Feasibility Studies (Initial Property Assessment)
HUD Consultants preform an initial evaluation of the condition of a property and assess whether it fits your renovation strategy. The feasibility report is a quick and cost effective way to determine renovation cost and scope of repairs. It is used to decide the scope of your renovation project which helps the homeowner determine approximate renovation costs.
- Recommendations of the estimated cost of repairs broken down in labor and material cost
- Quickly evaluates the property (generally takes about 1-1 1/2 hour at the site)
- Low Cost – high return
- Determines real cost (true contractor market cost of the project)
Combo Home Inspection and Feasibility Study:
Dual inspection process that includes a standard home inspection and a renovation feasibility study. This is a way to save money on a combo inspection rather than 2 different inspections. Our inspectors are both licensed home inspectors and certified renovation consultants.
Initial Property Assessment (IPA) or Feasibility Analysis
- This includes a visual inspection of the property to determine the overall condition and estimates required for repairs.
- This on-site inspection is not a full home inspection but includes many of the areas normally evaluated during a home inspection.
- The Consultant will review with the Borrower(s) the desired renovation items that are to be included in the scope of repairs for the renovation loan.
- The Consultant will verbally communicate with the Borrower(s) on the overall condition and overall estimated repair costs for the property to meet FHA/Home Style minimal requirements and the Borrower(s) desired additional renovations.