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Financing Your Home Renovations

April 15, 2021 by Sara Gillooly Leave a Comment

https://youtu.be/FTSAnnXDiqI

Is there something that you wish you could change in your home? Maybe your washroom is outdated or you absolutely hate your kitchen. You might be wondering if it’s better to sell your home or to fork out the money for renovations.

What I’ve found a lot lately, especially in today’s market, is that people are tapped out. They’ve used all their cash to buy a home and now they don’t have money left over for home improvements. But people are often surprised to know that they have options in terms of financing their renovations.

In fact, did you know that you can take out $30,000 and it will cost you less than a monthly car payment? For every $30,000 you take out into your mortgage, it’s $108 per month. Not bad. So, if you absolutely hate your kitchen and want that desperately needed upgrade, you can do it for a pretty reasonable monthly cost. Plus you’ll have a more functional kitchen and will enjoy your home more.

From a Real Estate perspective, the reality is that doing a $30,000 kitchen upgrade will likely increase your home’s value. Yes, a kitchen renovation can be expensive, but it is also one of the biggest returns on your investment. Generally speaking, if you do a kitchen upgrade you will get that money back when you sell, and then some. I can’t say exactly what number, but it’s super important to think about.

If you’re thinking of doing an upgrade, give me a call. I’ll visit your home, and will walk through your property with you and will offer my advice and opinions. In some cases, it might actually better for you to keep your home and fix the things that are not functional. Once you make the fix, you either love it or list it. Or you might decide to enjoy your new updated home for a while and then sell when the timing is right.

Whatever home renovations you want to make, keep in mind that you do have options. Reach out to me if you have questions or want to speak with a Mortgage Broker about your financing options.

Filed Under: Real Estate Tagged With: Home Owner, Mortgage and Financing

About Sara Gillooly

Sara Gillooly is an agent with RE/MAX All Points in Coquitlam, BC. She has been recognized within the top 10% of agents in Vancouver, and is now a highly regarded and regularly referred agent in The Greater Vancouver Area.

From a young age, Sara watched and learned from her parents’ success in Real Estate. She continued to build on her knowledge through diverse real estate experiences – everything from being an agent, to real estate investment and redevelopment, to commercial real estate. She has even been a property manager in Arizona. She believes in staying informed and educated, which is why she is continuously learning about current market conditions and their effect on the real estate industry in The Lower Mainland.

With such a strong background in so many facets of the business, Sara is able to provide exceptional service to her clients. She is usually referred to others by word of mouth for her level of expertise, honesty and care. She is a dedicated, persistent and excellent negotiator who will always fight for the best interest of her clients. Sara truly goes above and beyond.

Even in her personal life, Sara has always felt the need to help others. She has been repeatedly recognized as a leader in her community since she was a student. Her notable achievements include working as a Human Rights Advocate in Geneva, Switzerland for the United Nations and having established her own charity.

If you’re looking for an experienced Realtor® to help you with your buying or selling needs, Sara will be there every step of the way.

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Sara Gillooly Real Estate - RE/MAX All Points
Sara Gillooly Real Estate - RE/MAX All Points
5.0
Based on 38 reviews
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Raj C
Raj C
23:21 27 May 21
Working with Sara is fantastic! Trustworthy and experienced realtor who gives you honest advice to help you make the best decision regarding the sale or purchase of your home. She is very knowledgeable about the market on both sides and made everything so easy!!
Peter Stepaniuk
Peter Stepaniuk
04:56 29 Jan 21
As first time home buyers we had a lot of questions and didn't really know where to start. We initially met Sara at an open house of one of her properties, and we are extremely glad we did. She made the entire home buying process very easy. She was honest and we really felt as if she was looking out for our best interests. We would definitely recommend her to anyone looking to buy or sell their home!
Lisa Down
Lisa Down
20:43 10 Dec 20
Sara is an amazing realtor to work with. She is very diligent and hard working. She is so thorough when it comes to researching everything about a property (including all the strata minutes) and she is honest and upfront about whether she thinks it is a wise property to buy. She will fight for the best price for you. She demonstrates integrity and knowledge in her field. Sara was so accommodating and flexible for us as well. When we had limited time to view properties in the lower mainland, she managed to book 12 viewings in a couple days for us so that we could see all the places we wanted to while we were in the area. Plus she was great with our child. I would highly recommend Sara Gillooly as your realtor!
Teresa Cruz
Teresa Cruz
23:33 18 Nov 20
My husband and I lucked out getting Sara as our realtor during the search for our first condo. We met her at an open house and our first impression was of someone who listened to what you wanted and didn't try to make the listing match that. She is very honest about what the strengths/weaknesses of each property and doesn't try to push you into anything you don't want. She took the time to get to know us and what we were looking for, and really kept that in mind in her recommendations and when we went to open houses together. Sara is very responsive and professional and cares about her clients. She also has some excellent recommendations for mortgage brokers/financial planners/home inspectors/etc. She also worked some things into our purchasing contract that saved us money. Overall, I cannot recommend Sara highly enough.
Wesley Brookes
Wesley Brookes
16:52 14 Nov 20
Sara was THE perfect ally to have for the purchase of our first property. She was patient with us and made sure to explain each of the phases of the search and purchase process clearly. She is not just interested in a sale. She really has your best interests at heart. Several times she was the one asking the hard and important questions that wouldn’t have even crossed our minds. I would 100% recommend her to others and will most definitely be calling her down the road when and if we decide to sell. Thanks Sara.
Kevin Nand
Kevin Nand
02:19 31 Oct 20
Most honest opinion you’ll ever get. Helped us purchase our first home. There was no pressure and insured that we never settled. Very professional and friendly. Wouldn’t consider anyone else
Anne Marchant
Anne Marchant
20:25 22 Feb 20
From our first contact with Sara Gillooly, she has been quick to respond and worked tirelessly on my behalf.Sara assessed our property and recommended some up-grades. She provided us with contacts for professional trades- people, who were efficient, competent and within budget. Her staging transformed our fifteen year old apartment, into a fabulous, urban chic home with a modern flare.Sara was very diligent about assessing the market and helping set a price. She meticulously checked all offers and followed up promptly, day and night.Sara’s knowledge and years of experience in the real estate industry made what could have been a long and stressful process, quick and seamless.Sara Gillooly was a pleasure to work with and we could not be happier with our sale. We recommend her to anyone buying or selling a property in Greater Vancouver area and Lower Mainland.
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