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.