Before spending money on a home renovation, you may want to consider the return on investment. Home improvements are not always a good idea, but there are times when renovating makes the most sense and applying for a home improvement loan may be necessary.
When Should I Get a Home Renovation Loan?
If you are planning to renovate your home to continue living in, you may want to save up or perform the renovations little by little, over time. Improvements that are merely for comfort or style purposes do not result in a financial return on investment. However, if you plan to sell your house in the near future, or you need to expand your living space to accommodate your growing family, a home renovation loan could be your best option. Keep in mind that not just any home improvement will help to increase the value of your home when it comes time to sell; these four home renovations have a high return on investment.
1. The Kitchen
For many people, the kitchen is the centre of the house and one of the first things they look at when buying a new home. When you renovate your kitchen, your chances of selling for a higher price significantly increase.
2. The Bathroom
It may sound crazy, but outdated bathrooms can discourage buyers from making an offer. If you use a home renovation loan to spruce up a bathroom, you’ll likely see a significant ROI.
3. The Floors
Home renovation and construction loans are most effective when used to make a big impact. Flooring is one of the first things people notice when viewing a home. If your house still has shag carpet from the 70s, it’s time to make a change. You may be surprised at the difference a brand new hardwood floor can make to the overall value and appearance of your house.
4. The Appliances
While you may choose to do a complete kitchen renovation, using the money from a home renovation loan to only upgrade your appliances is also a smart decision. Why stop in the kitchen? Consider replacing your furnace or installing a new HVAC system as well.
Talk to the experts at a mortgage investment corporation about applying for a home renovation loan; they can provide you with advice and knowledge to help you make the right decision for your family.
Whether you’re looking to borrow or invest, Alta West Capital can help. We offer several 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.