08/23/2026
š BUY THE HOME THAT NEEDS WORKā¦ WITHOUT EMPTYING YOUR BANK ACCOUNT TO RENOVATE IT.
Found the right house, but the kitchen is stuck in 1997? Bathrooms need help? Basement unfinished?
Thereās a financing strategy many buyers donāt know about: Purchase Plus Improvements.
It can allow you to purchase a home AND finance qualifying renovations as part of your mortgage, rather than coming up with all that renovation cash after closing.
Hereās a simple example:
š” Purchase price: $1,000,000
šØ Renovations: $100,000
āØ As-improved value: $1,100,000
Instead of needing another $100,000 sitting in the bank for renovations, the example shown has the buyer increasing their down payment by just $10,000, while the renovation financing increases the mortgage payment by approximately $445/month.*
That changes the conversation.
Suddenly, the dated house everyone else scrolls past could become the opportunity.
Buy the location you want.
Buy the layout you can work with.
Then make the house YOUR home.
Programs through mortgage insurers such as CMHC, Sagen and Canada Guaranty have different limits, qualification requirements and timelines, so this needs to be structured properly before you make the offer.
And thatās where having the right Realtor and mortgage professional working together matters.
Thinking about buying in Niagara but finding the renovated homes are stretching the budget?
š² Letās talk. Iāll help you look at the homes other buyers may be overlooking, and determine whether a renovation-financing strategy could make the numbers work.
Michael Sommer | REALTORĀ®
Royal LePage NRC Realty
š 289-219-3500
š solditca.ca
Example for illustration only. Financing is subject to lender, insurer, appraisal and borrower qualification. Example assumes the figures and financing terms shown in the slides.
