Golden Rules of Renovation

Keep the golden rules in mind.

Golden Rule# 1: Don't choose a renovator on price alone.

The Canadian Renovator's Council of the Canadian Home Builders' Association offers a number of golden rules to help renovating homeowners achieve their goals.

Know what you want. Take the time you need to explore the possibilities for your home and develop a firm plan. Begin with the fundamentals - what do you need and how you want your “new” home to look, feel and work for you and your family?

Set a realistic budget. Decide as early as possible how much money you want to spend - this allows you and your renovator to focus on the work that is doable within that budget. Experienced renovators can provide sound cost advice.

Plan for the long term. Thinking ahead avoids short-term renovations that may need to be redone in the future. Discuss your short and long-term goals openly with your renovator. Professional renovators can conduct a thorough inspection of your home and offer suggestions for the most effective sequencing of work over a period of time.

Don’t jeopardize the quality of your renovation by compromising on the quality of products or materials. If it’s worth doing, it’s worth doing well, and that means using products that offer the right combination of performance, durability and aesthetics.

Don’t choose a renovator on price alone. While it is always
tempting to go for the lowest price, you need to consider the implications of doing so. Does the renovator understand what’s involved in your project and have the necessary experience? Will the renovator offer a warranty on the work? Will the renovator still be in business if you need to call back?

Protect yourself. Dealing with a professional renovator is your greatest protection against an incompetent or unfinished job. A written contract spells out the arrangements between you and your renovator and describes your renovation in detail. Professional renovators also carry Worker’s Compensation, liability insurance and any licenses required by
your province.

And don’t buy from a door to door salesperson without carefully checking out the company. Before you enter into any kind of agreement, talk with friends and family. Contact your local Home Builders’ Association to see if the company is a member. Also check with the Better Business Bureau to see if anyone has lodged a complaint against the company.

(Source: Canadian Home Builders Association)

Golden Rules of Renovation

Refinancing Provides Many Options

You've heard it before and we will hear it again: there is no time like the present to refinance your home!

In these economic times the opportunities to turn that equity in your home into that project you have been talking about can be made a reality. Whether this is a renovation on your home, purchasing a revenue property or a child’s education we can help you put the wheels in motion. The government has announced the Renovation Tax credit which allows you up to $1350.00 in tax savings and we are seeing a slowing in the construction trades so that new kitchen is only a few steps away.

Refinancing offers a number of benefits that can also change your cash flow and make your life easier and more enjoyable! It can:

Put extra cash in your pocket now by generating a lower monthly payment

Save you thousands of dollars over the life of the loan, due to a likely decrease in your interest rate

Often allow for a shorter term, if that's what you desire - which means that you'll be paying less toward interest, and more toward principal (and sometimes, you can still receive a lower monthly payment).

It's time to seize the day, and to start putting your hard-earned money to good use by refinancing your home.

Call your mortgage professional today so that they can discuss your refinancing options. You have nothing to lose, and everything to gain!

Refinancing Provides Many Options