11 06:38 PM
In order to be a successful 203K contractor, a construction company must be able to operate under HUD's rules for the 203k loan program. Some of these requirements are quite contractor-unfriendly, so it can often be difficult to find a company that is qualified or even interested in doing this work. Below are some of the rules and requirements for 203(k) contractors. Challenging Cash Flows The 203(k) process is designed to protect the bank and the homeowner. However, this makes cash flows very tough for contractors. Contractors do NOT get money up-front, except under very special circumstances. They typically have to be able … (1 comments)
We have been working with a home-buyer this week who wants to purchase a shell in Baltimore City, so we can then do a full-gut rehab on the property for her. This client has had a couple of target properties in mind. Since we have done over a hundred of these projects in Baltimore, we have been guiding her about the economics and the pros and cons.
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