Financing Your Home Renovations
Since your home is likely your most important asset, renovations can be a great way to increase your property value and also make daily living more comfortable. But before you start tearing down walls, consider your financing options for a remodeling project.
When thinking about funding sources, keep in mind the type of renovations you want to perform, the amount of money you need, and how long you anticipate paying off these costs.
First, estimate the cost of your renovation and determine whether you need all the money up front or in stages as the job progresses. This will help you decide which financial products are best suited to you.* For example, if the cost of the renovation is less than $5,000, you would probably pay with cash or a credit card, provided you pay your balance monthly.
Expenses between $10,000 and $20,000 may be suited for a line of credit such as the ScotiaLine® Personal Line of Credit with card access. This is a more cost-effective way to get the financing you need rather than drawing cash advances on your credit cards.
For bigger projects over $20,000, many homeowners also use the home equity they've built up over time to help finance renovations. Depending on the amount of equity you have built up, with Scotiabank's Scotia Total Equity® Plan* you may be able to borrow up to 80% of that value. Since every homeowner's financial needs are unique, it's best to meet a qualified financial advisor for individual advice. You can talk to a Scotiabank Advisor to find relevant financial solutions geared to your goals. Whatever your home improvement dream, we can help give you the confidence to put your plans in motion.
All applications are subject to meeting Scotiabank’s standard credit criteria, residential mortgage standards and maximum permitted loan amounts.
Some mortgage solutions may not be eligible to be included as part of a Scotia Total Equity Plan.