🛠️ Transform Your Home Dreams into Reality: The Power of a Purchase Plus Improvements Mortgage

Unlock Your Home's Full Potential in Alberta.

Finding the "perfect" home can feel like searching for a needle in a haystack. What if you find a house in an ideal location, with the right number of bedrooms, but the kitchen is stuck in the 80s, or the basement is just unfinished concrete? Many buyers walk away, thinking they can't afford the purchase and the necessary renovations. But what if you could finance both with one convenient mortgage?

Dream home or "fixer-upper"? Why not both? 🤔 Stop stressing about renovation budgets! With a Purchase Plus Improvements mortgage, you can buy the house and fund your dream upgrades seamlessly.

Enter the Purchase Plus Improvements (PPI) Mortgage – a powerful solution that helps you not just buy a house but immediately transform it into your dream home.

🏠 What Exactly is a Purchase Plus Improvements Mortgage?

Simply put, a PPI mortgage allows you to include the cost of approved home renovations and upgrades directly into your new mortgage. Instead of seeking separate, high-interest loans for renovations after closing, the funds for your improvements are secured as part of your home financing, right from the start!

This means you can finance:

• The purchase price of your home

• PLUS the cost of your planned renovations

...all under one convenient mortgage.

🌟 Why Consider a PPI Mortgage for Your Next Home?

Benefit	How It Helps You Achieve Your Dream Home
1️⃣ One Convenient Mortgage	Simplify your finances by combining both the home purchase and all renovation costs into a single, easy-to-manage mortgage with one monthly payment.
📉 Access Lowest Interest Rates	Finance your renovations at your low, long-term mortgage rate, avoiding expensive personal loans, lines of credit, or high-interest credit cards.
📈 Boost Home Value & Equity	Make valuable upgrades that instantly increase your home's market value and build equity from day one. Invest in your home, not just buy it!
🔎 Expand Your Home Search	No more walking away from homes with "good bones." PPI mortgages allow you to consider properties that need TLC, significantly expanding your options in a competitive market.
🛠️ Immediate Access to Funds	Have the capital ready to start your renovations as soon as you take possession, minimizing delays and stress.
🏡 Customization from Day One	Move into a home that's already on its way to being exactly what you envisioned, rather than living with outdated features while you save up for future renos.

💰 How Does the Financing Work? (A Simple Example)

Lenders will add the cost of the approved upgrades to your mortgage amount. This increases your total mortgage, and your down payment is then calculated on this new, higher total value.

Let's look at an example:

Item	Cost
Original Purchase Price of Home	$400,000
+ Approved Renovation Costs	$40,000
New Total Mortgage Amount	$440,000
New Minimum Down Payment (e.g., 5%)	$22,000

What Kind of Improvements Qualify?

Most permanent improvements that add value to the home are eligible. This can include:

• Kitchen & Bathroom Renovations: Modernizing outdated spaces.

• Basement Developments: Adding extra living space, bedrooms, or a suite.

• Roofing, Windows & Doors: Improving energy efficiency and curb appeal.

• Additions: Garages, decks, or extra rooms.

• Flooring & Painting: Updating finishes throughout the home.

Generally, cosmetic or movable items (like furniture or appliances) do not qualify.

➡️ Is a Purchase Plus Improvements Mortgage Right for You?

Don't let a great property slip away just because it needs a little love! A PPI mortgage could be your key to unlocking both your dream home and its full potential.

Whether you're a first-time homebuyer or looking to upgrade, understanding all your financing options is crucial.

Ready to explore how a Purchase Plus Improvements mortgage can fit into your home-buying strategy in Alberta.