Mortgage to buy and renovate a home – renovation tips from Alair Homes on Vimeo
David: “We have a lot of clients come to us and go, “Hey we like the house and we like the home, but we want to remove this wall or we want to change the whole kitchen around, how much is it going to cost?” They want to figure that out so they can get their mortgage right and actually put an offer on the house.”
David: “Hi my name is David with Alair Homes, welcome to our renovation. We have Bernadette and Veneesh with us from Xeva Mortgage today. And we are here to talk about a special Mortgage product that helps you buy a new home when you are in the market for purchasing another home. But a lot of times the renovations aren’t really covered in the mortgages in the regular mortgages right?”
Bernadette: “That’s right.”
David: “So if they have a situation where they love a home, but they know they are going to do some renovations, what is that mortgage product that would help them, you know, what’s the right way to do that?”
Bernadette: “Right. Well, that’s a very good question because a lot of times when people see a home it’s 90 percent great and 10 percent not. So there’s a little bit of changes that they need to do. There’s a product called Purchase Plus Improvement which allows you to have the money for the renovation but it’s only available when you are buying, not after you have bought. So we can actually add up to 10 percent of the value of the home or a certain dollar amount maximum in order to be able to give you the money that you need to renovate the home that you want. So did you want to share more about that? What’s the specifics about that in order to make it happen quickly?”
Veneesh: “Often what you need is you definitely need to have your builder on board, and you need to have your quotes and your budgets and your contracts in place.”
Bernadette: “Very important.”
Veneesh: “That is often where the stumbling blocks happen. As you know when you put in an offer you have only a short few days to remove subjects and in that short few days, it’s hard to get quotes on. So you need to have your builders on board beforehand so they can give you the design, the budget, and the contract to move forward quickly.”
Bernadette: “So once you have the perfect quote, then you could redesign the home so that you can make the home exactly the way you want it, and the money that you need”
All: “That’s the tip of the day!”
Watch Our Other Renovation Tip Videos:
HOW TO FIND A BUILDER YOU CAN TRUST
HOW TO STAY ON A BUDGET WHEN RENOVATING
MORTGAGE TIPS FOR FIRST-TIME HOMEBUYERS
TO BUILD NEW OR TO RENOVATE YOUR HOME?
TWO-PHASE MORTGAGES TO FINANCE YOUR BIG HOME RENOVATION
MORTGAGES TO BUY AND RENOVATE HOMES
MAKE MONEY WITH YOUR HOME RENOVATION
WRONG FINANCING FOR YOUR RENOVATION? HERE’S HOW TO FIX YOUR MORTGAGE