Government restrictions on refinance guidelines have reduced the equity homeowners can access for renovations. High ratio buyers especially, in a flat market, may wait years before the house has appreciated enough that an 80% LTV refinance provides any money. If home buyers want to do upgrades, the time of purchase may be the only opportunity, for years they can add the cost of the renovations to the mortgage.
Use the Purchase plus Improvements to:
• Add a new or updated kitchen
• Develop the basement for more living space or visiting friends & relatives
• Update or replace the carpeting or maybe adding hardwood
• Add a garage or workroom
• Add a media room or “man cave”
• A new additional bathroom with maybe a jetted tub
• A new roof
• A more efficient central air or furnace system
• Add new siding, eaves or fascia
• Replace or updating doors and windows
• Add major landscaping
If the property isn’t exactly what they want: renovate, add, or upgrade it!
There are specific requirements for the purchase plus improvements program, please call to learn the details. Exceptions to the generally understood parameters are available. Renovating up front may be your buyers best option.