The timing of your renovations can determine the best financing option.
Will you need the funds all at once or over a period of time?
If you have to pay for your renovations with a lump sum amount, a loan is usually a good choice.
For example, you’ve hired a professional to help dig out the basement for $8,000, with the full amount due at the end. With a loan, you’ll get a lower interest rate and you won’t need the flexibility of a line of credit.
Get lower interest rates and rebates for your energy-saving renovations.
Pay for renos under $25k with or without using your home’s equity or other assets.
If you’re doing your own renovations or plan to complete them over a period of time, a line of credit (LOC) may help you save money and cover unpredictible expenses. You’ll get access to the funds right away, but you’ll only pay interest on the funds as you use them.
For example, you’ve estimated your DIY kitchen reno to cost $20,000. The plumbing seems to be taking longer than expected, so you’ve only used $7,000 in the past two months. With an LOC, you’ll pay interest only on the $7,000 you’ve used. You won’t be charged interest on the remaining $13,000 that’s sitting in your line of credit.
Enjoy flexible payment plans, lower interest rates and rebates for environmentally friendly renovations.
Pay for your home improvements by borrowing against the value of your home at a lower interest rate than other types of loans.
Borrow what you need as you need it for renos under $25,000, without the need to reapply.
We don’t just help you bank on values. We can make your renovations align with them too. Vancity members can access these benefits to make their homes good for people and planet:
Meet with the energy experts at City Green who can help fix your home’s comfort-related problems using climate-friendly solutions.
EnerGuide assessments calculate your home’s energy efficiency and identify ways to improve it. Get rebates and incentives for upgrades based on your home’s energy performance report.