Refinancing Your Mortgage for Renovations
Complete the renovation of your dreams.
Have you been thinking about upgrading your kitchen or bathroom? Do you have leaks in your roof or poor insulation? Are you wanting to repair your home or spruce it up?
If you’re struggling to find the funds to begin a home renovation project, then refinancing your mortgage may offer the perfect solution. Using the equity that you’ve built up in your home can offer you the option to fund the renovation that you’ve been dreaming of.
At Mortgage Centre KW, our team can guide you through the process of financing your home renovation using your mortgage. From refinancing to home equity lines of credit, we offer a number of different ways to access the funds that you need to get started.
Your best option will depend on the specific details of your situation, including the market value of your home, your current equity, your credit rating, and more.
Start the application process today to learn more.
Reasons To Refinance Your Mortgage for Renovations
Renovating is a great way to increase the value of your home. You may choose to renovate because you want to feel more comfortable in your space, or you may want to prepare your home for sale in the future.
There are a number of great reasons to use refinancing to fund your home renovation project:
- Refinancing your mortgage offers access to more capital than you would have through an unsecured loan or line of credit, allowing your project to take on a wider scope of work or achieve a more luxurious look.
- Refinancing your mortgage will allow you to repay the cost of renovations at a fixed interest rate. This way, you’ll have a clear picture of how much you have to pay over time, along with a repayment term of up to 30 years.
Best Types of Home Renovation Projects
If you are looking to improve your home with renovations, there are a couple of key areas that you should consider upgrading. The last thing you want is to complete a renovation that will fall short of increasing your home’s future value on the market.
Here are some of the most valuable ways to renovate your home:
- Painting — While painting may not seem like the most impactful renovation, a professional paint job can dramatically increase the appeal of your home.
- Doors & Hardware — Upgrading the hardware and locking systems of doors in your home are small projects that can have a big impact on your home’s value.
- Countertops — Quality kitchen countertops made from granite or natural stone are a desirable feature and a great alternative to a full kitchen renovation.
- Bathroom — A beautiful and luxurious bathroom space is a must-have feature for many homeowners and something that is guaranteed to generate ROI.
- Flooring — Flooring tends to experience a lot of wear and tear, which is why renovated flooring (especially hardwood) can be a great area to focus your improvements.
Before embarking on any renovation project, make sure that you understand whether your renovation will generate the desired ROI after it is completed. Talk to professional contractors and other real estate professionals to get a second opinion.
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