Maybe you can.
A little known and increasingly popular lending product is the "Purchase Plus Improvements" mortgage. In short, an amount equal to up to ten percent of your new home's value can be added to your loan to fund improvements. There are certain conditions, limitations and ability-to-pay requirements of course however loan officers and brokers are now offering a variety of products to help.
These programs are particularly useful when you:
- Need to create a suite for income or extended family
- Require accessibility upgrades to address mobility issues
- Want an additional bedroom or other living space
- Have a yard that needs fencing for children or pets
- Find a home that requires a new roof, furnace, insulation, wiring, plumbing, perimeter drainage or other deficiencies identified during your inspection
Contact your bank or broker or follow this link for additional information.