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  This program may help you to decide to purchase an outdated home, especially if the overall cost is in your price range.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


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