Tips foR
Financing
thE Reno
If you're considering a
major renovation to your
home, there are a few
things you might want
to know before you get
started. Gert Martens, a
mortgage broker with
Dominion Lending Centres
in Alberta, notes that
financing for a renovation
is similar to getting a
mortgage in that the
same process and steps
are involved. There are
several financing options
available, including a
refinancing of the current
mortgage, taking a second
mortgage, or using a line
of credit. Whichever you
choose, here are some
helpful tips:
1 Get pre-approved and
make sure there is equity
in your home if you
decide to refinance.
2 Know your budget
and know what your
renovation will cost you.
3 Research your contractor.
4 Choose improvements
that add the most value
to your home.
5 Anticipate some
unexpected costs. When
you start opening up
walls there are often
surprises. Make sure
there's cash available to
cover the unexpected.
5
DoMinion LEnDing CEntRES OUR HOUSE SUMMER 2017
>>
31
"
A lot of the time people over-customize for
a potential buyer, not realizing that a lot of
buyers who come in, myself included, would
rather have an untouched home that i can
come in and pUT My pERSOnAL STyLE On
IT, DO My OWn THInG AnD GET IT fOR
A LOWER pRICE AnD A fASTER CLOSInG
than buy a home that's pre-renovated.
"
