The time of purchase is the best time to consider if you will need any future money for things such as a garage, basement development, bathroom/kitchen reno or landscaping. We can add these costs into your new mortgage fairly effortlessly, and at very low borrowing rates, which is a much better option than deciding a couple of years down the road you want to complete the renovations, and having to possibly get a second (higher rate) loan to do so.
One thing that borrowers often don’t realize or think about, is that when you purchase your home with the minimum down payment required (5%), it will take some time to build up enough equity to be in a position to access any additional funds. The government regulators restrict accessing any equity from your home until you build up at least 20% equity. Here is some quick math to help you break this down:
So when you are out home shopping, learn to see past that shag carpet, crappy landscaping or outdated bathrooms…we have a fix for that that won’t break the bank!