01
Cost the work before closing
Prepare a written scope, contractor estimates and a timeline. Lenders may require approval of the renovations and the property’s expected value after completion.
02
Understand how funds are released
Renovation funds may be held back until work is complete and inspected. Make sure you can cover deposits and expenses before reimbursement.
03
Leave room for surprises
Permits, delays and unexpected repairs can affect the budget. Ask about completion deadlines, inspection costs and changes to the approved scope.
Bring to your conversation
- Purchase agreement
- Itemized contractor quotes
- Renovation budget and cash reserve
General information only. Product availability, eligibility and conditions vary by lender and application.