You have many options: cash-out refinance, home equity line of credit, and reverse mortgage.
If coming home from work leaves you wishing for a new front porch or backyard oasis, look no further. Turning a house into a home is about transforming a building made of bricks and cement into a place that calms your sole and brings you happiness and harmony. Accessing equity from your home for renovations is as easy as dreaming up your home get-away.
A $50,000 home renovation added to your mortgage increases your payment by approximately $200 per month. Yet the value added to your home can be astronomical. Knowing where to invest your money is the key to a successful renovation.
The Appraisal Institute of Canada estimates the following returns:
|Kitchen Renovation||75% – 100% return|
|Bathroom Renovation||75% – 100% return|
|Interior Painting||50% – 100% return|
|Flooring Upgrade||50% – 100% return|
|Installing Central Air||25% – 75% return|
|Landscaping||25% – 50% return|