You don’t have to have a full-time job to be eligible for a $20,000 home renovation loan.
But some of the best opportunities come with the right connections.
One of the biggest challenges with renovating a house is finding someone who can help with the design.
That’s because while many home renovators have experience working on projects of their own, they’re not experts in the field.
“There’s a great deal of interest in renovating houses in a variety of different ways,” said Michael Schmid, a property management and construction firm with offices in Philadelphia and Chicago.
And even if you do have a degree in architecture, you may not be able to get a loan because there’s no standard way to apply for one.
“If you have a bachelor’s degree, you can apply for a loan for $5,000,” said Schmid.
For a homeowner, the process is easier because there are fewer hoops to jump through to apply.
The only requirement is a 3.5- to 4.0-acre property with a floor plan and an estimated value of less than $50,000.
Schmid said there are many options to consider if you’re considering a renovation, and you don’t need to work in a specialty industry like architectural millworks or construction.
“There are many opportunities for a house to be renovated, but you’ll probably need to do a lot of research before you do it,” he said.
If you want to save money, the easiest way to do so is to go with a builder.
When you apply for an architectural millworker, you’ll have to show a copy of your bachelor’s or master’s degree from a university or college and the application fee.
Your house will be inspected, and a representative will help you choose the best builder.
“You’ll be offered a price to pay based on the project you’re doing,” said Amy Shafer, vice president of real estate for R.I.P. Homes.
Another option is to use a builder that specializes in renovation work.
“For a builder, you will be offered an offer for your home,” she said.
“The house will then be appraised by a professional.
The appraiser will tell you if it’s worth your money or not,” said Shafer.
You can also use a home inspector or appraiser.
You’ll also have to submit a financial statement and pay a $50 filing fee to qualify for a home loan.
If you’re looking for a builder with experience in the specialty industry, you might have to pay more for that experience.
“Some builders have the ability to have the buyer do a financial report to help determine if a loan is right for them,” said R.J. Schram, senior vice president and general manager at Newbury Homes.
The home you choose also has to meet the architectural standards for the type of renovation you want.
“Architectural design is not a new field,” said John Hargrove, vice chairman of the architecture practice at Latham and Watkins.
“But the market is growing in that field.”
“It’s a huge opportunity,” he added.
But there are some drawbacks to the field, like having to pay a hefty fee for the job.
The real estate agent for the owner of the house you’re interested in will help negotiate the best price.
Other types of renovations are easier to find.
For example, you could buy a home in a townhouse style that is designed to be smaller, but it’s still built with a large exterior window and large, central staircase.
There’s also a popular remodeling called a basement that you could build in a studio style.
Hargroves says you should check the website of a local architect before making a decision on whether or not to renovate a home.
“They may offer a discount to homeowners who want to renovating,” he explained.
While you might not have to worry about the fees, it’s important to do your research.
“A lot of times, they do have an array of things that are included that can help a home owner,” said Hargrocve.
“There are other ways to make money.”
If a builder isn’t your first choice, there are a few other options that may be more appealing.
“In the past, we would look at things like the exterior or the rear façade,” said Bob Lutz, owner of Hargros and Associates in the Philadelphia area.
Lutz is a board member of the Association of Home Builders.
He also owns his own property management firm and has an extensive renovation history.
In recent years, he’s found some very good deals.
“If the building is a small, modern house, and there’s a lot going on in the kitchen