Buying a home that needs renovations does not always mean paying for every improvement separately after possession. A Purchase Plus Improvements mortgage may allow eligible buyers in Alberta to include qualifying renovation costs as part of their mortgage financing.
Velocity Mortgages helps buyers review Purchase Plus Improvements options and determine whether this type of financing fits the property, renovation plans, and lender requirements.
How Purchase Plus Improvements Financing Works
With this type of mortgage, the lender considers both the purchase price and the expected value of the home after approved improvements are completed.
Eligible renovations may include projects such as flooring, kitchen updates, bathroom renovations, painting, or other improvements that add value to the property. The exact work that qualifies depends on the lender and mortgage insurer.
Before approval, buyers are typically required to provide renovation quotes or estimates. The lender may also require proof that the work has been completed before renovation funds are released.
Who May Benefit From This Mortgage Option
Purchase Plus Improvements financing can be useful for buyers who find a home in the right location but want to update the interior, improve functionality, or complete necessary renovations after purchase.
Instead of arranging separate financing for those improvements, eligible renovation costs may be incorporated into the mortgage structure, subject to lender approval and program guidelines.
Purchase Plus Improvements in Edmonton and Alberta
Velocity Mortgages works with clients in Edmonton and across Alberta to review mortgage options for home purchases, refinancing, private lending, and specialized financing needs.
Our team can help assess the purchase price, planned renovations, available quotes, expected property value, and lender requirements before you move forward.
If you are considering buying a home that needs work, contact Velocity Mortgages to learn whether Purchase Plus Improvements financing may be available for your situation.
📞 (780) 457-8808
📧 info@velocitymortgages.ca