Refinancing after renovations
Hello everybody, at the start of the year I bought a run down quadruplex ( one triplex and one home on the same lot) . I am currently gutting it and making it hopefully nice again. I am doing the job alone and by the time I will be finished I will have put 130k in it in materials and some labor for jobs I coudnt do. Like structural stuff and asbestos. Heres a list of all the important renos I will have done when I’ll refinance :
- Completely new interiors in the appartements. Kitchens, bathrooms, rooms etc everything is now new
- Ac everywhere (minisplits)
- new windows and exterior siding and doors for everybuilding
- new subfloor that was rotted in one appartement
- independant electricy and hot water for each appartement
- completly new garage (the one that was there was falling down)
- new flat roof now with metal for the triplex
- New appartement, subdivised the home in two appartements so now its a quintuplex
- new cedar tree line on property
I am in Québec, I’ve seen a property (quintuplex) similar to mine without a garage sell for 1.2million in my city. I bought mine for 520k. Is it possible to think that when I’ll refinance the bank could give me 800k in equity ? I put 104k as down payment for this one. And second question, is a gas station a good rental property ? Was looking at them and they seem really good.
Posted Jul 8, 2025, 4:51 PM UTC