There are many homes offered for sale in Ontario that just require a bit of repair or renovation to take it to the next level. These homes are usually sold at below-market prices as many buyers may believe the cost of renovations will be far too much after purchase and closing costs. Most homeowners wait a long time before they are able to save enough for a complete renovation project that will add value to their home. The good news is that you don’t need to!
With the Purchase Plus Improvement program, you could scoop a property for great value, immediately renovate the property into your dream home and have it all under one mortgage, while having a down payment as low as 5%. This program allows you to purchase a new home and combine the costs of the renovations into your purchase. You can take advantage of a low mortgage interest rate and the simplicity of a single payment. Maybe you want to tear out the retro kitchen floor, update the old-fashioned bathroom, or create more natural light by installing larger windows. Your renovations ideas could vary as long as the total costs are under $50,000 (this amount could vary with lenders).
Contact us to learn more about this program and to discuss the options available to you
The conditions required to be eligible for this program are:
- Purchase transactions up to 95% or refinances up to 80% LTV
- Extended amortizations up to 30 years
- Maximum four units with at least one unit occupied as the principal residence
- Available for new construction or existing properties
- Usually, up to $50,000 in renovations could be added to your mortgage but could vary as per the lender’s guidelines
- Renovations will have to be paid upfront and then funding will be provided by the lender once the renovations are completed.