How to Maximize Home Equity for Renovations in Winnipeg MB
May 9, 2023 | Posted by: Ron Chan
You’ve weighed the advantages of using your home equity and have decided that renovating your home is the way to go. That being said, you want to get as much value as you can, which leaves you asking “How to maximize home equity?”. As Winnipeg’s top mortgage broker who specializes in this exact process we have advice on the matter. Read below for more on how to get the most when borrowing from your home to fund it’s very own upgrades.
How to Stretch Home Equity to Maximize Potential for Renovations and Upgrades for Your Winnipeg MB Property
Use a Mortgage Broker for Home Equity Loans
For starters, it doesn’t cost you a thing to consult with a mortgage broker on a home equity loan, so don’t worry about having to pay anyone out of pocket to get started. In fact, the lender is generally who pays the fee to the broker. With that out of the way, we can now address the direct benefit of using a broker to maximize home equity.
A professional broker will identify the right time to act on interest rates and real estate market prices. This allows you to get the most value from your home equity. From here, you can borrow against that equity and put it into interior/exterior renovations, retrofits, and upgrades. All that you need to do is call 204.290.9950 for a noncommittal conversation about your options. There is no risk in doing so, only benefits.
Qualify for Energy Efficiency Programs to Supplement and Save
There are Federal and Provincial (Manitoba) grants, rebates, tax credits, and other financial incentives for homeowners who plan to make energy efficient upgrades to their home. Retrofits and upgrades include installations for solar panels, Smart ;lighting systems, HVAC, EV charging stations in the carport, and much more. Governing bodies will not only cover a significant portion of these upgrades, you will directly benefit from lower utility expenditures. These savings kick-in after the first month of installation being completed. You can then apply monthly/annual cost savings to repayment of the home equity loan. And when the loan is paid off, you will begin to see an ROI (in your pocket!) for decades to come.
You can view eligible retrofits and grant amounts as part of the Canada Greener Homes Initiative right here. Meanwhile, Manitoba’s Crown corporation initiative known as Efficiency Manitoba is dedicated to energy efficiency. They have made available a number of incentives and loans. While rebates and tax credits are a “no-brainer” even the programs’ respective loans can be used to supplement your home equity loan. This allows you to stretch renovations even further. View more on Efficiency Manitoba incentives that can help you maximize home equity for renovations:
MAXIMIZE YOUR HOME EQUITY LOAN IN WINNIPEG MB: