Blog

Renovate your home

Renovate your home

Making choices that will increase the comfort and value of your property is key to a successful renovation project, as is choosing a financing solution that gives you flexibility to manage your budget.

Steps to follow

1. Determine the scope of the renovations

Before you think about how you’ll finance your renovations, you have to estimate the renovation costs as accurately as possible. By requesting a quote from a few recognized professionals, you’ll be able to make the right choices and prepare a solid budget at the onset of your project. Your Caisse financial advisor can accompany you throughout the entire renovations process, as well as help you with the preliminary steps.

2. Choose the appropriate financing solution

Determine the type of financing required for your project:

  • Projects of less than $12,500
  • Projects between $12,500 and $25,000
  • Projects of more than $25,000

Among the suggested financing solutions, here are those that meet most of the varied needs of those who decide to renovate:

  • Versatile Line of Credit: Finance your current and future renovations up to the net value of your property, at a great rate.
  • Multiproject Option: Finance your renovations by borrowing money already paid on your mortgage.

3. Insure your loan

Did you know that a wage loss insurance plan only covers two-thirds of your salary?
To prepare for the unexpected and continue to meet your lending obligations in the event of death or disability, the Caisse offers a broad range of credit insurance products.

Because insuring your loans today means a more secure tomorrow.

4. Notify your insurer

If you’re going to renovate, it’s important to contact your insurer to update your policy. Some renovations are more likely than others to increase the value of your home. If this is the case for you, it’s important to check with your insurer to see what impact the property improvements will have on your current home insurance policy. By doing so, you’ll ensure coverage for the full value of your improved property and avoid unpleasant surprises in the event of claims.

Projects of less then $12,500

Do you have a small renovation project in mind? Would you like to redo the kitchen floor or build a new deck? Or perhaps you have emergency repairs to take care of? Before you get out your hammer, find out about the Caisse’s financing solutions.

The Personal Line of Credit is the ideal product for work that is spread out over a long period of time. It gives you direct access to your money via cheques, ATMs or direct payments whenever you need it. The only fees you’ll be responsible for are the going interest rate on your line of credit. You can also repay the principal at any time, without penalty.

Find out more – See Personal Line of Credit.

Projects between $12,500 and $25,000

Want to build a deck, landscape your home or redo the bathroom? Have you been dreaming of an updated kitchen? Want to transform the basement into your home office? Here are the financing solutions available to you:

  • Personal Loan
  • Personal Line of Credit
  • Multiproject Option
  • Versatile Line of Credit

Personal Loan

The Personal Loan is the the ideal tool if you know how much money you need and want to know what your payment schedule will be. The advantage is that you know ahead of time exactly what monthly, bi-weekly or weekly payments are required to repay the entire loan amount.

Opt for a fixed or a variable rate

The fixed-rate loan allows you to know the credit charges and due date of your loan right away. With a variable rate, you can benefit from possible rate decreases.

Find out more – See Personal Loan.

Personal Line of Credit

The Personal Line of Credit is the ideal product for work that is spread out over a long period of time. It gives you direct access to your money via cheques, ATMs or direct payments whenever you need it. The only fees you’ll be responsible for are the going interest rate on your line of credit. You can also repay the principal at any time, without penalty.

Find out more – See Personal Line of Credit.

Multiproject Option

This financial tool gives you the ability to borrow back money that has already been invested in your mortgage and take advantage of the current mortgage rate, lower than the rate on a personal loan or line of credit. And you can do all this without having to visit a lawyer.

Find out more – See Multiproject Option.

Versatile Line of Credit

The Versatile Line of Credit is a line of credit with security of mortgage that allows you to use the value of your home to finance your projects at a good rate.

Find out more – See Versatile Line of Credit.

Projects of more then $25,000

You’re building an extension or digging a pool? Here are the suggested tools:

  • Versatile Line of Credit
  • Mortgages
  • Multiproject Option

Versatile Line of Credit

The Versatile Line of Credit is a line of credit with security of mortgage that allows you to use the value of your home to finance your projects at a good rate.

Find out more – See Versatile Line of Credit.

Our mortgages

Mortgages are an excellent financial tool for a big project. Making it happen at the mortgage rate can be an attractive option.

Find out more – See Our mortgages.

Multiproject Option

This financial tool gives you the ability to borrow back money that has already been invested in your mortgage and take advantage of the current mortgage rate, lower than the rate on a personal loan or line of credit. And you can do all this without having to visit a lawyer.

Find out more – See Multiproject Option.

share this post