Who doesn’t love getting gifts? I know I do. The holidays are here! But due to the COVID-19 pandemic, maybe your Christmas shopping list is looking a little shorter this year. It’s bittersweet, but with the money you’re saving, why not treat yourself to a nice little (or big) gift? It’s time to stop putting off that home renovation and start your 2021 New Year’s resolutions early! Whether you’ve had a project planned for a while or you have got a half-completed reno you started 6 months ago that you’ve ‘been meaning to get to’, now is the time to get it done!
Where do you start?
Before we start knocking down walls and picking paint colours, we first need to evaluate your finances. What type of project are you planning? How expensive will that be? What is your budget? These are all important to know before you jump into anything crazy. Once you’ve established that, then you’re ready to move along with your project. Just try to keep in mind that renovations aren’t always as easy as they look on HGTV. Be sure you know what you’re doing or call the right team to help you complete your home renovation safely.
What can a home reno do for you?
If you’re renovating your forever home, it’s a great way to personalize your house to your needs and add your own unique touch. Renovations are also a great way to bring new life into a house and increase its value for resale. If you’re looking to renovate to increase the value of your house because you’re thinking of listing it in today’s hot real estate market, it’s best to work with a real estate agent with plenty of experience who can guide you while deciding what areas of your house would benefit the most from upgrades.
What options do you have when it comes to financing?
Before you storm the hardware store armed with your credit card in hand, know that there are more options when it comes to financing your home renovation. Depending on how much equity you have in your home already, from years of paying your mortgage diligently, you could qualify for a home equity takeout. With this approach, you basically loan yourself the money from your mortgage and pay yourself back with a regular repayment loan. The biggest benefit of financing large projects like this is that you will pay a much lower interest rate than you would using a credit card or even a line of credit with how low today’s interest rates are at the moment. For more ideas on how you could pay for your next big home renovation check out this blog too.
Let’s get started!
If you are ready to start cracking down on your 2021 resolutions to make big changes in the new year call me, Darren Robinson to help you secure the financing you need! With my experience as a professional mortgage broker and financial advisor, I can help you find the right financial solution to fund your home reno project. I can also help you decide if now is the best time for you to complete a project given your current financial outlook! Reach out today by giving me a call at (705) 315-0516 to set up a virtual meeting, and let’s talk about how we can make your dream home renovation come true.