So you’re ready to update or completely renovate your Barrie home? Perhaps the kitchen is slightly dated, maybe you hate the tiles in the bathroom or the shingles on your roof need to be replaced. Whatever renovations you may need to do, chances are you are going to need some sort of financial help. Often, one of the most disappointing parts about trying to do minor or major renovations to your home, is usually limited by finances, or the inability to secure a loan.
Did you know a mortgage broker can provide flexible solutions for household renovations using your mortgage?
A typical home renovation will cost anywhere from a few hundred dollars to spruce things up with some paint or could be into the tens of thousands of dollars for a full kitchen remodel.* Most people don’t have several thousand dollars hidden under their mattress and usually need some financial assistance when doing renovations.
Top 5 ways to finance home renovations with your mortgage:
1. Explore your options – If you don’t have a lot of money tucked away for a major renovation, your best bet is to talk with a mortgage broker or other lender. The solutions and advice they can provide are incredible and you may be able to secure more money than you think.
2. Know your limitations – It’s important to understand how much of a financial commitment you can make when taking out a loan for home renovations. It is highly recommended that you are pre-approved for a loan before you talk to any contractor.
3. Know what you can and can’t do – There are certain restrictions involved when taking out a loan to renovate your home. You may not be allowed to do some cosmetic renovations and may be limited to structural improvements. A mortgage broker may give you some options and can even help you to roll the renovation costs into your current mortgage.
4. Look for Government Grants – If you do some research, you may find some amazing government grants that can help alleviate the cost. There are often government rebates available for ‘green’ renovations or for energy saving renovations. Ask your mortgage broker for more details.
5. Put off the renovations until you’re ready – An incredibly wise idea is to put off the renovations for a while longer. Do you think you can live with the old bathroom tiles or 1970’s kitchen cabinets for another 6 months or a year? If the answer is yes, start to save some of that money yourself. If the renovations MUST be done immediately, such as structural concerns, then a mortgage broker can provide some amazing financial solutions to help fit your home renovation needs.
Financing a loan in Barrie, for home renovations is not as difficult as you might think, especially when you have home equity you can access using your mortgage. A mortgage broker is there to help provide you with a solution that works best for you. If you would like more information, contact Darren Robinson today at (705)737-6161.