Vancouver BC Mortgage Brokers the Invis - the Siemens Group Explain Financing Options for Owners Looking to Renovate their Properties
 April 5 2016     Posted by Siemens Group

Homeowners that have lived within their property for several years may now feel it’s time for an upgrade. The housing market across Canada has risen in value significantly in recent years, and owners can improve their home’s valuation by tens of thousands of dollars by committing to a property renovation. Even those with limited resources for the upgrade have avenues through which to obtain financing. This latest article from the team at Invis – The Siemens Group Vancouver, BC mortgage brokers explains the financing options available to owners renovating their homes.

Access Equity Through Refinancing

When refinancing a mortgage, homeowners can access the equity they already hold within their property. This will give them quick access to significant resources that will allow them to renovate their property. It’s a leading option for those that have owned their property for over a decade and have a large amount of equity within their home, but may not be suitable for homeowners that have recently bought as they may only be able to access limited financing.

Construction Financing Programs

A construction financing program allows for the homeowner to arrange financing for their project based on the final completed value of the property after the construction has been completed. This is ideal for homeowners who are planning large-scale renovations as well as those planning to complete the construction of a new building on their property. One of the leading benefits of these types of programs is that homeowners often only have to make interest payments on the loan during the construction phase of the project. This means that property owners can conserve their costs, while the loan converts into a traditional mortgage agreement once the construction has been completed.

Purchase Plus Improvements

For those that have just bought their home or are in the process of buying a property, purchase plus improvements might be the best avenue to secure financing for potential renovations. Typically, the maximum amount for purchase plus improvements is $40,000 per renovation. This means that homeowners can undertake smaller renovations for bathrooms and kitchens while achieving financing to make their new home ideal for their family immediately.

Important Considerations for Homeowners to Make During Renovations

When selecting their ideal form of home construction financing, property owners must consider the unique elements involved in each financing strategy. For example, when undertaking purchase plus improvements the funds are only released by the lender after the work has been completed. This may also be the case with construction financing programs, in which funds will be released at specific stages during the renovation work. It’s important that homeowners work directly with their local Vancouver, BC mortgage brokers to determine the unique elements of each financing strategy and whether the strategy is suitable for the home upgrade plans.

To learn more on specific home upgrade financing options, speak with the experts at Vancouver, BC mortgage brokers, Invis -The Siemens Group today at (604) 351-7438or visit their business website at www.siemensgroup.ca.