Purchase plus Improvements
In an ideal world, we all would prefer living in a brand new house or an apartment. However, it’s not always possible to find a new place in the area of your interest, or in the price range, you can afford.
Also, the quality of buildings 10-15 years ago is not that bad, they are just a bit outdated… yellow walls, pink bathroom, green tiles, gray and stinky carpet. Yuck.
But what if… what if you could do the renovation to make it look the way you want? White walls, beautiful light grey floor, brand new bathroom and kitchen…. Mmmm!
However, with our crazy high prices for real estate, it’s hard to find the funds for the renovation… especially if you are a first time home buyer.
We offer the following solution– to add the cost of renovation into the mortgage amount! We call it purchase plus improvement.
If you purchase a place that you want to do the renovation in, we can add up to $40K towards your mortgage.
You need to put less than 20% down (so the mortgage should be insurable).
For example, you purchase an apartment for $400K and put 20K down payment. Your handyman friend gives you the estimate for the renovation as 30K; we will use that amount to add to the mortgage at mortgage rate and 25 years amortization. As soon as the renovation is done, you will get 30K, which you pay to your handyman and close any debts you made during the renovation process.
We are always happy to help.