A well-executed home renovation can improve your home’s looks, functionality and property value. For new homeowners, the best time to renovate is early on, so you can enjoy your home improvements and experience the least disruption to your routine. But can you afford to renovate right after paying your down payment, closing costs and moving expenses? Most likely yes! Here are three smart ways to finance your home renovation.
Home Reno Financing Idea #1: Purchase Plus Improvements
Genworth Canada’s Purchase Plus Improvements program was created to help first-timers get their fixer-upper into Home-Sweet-Home condition faster. Qualified homebuyers can combine their mortgage and pre-approved renovation costs into one manageable payment per month. That’s smarter than tapping into a line of credit or relying on a big-box promotion that may begin interest-free but quickly balloon into high-interest debt.
Home Reno Financing Idea #2: Energy-Efficient Housing Program
If your home improvements increase the energy-efficiency of your house or condo, you can save big on your mortgage insurance premium. Genworth Canada’s Energy-Efficient Housing Program offers a partial refund of up to 25% on the mortgage insurance premium.
This program applies to new purchases funded through a Genworth Canada-insured mortgage (Purchase Plus Improvements).