Homeowners have many reasons for renovating their property. Whether to save energy, improve living space or increase resale value, renovations can bring a fresh look to an existing property regardless of its age or location. Before you begin, it’s important to learn about the financing options available to meet your home improvement needs. Whether you’re planning a major renovation or a minor touch up, financing is one of the most important steps of any home improvement project.
Before you start your home renovation project, ask the following questions:
Answering these questions can help you gain clarity about your motivations for renovating and whether this option makes sense for you.
Increasing the value of a home is the most common motivation for renovating. Below are common renovation projects that have been proven to boost the value of your property over the long term:
Canadian Mortgages Inc. (CMI) offers a range of financing options to help homeowners obtain the capital they need to finance their renovation project at an affordable rate. If you decide that your home renovation warrants borrowing money, consider the following options for getting your project up and running.
Whether you intend to fund your renovation through a secured line of credit, second mortgage or some other means, you should talk to a mortgage broker about your options. CMI works with over 250 lenders from across Canada, allowing you to tap into the best rates and financing options in the industry. CMI’s agents go beyond the top five banks to offer you the best financing options at a rate you can afford.
Before offering you a solution, a trusted CMI broker will assess the cost of your renovation, determine whether you need money upfront and figure out how much time you need to repay your loan. This includes an assessment of cost overruns and the impact of the renovation on your home’s total appraised value.
CMI will also show you how to set aside a portion of your renovation loan to cover items not included in your home improvement contract or initial cost estimate. This will ensure you have enough capital to fund upgrades, new furniture or energy-efficient windows and appliances.
With interest rates at rock bottom, renovation loans are in high demand. Whether you’re working with a contractor or doing the work yourself, CMI can help you navigate the home improvement process from start to finish.