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Planning a home renovation? What to know about financing options
– moneysense.ca
When Harpreet Singh decided to convert his basement into a rental suite, funding the renovation essentially came down to two options: using his own savings or borrowing money.
As a real estate agent and former financial adviser, Singh has helped plenty of clients navigate their own home improvement projects, along with tough financial decisions. He said his advice on how to pay for a home revamp usually depends on whether the home owner will ever see that money come back to them.
“When your property is giving you a rental income, that is something where you can justify using financing to renovate the basement because you have income coming in,” he said.
“When you have no income coming in and you decide to spend that money on (a) specific renovation—on this specific flooring or this specific pool—then you need to understand if this is a need or a want.”
Should you take out a loan for a home renovation?
Experts say Canadians are increasingly turning to financing options to fund their home renovation projects—but taking out a loan needs to make sense for their situation…
Companies that reported earnings this week
BMO
Scotiabank
National Bank
CIBC
RBC
TD
Laurentian
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BMO Financial Group reports $2.14B Q1 profit up from $1.29B a year ago
Source: Google
BMO (TSE: BMO)
Q1 earnings: $2.14 billion, up from $1.29 billion a year earlier.
Revenue: $9.27 billion, up from $7.67 billion a year earlier.
BMO Financial Group says it earned $2.14 billion in its first quarter, up from $1.29 billion in the same quarter last year, helped by strength in its wealth management and capital markets businesses…
