Renovations can increase home value and sustainability

Home renovations offer significant benefits, both in enhancing living spaces and increasing property value. Strategic upgrades, particularly in high-traffic areas like kitchens and bathrooms, can yield high returns on investment. Renovating also spares homeowners the hassle of moving and allows customization to better suit their lifestyle.

Financing options, such as home equity lines of credit (HELOCs), provide flexible funding for major projects, often with lower interest rates than other loan types. According to Randy Chin, RBC regional manager of Residential Mortgages, these options help manage costs effectively. Additionally, eco-friendly renovations are becoming more popular. Energy-efficient upgrades, such as better insulation or installing solar panels, help reduce utility bills and attract environmentally conscious buyers.

Programs like the purchase plus improvements program offer further financial support for homebuyers seeking to renovate. Government subsidies, tax credits, and programs offered by the Canada Mortgage and Housing Corporation (CMHC) can also ease the financial burden.