Perhaps the most important thing to consider when it comes to applying for a home renovation loan is how much value it will actually add to your home and if it will make a good investment overall. These are some wise uses of a home renovation loan that will make your house more valuable if you plan to sell, and more enjoyable to live in if you plan to stay.
Add Living Space with a Home Renovation Loan
Developing the basement is one of the most lucrative investments to consider when you apply for a home renovation loan. A finished basement is an attractive allure to potential buyers and can give you the added space you’ve always wanted to work on hobbies, entertain, or have a loved one stay with you. You may even want to consider adding a developed loft to a garage to increase the living space of your home.
Use a Home Renovation Loan to Upgrade the Kitchen
Most mortgage professionals will tell you that the kitchen is the best place to start if you want to increase the value of your home. You can use the loan from a private mortgage lender to upgrade the appliances, replace the cupboards, or brighten the space with additional windows.
Opt for a Luxurious Bathroom Using a Home Renovation Loan
Upgraded bathrooms are also a great investment. A minor construction loan can help you apply a new coat of paint, change the colour scheme and add chrome multifunction faucets and ceramic sinks to your bathroom. A larger loan might allow for the addition of a soaker tub and shower, heated floors and a new vanity.
Invest in Flooring with a Home Renovation Loan
It’s amazing the difference that flooring can make; new floors can change the look of any room from the ground up. Replace your builder’s laminate with high-quality hardwood floors, add tile to the kitchen and bathrooms and upgrade the stained carpet upstairs.
When you apply for a home renovation loan with a private mortgage lender, they will generally want to know your specific plans. Now that you know what projects will make good investments, start shopping around and find out the average construction costs of the work you require.
Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email email@example.com.