Remodeling and Mortgage Nightmares: When to Leave the Work to the Professionals

Are you planning to remodel your home? Are you thinking of doing it yourself? Do you think that it’s more costly to hire a professional than going the DIY route? Then you better think twice.

In the latest episode of ““How’s the Market: Real Estate. Real Answers,” host Nancy Braun owner of Showcase Realty, is joined by contractor Jim Potter from Old Towne Development and Wes Pruitt with Reliance First Capital to discuss the common remodelling and mortgage nightmares you can avoid by leaving the work to the professionals.

Highlights:

“Replacing your roof is probably not a good idea to do when you’re trying to sell the home because most buyers don’t really appreciate the cost or the value of a new roof.” – Nancy Braun

“Contractors are better suited to take a set of plans and follow the plans per the code. So for simple things, contractors are okay but more complicated things, better get a structural engineer involved.” – Jim Potter“

“People just don’t really understand and if you don’t have a professional lender that does a good job communicating at the beginning of the process, the do’s and don’ts so to speak, this isn’t what they do everyday. One of the things I tell folks, you really want to do your research upfront.” – Wes Pruitt

“I think we’re particularly finding problems when you have homeowners doing their work themselves. Maybe thinking that they could save some money and jumping in and remodeling and they could actually end up making things worst.” – Nancy Braun

“From a lending standpoint, you have to show where all your money is coming from. You have to do what they call, “source and seizing the money.” Wes Pruitt