Benefits of Mortgage Home Sellers in Vancouver, BC – Should I Renovate before I Sell?
- No need to live through safety, noise, dust, security, privacy and damage issues.
- Renovated homes / suite(s) also provide better tenants & increased rental income.
- Increased property and resale values.
How to get started
- Get a mortgage Pre-Approval to determine your comfortable mortgage payments.
- Find a home you wish to purchase and do a renovation.
- Have a renovation professional and an Alternative Mortgage Financing representative determine the realistic renovation expenses needed to get the home to your liking.
- Put an offer in on the home.
- Have your fully licensed contractor or one of our many we can refer you to complete a required scope of renovation work.
- Get approved for the mortgage along with the requested renovation work.
- Have your chosen team of renovation professionals plan the renovation work from the first day of possession to the final day the renovation work is to be completed.
- Take possession of the home and get the renovation professionals to start the work while your Alternative Mortgage Financing representative helps to supports you through the renovation process.
- Move into your beautifully newly renovated home!
- To get a better understanding of what we can do here are a few examples from different parts of the country.
House + Renovations to Basement Suite & Garage
$ 700,000 = Purchase Price
+$ 100,000 = renovations include, 2 kitchens, basement suite, flooring & exterior finishing etc.
+$ 100,000 = renovation for conversion of garage to Laneway home
$ 900,000 = total funds invested in property
$ 980,000 = estimated new value of home once work is completed
$ 931,000 = 133% of purchase price, is obtainable renovation mortgage financing
$ 49,000 = minimum Down Payment required OAC
House + Renovations to Basement Suite
$700,000 = Purchase Price
+ $150,000 = renovations include, kitchen on main floor & basement suite etc.
$850,000 = total funds invested in property
$880,000 = estimated new value of home once work is completed
$836,000 = 119% of purchase price, is obtainable renovation mortgage financing
$44,000 = minimum Down Payment required OAC
Two Bedroom Condo + Renovations
$425,000 = Purchase Price
+$ 40,000 = for custom renovations including, kitchen/ bath, flooring & paint etc.
$465,000 = total funds invested in property
$470,000 = estimated new value of condo once work is completed
$446,500 = 105% of purchase price, is obtainable renovation mortgage financing
$23,500 = minimum Down Payment required OAC