It depends on a few things which are listed below in importance:
Your income has to be able to qualify the mortgage amount requested
The renovations requested have to make sense for the funds that are being spent. When it comes down to it when it is time to sell you want to be able to recoup your renovation investment! For example; older house values can increase substantially by new bathrooms, kitchens, flooring, additions, roof, siding, flooring, plumbing, electrical, basement suite etc. With a Condo in most cases you are limited to the type of renovations that will actually increase the property value for resale. The best bets for condo renovations are bathrooms, flooring, new kitchen, crown moulding and modifying floor plan.
What is the maximum dollar amount or renovations I can add to my existing mortgage?Grant Powell2013-06-05T13:52:52-07:00
That will depend on who your current mortgage lender is. We can either help you negotiate a Mortgage Refinance to include renovation expenses with your current lender. In some cases it is better to refinance your mortgage with a Financial Institution that offers more flexibility.