With the increase in home prices over the years, more Canadians are taking advantage of the equity they’ve built in their homes and using it to renovate. This can make a lot of sense for families who still enjoy the neighborhood and community they live in but their homes are either showing signs of aging or they simply want to add that dream kitchen they’ve always wanted.
A recent survey done by CIBC states that 45% of Canadians plan to renovate this year as many are choosing to stay put and renovate instead of selling their current home and moving up to another. Home improvements can also help increase the house value and selling price in the event a homeowner decides to sell down the road.
There are several ways to fund renovations including using your own savings, accessing existing lines of credit you may have, or even using your credit cards. However, one of the most cost-effective ways in most cases would be to refinance your existing mortgage or pull some equity out of your home. You might even be able to borrow funds without significantly increasing your mortgage payments and affecting your current cash flow.
There are also programs that allow you to purchase a home and include additional financing to pay for needed renovations to make it your dream home.
Whether you’re planning to renovate this summer or looking to buy a home that needs improvements, send me a quick email or give me a call and let me show you what is possible.