This great turn of the century home is in an amazing location backing onto one of the most popular golf courses in Victoria BC. It’s full of charm and character and all the quirky nooks you’d expect from an older home. As with all time-honoured properties however things were starting to look a little tired and lacked some of the modern conveniences that today’s home buyers are looking for.
But because the home was in such a desirable neighbourhood and has great bones to work with it’s the perfect candidate for a purchase plus improvements mortgage. A little bit of updating can go a long way to achieving a contemporary look without sacrificing the quality of life that an an established neighbourhood can offer.
To maximize the overall value of the home and take full advantage of the living space I knew that home buyers would want to tackle the kitchen and update the master suite first. Also from a real estate perspective these two changes will provide a valuable return on investment. The first thing to do is check in with designer Sean Dance of D3 design to see what the easiest way to change the layout of the kitchen and master suite will be. Sean was able to take the kitchen out of the back corner of the house and incorporate it into the large living area creating an open concept. In addition to doing floor plans and consultations Sean was able to generate helpful 3-D images of the changes we want to make to the home. This is key to knowing if the renovations will really fit the space.
By moving the kitchen into the main living space Sean also freed up room to add an en-suite in the main bedroom of the house creating a proper master suite.
Once Sean drew up the plans and let us know what possible changes could be made to add value to the home, the next thing to do was check with Greg Greene of Unicorn Renovations to get an estimate on the cost of this renovation. According to Greg opening up a wall in the master bedroom to give access to the new en-suite, installing the new en-suite and moving the current kitchen location into the main living space would cost a grand total of $30,000. His estimate also took into account brand new appliances, drafting and design fees as permits.
Ok so we’ve found the house we love in the perfect neighbourhood and we know it has the potential to become the perfect living space. The investment of $30,000 is reasonable but… who’s going to pay for all of this? Enter Jason Roy mortgage expert with TMG mortgages. Jason’s job is to put a purchase plus improvements mortgage in place so buyers get the extra cash they need to do the renovation right away. He’ll make sure that the lenders like the sound of this project and feel confident that the changes we want to do will in fact add value to the home. Let’s see if this home would qualify for the purchase plus improvements mortgage:
Adding an en-suite? Check
Updating the Kitchen? Check
Total cost $30,000? Check
This project is definitely purchase plus improvements financing material. And the best part is the upfront cost will be almost the same as a conventional mortgage. Maybe if we’re lucky there will even be a little cash left over to give this home some curb appeal.
Thanks for visiting and check back next Wednesday for another purchase plus improvements project of the week. In the mean time don’t hesitate to contact me for details on how you can benefit from a purchase plus improvements mortgage in Victoria, BC.