The Wright Sisters Group | Union Realty Brokerage Inc. - The Beaches, Leslieville, Riverdale and East York Real Estate Specialists – Your East End Toronto Real Estate Team
04 July 2019
Outline Financial

Open new doors by adding a renovation budget of up to $60,000 towards your new home purchase!

The Purchase+ Improvements Program is tailor-made for those looking to purchase a home that has great potential but could benefit from some TLC. This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-tomanage mortgage. 

The idea is that immediately renovating your home adds to its market value and the mortgage is essentially based on that new and improved value. It’s a great way to purchase a home AND ensure that the home is up to date and in good repair.

How does the Purchase+ Program work? 


Once you find a condo/house that you like, we apply for an approval based on the “as-is” home value. You then work with a contractor to get firm price quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be completed. The work must be of an approved type that adds lasting value.


We will then have your mortgage approval revised to include the price of home improvements (the “as improved” home value).


You take possession of your new home and start the improvements. The work must be completed according to the lender’s requirements (Example: Some lenders may set a timeframe for the work to be completed).


Once the work is complete we send out a bank/lender representative to ensure the improvements were completed as required (final inspection).


Once complete, you receive the improvement money! Your lawyer will receive the funds from the lender and release the money to you.

The mortgage interest rate is not affected by this program. It is necessary to have a firm price quote prior to possession of the subject property. You will not receive any funds for the renovations until after the work is completed. Talk to Outline Financial about options abailable to cover the period from when you start your renovations to the time you receive the improvement money from your laywer.

Ideas & inspiration on how to use your Purchase+ budget

Renovating the kitchen

The kitchen is the heart of the home, and the most important room relating to valuation. Fresh cabinetry (if it’s in good condition, consider re-facing rather than replacing), efficient lighting and ENERGY STAR certified appliances will improve daily life and property value.

Renewing the bathroom

Another important room in terms of valuation, the bath is everyone’s favourite retreat. Spa features like a rainfall showerhead, dimmable lights, and gleaming tile and fixtures are affordable luxuries. In a home with just one full bath, adding a half bath increases value dramatically.

Updating the fixtures

Outdated fixtures age a home, and not in a good way. Replacing damaged or unattractive lighting, doorknobs, cabinet hardware, faucets and other fixtures will update the look of your home. Top picks for today’s homes: recessed lights, energy efficient windows and closet organization.

Giving flooring a facelift

Hardwood never goes out of style. Replace cheap-looking vinyl or laminate with the real deal. If you’re lucky, hardwood may be hiding under your existing flooring; have it refinished for a better-than-new look. For baths, tile is the best choice in luxe stone or budget-friendly ceramic.

Other Ideas to add value, boost comfort, or save energy

• Finish your basement
• New windows & doors
• Replace your roof
• Family room makeover
• Energy-efficient upgrades

To learn more about the Purchase+ mortgage, or for customized analysis or quotes, please contact: Outline Financial

Tel: (416) 536-9559 / (855) 444-5121

Outline® Financial is one of Canada’s top-rated mortgage and insurance companies offering a host of rate and product solutions from numerous banks, credit unions, mono-line lenders, and insurers all in one convenient service. Outline® was formed by senior level bankers and financial planners that wanted to offer their clients choice with an exceptional service experience.