There are many times when home owners find the perfect home; however, sometimes the home may need a lot of TLC to truly make it your own. I know that this was the situation for my wife and I.
We found our perfect home but the home had no improvements or upgrades done to it in the last 50 years. After all the costs, fees, etc associated with purchasing the home, we were strapped for “renovation money.”
This is why we turned to an amazing program that is offered to home owners which is called Purchase Plus Improvements.
What is Purchase Plus Improvements?
Purchase Plus Improvements is for consumers looking to purchase a home that has great potential but needs a little TLC. This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage.
We went through the program at Genworth Canada who offers qualified buyers to borrow money for their renovations under one mortgage payment and at the same rate as their mortgage for as little as five percent down.
How Does It Work?
Let’s say you find a home in your ideal neighbourhood. It’s a steal at $400,000 as it needs some TLC. However, all your savings are earmarked for your down payment and closing costs.
You don’t have the extra $30,000 it will cost to update the kitchen and install draft-free windows.
With Purchase Plus Improvements, you can fund renovations upfront. Start by securing a Purchase Plus Improvements qualifying mortgage from your lender. You can qualify with a down payment of as little as 5% of the home’s purchase price plus renovation costs.
Your renovation costs are disbursed once the work is complete, and repayment is included in your manageable, monthly payments. It’s easy, affordable and efficient.
If you would like to learn more about this program, feel free to reach out to me as I would be happy to help.