If I take out a lone to buy a home can I repair the house although the bank technically owns it?
Wednesday, May 6th, 2009 at
11:08 pm
Joe Cool asked:
or would I have to wait till I have paid back the bank to make repairs on the house. Also can a General contractor do plumbing, electrical, drywall, ect. or do I need someone for each catorgory?
The house was built in 1926, has 3 bedrooms, 1.5 story and all original ( wires, plumbing, windows, roof, ect has not been touhed since 1926). Sits on 180×140 lot. Thanks for your help it is both needed and appreciated.
Tagged with: Bedrooms • Drywall • General Contractor
Filed under: Maintenance & Repairs
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brighton electrical
You will be able to make any improvments to the house because the bank does not own the home, youdo. The only thing the bank has to do with it is that they are the lein holder on the residence. Therefore yes you can do anything to it you wish. Also most general contractors will sub contract different special contractors for plumbing and electrical. The best word of advice I can give on that is to call some general contractors and ask them how they would get it accomplished.
sussex electrician
In addition to fishnbean84’s answer, I would bring to your attention the following.
IF you qualify for an FHA mortgage, there is a section that allows you to borrow MORE, specifically to make repairs and/or upgrades, at the time you obtain the mortgage.
sussex electric
Lenders expect you will make improvement, it is one of those factors considered when lenders decide to make home loans, it’s just not talked about. You will find in time that every home you own you will find is a work in progress, especially those of us who buy older homes (mine is 81) and is many times better now than it was when we purchased it, as were the first two. enjoy, be patient, and have fun.
brighton electrician
Second ? first…..a gen contractor hires the people from the trades to do what ever has to be done. As far as repairs prior to paying off the house I’d say waiting 30 years to fix that broken window is a long time or 30 years to fix that broken lock on the front door. Guess you could lean a chair against the door or hand a tarp on the window, sorry just thinking outloud.
sussex electric
FIRST – yes you can do any repairs or improvements you desire – do not forget to get a permit.
SECOND – Use of a general contractor vs individual tradesmen. If your job involves multiple trades, such as a building addition might include site preparation, carpentry, plumbing, electrical, tile, etc then you are better off using a general contractor then the coordination between trades is the G.C.’s job not yours.
Coordination between trades is a high risk venture that should be avoided by homeowners. A G.C. often has a “stable” of sub specialties” that he is comfortable working with and therefore is less likely to experience coordination problems and if he does, contractually it will be his problem – not yours.
Coordination is important to prevent trade B from blaming their schedule, cost, quality problems (which they will pass to you) on trade A