So what doesn’t the 203k loan cover?
-Painting, with the exception of a base coat in the kitchen
-Upgrading the master bathroom
-Redoing the pock-marked drywall master bedroom
-Re-carpeting the master bedroom
-Redoing the pock-marked drywall in the second bedroom
-Grading/leveling the back lawn (we noticed an issue with swampland only after we closed)
-The gable-work replacement on the front of the house (the 203k only covers painting this, not replacing)
-Sanding/refinishing the front porch after the repairs have been made to the rotted portions
-Replacing the broken and rotting trellis work under the porch
-Removing the textured ceiling on the second floor (I’m pretty sure smokers lived here at one point so this is kinda gross)
-Getting the porch brick columns looked at because they seem to be in rather poor condition
Since these items are not covered under the 203k if we want them done we’ll have to do them ourselves, with the possible exception of the grading/leveling. Since we have mold/water remediation covered under the 203k we can get a change work order for the grading/leveling if we have to. However that cuts into our 10% contingency fund. Since we’ve already dipped the contingency fund once for covering some demo work that wasn’t implicitly stated in the 203k write up, we are very hesitant to do that again, at least this early in the process. The 203k loan is definitely a process.