The kitchen’s outdated and the orange shag just doesn’t cut it.

Ok, that’s probably a bit of an stretch, but I hope you get the picture.

Now you can have your dream kitchen and en-suite with one simple mortgage payment. All of this can be done by putting down as little as 5% of the “as improved” value. Purchase Plus Improvements literally allows you to add the improvements to the mortgage.

How Does It Work?

When you’ve found a home that you like, make an offer, subject to a longer than normal conditional period because you’ll have to arrange for a qualified contractor to put together a cost estimate for the proposed repairs or renovations. Forward the “Contractor’s Estimate” along with the “Agreement of Purchase and Sale” to me and I’ll do the rest.

The insurer will allow you to do the reno yourself, but you’ll need a full detailed cost estimate as well.

The key for this program to work is that the cost of the renovations has to be reflected in the new “as improved” value of your home. Example: You purchase a home for $500,000 and want to add $50,000 worth of renovations. No problem, you’ll only need 5% down on the full $550,000, but the as improved value must also reflect $550,000.

Important Reminders

  1. Make the offer conditional for a longer than normal conditional period, 10 business days
  2. Get estimates immediately after accepted offer
  3. Full application cannot be submitted until estimates are in
  4. All work has to be completed and receipts submitted together to release funds
  5. A walk-through appraisal maybe required at the borrower’s expense

Instead of buying your dream home, Create Your Dream Home!!

Mark Fidgett
Vancouver Mortgage Broker