Tips to help you pay for your reno

The Telegram (St. John’s) - Home Buyers' Guide - - METRO REGION -

Whether you're an en­thu­si­as­tic new home­owner or an empty nester who fi­nally has some spare time to re­vamp the kitchen or bath­room, the idea of a home ren­o­va­tion can be both ex­cit­ing and daunt­ing at the same time.

“Un­der­stand­ing which bor­row­ing op­tion is best for you can help re­lieve some of the stress that comes with a home reno,” said Pa­tri­cia Ever­ing­ham, a bank di­rec­tor, per­sonal lend­ing. “A good place to start is by speak­ing with a lend­ing spe­cial­ist who can give you a tai­lored so­lu­tion and help save you money.”

When thinking about how to pay for a ren­o­va­tion ideally, pay­ing in cash is the way to go, but if you don't have the full amount of cash avail­able or your bud­get is be­ing stretched, there are other op­tions. RBC of­fers a few prac­ti­cal tips to help make your home im­prove­ment pro­ject a real­ity:

For medium term projects (over $5,000 and with a1-2 year time hori­zon), it might be best to take out a large sum up­front and con­sider a per­sonal loan or line of credit. -

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.