Michelle's Mortgages in London Ontario: Buying a fixer upper? Protect yourself from "sink or swim" renovations!

Buying a fixer upper? Protect yourself from “sink or swim” renovations!

So you’re one of those buyers who absolutely loves older homes: the character, the unique architecture, the settled neighbourhood… and maybe the great value. But even older homes with “great bones” sometimes need a little renovation to turn them into the home of your dreams. Unfortunately, sometimes on top of the home purchase price, a few costly renovations can sink you.

Good news. We’ve got a mortgage to keep you happily afloat.

We can bundle the cost of those immediate renovations right into the mortgage: so instead of sky-high credit card and line of credit bills… you’ve got your mortgage and renovations looked after in one easy monthly payment.

It’s called a “purchase plus improvements” mortgage. It covers the sale price of the home, plus any renovations that would increase the value of the property, up to $40,000. You also get pre-payment privileges – so you can pay off your renovation faster.

We can take you through the process, so your mortgage and renovations go… swimmingly.