As you prepare for your renovation, it’s important to review your financing options based on the size of the project, your intended repayment plan and whether you plan to use a contractor or do it yourself.

finance your home renovationSome financing options to consider:

Home Equity Line of Credit (HELOC)

A HELOC can provide ongoing access to funds using the equity in your home, which typically results in lower interest rates than unsecured credit. This type of credit may also provide you potential tax benefits. Consult your tax advisor regarding the deductibility of interest.

Mortgages with Built-In Renovation Financing

These loans help homeowners complete renovations with a loan amount that is based on an appraiser’s estimate of what the property value will be with completed improvements. This is also an option for aspiring homeowners who purchase properties that need repair. Whether a home purchase or a refinance, this option finances the renovations and mortgage in one loan.

Cash-Out Refinance Mortgages

A cash-out refinance replaces your current mortgage with a new and larger mortgage that pays off your current balance and allows you to use the equity in your home to provide additional funds for other purposes.

Credit Card

Credit cards can be used for large or small purchases and may earn rewards, which can add up to significant benefits when you’re making big home improvement purchases. However, credit cards often have higher interest rates than other loan or credit options, which should be taken into consideration.

Personal Loans and Lines of Credit

These personal credit options typically offer quick credit decisions and access to funds in a day. Lines of credit provide ongoing access to funds.

Savings

If you have a do-it-yourself project or a small renovation, accessing your savings might be an option. By paying cash, there is faster access to funds and nothing to repay.

Your bank may not be the best source for what color to paint your room or which walls to move, but it can help you identify your financial options. Each option has its associated benefits and considerations, and your bank can provide valuable information to help you make informed decisions about which options are right for you.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

Did you know?

Two-thirds of smartphone and tablet users say mobile has meaningfully changed the way they shop, with more than one third of them visiting fewer brick-and-mortar stores.

Testimonial

forrealestatebookad2small

“I’ve been with The Real Estate Book for over 6 years. I feel it is one of the best marketing tools I provide for my clients. The magazine is great, internet exposure extensive & Jon is great to work with. My sellers love the exposure & I love the business it generates!”

Carolan Sorbara
Sales Representative
Trillium West Real Estate, Brokerage

More than MLS

MLS real estate listings only get you so far. With The Real Estate Book of Guelph and Wellington County, realtors can reach more prospective buyers. And with print publications distributed widely, agents will have the privilege of more recognition as a licensed real estate agent.

Login

Connecting real estate agents with consumers in the following cities:

  • Guelph
  • Fergus
  • Elora
  • Mount Forest
  • Orangeville
  • Eramosa
  • Erin
  • Maryborough
  • Minto
  • Nichol
  • Puslinch
  • Pilkington
  • Palmerston
  • Rothsay
  • Moorefield
  • Morriston
  • Aberfoyle
  • Drayton
  • Drew
  • Petherton
  • Arthur
  • Salem
  • Inverhaugh
  • Ponsonby
  • Ennotville
  • Ariss
  • Corwhin
  • Eden Mills
  • Rockwood
  • Brucedale
  • Oustic
  • Ennotville
  • Speedside
  • Brucedale

More Listings. More Sales. More Happy.

Get Started!

Call Today!

Jon Beauchesne

Telephone: 519-841-3145

Fax: 519-885-2263

Contact us by Email

Stand Out!

More Listings. More Sales. More Happy.
with Multi-Channel Marketing Packages

Print, Online, Social, and Mobile

Download our Mobile Apps

AppStore

GooglePlay