What upgrades can be added upfront to the price of the house?

[dglyde79]

Hi everyone,

I'm curious as to what upgrades can be added into the price of the house (as in added into the mortgage)? Here is a list of upgrades that we will probably go with and maybe some of you can let me know which ones they would allow to be added in upfront.

List of things I know can be added upfront:

1. 9 Foot ceilings
2. Fireside gathering
3. Oasis ensuite (soaker and shower)
4. Cold Room
5. Bathroom rough in


List of things I'm not sure but hope can be added:

1. Window bench in master and breakfast area
2. Central Air with humidifier
3. Plasma wall
4. Extra cable hookups/phone hookups in other rooms
5. Prewire for over the range microwave
6. Undercabinet lighting for kitchen
7. Additional lighting over breakfast bar

List of things I doubt they would let you add in upfront:

1. Upgraded cabinets
2. Hardwood flooring
3. Fireplace mantle
4. Upgraded stair railing with stain
5. Kitchen backsplash
6. Angled corner cabinet with window in kitchen

I'm just trying to guage how much I can roll into the price of the house and what will have to paid for by cash later on.

Thanks!

Dan

[Style]

I imagine you can get what ever you want added to your mortgage as long as you qualify for it. If you want 50,000 more in upgrades and your bank approves it why wouldnt you get it included if you want. Doesnt really matter to them the more you borrow the more they finance. I know people who had a LOC for their initial payment and got the rest incorporated into their mortgage.
One question though! Why would you possible go with the AC and humidifier through the builder when they charge you almost double what you can pay after market for install. Seems to me just a Major MaRKUP and a total waste of money.

But getting back to my earlier info, see what you qualify for and then work in your structural upgrades and cosmetic ones to create the home of your dreams. All you need is a letter from the bank stating how much you qualify for to use for upgrades.

[K.C.]

Probably best to use your line of credit if you have one. If you don't you'll need to get the money out of the equity of your existing house or something. I wouldn't use a credit card to pay for them. The interest will kill you even if it's only for 6 months.

Even if you have an approval from your bank you still have to come up with the 25% cash or whatever it is they want now up front. The good thing about the structural upgrades is you don't have to come up with the cash. I think whatever they allow you to buy at the time you first purchase your house is probably allowed to be rolled into your mortgage. Almost none of the items on your 2nd and 3rd list qualify. They probably gave you a list of upgrades you could buy at the time of purchase and that's all you can roll into the mortgage for now. Later you can do whatever you want but you'll have to come up with the money between now and then.

You might be allowed to add the air conditioner ... I'm not 100% sure so check on it.

[smartsexystylish]

Everything on the list can be added into your mortgage (again as long as you qualify)
I've wrote "added" on the things we added in our house and rolled it into the mortgage just to give you an idea.

And you have to pay around 25% for the upgrades but I think we may have paid a little less than that so you may want to double check. (I think it's on a tiered system for example if you go over X amount you pay 25% of the upgrade total via 4 installment cheques)

Hope this helps!

(And yes, you can add A/C to the mortgage too. I don't really think there is anything you can't add!)





1. 9 Foot ceilings
2. Fireside gathering - added
3. Oasis ensuite (soaker and shower) - added
4. Cold Room - added
5. Bathroom rough in - added


List of things I'm not sure but hope can be added:

1. Window bench in master and breakfast area
2. Central Air with humidifier
3. Plasma wall - Is this not standards?
4. Extra cable hookups/phone hookups in other rooms - added
5. Prewire for over the range microwave
6. Undercabinet lighting for kitchen - added
7. Additional lighting over breakfast bar

List of things I doubt they would let you add in upfront:

1. Upgraded cabinets
2. Hardwood flooring - added
3. Fireplace mantle
4. Upgraded stair railing with stain - added
5. Kitchen backsplash - added
6. Angled corner cabinet with window in kitchen - added

[K.C.]

(And yes, you can add A/C to the mortgage too. I don't really think there is anything you can't add!)

I think he means added as in you don't have to pay the 25% in advance. I could be wrong. If you do the structural stuff when you first sign your purchase agreement you don't have to pay 25% on that but only some structural things are included.

[dglyde79]

Thanks for the info!

K.C. is correct, I am just trying to figure out what I can add in up front at the time of purchase and NOT have to pay the 25% (now its 35%!!!). I'm hoping they at least allow the air conditioner/humidifier package or I will definately just do that after we close as it was mentioned, it will be alot cheaper.

[K.C.]

Dan we got the air conditioner after closing through Sears. They have a no interest 3 year equal monthly payments plan. You have to place your order through a specific office and do the paperwork just right or you'll end up paying interest. This way we were able to get the unit we really wanted instead of holding back because we couldn't afford a good one. You'll need to get a Sears Card or a Sears braned MasterCard (this one is better because you pay 10% less interest on your other purchases as well) if you don't already have one. I started a thread about this a few months ago. If you do this you'll be able to get a unit that is much better than whatever Mattamy installs. You might choose to go with Mattamy anyway to make your monthly payments easier since you can stretch it out over the life of the mortgage.

We also got the water softener and garage door openers at the same time we bought the air conditioner. There's a $1500 minimum for the no interest plan and since the garage door openers wouldn't qualify on their own we lumped them in with everything else.

[Claudia]

you can't add appliances to your mortgage.........they have to be paid for cause the appraiser will not appraise your house with the cost of the appliances in it......I don't know if that means AC or not....but no fridge/stove/dishwasher....

[Style]

you can't add appliances to your mortgage.........they have to be paid for cause the appraiser will not appraise your house with the cost of the appliances in it......I don't know if that means AC or not....but no fridge/stove/dishwasher....

A AC unit wont get you any additional value for your home as Im sure noone is gonna use your potential Ac unit as a reason to choose this house over that house. It will however make it much more pleasnat and livable although Im NOT so sure we needed one this summer after all!:eek: But Ac is definately worth getting!

[Claudia]

wish I had air yesterday and today:eek: