Purchase Plus Improvements:
Did you know using a purchase plus improvement program can get you into your dream home today? A lot of times we see that a client LOVES a home but there are just a couple of things they would change, this is very typical, and a lot of times people may be walking away from THEIR DREAM HOME!
What if I were to tell you that you can ADD renovations to a home when you buy it! The money for the Reno’s is put into the mortgage so that the cost of doing it isn’t a one-time upfront wallet drainer; but rather a slight increase on your mortgage payment per month and you get your dream home years sooner!
It sounds like you’re describing a renovation financing option that allows potential homebuyers to include renovation costs in their mortgage. This can indeed be an attractive option for individuals who have found a home they love but want to make some changes to better suit their preferences.
Purchase Plus Improvements key steps:
1. Find a Home:** Identify a home you like but wish to make renovations to.
2. Select Renovation Details: Decide on the changes you want, such as flooring, trim, cabinets, countertops, windows, roof, etc.
3. Get Contractor Quotes: Obtain quotes from contractors for materials and labor. Ensure that the total cost doesn’t exceed the specified percentage of the purchase price or the maximum limit.
4. Add Renovation Costs to Mortgage: If the renovation costs meet the criteria (within 10% of the purchase price or a maximum of 40K), you can add these costs to your mortgage. This increases your overall mortgage amount.
5. Down Payment Adjustment: Your down payment is then based on the new, higher purchase price that includes improvment costs.
6. Legal Process: The legal process involves signing documents and, upon completion, transferring ownership. The money allocated for renovations is held back by the lawyer until the work is 100% complete.
7. Inspection and Confirmation: An inspection is conducted to confirm that the renovations are finished according to the approved plan. The lender is then notified, and upon their confirmation, the funds are released to the homeowner.
8. Payment to Contractor: The homeowner receives the funds and pays the contractor for the completed renovations.
This financing option allows YOU to make desired changes to your new home, without the need for a large upfront payment. It also ensures that the lender’s interests are protected through a thorough inspection and confirmation process.
It’s important for potential buyers to thoroughly understand the terms and conditions of such programs and work with reliable contractors to ensure a smooth process.
This is a very effective way to change a home to how YOU want it.
APPLY NOW!
Chase Cooper
250-785-7171 or chase.cooper@dlcme.ca