# What is the 'As-Improved' Value vs. 'As-Is' Value?

> For major renovations, lenders use an 'As-Improved' appraisal.

Category: Financing
Last verified: 2026-02-18
Source: https://ratellow.com/faqs/financing/what-is-the-as-improved-value-vs-as-is-value

## Answer
For major renovations, lenders use an 'As-Improved' appraisal. The appraiser reviews the renovation plans and quotes to estimate what the home will be worth AFTER the work is done. Lenders will then lend up to 80% (refinance) or 95% (purchase) of that higher projected value, allowing you to access more capital than the current state of the home would allow.

## Related guide
- https://ratellow.com/guides/renovation-financing-guide

## Sources
- CMHC Eco Plus Program — https://assets.cmhc-schl.gc.ca/sf/project/cmhc/pdfs/factsheets/new/cmhc-quick-reference.pdf
- Financing Renovations Guide — https://www.canada.ca/en/financial-consumer-agency/services/industry/laws-regulations/guideline-existing-mortgage-loans-exceptional-circumstances.html#toc3