That’s what Canadians are spending in renovations this year, which is double from just a decade ago. According to an Ipso-Reid survey, two-thirds of homeowners intend to undertake renovations this year. With prices continuing to rise in most markets combined with the costs associated with moving, many are choosing to stay put and create their dream home by renovating. Home renovations are also a great way to increase the value of your existing real estate.
You can use your own resources and do most of the work yourself if you want to keep the cost down. Or a personal loan which can be done relatively quickly could be the solution or even access a line of credit.
Refinancing your existing mortgage has made sense for many as interest rates are still at historical lows. This is a great way to take advantage of the equity that’s been realized by rising home values and decreasing mortgage balances. Another option that can be a quick and short-term solution is using a credit card.
Mortgage Alliance has recently launched a credit card that is perfect for home renovation. This card will reward you with 5% cash back on home improvements for the first 3 months, ongoing it gives you 2% back on groceries & 1% on every other purchase.
There are as many financing options in renovating as in buying so if you know someone who wants to understand their options, send me a message.