Create the house of your dreams, with help Reno-STS Inc. construction and Financing Services

Fast and affordable unsecured home renovation financing can help you improve your home. Reno-STS Inc., your TD Authorized Dealer, can build a flexible payment plan that suits your budget and lifestyle.

Since your home is likely your most important investment, renovations are 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. There are general guidelines as to 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 - $20,000 may be suited for a line of credit such as the 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.

One of the benefits of the Personal Line of Credit with card access is that you pay interest only on the amount borrowed. This can be particularly useful when paying a contractor in stages. Also, you can get both cheques and a Visa* card, so you have convenient options to pay your contractors while statements provide a record and make it easy to track your expenditures.

For bigger projects over $20,000-$50,000, you could either use a Personal Line of Credit (with or without card access) or consider refinancing your mortgage for the amount you need. If you are looking at doing significant changes or construction work, such as a new house being built from the ground up, you may want to discuss a construction mortgage, which will fund advances based on the amount of the construction completed.

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, you may be able to qualify 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 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.