Financing Options to Create Value
By David Goncalves
$45 Billion – That’s what Canadians and people belonging to different nations are spending on 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. Be it painting, roofing, Crawl Space Remediation, landscaping, or fixing things that have been repaired for a long time, homeowners are constantly on the lookout for better options for their homes. 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.
It is important to do the necessary research first about what renovations you want to undertake so that you are prepared, for instance, if you are planning on completely re-doing the roof for better insulation and protection, then you may want to look online for local roofers that have expertise in this area. Inputting phrases with what you are looking for and the location, e.g. ‘Troy, MI residential & commercial roofing services’ will help you narrow down your searches and find exactly what you need. Likewise, if you are planning to repaint your house, then researching different types of colouring options and companies offering painting services could prove to be beneficial for you. Who knows, your extensive research might lead you to discover the website of My House Painter–a firm can help you find local paint companies.
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 yourself and understand your options, before you start the project. Seek out the expertise of a mortgage advisor. You may also want to speak to an available contractor in your area too so you can get a better understanding of how much a renovation will cost and which sections will need the most work. Looking into companies such as FSBD Interiors or ones in a closer location will help you plan out what you need and get started.
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.
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