Renovating homes is becoming ever-more popular these days. Part of the reason, as the following article eludes to, is the extremely popular reality TV shows that flood the airways today. Another big reason is the fact that it’s almost impossible to find a newly designed home on any decent sized lot in today’s market. If you want a home with a good sized yard for your pets and kids to play in, you are likely looking at older homes that may need some updating.
As you probably know, upgrading and renovating your home can positively increase the value of your home. However, certain upgrades will provide a better return on your investment, while others may have less of an affect on the value than you may think. This article offers some great advice on which projects will give you a better recovery rate than others, and which renos may prove to be more attractive to potential buyers.
Accessing the equity in your home with a refinance is a very common way that many Canadians are paying for these improvements and upgrades. With interest rates continuing to remain low, now is the cheapest time in history for you to finance your renos.
For you purchasers out there, the “Purchase Plus Improvements” program allows you to borrow extra money for your purchase of a home that you plan to improve. Be sure to have a mortgage professional on your team who knows the ‘ins and outs’ of such programs.
View the story here. Enjoy.