If we were to buy a house from a family member which lets say is valued at $600,000 and they would like to sell it to us for $300,000. In the purchase we would be putting an extension for them to live in. Our question, should we get a mortgage for Purchase Plus improvements, and if so, how much is it likely you could get for such a change? Or would it make more sense to simply pay the family member more and have then fund the change? (Ignoring any issues that could arise from that arrangement and simply looking from a dollars perspective please)
Read more: Question about buying house with purchase plus improvements Mortgage. - Quebec?
