Renovation Mortgage First Time Home Buyers

By on March 18, 2014
Are you are out looking for a home and just can’t seem to find the perfect home, do you keep looking or look with a different viewpoint?
1)  First time home buyers are in need of more options when it comes to homes they want to purchase
2)  Homes are in Winnipeg’s suburban neighborhoods are aging
3)  First time home buyers need all their money for their down payment.
4)  Home improvement shows tease first time buyers with all they can to make their homes “shine”
Canadian Home Renovation Plan
Yes, there is solution to all these if you are a home buyer in Winnipeg.  This little known plan allows you to finance improvements on to your mortgage at time of purchase up to 10% of the purchase price to a maximum of $40,000.  You may start to see some for sale signs around Winnipeg with another sign stating that the Canadian Home Renovation Plan is available with purchase of this home.  The realtor and mortgage broker have teamed up to assist home buyers make improvements to their home.
For home buyers, renovations can be made to your new home before you move in without the cost of financing the whole project.  This is done by adding the cost of the improvements to the purchase of your home and making your down payment based on this improved value.  All improvements must be approved and certain conditions apply.  It is really important that home buyers involve real estate professionals and mortgage professionals who have experience and knowledge of this program.
For home sellers, this program exposes your home to buyers who are looking at the possibilities of what your home can be rather than everything they see as what is wrong for them.  For the buyer that loves your home but wants hardwood flooring, bingo it can be done.  New windows, roof, kitchen, bathroom, no problem it can be done.  As we enter a balanced market (number of buyers and sellers are proportionate), your home will look different than all the others.  Marketing and promoting your home with these options will get more eyes on your property for the right reasons.
If you have questions or want more details on this program, please contact me anytime.
Sources:  CMHC First Time Home Buyers Survey
Canada Research Chair in Urban Change and Adaptation
Source: Daryl Harris Mortgage Broker