Using Your Home Equity to Pay for Home Renovations

by Elizabeth Blair.
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With summer almost here, you may be thinking about the projects that need to be completed around your home; landscaping the garden, rebuilding a patio or fence, changing older windows and doors, a new roof, or even remodeling a basement, kitchen or bathroom. Tune in to some of the recent popular TV programs like “Extreme Makeover Home Edition” and you will surely catch the bug.

If you live in a freehold house, you should be spending an average of 1% of your home value annually on maintenance just to keep it in good repair and to prevent it from declining in value, according to “Home Buying for Dummies” by Eric Tyson and Ray Brown. Professional home improvements and renovations, according to the Appraisal Institute of Canada’s 2004 Home Renovation Survey, can provide homeowners with the following return on their investments:

Top Four Renovations that will give you the Highest Payback Potential

Bathroom renovations (75-100%)
Kitchen renovations (75-100%)
Interior painting (50-100%)
Exterior painting (50-100%)

Other Renovations Payback Potential

Roof shingle replacement (50-80%)
Furnace/heating system (50-80%)
Basement renovation (50-75%)
Recreation room addition (50-75%)
Installing a fireplace (50-75%)
Flooring (50-75%)
Constructing a garage (50-75%)
Window/door replacement (50-75%)
Building a deck (50-75%)
Central air conditioning (25-75%)

Six Renovations that will give you the Lowest Payback Potential

Landscaping (25-50%)
Interlocking paving (25-50%)
Building a fence (25-50%)
Asphalt paving (20-50%)
Adding a swimming pool (10-40%)
Installing a skylight (0-25%)

How do you find the cash to pay for these various projects? If you are already a homeowner, you will likely have equity in your home. Equity is the present fair market value of the prop erty less your outstanding mortgage amount. Using that equi! ty to fi nance home renovations is a real option. You may borrow up to 95% of the value of your home, based on certain criteria. Contact Elizabeth to find out how you can access your home equity to pay for projects you may have this year.

This article was written by Elizabeth Blair, a Mortgage Consultant with Mortgage Edge. You can contact Elizabeth directly at (905) 510-5785, or by email at eblair@mortgageedge.ca or visit her website at: www.missmortgage.ca
Elizabeth is a member of the Member of IMBA (Independent Mortgage Brokers Association of Ontario) www.imba.ca

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