What to Use Home Equity for When Manitoba Reopens
July 12, 2021 | Posted by: Ron Chan
Manitoba is in the midst of its reopening. Residents are getting ready to execute on plans that they have had while pondering #lifegoals throughout the varying stages of lockdown. Some are strategic financial decisions, some are whimsical, yet both are equally important as we all now have a different outlook on life. But to move forward on many of these plans, money is often required. And while your income levels are likely to return to pre-pandemic times, you have probably dug into your coffers to help your household weather the last year and a half. That said, waiting another season, month, week, or even day to move forward is simply out of the question. Enough is enough, you’re ready to live. How can you access the funds you need? A home equity line of credit (HELOC). Below is a look at what you, and dozens (if not hundreds) of others across Manitoba are considering doing with their HELOC, all of which are worthy ambitions after that we’ve all been through.
4 Worthy Things Winnipeg Homeowners Can Do With Their Home Equity Line of Credit as Manitoba (and Canada) Reopens
Take a BIG Family Vacation
Your household has been handcuffed to your home base for approximately 18-months. The lockdowns have been accompanied by anxiety, depression, irritability, and stress. Taking a grand vacation at this point isn’t just a fun thing to do, it’s downright essential to the mental and emotional health of your household. Invest in your happiness and sense of wellness. Go ahead and tap into some of that equity to treat yourselves and get the heck out of dodge. As interprovincial travel restrictions come tumbling down you can plan an excursion out west, or fully vaccinated parties can get ready to travel south. How does a one-month vacation in Hawaii sound? We thought so.
Create a Dream Space in Your Home
Being tethered to your property for the last 18-months has made you rethink what could be possible with your interior and exterior footage. Imagine if you had a massive climate-controlled deck with outdoor cooking and dining installations during the lockdown? What if you had a home theater complete with VIP seating recliners in the basement? Maybe even a home tiki bar? A heated swimming pool? All of the things that could have made the Manitoba lockdowns far more bearable can now become a reality by tapping into your HELOC. Even when things are fully reopened you will get years if not decades of enjoyment from them. With a new outlook on life, that goal is just as important as any investment. And yes - these renovations and upgrades will add market value to your home.
Create a Space to Earn Income from Your Home
Businesses across the world have realized something that people have always known. Going to the office every day of the week, is basically a waste of time. The events of 2020-21 have proven that technology allows a large proportion of the workforce to work remotely. Many corporations have adapted and will continue to allow staff to remain remote, even if just for one or two days per week. However, up until now, at-home workstations have essentially comprised of sitting on one’s bed or sofa with a laptop and cup of coffee within reach. Instead of continuing in this fashion, leverage your HELOC to add a highly functioning workspace or studio (depending on what you do for a living) to your home.
There is a grander reason for this, however. People who have been working remotely over the last 18-months are not only realizing that they don’t need to be in a corporate office environment. They are also coming to the realization that they can do what they do, on their own, as an independent contractor/freelancer or small business owner. By building a space in your home to work (and create) from, you can effectively promote yourself to greater financial independence. Sometimes all it takes is to be in the right environment to spark the fire. Go for it!
Turn Your Home Into Regular Income
Remember how we backed your ambitions to travel more? Well, millions of people across Canada and the U.S.A. are all planning the same, and a significant number of them have their sights set on Canada’s most central metropolis. Winnipeg had become a massive tourism draw leading into the events of 2020, and as the province, country, and borders reopen, the city is expected to experience record-breaking tourism revenue. Hotels will be booked to the gills, which only leaves one option for visitors - short term vacation rentals (STRs) such as those being offered on Airbnb and VRBO. The revenue potential for STR owners, even with amendments to Winnipeg Airbnb rules, is enormous. But in order to compete for those dollars, homes will need to be renovated and upgraded. Some homeowners will be building out extensions (with separate entrances) and guest houses so that they can invite people to stay on their property year-round without having to share amenities and spaces. This is one HELOC investment that can pay tangible dividends for decades to come!
Want to get more from your home equity line of credit? Then you require assistance from a mortgage broker. Contact Ron Chan today at 204.290.9950 to discuss your options.