Quote:
Originally Posted by fundmark19
Also the list of improvements you state you are doing before hand must be completed. I almost ran into an issue when I did not put in a fireplace like I wanted because the logistics didn't work out. Luckily my appraiser didn't pay attention that the fireplace I put in was a cheap electric one.
Also the program at least through BMO you have to have all quotes done before you take possession. This was extremely difficult for us to do as our sellers did not want to grant us access at all after the sale went through. I am sure this isn't the case with all sellers but just something to be aware of. Also quote your self 1.5 times more than the actual cost of your reno's since you can't get anymore money from the bank after without a lot of hassle. Don't want to find problems that cost more fixing leaving you with an 80% completed house like myself.
|
This is also due to CMHC and Genworth and government rules changes. You can only do purchase plus improvements on a high ratio deal when you purchase. Refinances through those programs do not allow for the "plus improvements". But yes, improvement costs should have cost overruns factored in.