Want To Buy A Fixer-Upper But Don't Know How To Pay For The Renos?

By: Thomas Cook

Want To Buy A Fixer-Upper But Don't Know How To Pay For The Renos?

Are you contemplating purchasing a condo or house which needs some immediate renovations?
 
The problem for many buyers is to find the cash to do the reno.  There’s a big demand on your cash reserves for the down payment, closing costs often including two land transfer taxes and then moving costs and light fix-ups.
 
However, there is a way to get the funds to do your required renovations without depleting all your cash or supplementing the funds you have already or without drawing down on your more expensive line of credit or credit cards.  
 
The program is called Purchase Plus Improvements.  The program is not meant to fix deficiencies however.  The improvements need to increase the property’s value after they’re completed.
 
If you are envisioning installing a new kitchen, bathroom or flooring, you can add the improvements into the total mortgage loan amount.  This program may help you to decide to purchase an outdated home, especially if the overall cost is in your price range.
 
Here’s how the product works…

Sometimes buyers don’t start out looking for a home that needs some fixing but, because of affordability or a shortage of listings in the market, this becomes a best alternative for them.
 
If this happens to you, call your mortgage professional and talk to your Realtor right away to discuss how you might structure an offer differently.
 
Thomas Cook
Thomas@LivingInToronto.com
647-962-1650

 


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Here are 5 proven ways to move safely and smartly towards your real estate buying goal...

  1. Download a free copy of my Ultimate Home Buyer’s Guide book
Find out everything you need to know about buying a Toronto house or condominium. Instead of randomly searching all over the internet, jump start your home buying experience and get a wealth of expertise and experience in one place.

Download your Guide here
 
  1. Get a custom listings search set up for you and receive targeted listings daily
If this list is not specific enough for you, we can put together a custom list of homes.  Maybe you want only 2-bedroom condos in specific neighbourhoods, or only semi-detached houses, or even a certain school zone. 
 
We can set up your HOMEWatch search for any area you choose (not just downtown Toronto), and you'll get immediate access to homes within minutes of them being listed.  Just leave some search criteria here
 
  1. Set up a step-by-step plan with the best ways to get to your home buying goal
At the beginning of the home buying journey, often the picture of what the end result might look like is a little ‘fuzzy’.
 
Our first-time and move-up buyers have told us that being able to meet with us on a casual basis as early in the process as possible, even if their purchase date was 6-12 months away, really worked the best for them.

To arrange your no-obligation Starbucks Strategy Session, click here.
 
  1. Join us for a Market Experience Tour - pick your favourite neighbourhoods and price range
Start getting educated about what your condo likes and dislikes are. 
 
The Market Experience Tour is a great way for you to figure out which neighbourhoods and condo buildings are right for you, and you’ll also get a good sense of what’s available in your price range.
 
Pick the date and time you like to go on your Tour.
 
  1. Don’t start your home buying experience on the wrong foot - Meet for a Buyer Consultation first!!
Home buyers have come to us after trying to work with another agent saying “I don’t think he even knows exactly what I’m looking for and I’ve got questions he doesn’t have the answers to”.
 
Don’t make the same mistake.  Let’s set a time to meet and go over how the complete home buying process works, find out what your likes and dislikes are and what pitfalls you’ll want to avoid, before you seriously start looking for a house or condominium.
 
This is the best 90 minutes of time you’ll ever spend - set up your private Buyer Consultation.