How to Roll Renovation Costs into Your Mortgage
When searching for a home to purchase, you may come across a property you fall in love with but it requires some immediate remedies like:
- Updating Mechanical (Furnace/Hot Water)
You get the point right? What can you do?
Purchase Plus Improvments Mortgage
What exactly is this?
Simply put, you have the ability to borrow up to 10% of...
***article updated February 9, 2009***
Renovation Allowances - this is an great tool for the home buyer who does not have the extra cash to fix up their new home!!!
Here is how it works - depending on the lender, you can get up to $25,000 allowance for home improvements (not including appliances and furniture!) - this money is then forms part of your entire mortgage and must be completed...
For many home owners who are purchasing "stuff" for their home renovation projects, I like to point you in the direction of auctions (search in google for calgary auctions).
You can find some amazing deals and I wish more of my clients utilized this option - unfortunately many do not, even when budgets are tight.
The reason I suggest these auctions is you can get many items...
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