More and more homeowners across Canada are renovating their homes. The most common reasons for renovations are to increase home value, to update older homes and to prepare to sell the home. The average amount that a homeowner spends on renovations is approximately $11,000, according to the Canadian Mortgage and Housing Corporation (CHMC).
Now, most homeowners don’t have $11,000 – or more – sitting in the bank specifically reserved for home renovations. The majority of homeowners that have owned their home for more than a year and a half do, however, have equity available that they can access by refinancing their home. If you are thinking about renovating your home and are interested in drawing equity from your residence in order to finance the renovations – or drawing equity for another reason – please contact us today to make an appointment and to discuss your options.