Royal LePage Realty Plus Oakville

Financing Your Home Renovation

Home renovations can be a great way to improve the value of your home for sale or to enhance your living space for you yourself to enjoy. Whatever your reason, you ‘ll need to determine your budget before getting started. Once you have an idea of what the job will cost, you have to decide what source of financing to use if you don’t have savings set aside. Here are a few ways to borrow for your renovation and what type of renvoation they are best suited to cover…

Credit card payments are great for financing a small project and some cards have associated reward benefits. You need to bear in mind that credit cards have much higher interest costs, so they are best used when you can pay the principal amount within the billing period.

Personal loans allow you to borrow a larger sum and make repayments on a set schedule.

Personal credit lines allow greater flexibility, giving you to option of drawing money as you need it and the ability to repay the principal as quickly as you can.

HELOC or home equity line of credit allows you to borrow money by using the equity that you have in your current home as collateral. Rates are generally lower and repayment terms are flexible.

A number of programs are available in the form of government grants that also might encourage you to invest in your home.

Write or call me for further information on the return on investment of certain renovations and where you can get financing that will meet your needs.

This entry was posted in Home Renovation.

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