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The-Mortgage-Gal

Don't sell, reno

Anyone who has lived in the same house for a long time inevitably gets the reno itch.

While gutting a home is expensive, home renovations are still an affordable way to upgrade without moving.

It's natural that after a certain point, homeowners start to notice the flaws in their homes.

It could be that the layout is no longer practical, the bathrooms are outdated or the exterior needs some curb appeal.

Each of these areas can increase the property value of a house while making it more suitable to the homeowner's needs.

Before picking up the hammer and hardwood, experts recommend that homebuyers plan for the cost of a home renovation:

Consider upgrades that save money:

  • Green options, like installing insulated-glass windows may cost more initially, but they can make sense financially in the long-run when future energy bill savings are considered.

Research and budget for the unexpected:

  • The reality is that a home renovation often costs more than planned. Before starting any work, consult with more than one contractor to help accurately assess costs of materials and labour. It's also a good idea to build a buffer into the budget for any unexpected expenses.

Explore financing options:

  • A home equity line of credit (HELOC) allows homeowners to use the equity they've already built in their homes to finance upgrades at a competitive interest rate. Consider using a HELOC to pay different tradespeople as the work progresses to avoid paying interest on credit that hasn't been used.
  • With ongoing access to credit, it can be tempting to go overboard, so remember to stick to the budget.

For further advice on financing a renovation, contact me at 250-862-1806 or [email protected] and I will be happy to assist you.



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About the Author

Laurie Baird and Tracy Head are mortgage brokers with Verico Complete Mortgage Services. Together they have over 45 years of experience in the mortgage industry.

As mortgage brokers, Laurie and Tracy spend time getting to know the people they work with and help them understand the mortgage process. They support their clients before, during, and after a home purchase.

Laurie and Tracy are able to offer their clients advice and options. With access to over 40 different lenders, Laurie and Tracy are able to match the needs of their clients with the right mortgage package. They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit:
http://www.okanaganmortgages.com

Visit Laurie's blog at: https://www.okanaganmortgages.com/blog



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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