What is the most important stage of rehab construction?
with construction project procurement costs by awarding long-term contracts for a wide variety of renovation, repair and construction projects. Minor Construction Project Minor Capital Outlay (construction) projects are limited to those projects that correct deficiencies, provide new or improved facilities,
Do home renovations work in the right order?
Contractors usually refer to this as their “punch out” and consists of all the little details such as outlets, switchplates, and light fixtures. Many times, a homeowner will walk through and create a punch list with the contractor.
What is a house rehab scope of work?
Examine interior doors and trimming: Don’t skip over the details as you finish up this house rehab checklist. Double-check the doors, trim, and hardware throughout your property for any last-minute changes. The doors should all be the same style and color, and the trim should flow when moving from room to room.
What should I do after my Renovation is complete?
Kip - Some words in construction engineering simplify normal every day language. A kip is simply 1000 pounds. Joist - Joist is one of the more commonly used construction terms, referring to a load-carrying member with a web system used to support floors and roofs - two of the most common elements of any building.
What type of construction is remodeling?
As already touched on above, remodeling a home typically involves making fairly substantial structural changes. Taking out a wall, splitting up a space, or adding on another room entirely all are considered remodeling projects.Oct 27, 2020
Is renovation and construction the same?
Merriam-Webster online defines construct as: “to make or form by combining or arranging parts of elements: build.” To renovate is “to restore to a former better state (as by cleaning, repairing, or rebuilding).” Therefore, a dwelling is under construction if it is being built from scratch.Aug 29, 2011
What is it called when you renovate houses?
Renovation (also called remodeling) is the process of improving a broken, damaged, or outdated structure.
What is the difference between rehab and remodeling?
is that rehabilitate is to restore (someone) to their former state, reputation, possessions, status etc while renovate is to renew; to revamp something to make it look new again.
What's another name for remodeling?
In this page you can discover 23 synonyms, antonyms, idiomatic expressions, and related words for remodel, like: readapt, modernize, repaint, revamp, rearrange, refashion, improve, reshape, recast, repair and redo.
What does rehabilitation mean in construction?
Rehabilitation is defined as the act or process of making possible a compatible use for a property through repair, alterations, and additions while preserving those portions or features which convey its historical, cultural, or architectural values.
What do you call someone who builds houses?
Individuals whose employment is centered around building homes are most often referred to as general contractors or subcontractors.
What does completely renovated mean?
There's an expectation when you see the phrase “completely remodeled” in a home listed for sale. 'Remodel', according to the Merriam-Webster Dictionary means “to change the structure, shape, or appearance of something”.Oct 19, 2021
What's the difference between renovation and restoration?
It means, quite literally, to make new again. An out-of-date kitchen, updated with new finishes and fixtures, has been renovated. Replacing old windows with new ones is a renovation project. “Restoring” a house is sort of the opposite of renovation.Oct 19, 2011
What does house rehabilitation mean?
Housing rehabilitation means the repair, renovation, or other improvement of housing to make the housing decent, safe, sanitary, and more habitable.
What does it mean to refurbish a home?
To refurbish a building or room means to clean it and decorate it and make it more attractive or better equipped.
What is rehabilitation conservation?
Rehabilitation, a conservation method that makes contemporary use of historic places through repair, carefully protects vital aspects of the structure. Throughout Canada, there have been numerous large rehabilitation projects, though most are done on a smaller scale.
What is the real estate construction process?
The real estate construction process includes coming up with a solid project plan as well as a detailed scope of work. In addition, one of the most important aspects you should expect to take the lead on is building a strong team.
What is the second area of improvement?
The second area is key improvements that will increase the return on investment (ROI) of the home. This will depend on the type of property and market you’re working in.
What is the role of an investor in real estate?
The most effective strategy is to put together a detailed, fail-safe project plan, scope of work, and to recruit a reliable and talented team to execute it. The more you can trust your team, the more you can free up your time from monitoring the project to pursue multiple investment opportunities at the same time.
What is a punch out?
Contractors usually refer to this as their “punch out” and consists of all the little details such as outlets, switchplates, and light fixtures. Many times, a homeowner will walk through and create a punch list with the contractor.
Can you use an appraisal to inspect a home?
Once the home is under contract with a buyer, they may select to use a home inspector and their lender will order an appraisal . As a result of the inspection or appraisal, you may need to do additional repairs. Then the inspector or appraiser will reinspect the property to make sure the repairs have been done before issuing their final approval.
What is scope of work?
A scope of work is an essential document that lists the projects to be completed on a rehab property in careful detail; no property rehab checklist should come without one.
What to bring to a walkthrough?
Bring essential tools like a camera and flashlight: Don’t show up to your walkthrough empty-handed. Investors should always bring a camera, flashlight, calculator, and a notepad to any property walkthrough. Take pictures as you look around so that you can reference certain rooms and areas later.
When do you need an architect?
WHEN YOU SHOULD HIRE AN ARCHITECT: You’ll need an architect if any of the following apply to your renovation: Changing the layout, making additions or tearing down walls. Moving plumbing lines such as bathtub or dishwasher. Moving gas lines. Doing work on a landmark property.
What is design build?
Design-build can be a cost-effective option for medium to large-scale renovations. They also work well on any project that requires high attention to detail. These teams offer: 1 A full package of design, construction, and project management services 2 A single point of contact from start to finish 3 A fluid process with more predictable timelines between design and construction phases
What does "remodel" mean in a bathroom?
Remodel means “to change the structure or form of something.”. If you’re looking to remodel your bathroom, you’re looking to change the appearance of it. If you’re looking to renovate your bathroom, you’re looking to repair or update it.
What is the difference between renovating and remodeling?
Both remodeling and renovating mean to make improvements on an existing building or home. However, they refer to two slightly different types of construction. Renovation means “restore to a good state of repair.”. In other words, dilapidated buildings or poorly maintained houses are sometimes considered to be in a state of disrepair.
What is retrofitting a house?
A retrofitting project could be as simple as replacing the windows in your home with the double-pane variety, or as complex as replacing all the old plumbing with new copper pipes.
What is rebar in concrete?
Short for “reinforcing bar,” “rebar” refers to those ribbed steel rods placed in concrete foundations and retaining walls that give the structure extra support. If you’re adding an extra room to your home, you’ll need foundation (poured concrete), then add rebar—sort of like adding drinking straws into a milkshake that then hardens around them.
What is a non load bearing wall?
Load-bearing wall. There are walls that simply divide rooms called non-load-bearing walls, and you can pretty much knock them down or relocate them at your discretion (hello, open floor plan!). Then there are load-bearing walls that you won’t want to touch at all, because they support the weight of the floors above.
What is drywall board?
Also known as plaster board, gypsum board, and wall board, this is the flat surface of most interior walls—to which you apply paint, wallpaper, or tile. When selecting drywall, it’s a good idea to see that it contains additives that reduce mildew, increase fire resistance, and lower water absorption—all features that merit the minor extra expense. Drywall sheets are securely fastened to the studs (see below).
What does HVAC stand for in a home?
This may sound like a team of guys in gloves, gas masks, and one-piece yellow jumpsuits, but “HVAC” is actually much simpler and infinitely more benign: It stands for “heating, ventilating, and air conditioning.” Regular maintenance of your HVAC system is a must and can substantially add to the value of your home (keep your receipts). Many a deal has fallen through at the last minute because the inspection found that the HVAC system hadn’t been maintained and needed to be replaced.
What is a breaker box?
Also called a circuit breaker box, it’s generally a small metal cupboard with a lot of switches that control and distribute energy to specified parts of your home. Each room of your home generally has its own toggle switch, and if the previous owners or builders were kind, they’ve labeled them.
Is it necessary to maintain HVAC?
Many a deal has fallen through at the last minute because the inspection found that the HVAC system hadn’t been maintained and needed to be replaced. ———.
What is material change?
A material change can include anything that will increase or decrease the cost of the project. For example; a discovery of asbestos during demolition would increase costs due to removal and inspection expenses. Another example may be changing a fence type from white picket to chain link.
How to disburse a project?
A: Yes. To be considered complete, a disbursement package includes: 1 The borrower’s signed and dated “Authorization for Disbursement.” This shows the line-by-line status of the project budget by total amount disbursed and amount remaining and lists the checks or wire transfers disbursed. A new form is filled out for each fund request. 2 Any applicable invoices, canceled checks and/or credit card statements. 3 Completed W9s for the vendors (only the original W9 form needs to be submitted, even if the same vendor is paid multiple times over the course of a project as may be the case, for example, for a general contractor). 4 Fully executed American Institute of Architects (AIA) forms for contracted work, complete with continuation sheets, as well as any proposed change orders (if applicable). 5 For loans with SBA guarantees of $350,000 or more, inspection reports are used to ensure all hard-cost contracted work has been satisfactorily completed, relative to the current disbursement request or, if there are any issues, suggested reductions to the hard-cost disbursement. 6 Clear title updates free of contractor or vendor liens. 7 Fully executed lien waivers for any contracted work, if applicable. 8 Fund-wiring instructions from the vendor (s), if payments are made electronically. 9 The borrower’s physical address and phone number, so vendor and reimbursement checks can be sent via FedEx.
Why is multiple disbursement important?
A: The multiple-disbursement model ensures contractors and vendors are paid when work is completed as agreed. This is especially important for projects that have a lot of moving parts and potential payees , like construction and renovation projects.
When a borrower is ready to pay a vendor, the borrower makes a disbursement request
A: When a borrower is ready to pay a vendor, the borrower makes a disbursement request using an “Authorization for Disbursement” form and gathers any additional forms required . Lenders are then responsible for collecting the documents from borrowers.
Do lenders approve disbursements?
A completed “Authorization for Disbursement” form is typically emailed to the lender by the lender service provider for lender and borrower signatures.#N#We recommend that lenders allow borrowers to send the disbursement checks to their vendors directly. Although it’s not mandated by the SBA, it’s a best practice.
Building Your Team
- Aside from creating a detailed project plan and scope of work, the most important stage of rehab construction has more to do with human resources than anything. Without a proper team in place, you’ll set yourself up for future issues down the road (and also, considerably cut down on your ability to move quickly on deals). In order to recruit a strong team, you need to know the right qu…
Creating A Plan of Attack
- Before a single nail is hammered, or the drop cloths are laid down to do that new paint job, it’s vital that you walk through a rehab property that you’ve purchased and come up with a plan for how you’ll approach the rehab. This plan will often cover two key areas. The first is repairs that are required to bring a property up to standard. This is when you do a walk-through of a property wit…
Create A Scope of Work
- This is a much-more granular plan of attack than simple big-picture strategy. This is a deep dive look at exactly everything that needs to be done on a project, when it will be done, and how much it will cost. Sometimes this will be done with a contractor you’ve worked with in the past. Other times, this will be done first, and then you send this out for bids from various contractors. Either …
Roll Up Your Sleeves
- Once you’ve got your scope of work, it’s time to let your contractor and your team to go to work. As “captain” of this rehab construction ship, it’s good to know the different phases a particular rehab will go through. They are demolition (trash clean up), foundation and framing, electrical/HVAC and plumbing, insulation, and painting/trim work. Though you don’t have to be a…
Inspection & Money
- Once the hammers are put away and the concrete is laid, it’s time to do a final walk-through to make sure that everything on the scope of work was completed. And we do mean everything. Even the most careful of contractors can miss something. (That’s okay; that’s what the walk-through is for.) It’s extremely helpful to utilize a standard but thorough inspection checklist (like …