While home renovation continues to be a popular past time, a recent BMO poll uncovers that home owners are making sure that whatever they are investing in their home is going to add value to the resale of their home down the road.

Here is a link to an article referring to the BMO poll … http://www.canadianmortgagesinc.ca/2011/07/homeowners-prefer-renovating-bathrooms-a.html

According to BMO, over 80% of home owners plan to do a renovation in the next two years and about half are either doing the kitchen or the bathroom, which tend to be the types of renovation investments that contribute the most to higher resale values.

This makes  a great deal of sense from an investor point of view and shows that Canadians are pretty savvy as to how they go about making investments in their homes.

For any type of renovation project that does get undertaken, there are a number of different construction financing or renovation loan options that may be relevant to your situation.

If you’re planning to do a home renovation in the near future, or are in the middle of one right now and require some renovation financing to complete the work, I suggest that you give me a call so we can go over your project together and discuss different home renovation loan financing options that will meet your requirements.

Click Here To Speak With Construction Mortgage Broker Joe Walsh For A Free Assessment Of Your Home Renovation Loan Options

The post Home Renovation Loan Returns first appeared on Ontario Construction Loans And Mortgage Financing.

When you’re contemplating smaller home renovation projects that can be financed out of cash flow or short term credit facilities such as lines of credit, personal term loans, or even credit cards, what you choose to renovate in your home or property is likely not going to have any bearing on any of these types of financing.

But for bigger projects where a construction mortgage or renovation loan needs to be acquired against the current and future value of the property, the actual things you choose to renovate can make a difference in the amount of funds you can acquire which can directly impact the scope of your renovation project.

With any type of construction loan, the lender will assess the current value of your home as well as the expected future value of your home once all the renovation work has been completed.

The increase in property value that results from a renovation project can directly impact the amount of money that can be borrowed for renovation purposes.

So while there is likely a personal ranking of renovation projects you are considering, you should also consider an economic ranking in order to potentially maximize the amount of home construction financing that can be at your disposal.

One way of getting a better idea as to what types of renovation projects can contribute the most incremental value to a home or property is to use a worksheet such as the one provided by the Appraisal Institute Of Canada for just such a purchase.

Here is a link to the tool … http://component.aicanada.ca/e/resourcecenter_renova_all.cfm

This tool or worksheet allows you to input cost estimates for different types of renovation projects and it in turn calculates the incremental value or ROI that your investment will potentially add to your project.

Just remember that this is a planning tool that provides information for reference that allows you to compare the relative value of one type of improvement or renovation over another.   I would certainly only suggest that you use it a guide as results will vary from property to property.

That being said, it does give you a pretty good idea of what types of projects will directly increase the value of your property the most which will in turn potentially increase the amount of renovation financing you can raise from your property.

If you’re planning out a renovation project or are in the middle of one and need a renovation loan to start or finish the job, I suggest that you give me a call so I can quickly assess your requirements and provide relevant construction and renovation financing options for your consideration.

Click Here To Speak With Construction Mortgage Broker Joe Walsh

The post Home Renovation Loans first appeared on Ontario Construction Loans And Mortgage Financing.