Prices are still strong in Calgary and more and more people are opting for an older home they can renovate. Also, anyone looking to live closer to the core in a major urban centre, like Calgary, will most likely be looking at older homes and perhaps the odd infill.
Although many of Calgary’s older properties have been lovingly maintained and updated over time, changes are almost always necessary in order to suit a buyer’s tastes and standards.
When purchasing, a Purchase Plus Improvements loan allows you to qualify for up to 95 per cent of the cost of repairs or upgrades needed for your new home.
A Purchase Plus Improvements loan is a good option for those who have found a home they love, but that needs work immediately in order to fulfill their needs, as well as for those who simply can’t afford the full cost of major repairs at the moment and offers you a great option for financing home improvements. It’s also a great option for those homes that don’t have a garage and you’d like to build one but don’t have access to the capital except for on high interest credit cards and lines of credit.
This type of loan can also apply to a home you currently own – Refinance Plus Improvements – and allows you the option of financing home improvements at the best interest rates on the market.
With the option of refinancing home improvements, you can consider that attractive fixer-upper in the perfect neighbourhood. And lenders appreciate knowing that value is being added to the home, and that their loan is secure.