5 Reasons to Renovate (and How Your Mortgage Advisor Can Help)

If you’ve been noticing some areas around your home that could use a face-lift, then maybe it’s time for you to consider some home renovations. Whether it’s your bathroom, kitchen, master bedroom or entire home - if you have been weighing the pros and cons, here are five reasons that will help highlight why you should renovate. Bonus tip: your mortgage advisor can help you evaluate your financial options and free up funds to finance a home renovation project. Mortgage refinancing can give you access to equity to renovate your home. A home equity line of credit (HELOC) gives you access to funds secured against your home. This money can be accessed at any time as needed for any use, including to financing a renovation project or on-going home improvement expenses. Talk to your mortgage advisor to learn more.

Increase Property Value

Renovating certain areas of your home can create a great boost in the property value of your home. If you ever consider the option of selling in the future, adding some upgrades to areas such as your kitchen can get you a great return on your investment by benefiting you now and in the future.

Functionality

If the flow and functionality of your home is lacking, then this could be a sign to renovate. If you have boxed-in walls that create unnecessary barriers, undertaking a few renovations to remove them can open up space and improve the functionality throughout your house. Open concept designs, for example, are fresh and inviting. So if you have some areas of your home that are lacking, it could be time to change them.

Dated Exterior

The exterior of your home says a lot about the interior of it. Whether it’s neighbours, family or potential buyers - like it or not, your home is being judged by the exterior. If your house has mismatched brick, peeling paint and looks generally unappealing or dated, adding some fresh, modern upgrades, such as veneer stone or even a new front porch could be just what you need.

The Kids Are Growing Up

If you have a growing family and your children are no longer willing to share a bedroom or sleep in a room fit for a 10-year-old, instead of looking to move, why not simply consider the option of making a few renovations to extend or enhance your space? What about the attic or basement? Both of these areas in a home often get completely overlooked. But they can have great potential for creating more space and adding another bedroom. Consider all your options.

Save Money

We all know what the housing market is like these days – unpredictable. And purchasing a new home can leave a big dent in your pocket. Rather than move, simply invest some of that money into improving and enhancing your home so that it works for you and your family. If you feel a home renovation could be the best option for you, a Home Equity Line of Credit or mortgage refinancing can give you access to the funds to finance it. The Mortgage Advisors are proud to provide expert advice to homeowners and prospective home buyers. If you want more advice on what mortgage solutions are best for you, feel free to contact us!