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Home Ownership Strategies

Tips for Buying a Fixer Upper Home

Are you looking to buy a home but faced with budget constraints on how much you can afford on payments? A solution to this dilemma maybe a fixer upper home in the neighbourhood that you would like to live in.

Once you have your eye on a potential fixer upper home, getting a home inspection on the property and hiring a contractor to get an indication of any structural issues, repairs and renovations that maybe required and to get quotes on the costs involved is a smart way forward. Be sure to add an additional 30% or so to the estimated amounts for any other unexpected costs that may incur. Expensive renovations and upgrades include full kitchen, bathrooms, electrical, plumbing windows and repairs to the roof.  All renovation costs can be added on to your mortgage at the time of purchase.

To view video:

http://www.theglobeandmail.com/report-on-business/video/video-how-much-house-can-you-afford/article20465454/?videoembed=true

Read the article by Globe and Mail for more information.

If you have found the right home but need a fixer upper to make it your dream home, contact the team at mimortgage today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.