Did you know that if you find a “not so perfect” home, we have the ability to finance the renovations to make it just perfect? Through a specialty product called “Purchase Plus Improvements” we can obtain your new mortgage for a higher amount in order to pay for the cost of renos!!

How it works:

  1. Find the perfect (yet not quite perfect) home.
  2. Successfully negotiate an offer on the home.
  3. Obtain a quote for the proposed improvements.
  4. We obtain you a mortgage for the cost of the home, plus the cost of the renos.
  5. The mortgage is funded to pay the sellers the purchase price, and you move in to your new home.
  6. You or your contractor complete the renovations.
  7. We arrange an inspection and/or receive your paid invoices to show the work was completed and is satisfactory.
  8. You receive the remaining mortgage funds from the lawyer and pay your contractor.
  9. You live happily ever after in your now perfect home.

The time of purchase is the best time to consider if you will need any future money for things such as a garage, basement development, bathroom/kitchen reno or landscaping.  We can add these costs into your new mortgage fairly effortlessly, and at very low borrowing rates, which is a much better option than deciding a couple of years down the road you want to complete the renovations, and having to possibly get a second (higher rate) loan to do so.

One thing that borrowers often don’t realize or think about, is that when you purchase your home with the minimum down payment required (5%), it will take some time to build up enough equity to be in a position to access any additional funds.  The government regulators restrict accessing any equity from your home until you build up at least 20% equity.  Here is some quick math to help you break this down:

So when you are out home shopping, learn to see past that shag carpet, crappy landscaping or outdated bathrooms…we have a fix for that that won’t break the bank!