Could your Dream Home be Hiding in Plain Sight?
A Purchase Plus Improvements mortgage helps qualified buyers finance eligible renovations and unlock the potential in the right home.
Rita Soni
By Rita Soni | Vancouver City News | July 8, 2026
Editor: Karalee Greer
Subscription to Vancouver News and being a Contributor is Free
The perfect home doesn't always start out perfect. A Purchase Plus Improvements mortgage can help qualified buyers finance eligible renovations by incorporating approved improvement costs into their mortgage.
Have you ever walked through a home and thought, "This home would be perfect if the kitchen had been updated," or "I love the location, but the bathrooms need work"?
In today's market, some of the best opportunities aren't found in move-in ready homes—they're found in properties with great potential. For qualified buyers, a Purchase Plus Improvements mortgage can help turn that potential into reality.
Looking Beyond The Surface
It's easy to fall in love with a home's layout, neighbourhood, or view, only to be discouraged by outdated finishes. While many buyers continue searching for a home that checks every box, others are discovering that purchasing a home with renovation potential can open the door to more choices and greater value.
A Purchase Plus Improvements program allows eligible buyers to finance approved renovation costs as part of their mortgage, making it possible to customize a home shortly after taking possession instead of waiting years to complete renovations.
How The Process Works
The process is straightforward but requires planning and coordination.
The Vision & Quote
After selecting a property, the buyer prepares a list of intended improvements and obtains contractor quotes or formal cost estimates for the proposed work.
The Valuation
An appraisal is completed to determine both the property's current value and its anticipated value after the approved renovations are complete. This helps establish lending eligibility.
The Holdback
When the purchase closes, the lender advances the mortgage funds while the renovation portion is typically held in trust by the solicitor until the work has been completed in accordance with the lender's requirements.
The Reimbursement
Once the renovations are finished, the completed work is verified through a final inspection and supporting documentation, including receipts. The solicitor then releases the renovation funds.
An Important Consideration
Buyers should be prepared to cover the initial renovation expenses, as many contractors require deposits or progress payments before work begins. The renovation funds are generally reimbursed after the approved work has been completed and verified.
Because every lender has its own guidelines and qualification requirements, working with an experienced mortgage professional early in the process can help determine how much renovation funding may be available and whether the program is a good fit.
Creating The Home You Really Want
In a market where buyers have more choice than they have had in recent years, looking beyond cosmetic updates can create opportunities that might otherwise be overlooked.
Instead of asking whether a home is perfect today, consider whether it has the potential to become your perfect home tomorrow.
Why It Matters
This is not just about renovations—it reflects a broader shift in how buyers approach home ownership.
Rather than competing only for fully renovated homes, buyers can expand their options by considering properties with untapped potential.
With the right financing strategy and professional guidance, today's "almost perfect" home could become tomorrow's dream home.
Contact:
By Rita Soni | Vancouver City News Here to guide you..To make sense of the market with data, facts and honesty.. Website: https://ritasoni.com
Editor: Karalee Greer
Subscription to Vancouver News and being a Contributor is Free
Tags: #Rita Soni #Real Estate #Vancouver City News #Metro Vancouver #Purchase Plus Improvements #Home Renovations #First Time Home Buyers