Are you considering including renovations in your next home purchase? Each insurer ( CMHC , Genworth and CG ) has their own guidelines however here are the basics on how it works: · You can generally add up to 10% of the value of your purchase price into the mortgage (potentially to 20%, depending on the lender and insurer) · It is important to note that your mortgage will be based on the total improved value which means that your down payment and closing costs will be increased o For example, if you are purchasing a home for $200,000 and you plan to include $20,000 in renovations, your new purchase price becomes $220,000 and you are required to put $11,000 down instead of $10,000 · You will have to provide quotes to for the work that is going to be completed prior to the mortgage being approved o Items ...