If you’ve been checking out real estate in Victoria, BC then you’ve probably come across a few gems that have the perfect amount of space, but with some outdated areas. Or you simply might’ve come across your dream kitchen, with a lack of living space.
This often forces home buyers to choose between spacious and modern spaces. Unfortunately, finding a place that can meet both requirements usually comes with a high price tag. So how do you get around that?
By now, home renovations has become a controversial topic. Especially when you’re looking for homes for sale in Victoria BC. It seems no matter whom you talk to they either hate or love home renovations. There is no in-between. However, if you ask me, I see renovations as a window of opportunity and here’s why.
Renovation costs might be tricky in popular areas such as Victoria. Due to the popularity of the area, project homes continue to hold value due to location and often their size. However, there’s more to British Columbia. If you look at Cobble Hill real estate or even Salt Spring Island real estate, you might be able to come across more affordable prices, larger pieces of land, and if you get lucky, a waterfront view.
As per your project, there are various reasons why you might want to renovate a space in your home, with each reason, there comes a unique opportunity or solution. Let’s take a look at some reasons why renovating your home might be a good idea:
An opportunity to improve or customize your home
Whether your goal is to personalize your home or to improve the functionality of it for a family member, home renovations are the way to get exactly what you have in mind done. There is no need to settle or change your ideas, these are your renovations which means you’re the designer. Unless you end up hiring one, of course.
A proactive way to lower your energy costs
With winter approaching, there are many upgrades you can do at home that will lower your energy costs. These renovations include insulation, new windows, eliminating drafts and leaks before the cold weather. Just by making these changes, you will be able to see a difference in your bill each month.
Increase your property value
This approach is usually taken when homeowners are looking to sell their home. A renovated space is often seen as more welcoming and appealing to potential buyers. This is also a strong motive for those interested in the property to meet your asking price.
If selling soon is your goal, something to notice is renovating the kitchen, making exterior improvements, finishing basements and energy efficiency investments all increase property value.
Unsure of how to afford it?
There are a few options available to cover the costs of your renovations. Choosing the right option would be based on your goal behind the project. Here are a few options that we think fit best:
Improvement home loans
Improvement home loans are often applied through a bank or credit union, usually, the same one holding your current mortgage. This loan often holds lower interest rates than other mortgage products, and the fixed monthly payments make it easy to budget in.
The size of the loan is based on the predicted cost of the property once the renovations are done. Most people that decide to use this approach are looking for long-term enjoyment of their renovations. They are creating their own space to enjoy it for a few years to come. This is why financing over time makes sense.
Home equity line of credits
You can apply to a home equity line of credit when you’ve built enough home equity. The amount of the loan is usually somewhere between 65 - 80% of the property’s total appraised value. Like a credit card, you can borrow and repay as needed, but with a lower interest rate. You also have the option to pay it back quickly if you’re able to.
Credit Card
Using your credit card can be a very smart move when funding small projects. Many choose to do this for the rewards (who doesn’t love those miles, am I right?). However, others simply choose this approach to work on their credit score as you can make more than one payment per month. The accessibility of the funds and payments is what makes this an attractive option.
We know it is a difficult process to think about and can add to your stress but with us, you can stop worrying about it. We are here to make this simpler for you and help you obtain your dream space. Why wait? Call us. I’m sure I’ve got the perfect condo for sale in Victoria, BC. Or you know, wherever your heart desires.
