Purchase With Improvements

Does the new home you are going to purchase need some improvements like a new bathroom or kitchen upgrade? We help home buyers pay for their renovations, with one manageable mortgage, and as little as 5% down!

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Purchase Plus Improvements mortgages are for consumers looking to buy a home that has great potential but needs renovation or updating. This program allows you to make your improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage. The idea is that immediately renovating your home adds to its market value and the mortgage amount is based on that new and improved value. It’s a great way to purchase a home AND ensure that the home is up-to-date and in good repair.


Let’s see Purchase Plus Improvements in action

You’ve found a home you love in a neighbourhood that’s perfect, but the property is showing some signs of its age. You would like to upgrade the kitchen countertops, repair the roof, replace the picture window in the living room, and paint walls and trim. The total cost of these upgrades is $30,000.

$300,000 (PURCHASE PRICE) + $30,000 (UPGRADES) = $330,000 (NEW IMPROVED VALUE)

$330,000 (NEW VALUE) – $16,500 (5% DOWN PAYMENT) = $313,500 (MORTGAGE AMOUNT)



  • Step 1 – Once you find a house that you like, we can get you an approval based on the house “as-is.”
  • Step 2 – Get quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be complete. The work must be of an approved type that adds lasting value.
  • Step 3 – We will then have your mortgage approval revised to include the price of the home improvements.
  • Step 4 – You take possession of your new home and start the improvements with the lawyer holding back the improvement portion. The work must be completed according to the lender’s requirements (usually 90 days).
  • Step 5 – Once the work is completed, we send out an appraiser who confirms the work is completed as required. The lender instructs the lawyer to release the funds and you can pay your contractors.

The Mortgage Interest Rate is not affected by this program. It is absolutely necessary to have a firm price quote prior to possession of the subject property and that the improvements are completed as per the quotes and approval. You will not receive any funds until after the work is completed.

Hit the ground running and finance a renovation of your new home with a Purchase Plus Improvements mortgage.

Book your consultation today to discover your options.

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