Do Home Improvements Improve Value? According to a CIBC poll, only 32% of homeowners who’ve decided to renovate came up with a detailed budget. That’s only half the story. Of those who recently renovated, 39% went over budget. The same study found that 49% of Canada’s homeowners planned to renovate in 2019, a four-point increase from 2018’s 45%. Conversely, renovation spending decreased from an average of $10,959 to $10,211. For those who intend to stay in the residence, a home improvement project, whether or not it is necessary, can positively impact the quality of day-to-day living. For inve ..read more

Almost everyone takes out a loan to buy a home. As the loan is being paid back, you build up the equity in your home. Home equity is the difference between the market value of your home and what you owe that bank on the loan. For example, if your home has a market value of $500,000 and you currently owe the lender $300,00, then you have $200,000 worth of equity. Here is how home equity applies to your situation, and how a home equity loan may help. How do you build equity in your home? There are two ways that you build equity. The first involves the paying back of the mortgage. Every month wh ..read more

A house fulfills the basic need for shelter, the typical homebuyer refers to it as an “investment,” they don’t usually mean that the property will yield any financial returns. However, a house can also be a wealth-building asset—if you know how to leverage your equity properly. Home equity is simply how much of your property you own, i.e. how much you’ve paid for versus how much mortgage is left to pay off. If your property is worth $200,000, and you have $150,000 left on your mortgage, your home equity is $50,000. When you borrow against your home equity, your property becomes collateral. In ..read more