When considering a Home Renovation Loan the first order of your plan should be to find a Mortgage Consultant that specializes in this type of product. Failure to find the right individual can result in unmitigated disaster. The structure and advance in addition to the draw schedule and conditions are the key to the successful fruition and a stunning completed result.
The Appraisal Institute of Canada has provided the following as a guideline as a general rule of return on specific home renovation projects:
Bathroom renovation: 75% to 100%
Kitchen renovation: 75% to 100%
Installing a deck: 25% to 75%
Exterior siding: 50% to 75%
Flooring upgrade: 50% to 75% (hardwood and slate/granite only apply
Basement renovation: 50% to 75%
My specific advice when arranging your renovation loan: have a starting position, conditions arranged, and a satisfactory conclusion for all terms of the loan.
Rick Moran, AMP, OMB#M08001997
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