That’s what Canadians are spending in renovations this year which is double from just a decade ago. According to an Ipso-Reid survey, two-thirds of homeowners intend to undertake renovations this year. With prices continuing to rise in most markets combined with the costs associated with moving, many are choosing to stay put and create their dream home by renovating. Home renovations are also a great way to increase the value of your existing real estate.
You can use your own resources and do most of the work yourself if you want to keep the cost down or a personal loan which can be done relatively quickly could be the solution or even access a line of credit.
Refinancing your existing mortgage has made sense for many as interest rates are still at historical lows. This is a great way to take advantage of the equity that’s been realized by rising home values and decreasing mortgage balances. Another option that can be a quick and short term solution is using a credit card.
We have recently launched a credit card that is perfect for home renovation. This card will reward you with 5% cash back on home improvements for the first 3 months.* Click here for full details.
There are as many financing options in renovating as in buying so if you know someone who wants to understand their options, send me a message.
Eligibility for rewards and/or account credit is subject to the terms and conditions of the Collabria Cash Rewards program. Terms and conditions are available online at collabriacreditcards.ca/
cashbackterms04. Cash back earned as a percentage is for illustration purposes only. The Collabria Cash Rewards program is points based, and points may be redeemed for $.01 per point as an account credit. The promotional offer of 5% cash back, or 5 bonus reward points per $1 spent, on home improvement purchases applies to all qualified purchases made in the first 100 days after account opening. Once 5,000 bonus reward points are earned through this promotional offer, your reward earn rate will revert to the standard program.
The Collabria MasterCard is issued by Collabria Financial Services Inc. pursuant to a license from MasterCard International Incorporated. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.