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Old 2008-10-22, 12:12 PM
GreyingJay GreyingJay is offline
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Join Date: Oct 2006
Location: Kanata
Posts: 1,726

You also need to compare costs and do a little math.

To do hardwood floors after closing might cost you, say, $6000. But that's $6000 you have to have in cash, ready to spend. On the other hand, you might pay the builder $8000 to do it, and have it rolled into your mortgage. It might be easier to pay the extra monthly payments on your mortgage. You will, however, pay interest on that.

Also, rolling it into your mortgage means you might not end up paying for it all, ever. If you roll the cost of the upgrade into a 25-year mortgage, and move out after 10 years, you've only paid for a proportional cost of the upgrade rather than paying for the whole thing up front. Again, you do pay interest on the amount that you did pay for.
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