Renovating a fixer-upper is easier than you think with a Purchase Plus Improvements (PPI) mortgage. There is a lot of appeal to purchasing a fixer-upper. It is often a better value and allows you to customize your home; you can purchase a home at a lower price, make home improvements, and increase your home's value. Paying for these projects is easy with the Purchase Plus Improvements Program. Thanks to PPI, you can finance your home and needed renovations with one simple transaction.
If you are looking to make some improvements to your home, you should know certain remodeling projects will give you the biggest bang for your buck. Here five home improvement projects that will give you the biggest return on your investment.
1. Create an in-law suite
By adding an in-law suite, you can share your home and the costs while still maintaining privacy. This can greatly reduce your homeownership expenses, adding both value and convenience.
2. Remodel your bathroom
If you currently only have one full bath, adding a half bath can add a lot of value. Luxury features that create a spa-feel like gleaming fixtures, dimmable lights, and rainfall showers will increase the value of your home.
3. Update your flooring
There are certain materials that go out of style and others that stand the test of time in both function and style. Hardwood is a classic, and by replacing vinyl or laminate with real hardwood, you will see major payoffs. The same applies to bathroom flooring. High-end stone flooring is a significantly better choice over cheaper ceramic options.
4. Renovate your kitchen
This is the most important room when it comes to increasing value. As the saying goes, the kitchen is the heart of the home. It is the most utilized and also increases the value of your home. Having efficient lighting, ENERGY STAR certified appliances, and quality cabinetry will not only improve your comfort when using the space but increase the property value.
Learn more: ENERGY STAR
5. Refresh your fixtures
Refreshing the fixtures in your home doesn't require a lot of work, but it makes a big impact when renovating a fixer-upper. Older fixtures age your home. Update your lighting fixtures, cabinet hardware, doorknobs, and faucets to give your home a more up-to-date look. When refreshing fixtures, add recessed lights, closet organization, and efficient windows to get the biggest payoff.
No matter the size of the renovation, renovating a fixer-upper can be stressful. For this reason, many homeowners opt to take on these jobs right away as opposed to dragging them out over time. They see it like ripping off a bandage – quick and painless. This is ideal for most people, and the Purchas Plus Improvements Program (PPI) makes this possible.
Learn more: 8 Important Tips for Buying a Home to Renovate
When you buy a fixer-upper, your money is going towards the down payment and closing costs, and you may not have the money to pay for renovations upfront. A PPI mortgage will qualify you for a down payment as low as 5% plus the cost of renovations. The renovation costs would be disbursed once the work has been completed, and repayment is included in your monthly mortgage payments. PPI makes renovations on your new home easy, efficient, and affordable.
Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.