How Can You Finance Your Home Renovation?

Unusable basement space, dirty kitchen, overrun backyard. If you have checked the houses for sale in Courtenay BC, you might come across these things. But do not worry, a little brush ups here and there will make this house ready to be converted into your dream abode. 

Before you have this renovation project in mind, you should think of getting your renovation financed. Here are the most common options that you must look at: 

  • Cash, paying in cash is a great financing option. You can save your money until you have enough to pay against the expenses. This will also help in eliminating spending outside your budget and extend the timeline. 
  • Mortgage refinance. If you picked up yours from the houses in Sale in Courtney BC and have been making payments against it and if your interest rate is higher than that of the current rate in the market, you will be eligible for a mortgage refinance. This will reduce your payments freeing up some money for you. 
  • Cash out refinance. You can easily tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more money to cover the renovations. This option is suggested only when you are making improvements that will increase the value of your home, as it is going to add a lot of fees and interests.

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