The Purchase Plus Improvement program allows the home buyer(s) to purchase a property with a minimum 5% down payment and include the cost of the improvements within the mortgage financing. Allowing you to customize your home immediately rather than waiting until you save or borrow funds at a higher rate and payment.
Renovations or updates that improve the value of the home such as kitchen and bathroom renovations, hardwood floors, windows, painting, new roof or updating a septic system are acceptable examples. This program is excellent for buyers looking at existing homes in established neighbourhoods or for homes you might not have considered otherwise. It is also a great way to develop a legal suite that can not only help you pay your mortgage but can possibly help you qualify for a higher purchase price.
Here is a link to the Genworth Canada’s website for information and a short video clip on what a Purchase Plus Improvement product to do for you!