How to Do a Reno When You’re Maxed Out on Your Down Payment
Keeping thinking about that fixer upper home but know it’s not in your budget? Think again!
Are you a first time home buyer? It’s very common for homes the younger buyers can afford are the ones that are in need of renovations. First time home buyers face the dual challenge of not having a big down payment and higher home prices.
But just how do you budget for renovations when you’ve maxed out on your down payment?
Did you know you can add the estimated costs for your renovation to your mortgage loan?
Through the Purchase Plus Improvements program, borrowers can access to up $40,000 for the purpose of renovations. Borrowers can then pay off this extra amount along with their regular mortgage payments, spreading out the renovations costs and making them easier to manage.
This means that if you find a home for $300,000 and you want to do a renovation totalling another $30,000, you can include the extra $30,000 into your mortgage. You could put as little as 5% down which is $16,500.
Taking the first time in home ownership? Give us a call at 604-588-4466 or email us at email@example.com