Purchase Plus Improvements Mortgage in Calgary and Edmonton: A First-Time Homebuyer’s Smart Choice

by | Dec 20, 2023 | Home ownership, Calgary, Edmonton, First Time Homebuyers, Lethbridge

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First-time homebuyers in Calgary and Edmonton, are you on the hunt for your dream home but worried about the costs of renovations? The Purchase Plus Improvements Mortgage is an ideal solution that deserves your attention. This guide will delve into what this mortgage type entails and why it’s a brilliant option for Calgary and Edmonton residents taking their first step onto the property ladder.

What is a Purchase Plus Improvements Mortgage?

In the bustling real estate markets of Calgary and Edmonton, finding a home that ticks all boxes within budget can be challenging. This is where a Purchase Plus Improvements Mortgage comes into play. It allows you to borrow extra funds, in addition to the purchase price, specifically for making home improvements – a vital tool for transforming an almost-right house into your perfect home in cities like Calgary and Edmonton. Speak to our expert Edmonton mortgage broker at Mortgage Design Group Inc., for an outstanding mortgage journey.

Here’s the process simplified:

  • Finding a Home in Calgary/Edmonton: You find a house in Calgary or Edmonton that’s nearly perfect but needs a bit of work.
  • Quoting the Improvements: Get quotes for the necessary improvements, whether it’s a new heating system for Edmonton’s winter or a sunroom for Calgary’s summers.
  • Mortgage Application: Apply for the mortgage, including these improvement costs.
  • Home Purchase and Improvements: After buying the home, get the improvements done.
  • Fund Release: The bank releases the funds post-inspection for the completed work.

Why It’s Ideal for Calgary and Edmonton’s First-Time Homebuyers

  • Tailored Home Customization: Given the unique housing styles and needs in Calgary and Edmonton, this mortgage type allows for customization without the upfront financial strain.
  • Boosting Home Value: Improvements could significantly increase your home’s market value in these dynamic cities.
  • Simplified Financing: Combining your renovation and home loan into one, at a lower mortgage rate, simplifies your financial planning.
  • Wider Property Choice: In the diverse neighborhoods of Calgary and Edmonton, this mortgage expands your property options, enabling you to consider homes that might need some TLC.

Key Considerations

Approval Specifics: Check with your lender for eligible improvements, as they may vary.

  • Accurate Budgeting: Ensure your quotes are precise to avoid out-of-pocket expenses later.
  • Renovation Management: Be prepared for the time and effort needed for renovations, a crucial aspect in cities like Calgary and Edmonton, where weather can impact construction schedules.

For those stepping into Calgary’s or Edmonton’s property market for the first time, a Purchase Plus Improvements Mortgage offers a unique opportunity to craft your ideal home right from the start. It’s not just about buying a property; it’s about creating a space that truly feels like yours, in a city you love. With careful planning and consideration, this mortgage option can make your journey to homeownership in Calgary and Edmonton both exciting and rewarding.

Happy house hunting in Calgary and Edmonton, and here’s to turning your first house into a home that’s uniquely yours!

If you have any further queries, Don’t hesitate to contact our Edmonton mortgage broker at Mortgage Design Group Inc., who can help you throughout your home-buying journey!