Tips to help you pay for your reno
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. -