If you decide to renovate with a Canadian home
renovation loan, the first step in financing the
project is determining how much it will cost. You
should include a contingency to allow for unexpected
Most people use savings to pay for renovations
however, others may need to investigate their financing
options. If financing is needed for your home renovation,
you should explore the differences between a renovation
loan and a line of credit. Knowing the difference
between the two will help you choose the option that
best meets your needs.
There are basically 3 reasons for renovating your home.
Firstly, you may wish to update and/or improve your house
for your own enjoyment. If you live in a 40 year old
home, redoing the kitchen or bathroom, and replacing the
carpets with hardwood floor may be just what you need to
put a smile on your face. This also applies if you
have just bought a house, and wish to update it or alter a
few rooms to your liking.
you may need to do renos because your place is falling in
around you. For example, you may need some quick
cash to replace a leaking roof, or a furnace that doesn't
work. Water damage that isn't covered by house
insurance can also be a sudden need to money.
lastly, you may wish to make changes to your house because
you are going to sell. The question is what
renovations will result in the greatest payback (and make
your house sell quicker). The answer is easy.
The 2 rooms that have the greatest return on your
investment is the bathroom and the kitchen. But in
general, the cheapest and most effective improvement is
paint. Giving a room a facelift with a $30 gallon of
paint is the quickest way of making your home look great.
go overboard with your renos. You won't always
realize the full value of your efforts.