Understanding Your Financing Options for Your Next Home Renovation Project
As you start planning your next home transformation project, one of the most important items on your to-do list is setting your budget—and then exploring your financing options. Because Georgian is committed to providing homeowners like you with expert support throughout every step of the design-build process, we have worked to establish trusted partnerships with countless experts in every corner of our industry, including financing moguls like 8Twelve Mortgage.
Led by CEO and broker Gary Fooks, 8Twelve Mortgage has been helping Georgian clients fund their dream homes for the last decade—so it’s safe to say that they know a thing or two, and they’re as committed as we are to helping you get the space you’ve always wanted.
Choosing the Renovation Route
Why fight the cutthroat Toronto housing market when you can instead create a custom space in the neighbourhood you’ve grown to love? Investing in your current home is always a great option, whether you plan on selling one day or staying there forever. Once you make the decision to renovate, it is vital to look into your financing options before any work begins.
Take it from Gary: You absolutely do not want to start financing your project with your own money only to approach your bank midway through the work. Why? Your unfinished kitchen remodel, for example, will make it impossible for the bank to provide you with financing simply because that space isn’t in working order. Bottom line: Start the financing process as early as possible to get exactly what you need.
Exploring Your Options
Navigating the maze of financing criteria can be tricky—it’s hard to know what your options are. (Pro Tip: If your house isn’t complete in any way, a bank won’t be able to extend you a loan.) One big reason why we love partnering with 8Twelve Mortgage is because they expertly handle every type of mortgage product, which means you’ll be in good hands as they help you decide which course of financing is the best fit for the entirety of your project.
Are Rising Interest Rates a Red Flag?
With interest rates on the rise, you may be wondering if refinancing your home for renovations makes sense right now. We recently asked Gary, and according to him, if you have the opportunity to take on a home transformation project, now is always the right time. Pushing your dream home off could mean higher future material and labor costs—saving a dollar today may mean paying 2-3 dollars more later on. Life is short, so why not renovate now?
Establishing a Budget with Georgian’s Feasibility Study
Here at Georgian, we begin every project with our signature exploratory Feasibility Study, which helps give our team an intimate understanding of your renovation goals, from financing to design and beyond. With detailed drawings, timelines, and costs, you’ll get an idea up front of what it’ll take to get the space of your dreams.
What’s more, our Fixed Price Guarantee means that the estimate we provide won’t change during the project. Coming up with a detailed plan up front will give you the peace of mind in knowing exactly where your money is being spent, no surprises. Finally, all workmanship is covered by Georgian’s exclusive five-year warranty, which is our way of ensuring that your investment is protected long after our crews have left the job site
Begin the Process Today
Ready to transform your house into the home of your dreams? Georgian and our trusted partners are here to help you navigate the process. Book a complimentary consultation today to begin exploring your financing options for your next project.