Friday, May 24, 2024

Need springtime home renovations? Consider an installment loan

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Jillian Castillo
Jillian Castillo
"Proud thinker. Tv fanatic. Communicator. Evil student. Food junkie. Passionate coffee geek. Award-winning alcohol advocate."

 

After a long winter filled with cold weather, you may feel ready to renovate your home. You’ve just spent months indoors, and cold weather isn’t the ideal time to undertake massive home changes–unless they’re absolutely necessary. That’s why many people wait until spring to start major home renovations.

Whether you’re thinking about updating the interior or exterior of your home, renovations can be pricey, and inflation doesn’t help with the overall costs. However, that doesn’t mean you have to give up on creating your dream home.

Installment loans give you the cash you need to pay for those renovations today, so you don’t have to wait until tomorrow. Here’s what you need to know about installment loans.

Installment loans in Canada

Installment loans are loans in which you receive a lump sum upfront and then pay it back in regular, set payments (also called installments). The money can be used for anything you need, including important home renovations.

These days, you can access up to $15,000, and your application can be approved online in minutes. You set your repayment term–between 6 and 60 months–so you won’t face a massive monthly payment that you can’t afford. Payments are automatically deducted from your account based on your pay cycle, so you don’t have to remember to make the payment.

You can apply for an installment loan if you:

  • Are at least 19 years of age
  • Have a valid ID
  • Have a chequing account
  • Have a steady source of verifiable income

You can also pay your loan off early with no penalties.

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What to consider when undergoing a renovation

Even if you desperately need a renovation, it’s important to consider a few important factors when deciding how or when to go ahead.

  1. The cost of the renovation

Housing repairs and renovations can be pricey. If your ideal renovation is simply too expensive, see if there are ways to bring the costs down. You can do some of the work yourself, or do the work in stages, to make it more affordable.

  1. Interest rates

There are various options for borrowing money, and with interest rates increasing, you want to know exactly how much you’ll be paying in interest. Some options, such as home equity lines of credit, tend to come with higher interest rates and may give you less access to funds. Shop around to find the best interest rates.

  1. Whether you need someplace else to stay

If your renovation is small, you can stay in your home and live with the inconvenience of work being done around you. But for more significant projects that take longer and involve removing walls or shutting utilities off, you may need a place to stay through part–or all–of the work. That adds to the cost of your renovation, and it can be a significant price. Make sure you factor it into the cost of the work being done.

  1. The value of the renovation

If you’re looking to add value to your home so you can sell it, you may consider the cost of the renovations an investment. You may also need to undergo renovations if someone in your home requires greater assistance with accessibility or mobility.

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Even if you want more enjoyment from your home, a renovation can significantly improve your quality of life. That enhanced quality of life can be worth the cost of an installment loan.

Using an installment loan in Canada for home renovations

Your home is one of your most important assets, and renovations are a smart way to increase your property value and make your living surroundings more comfortable.

Whether you’re looking to remodel your kitchen, expand your bathroom, or build a new deck, an installment loan in Canada might be a great option for you to cover the costs of your home renovation.

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