Purchase Plus Improvements

Looking for the right home today can be tough. To increase your options, you may want to consider homes that need renovation. As long as the basic structure is good, you can make improvement to the home to your liking.

However, sometimes buyers have enough for the downpayment but not for renovations. That's where "Purchase Plus Improvements" mortgages come in. They let you borrow more to cover renovation costs which will improve the value of the property. 

For example, if you're eyeing a $500,000 property and you put in 5% down payment, you will have a mortgage loan of $475,000. You want to have the kitchen and bathroom renovated to the tune of $30,000. You can add this amount to your mortgage application at the time of your purchase, subject to the lender's discretionary approval. 

This program has specific criteria and guidelines that you need to meet, but it lets you consider more homes beyond move-in ready ones, or have to wait until you have the extra funds in order to do your renovations. 

If you want more info, feel free to reach out to me at 604 783 9097.