Finance Your Home Renovations
Many homeowners are waiting to pay off their mortgages before pursuing home renovations. Home renovations not only make your living area more comfortable, but can also make your home more valuable, so it should be considered at the very beginning when purchasing a home.
One smart tactic that several homeowners in Vancouver are using is renovation financing, or financing your renovations with your mortgage plan. This allows you to pay off both your mortgage and the cost of renovations on a monthly basis. It is highly recommended to get an appraisal of your home before and after renovations from a mortgage professional.
Home renovations are only going to make you money if the renovation elevates the buyer’s heart rate and interest. Eliciting a ‘Wow, that is an awesome living room’ reaction from buyers will get you one step closer to making them purchase your home at a higher value. Choosing the right design style is also important. Styles can come and go, but there are a few that have stood the test of time. Ask your contractor to learn more about what design styles are trending and what design styles work for most people.
Before you decide if home renovation is right for you, ask yourself these questions:
- Did I get an appraisal from a licensed professional?
- Will the home renovation increase the value of my home?
- Will the home renovations improve life at home for me and my family?
If you answer yes to all three questions, then applying for renovation financing is a smart move.
The Mortgage Professionals understands that purchasing and renovating a new home can be complex and costly. We’ll streamline the process for you, from counselling to obtaining credit card references, to making sure we leverage your best assets to get you approved.
We look forward to helping you finance your renovations.