how to finance your home renovation
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Domilyagroup, 2020 Winston Park Dr, Oakville, Ontario , L6H 6X7, Telephone: +1 647-300-1242, Email: [email protected], Website: http://www.domilyagroup.ca
How to Finance Your Home Renovation
Planning a home renovation comes with lots of factors to figure out, and how you’re going to pay for it is a big one.
Thankfully, there are many home renovation financing options out there, so here’s a breakdown (information courtesy of CMHC, the Canada Mortgage and Housing Corporation).
Your own resources: If you feel financially stable to do this, you may be able to pay for your project out of your own pocket.
Credit card: CMHC says credit cards can be used to pay for materials for smaller renovations, but reminds people to be careful not to carry the balance for too long.
Personal loan: According to CMHC’s website, “with a personal loan, you pay regular payments of principal and interest for a set period, typically one to five years.”
Financing improvements upon-purchase: CMHC says that it can be advantageous to finance your home renovations at the time of purchase by adding their estimated costs to your mortgage. Read more….
Before you start your project, the CMHC suggests talking with a financial advisor to make sure you understand the home renovation financing options available to you so you can make a fully informed decision. For a free, no-obligation consultation, call us now at 647-300-1242 or visit www. domilyagroup.ca