5 EASY STEPS TO A PURCHASE PLUS IMPROVEMENTS MORTGAGE

by Hercules Mina • February 14, 2019

Borrow up to an additional $40,000 on the purchase price of any home

Don’t shy away from that fixer-upper…

A Purchase Plus Improvements Mortgage, allows qualified purchasers to borrow up to 20% of the postrenovation value of a home, even with as little as 5% down.

STEP 1

Obtain a mortgage pre-approval from your mortgage broker, to determine your maximum approval amount.

STEP 2

You must find a house and have a general idea of what renovations need to be done as well as the cost of the renovations. The purchase price plus the renovation cost cannot exceed your maximum approval amount.

*Lenders will request written quotes to be provided, detailing the work to be done, as well as the cos t

STEP 3

Once your offer is accepted, provide the accepted offer, as well as the quotes for the work to be done to your broker. He/She will have the lender approved the mortgage with the cost of the renovations included in the mortgage.


*Down Payment Required is 5% of the Purchase Price including the renovations


STEP 4

Once you take possession of your home, you can begin the renovations. The Lender will instruct the Solicitor to hold the additional Renovation funds, until the lender confirms the works has been completed. Once the renovations are completed, notify your broker and they will send out an appraiser to complete an inspection to verify the work is completed as per the quotes that were provided.

STEP 5

The lender will receive the inspection report from the appraiser, and validate that the work has been completed in a good manner and as per the quotes provided. They will instruct the lawyer that they are able to release the funds to you, to pay the contractor.

*Less 10% pursuant to the construction lien act S. 22

WANT TO KNOW MORE? CALL ME TODAY!

Rita Cousins Senior Mortgage Advisor

C 604 230 9206 F 1 877 282 0857

mortgages@ritacousins.com

http://www.ritacousins.com

A guide to appealing your BC Assessment value

By Zak Khan | REW • December 22, 2025
Every January in BC, BC Assessment sends its valuations to property owners. These letters form the basis of property tax values on real estate across the province. They are based on many factors, but sometimes the assessed value may come as a shock to you. If this is the case, and you feel the assessment is incorrect, you can file an appeal. Why your BC Assessment value may not be what you expect. To help equip yourself for the best chance of success during an appeal, it’s best to review some reasons why your assessed value may not be what you expected. BC Assessment bases its valuations on the following factors: The location of the property. That is, how desirable is the place it’s located? The size of the property. Is it a tiny house or a multi-room mansion? The size of the lot. Is it a small lot, or a massive multi-acre estate? View from the home. A mountain view is worth more than a line of dumpsters. The property age. Is it newly built or an outdated structure? It could also be historically valuable. Home add-ons such as carports, garages and decks. The sales’ prices from similar homes in your area. In essence, that means that surrounding properties can have an impact on your property value, in addition to your own property. For example, if all your neighbours improve their properties by renovating their homes, upgrading landscaping and similar efforts, this could increase your assessed value as a knock-on effect. In situations like this, filing an appeal to show that you didn’t undertake similar efforts could help your appeal succeed. 👉 Read the Article Here

Sometimes we need to smile.

By Andy Schildhorn • December 21, 2025
Kitty vs Bee!!! Check out LAPS for adoptables 😀  📣 “Big results come from small improvements — just like a home built nail by nail.” - Stephen Covey

Live Traffic Views in Langley

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The Township of Langley Traffic Cameras for up to date traffic information. Click here
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