With home prices continuing to rise in most real estate markets—combined with the costs associated with moving—many Canadian are choosing to stay put and create their dream home by renovating. Home renovations are also a great way to increase the value of 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 or line of credit, which can be done relatively quickly, could be the solution.
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.
We 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.
There are as many financing options in renovating, so if you know someone who wants to understand their options, contact us today.