It’s the season of home renovations and according to a recent Scotiabank Mortgage Landscape Study, 4-in-10 Canadian homeowners are planning significant renovations to their home in the next two years.
Home Renovation Mortgage Study Quick Facts
- The majority of all homeowners planning to renovate (93%) say they know how they will finance their project.
- The top financing sources being cash savings (62%) and a line of credit (29%).
- Canadian homeowners say they would most like to renovate their kitchen (33%), followed by their bathroom (16%) and their basement (16%).
Scotiabank Mortgage Landscape Poll Results
Are you thinking about a home renovation?
While the majority of smaller projects like painting or new floors can more easily be paid for with savings. Larger projects such as a new kitchen or an addition can cost a lot of money. While most people from the Scotiabank Mortgage Landscape Poll plan to pay for their renovation with cash the remaining will need to borrow the money.
We can look at all your financing options, which may include getting an additional line of credit or reducing your monthly mortgage payments through refinancing so you have money on hand to finance the renovation. The goal is to keep your monthly payments low so you’re not cash strapped from your renovation.
[hr]Related: 9 Things to Consider Before Your Mortgage Renews [hr]
What to find out if refinancing for a home improvement makes sense for you?
Simply fill out the form below and one of our associates will be in touch.
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