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S P A C E S | 9 With one application process you may qualify for a mortgage and home equity line of credit combination. This means you'll have a line of credit, for up to 10% of the purchase price or appraised amount of your property, in case you need it now or in the future. Full House Mortgage Whether you're purchasing your first home or you're an existing home owner, this unique product is designed for you! 1 PROJECT SCOPE OF WORK • Start by defining the scope of work (and be prepared to tweak this along the way). • Are you looking at a renovation of your entire main floor, gu ing a bathroom or building your dream kitchen? Maybe you want a refresh with new finishes while all the bones stay in place — or maybe you desire a total space transformation, both functionally and esthetically. Whatever option is best for you and your family, be honest with yourself. How does your family live? What is the motivation for the reno? What are the desired outcomes? What items are non-negotiable? What items are you willing to bend on? You may have always dreamed of a gas range and are willing to give up marble countertops to have it. • What level of finishes are desired — and does the budget allow for them? Cabinets alone can have a wide price range from off-the-shelf modular units (big box store) to semi-custom (companies that specialize in millwork but have standards to pick from with door profiles and colour selections that are all predetermined) to full custom-build cabinetry (the millworker is customizing every part of cabinets to suit your specific project). 2 THE BUDGET • The scope of work and design will inform the budget. As the project evolves, so should the budget. Once the project scope has been established, it is a good idea to do market research to determine a realistic budget for the project. • Both scope and budget need to align. If the budget does not support the current scope of work, adjustments need to be made. • Don't be afraid to discuss the budget with the design and construction team you are meeting with. These professionals will be able to talk about high-level numbers to determine if the desired project scope and budget are realistic. • Kitchen and bathrooms will always have a higher square-footage cost than living rooms and bedrooms. FINANCING Determine what financing options work best for you. You may determine you need to save up for the dream kitchen and focus on smaller projects for the time being. If you are ready to dive in, ensure that you have the appropriate financing in place. is may involve having your home or property assessed and determining the current and estimated new budget. Continued on page 10

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