I recently heard a stat that 42% of Canadians have done some renovations to their homes since taking possession. The average cost of these renovations was $15,000.00, totaling over $23,000,000,000.00! (Yep, I meant to use the 0 key that many times!). Interestingly, 75% of Canadians paid for this work with savings, but, an additional 20% financed these costs, using credit cards and lines of credit. In most cases, the interest rates to do this were between 6% – 30%.
Did you know that Redline Mortgages has a product available where you can refinance your home (at the most competitive rates) and complete work like building a garage, replacing your roof, kitchen renovations, upgrading your flooring or building a basement suite?
If one of the things on your 2014 wish list is to renovate, give us a call, we’d be happy to give you some information on this product.
