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Five renovation projects you can finance with your home equity

Taking on a home renovation project is a good way to both raise the value of your property and enhance your living space. However, one challenge for homeowners is how to pay for bigger projects that could potentially cost thousands of dollars.

If you have enough equity in your home, an easy and effective solution to getting the funds you need for your renovation project is to apply for financing that is secured against the value of your property.

For example, Home Trust offers the Equityline Visa[1], a credit card secured by a mortgage against your property that offers competitive rates and convenient access. You can use your Equityline Visa, up to your credit limit, to pay for the costs of your home renovation project – including materials, fixtures, furnishings, appliances and labour.

Below, we look at some of the renovation projects you can finance when you unlock the equity you have in your home.

1. Update your kitchen.

As the area where meals are prepared and people gather, your kitchen is one of the most important hubs of your home. A recent Royal LePage survey of real estate professionals in Canada revealed that a kitchen renovation is “the most worthwhile home improvement project,” with the potential to increase your property’s value by up to 20%.

Consider updating how your kitchen looks and functions with improvements such as extra storage space, new appliances and maybe even a different layout.

2. Spruce up your bathroom.

Your bathroom is one area of your home that likely sees a lot of use, so consider looking at ways to make it a more relaxing space. Some upgrades to think about include a larger bathtub and new fixtures such as faucets and showerheads.

And if you choose to renovate your bathroom, Royal LePage’s survey revealed that you can increase your home’s value by an average of 16%.

3. Maximize your basement’s potential.

If you are only using your basement as a storage or laundry room, it may be worth thinking about how you can transform it into a living or work area that can enrich your lifestyle. Finished basements can also raise your home’s value by around 15%, according to Royal LePage.

4. Beautify your yard and garden.

Having a beautiful yard and garden not only improves the curb appeal of your home but can also reduce feelings of stress and anxiety. Good landscaping can also increase your home’s value by an average of 10%, according to Royal LePage.

In a previous post, we outline some gardening projects that can improve the curb appeal of your home.

5. Expand your deck or patio.

Having more outdoor entertaining space can give your more options when hosting guests. Additionally, Royal LePage’s survey revealed that a larger deck or patio can increase your home’s value by an average of 10%.

Whatever renovation project you choose, Home Trust’s Equityline Visa will give you a convenient financial tool to help you realize your home’s full potential. Learn more by visiting hometrust.ca/credit-cards/equityline-visa.

The information, materials and opinions contained in this Blog are provided for our information only. This Blog does not constitute legal, financial or other professional advice and you should not rely on it as an alternative to specific advice based on your particular circumstance. This Blog contains links to third party websites. These links are provided for information and convenience; Home Trust does not endorse the content of any third party website, and it makes no representation or warranty as to the information on such third party sites. By clicking on any link to a third party site, you leave Home Trust’s website and do so at your own risk. Home Trust disclaims all liability for any damage or loss that results from your access to or reliance on information contained in this Blog or any third party site.

[1] This credit card product is not available in Quebec.

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