The work can be financed under a mortgage, even if it is done yourself, that is to say without recourse to a craftsman or a builder.
The mortgage is a loan the amount of which must be at least 75,000 dollars and can report to two types of projects: the purchase of real estate or the financing of works, but also both, that is, say the purchase of real estate and the financing of works to renovate or develop it. Many borrowers use this financing to buy their house or apartment, but many decide for the sake of economy but also pleasure, to carry out the work themselves, these works can be financed by the mortgage. It is simply a matter of providing the documents necessary to justify the purchases of materials dedicated to the work, it is then necessary to quantify everything and present a complete estimate.
How to calculate the amount of work?
When the borrower has recourse to one or more professionals, it is the latter who are in charge of producing a quote with the cost of raw materials on the one hand and labor on the other. For an artisan painter for example, the latter will have to provide an estimate specifying the work that he will perform: preparation of the walls, coating, sanding and application of paints. If the future owner wishes to carry out the work, then he must provide an estimate containing the materials necessary for carrying out this work: sandpaper, paint cans, rollers, protective films, etc. It must therefore be calculated according to the nature of the work to carry out all possible purchases of materials and request a quote with the complete list at the depot of materials that can carry out the supply.
Include works in mortgage
If the borrower wishes to base this amount on the amount of the mortgage, that is to say, include the work in the credit contract, he must provide the necessary supporting documents relating to this work. The bank will not freely grant money, without document that can justify it. If the borrower prefers to obtain a free sum, he will then have to resort to a personal loan, that is to say the subscription of a credit which will be added to the mortgage, it will ideally be necessary to go through a credit organization specializing in personal loans. Within this specific framework, no document will be requested, simply these supporting documents relating to obtaining a credit (identity card, account statements, salaries, proof of address, bank details).