Selling Guide

Published June 02, 2021

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What types of renovation-related costs can be included the total renovation costs?

Renovation-Related Costs

Renovation-related costs that may be considered as part of the total renovation costs include:

  • property inspection fees;
  • costs and fees for the title update;
  • architectural and engineering fees;
  • independent consultant fees;
  • costs for required permits;
  • other documented charges, such as fees for energy reports, appraisals, review of renovation plans, and fees charged for processing renovation draws; and
  • up to six months payments (PITIA) if a principal residence property cannot be occupied during renovation (see B5-3.2-04, HomeStyle Renovation Mortgages: Costs and Escrow Accounts for additional information).

Note: An amount for sweat equity may not be factored into the renovation costs.

For additional information, see B5-3.2-02, HomeStyle Renovation Mortgages: Loan and Borrower Eligibility.

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