#017 RSIRE Construction Financing a Major Renovation

#017 RSIRE Construction Financing a Major Renovation

KIRSTEN MCGOEY is a Durham-based photographer that specializes in commercial and corporate photography. She and her husband moved from Toronto to the Durham area, and bought a very small 820 sqft bungalow. It had 2 bedrooms and kitchen/bath on the main floor, but wanted to put on some additions, and it was not suitable for her family of 5.

Unlike accessing an LOC to fund this venture, they needed construction financing. They found a builder to help them with their questions, and prepare for the build. Many traditional lenders face higher risk with these projects, so finding financing is typically harder to find.

Because of the scope of the project, a builder would help them with drawings, although they designed the majority of features. The builder also helped determine if the project could actually get done, and figure out a budget.

What did Kirsten learn? Would Kirsten do it the same way again? What advice does Kristen have for others considering the process?

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