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Home Improvements

Sure, your property has increased in value over the years. Still, you’ve got a whole lot of renovations to attend to; it’s time to get to it! You just have to tap into your equity. 
A Multi-Prêts broker can guide and advise you to ensure you get the best loan, and negotiate optimal terms and conditions so you can get your renovations done.

Faire des rénovations grâce au refinancement hypothécaire | Multi-Prêts Hypothèques

Refinance your house and get those renos done

Renovations are the primary reason Québec homeowners refinance their mortgage. Make sure you plan. Take the time to evaluate what you want to do before getting started; sometimes maintenance jobs take priority over design and upgrade ideas. It’s frustrating, but maintenance is essential  before “added value” improvements. Sorry if that’s not what you want to hear, but those are the facts. Renovate smart and stay out of trouble!

Renovation is all about priorities

There are 3 types of renovation. Take the time to evaluate them carefully before taking the plunge, and don’t hesitate to ask a mortgage broker for advice.

Maintenance and repairs

These are the urgent and important repairs that directly affect the state of your property and its value. Negligence will get you nowhere. Not convinced? Think about the nightmare of a leaky roof or falling bricks; all can cause extensive and expensive damage.

Upgrades and improvements

Need to update or fix damaged parts of your property? Updating leaky old windows or an outdated heat pump costs money, but these are essential basics in the maintenance of your property.

Design and lifestyle updates

Yes! These are the renovations you had in mind. Be aware; some renovations add more value to your home than others. Bathroom and kitchen renovations, for example, should be at the top of your list.

How to make the most of a renovation

In addition to the financial aspect, there are many other factors to consider if you want to use the value of your home to renovate it. To help you get the most out of your investment and make the best decisions for your situation, we present the main criteria and elements to consider. If you’d like to move forward, a Multi-Prêts mortgage broker will be happy to guide you!

Top 5 things to consider if you’re moving out

If you’re moving out soon, think about how relevant the renovation is against the above criteria. When you look at the situation logically, you may end up changing your mind.

  • How urgent is the work?
  • How much will the work cost?
  • How much value does the work add to the sale price?
  • How much work will you be responsible for?
  • Overall benefits?

Renovating with respect to the environment

With respect to the environment, make sure to think about eco-friendly and durable materials that are easy to maintain while planning your renovations.

Main considerations before renovating

There’s a lot to think about when you get into renovations: evaluate and plan, before, during and after your project. Here’s a list of key considerations:

  • Make sure your renovation plan respects municipal, provincial and federal law
  • Find out if you need a municipal permit (applicable most of the time)
  • Make sure your renovation team is certified (APCHQ, RBQ certification)
  • Get a cost estimate before you start
  • Get at least 3 estimates to compare costs
  • Make sure you have estimates in writing (include complete list of work, timeline, budget, and payment schedule.)
  • Tack on at least 15% of the estimated price for modifications and unpredictable problems during the work (this is always the case!)
  • Sign a contract and make sure it includes details and a guarantee on the work
  • Make sure the contractor has permits to perform the work
  • Make sure workers are insured; this protects both you and workers

Ready to make some dust?

Make your renovation project a reality, thanks to the value of your home. Contact one of our brokers, who will be happy to assist you with your renovation project, large or small!