Our clients used a 203(K) loan to purchase an 1870 Victorian row house in Old Town Alexandria. This house was a dilapidated foreclosure in need of a full renovation. Not only was the house over 120 years old, it had been used as a rental over the previous years and had not been taken care of in the least. The repairs we made ranged from structural to cosmetic.
The back corner of the house was sinking requiring us to jack up and level the floors. The old electrical and mechanical systems were unsafe and inefficient; therefore, we completely removed and replaced them to bring both up to code. We removed a planter box to open up the basement windows once again. In doing so, we were able to bring natural light into a dark space.
We put in a full bathroom in the basement as well. These alterations really added quite a bit of comfortable and usable space to their house. The 2 bedroom 1 ½ bath house they bought was now 3 bedrooms and 2 ½ baths, adding immediate equity. In addition, we uncovered an unknown room that had been bricked up. Not only was this a fun discovery, the additional square footage brought even more value to their home.
The cosmetic alterations included; adding wainscoting in the dining room, a custom mantel and built-in book cases, restoring the banister, remodeling the old kitchen and bathrooms, adding French doors opening up to the backyard, painting both the interior and exterior, plus much more.