Renovations and upgrades are an excellent way to add value to your home while also adapting your living environment to meet changing lifestyle needs. It makes good investment sense then to tap into the equity you’ve built up in your home to help finance an increase in the size and comfort of your living space, a room makeover in the latest trends, or a long-overdue upgrade of systems and fixtures with cost-saving efficiency replacements.
The frosty days of February are a perfect time to cozy up and browse through home and lifestyle magazines for the inspiring renovation and decorating ideas, big and small, that you would like to complete throughout the year.
Renovating definitely ups the enjoyment factor of living in your home. Plus, keeping your property in good condition and staying on top of interior and exterior updates and repairs increases its value and marketability whether you’re looking to sell, or maximize its equity.
Upgrades to kitchens, bathrooms or creating additional living space, such as family rooms or finished basements, are among the improvements most likely to recoup your investment and add top dollar to your home. Think new windows and flooring, fresh colour palettes, updated lighting and cabinetry, perhaps even a new deck!
To help make your home renovation dreams come true, consider a line of credit. Used responsibly, a line of credit lets you borrow against your home equity, often up to 80% of its value. An excellent financing tool, a line of credit gives you quick access to a source of capital to fund what you need, when you need it, at a cost-effective rate.
Whatever your preferred renovation, it’s important to do it right. Here’s a simplified checklist to keep in mind:
• Create your renovation wish list
• Determine your budget.
• Secure financing.
• Obtain two to three quotes.
• Research, conduct interviews, check references and select a reputable, qualified contractor.
• Plan for the possibility of relocating your family during renovations.
• Obtain any required building permits.
• Set a completion timeline with regular check-in intervals and walkthroughs. Ensure that your contractors do the same.
• Track your budget vs. actuals on an ongoing basis.
Visit www.mcap.com to learn about the benefits of MCAP’s Home Account® and Home Account® Plus line of credit options.