$45 Billion - That’s what Canadians are spending in renovations this year, which is double from just a decade ago.
According to an Ipso-Reid survey, two-thirds of homeowners intend to undertake renovations this year. With prices continuing to rise in most markets, renovations are a great way to increase the cash flow and value of your existing real estate investment.
You can use your own resources and do most of the work yourself if you want to keep the cost down, taking out a personal loan, which can be done relatively quickly, could be the solution or even accessing a line of credit.
Refinancing an existing mortgage portfolio has made sense for many as interest rates are still at historical lows. This is a great way to take advantage of the equity that’s been realized by rising home values and decreasing mortgage balances.
There are as many financing options in renovating as in buying so if you want to create value by investing in a renovation. Explore you and understand your options, before you stat the project. Seek out the expertise of a mortgage advisor.
David Goncalves has been in the industry for 12 years. During this time he has funded approximately $1.2 Billion in mortgages. He was Rookie of the year at RBC, and later received Gold and Platinum Club awards. He has consistently been recognized as a top Mortgage Professional and convention winner year after year. Last two years he has received the Presidents Club award from Mortgage Alliance. Most recently, He has founded Vine Group and leads a team of experience mortgage professionals. David has been a mentor to many Mortgage Sales professionals during his career. He always refers to the industry not as a sales industry, but rather a 'people business'. His goal is always to find customized solutions for his client's needs.