How To Perform A Foreclosure Essay

1919 words - 8 pages

Phase One: Assess needs of the property. Prioritize-Check the state of the wiring, plumbing, foundatoin, and roof (new shingles or complete roof).
Keep in mind current market and location of property in determining costs and appropriate amount to invest in the repairs. Determine if you are planning to inhabit the property or sell it. This will
help you decide on extent of projects, but don't compromise on quality when it comes to materials or hired help. Buy the best you can and still stay in budget.
Assess floor plan and needed changes to raise property value: extra bathroom, fireplace, garage, inside storage space.
Call in professionals in needed areas for bids on jobs that you are not qualified to estimate yourself and complete yourself. This is also the time to know city and/or county building codes and
permit requirements.

Phase Two: Now you need to determine what you are qualified to do. This could save a lot of money if you have the skills and time. Acquire knowledge of area subcontractors for projects you cannot do.
Here is an opportunity to hire small business owners. Find out the reputations of local contractors. This can be tricky because it can be so subjective! Stay away from mid size companies if possible.
They tend to charge the most for different reasons. Collect estimates and /or bids. On larger projects get bids and written contracts to stay within at least a percentage of the bid, for example:
written commitment to not go more than 10% above the bid. Many a homeowner has been stuck with big home improvement bills due to issues in this area! Do not leave anything to chance. Get
estimates on start and finish dates. This is the most frustrating part of construction and home improvements. Due to the need of contractors to be working on several different projects at once
to keep business going it is necessary to tolerate some changes in timing (within reason). This also may be an opportunity to use a local high school or college building trades class for skill

Phase Three: You have by now decided on the plans and contractors. If at all possible, with your level of knowledge and time available, be your own general contractor. There are pros and cons here. It is a
large time investment. It does give you more control in some ways. It cuts out a middle man and some expense. You also are usually more informed of any problems that arise. Windows are a
big choice. You will need to choose style and energy efficiency levels of the windows. Windows can be a large expense, but affordable windows can still achieve the look you want.
You will need to start deciding on fixtures: lighting,...

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