If you are in the market to buy a new home – don’t overlook that fixer upper!
For many first time home buyers, they face the duel challenge of not having a big down payment and higher home prices. Often, the only homes that younger buyers can afford are ones that are in need some renovations.
But just how do you budget for renovations when you’ve maxed out on the down payment?
Winnipeggers love renovations! According to Manitoba Home Builders Association president Mike Moore in a recent Winnipeg Free Press article, “Winnipeg has historically been one the country’s busiest home-renovation markets” and that in 2014, 58% of homeowners plan to renovate their homes. Here in Manitoba, most homeowners are looking to either make updates or to create more room and plan to spend on average nearly $20,000.00.
The top six home-renovation projects for 2014 are...
Having problems finding your dream home? Have you said, "great home, great location, too bad the kitchen is so outdated?" Don't overlook these properties, as there are mortgage programs available that can help you get into the home with the dream kitchen or hardwood floors you so badly want. These programs save you the inconvenience or hassle of arranging a second loan after closing to do the improvements.
Both CMHC and Genworth Insurance offer a program called "Purchase Plus Improvements" that allow you to purchase a home, renovate it the way you like and...