What is an established condominium project?
Oct 21, 2018 · What you can expect. When you read “rehab" in an apartment listing, it most likely means that while the property and structure are not new, the living space will feature modern upgrades, such as a renovated kitchen with new appliances, new flooring or lighting fixtures, a sleek bathroom or an alluring combination thereof.
How do I buy a property for rehabilitation?
Feb 01, 2003 · A gut or non-gut rehabilitation condominium that does not meet the criteria of “established” is considered “newly converted.” Newly converted non-gut rehabilitation projects with more than four units must be submitted to Fannie Mae for review through PERS. Q5.
How to find a good contractor for a rehabilitation project?
Apr 06, 2022 · All rehabilitation work involved in the condo or co-op conversion must have been completed in a professional manner. A current reserve study prepared by a qualified, independent professional company, accompanied by an engineer's report, or functional equivalent, must comment favorably on the structural integrity of the project and the remaining ...
How much does it cost to remodel a condo?
Newly converted, non-gut rehabilitation condo and co-op projects that contain five or more attached units. All co-op and new condo projects consisting of manufactured homes (except for planned unit development [PUD] projects that contain only multi-width manufactured homes).
What to do when you have a house in a building?
Begin with demolition and trash removal. Remove any trash inside or outside the building. Remove any items that are damaged or that you will be replacing (flooring, cabinets, appliances, light fixtures, toilets, water heaters, etc.) Outside work may include trimming any dead trees or bushes and removing garage doors, fencing, sheds, decks, and siding.
What is the best way to change the look of a house?
Install light fixtures, flooring, and appliances (stoves, dishwashers, washing machines, dryers, etc.) Lighting is a great way to change the look of a property and is relatively inexpensive compared to other repairs. Flooring may include vinyl or ceramic tile, hardwood, carpet, or laminate.
What should be included in a home inspection?
The home inspection should include the heating system, air-conditioning or HVAC system, interior plumbing, electrical system, the roof, the attic, any visible insulation, walls, ceilings, flooring, windows, doors, foundation, sewer line, and the basement.
What should be included in a checklist?
Include both interior (walls, paint, etc.) and exterior items (e.g. landscaping, gutters, and outside lighting). The checklist should be very detailed and describe everything that needs to be done to the property. The inspection report can be used to generate the checklist.
What is a pre-screen question?
Pre-screen any candidate to determine if he or she is a good fit for your project. Pre-screen questions should cover these considerations: A contractor's experience: you want at least three years. Equipment: a contractor should have his/her own equipment. Employees: you want to see adequate support to complete the job.
What is nongut rehabilitation?
A non-gut rehabilitation refers to the renovation of a property that does not involve structural or functional changes, such as the replacement of all HVAC and electrical components. Rather, the rehabilitation might include, for example, the replacement of appliances and carpeting.
What is a PERS loan?
PERS is a review method available to lenders to submit new, newly converted, and established projects to Fannie Mae to determine eligibility. Some projects must be submitted to PERS while a PERS submission is optional for other projects, as shown in the table below.
What is condo development?
Condos are described there as a development “created by state or local law and is characterized by fee-simple ownership of a unit, which is defined in the condominium documents, together with common areas.”.
Is a condo project FHA approved?
A condo project must be on an FHA-approved list or be added to it as a condition of loan approval. FHA-Defined Characteristics of a Condo Project. The FHA specifically defines a condo project and condo unit as follows:
What is IIC in a laboratory?
The Impact Insulation Class (IIC) is a laboratoryrating much like the Sound Transmission Class; however, itrepresents the isolation provided by a floor system subjectedto a controlled impulsive load. Since there is no standardfootstep, the impulsive loads are generated by a tappingmachine consisting of a row of five cylindrical hammers,each weighting a half-kilogram (1.1 lbs), which are raised bya cam mechanism and dropped sequentially from a height of4 cm (1.6 inch) onto the surface of the floor at a rate of 10impacts per second. There are test standards in the UnitedStates and in Europe that regulate the laboratory (ASTM E492 and ISO 140/6) as well as field (ASTM E 1007 and ISO140/7) test methodologies. Spatially averaged sound pressurelevels measured in the room below are adjusted for theabsorption in the receiving room and compared to standardvalues to obtain an overall rating.
How does walking across a floor cause noise?
The act of walking across a floor generates noise due totwo mechanisms: footfall and structural deflection. Footfallnoise is created by the impact of a hard object, such as a heel,striking the surface of a floor. A heel is relatively lightweightand the noise associated with its fall is considered separatelyfrom the transfer of weight due to walking. Impact noise canbe measured using a standard tapping machine as a source,which leads to an Impact Insulation Class (IIC) rating. TheIIC test measures the reaction of a floor system to a series ofsmall hammers dropped from a standard height. Althoughthis may accurately characterize the noise of a heel tapagainst the floor surface, it does not measure the effect ofloading and unloading under the full weight of a walker.Thus the achievement of a particular IIC rating in a givenfloor—ceiling system does not guarantee that footfall noisewill not be a problem, or that the sound of walking will notbe audible in the spaces below.
Why do my floors creak?
Creaking floors are caused by the relative motion ofwood on wood or nails rubbing against diaphragms, joists, ormetal joist hangers. One common cause is shiners, as theyare called—nonbedded nails that lay along side a joist andrub as the floor structure deflects. These must be removedbefore any lightweight or other concrete fill is poured.Another cause is unevenness in the top surface of thejoists, either due to imperfections in the wood or in the caseof joist hangers, to differences in the joist level, which allowsmotion of the floor diaphragm against the nails. Gluing theplywood diaphragm to the joists prevents much of this panelmotion and increases damping. Joists can also be shimmed atthe hanger to assure even floor support. In tongue andgroove flooring the individual planks can move relative toone another. Applying paraffin to the plank edges helps pre-vent this cause of squeak.