A 1748 sq. ft. home needs extensive foundation work, replace metal roof, moisture control etc. Want to purchase the home & the bank will only loan me $25k or less. Is this possible?
Home was built in 1910 (2 story, loft on second floor) and was put directly onto the cinder block foundation (tight crawl space) there is moisture collecting underneath, etc. The roof also needs replaced or fixed (old metal roof 30+ years olds). There are a few other much smaller items like hot water heater that needs replaced. I have two estimates in hand (one for 34k, the other for 24k). I want to purchase the home, but USDA will only approve the home if the repairs are done by a licensed contractor for under 25k… I can provide the other estimates yo whomever to help.
The key word in this situation is, research! The price difference between those two contractors is extensive! Beware of low price contractors for many reasons, anything that’s not listed on the contract can & will be billed above and beyond the contract price, the possibility of them taking a down payment and not returning to do the work, the job not being completed, the job not being done to local building codes, they might not be licensed, etc…
As far as the higher-priced contractors are concerned, the list is just as long! Try to figure out the cause of their high prices. Is it because of extensive advertising, high profile company image, or just plain greed!
Sometimes getting two or three estimates isn’t going to give you all the information you need. Compare apples to apples. Most estimates are apples & oranges. You’ll find that if you get enough estimates, two of a kind will pop up!
Do your research, it will pay off in the end!
