5 Ways You Can Finance Your Home Renovations

Date: June 25, 2020

Author: Corinne Beaulieu
Title: Financial Consultant
Location: 34th & Victoria

Westoba has your home renovations covered! 

Renovations are a great way to make your house feel like home and increase your property value. Whether you’re thinking of a major or small home renovation, hiring trades, or doing it yourself – Westoba has financing options to meet your home improvement needs.

The option that’s right for you will depend on the type of project you have in mind. Here are five ways Westoba can help you tackle your reno:

  1. Credit Card

A credit card is great for smaller projects or supplies like a new bathroom vanity, paint, patio furniture, or other purchases that you can pay off quickly. Use a credit card with a rewards option to pay for renovation expenses – that way, you earn points and are rewarding yourself for your renovation. Next,  pay the balance off before the due date with lower interest rate financing options available at Westoba and your renovations could pay for your next getaway!

  1. Line of Credit

For larger projects, like decks, flooring, or a new hot tub, a line of credit is a great option. They offer flexible payments and often lower interest rates compared to using a credit card.

  1. Loan

Loans are another option for financing larger projects. They offer competitive rates with fixed payments suited to your budget. Seeing your possible monthly payments can help you decide how much you might want to borrow.

  1. Purchase Plus Improvements

Purchase Plus Improvements (PPI) is ideal for individuals looking to purchase a home that requires renovations – especially if their savings are earmarked for their down payment and closing costs. PPI allows you to incorporate the expenses of your reno, whether it be a new kitchen, bedroom, etc. into one easy payment.

  1. Equity

Utilizing the available equity in your existing home is another way to finance your dream renovation. This can be done by refinancing or setting up a home equity line of credit.

 

The best place to start this conversation is speaking to a Financial Consultant who can provide personalized advice on your financial situation. Call 1-877-WESTOBA or make an appointment now!