So you’re one of those buyers who absolutely loves older homes: the character, the unique architecture, the settled neighbourhood… and maybe the great value. Maybe its James Bay, or Fairfield or Oak Bay. Sometimes older homes with “great bones” sometimes need a little renovation to turn them into the home of your dreams. The Victoria market has many older homes that can benefit from a great renovation and there is the very real possibility of turning your hard work and vision into increased home equity. Unfortunately, sometimes on top of the home purchase price, a few costly renovations can be a big burden on your savings or even worse, your credit cards.
We have good news. We can bundle the cost of those immediate renovations right into the mortgage: so instead of sky-high credit card and line of credit bills… you’ve got your mortgage and renovations looked after in one easy monthly payment.
It’s called a “purchase plus improvements” mortgage. It covers the sale price of the home, plus any renovations that would increase the value of the property, up to $40,000.
You also get pre-payment privileges – so you can pay off your mortgage and your renovation faster.
Its also critical to work with a realtor that has hands-on experience with construction, renovations and restorations. There are many aspects beyond what you can see at first glance. There are structural, environmental and sometimes zoning and permit issues to consider. We have a select list of realtors that specialize in this type of purchase, and depending on the area you can get some great advice that can save you tens of thousands and countless stressful hours.
Contact us today at 250-483-5558 and let’s talk.
