A Purchase plus Improvements Program combines a home improvement loan with your mortgage. This blog is the second post in a two-part series on home renovations. You can kick-off renovations as soon as you take possession of your home. Key renovations, retrofits and upgrades will increase your home’s comfort and style. Fixer-uppers provide excellent value for your real estate dollar, as you can avoid the premium demanded by new or renovated properties.
Which improvement projects offer the biggest bang?
- Creating an In-Law Suite. Income generating potential adds value!
- Renovating the Kitchen. Fresh cabinets, lighting and appliances… after all it’s the most important room relating to valuation
- Remodeling the Bathroom. Spa features, lighting, tiles and fixtures are affordable luxuries. Similarly, adding a half bath increases value dramatically.
- Updating all Fixtures. Recessed lights, energy efficient windows and closet organizers are your best options because it’s what people want.
- Flooring. Hardwood beats most other choices. Install or refinish existing. For bathrooms choose tile and ceramics.
Here’s How Purchase plus Improvements Mortgage Works
Assume you find a bargain home at a desirable neighbourhood for $400,000. You simply don’t have the additional $50,000 you need for new windows and kitchen renovations. Consider a Purchase Plus Improvements mortgage, you can add renovations into your mortgage. You can qualify with a down payment of as little as 5% of the home’s purchase price ($400,000) plus renovation costs ($50,000). In this case, that would be a down payment of $20.000 + $2,500. Your renovation costs are disbursed once the work is complete.
Maximum Property Value must be less than $1,000,000. Properties up to 4 units are permitted with one being owner occupied. See Genworth’s program guide for more details.
Are you thinking of Buying and Renovating a fixer-upper? Consider doing the work immediately instead of prolonging it. Any questions can be answered with the help of a qualified Mortgage Broker. Please give me a call at 613-867-8076 or send Jennifer Rossides an email at firstname.lastname@example.org Start today to find a Smart Mortgage Solution that’s right for you.