Quote:
Originally Posted by Deegee
Just as an added note, purchase plus improvement programs through Genworth/CMHC require the improvements to be in place prior to disbursing funds.
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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.