Purchase + Financing

 

Renovations can be expensive but one little known tool that can help is a Purchase Plus Improvements mortgage available across Canada.

When buying a home in Victoria you will likely come across many houses in need of renovations before they are move in ready. A Purchase Plus Improvements mortgage can help find the funds needed to complete the necessary renovations.  Many contractors unfamiliar with the program often overlook the many benefits to the home buyer.

From a renovations perspective the top advantages for choosing a Purchase Plus Improvements Financing option are:

1. The increased financing for the renovations project allows the customer to undertake a large project instead of years of smaller renovations that can lead to renovation fatigue.

1.5 Constantly living under renovations and continuing the cycle of saving for the next renovation can be stressful on you and your family. By Renovating at the time of your purchase you get to enjoy living in a beautiful space immediately.

2. The renovations project is checked by an inspector giving a little extra security that your contractor has completed the necessary renovations.  Caution: this inspection is not as extensive as a home inspection but proves to the lendor that the work is completed.

3. The time for the renovations to be completed can be scheduled so that you move in to a fully renovated house.  Many lenders allow a first month grace period in your mortgage which can be true of the purchase plus program meaning the bulk of the renovations can be done before you make a mortgage payment.

4. Some money may be required for material costs up front but the contractor and home buyer both know that the bulk of the payment is tendered upon completion.  This can lead to excellent time budgeting by the contractor and added security for the home buyer.

5. Similar to the Purchase Plus Improvements mortgage are construction mortgages which work similarly but are available to home owners looking to re-finance to pay for their renovation upgrades.  Many of the same benefits apply speak to your realtor, mortgage broker, or renovations professional for more information.

6. Not only can you get a newly renovated house for less than what may be available on the market, but the renovations are chosen by you. Just because the decor and interior finishing is new doesn’t mean you will like it!!! At Unicorn Renovations, we have found that the use of Purchase Plus Improvements mortgages biggest advantage is the support that the home buyer receives not only from us but from others with whom we work.  With the help Jason Roy Mortgage Specialist and Patricia Kiteke Real Estate Agent the Purchase Plus program can help create the home of your dreams.

Renovations on a project with the Purchase Plus Program are as close as we at Unicorn Renovations get to some of the HGTV home renovation dramas.  We walk our clients through the process of visualizing their new space, choosing there level of involvement in the project and then the big reveal when it is nearing the time to move in.

Read our Client Testimonials