Have you ever looked for a new home?

Try searching “Guelph” on MLS and you’ll find hundreds if not thousands of different listings.

Seems like a lot, right? There should be no problem finding exactly what you are looking for, in the price range you can afford, and in the area you know you will love.

Unfortunately, the reality is after seeing an open house, 95% of people say there is “something” they would change about the home. Of course we’d all probably add a fresh coat of paint or change a room layout but what if it is something bigger? What if the kitchen or bathroom needs updating? What if, new doors and windows need to be installed? What if your new home needs a new roof?

For most Canadians, buying a home is the biggest purchase we’ll ever make and often all of our savings go into the down payment and closing costs. If being able to customize the home to exactly what you want is not an option, we start to look for alternatives.

  1. Waitandsaveup-Takingthetimetosaveupisafantasticplanbutoftendifficult to do. (Life gets in the way)
  2. Waitingandusingtheequityinyourhome-Anotherexcellentoption,butasthe chart below shows, it too is not always practical:

Can you wait five years, and will $29,164.13 be enough to complete the customizations you would like to do?

  1. LineorCreditorCreditCard–Canbeaviablesolutionbutagainiflifegetsinthe way payments can suffer and interest can add up very quickly.
  2. TheCanadianHomeCusomtizationPlan-Theplanallowsyoutoborrow10%of your mortgage, up to $40,000 to improve the value of your home.