Newer grass isn’t always greener

If you have had your sights set on selling your current home and moving up to your next, then you’re no doubt feeling discouraged after we saw just a hint of renewed market vibrancy earlier this spring.

But if you’re feeling stuck in your current home, moving doesn’t have to be the only solution! There are changes you can make to help you love your space more now and increase its value for when it comes time to sell. Plus, by leveraging your valuable equity and the Canada Greener Homes Grant, you could end up saving yourself money today.

Giving your old house a new life

This summer’s rollercoaster market has a ton of Canadian homeowners feeling stuck. We hear stories every day from people who love their homes but desperately would love nothing more than to move on to something new - with the kitchen they’ve always dreamt of or just a bit more space. But as the sky-high rate environment has made it increasingly difficult to qualify and inventory has continued to lag sorely behind, moving up right now is becoming less and less feasible.

This is why many homeowners are opting out of hitting the market this summer and instead tapping into their valuable equity to fund beautiful and strategic renovations that make their current property feel fresh while simultaneously increasing its value for when the time comes to sell. Renovations that catch buyers’ eyes, such as modernizing your kitchen, adding a bathroom, refinishing floors, or enhancing curb appeal, are among the top choices when it comes to increasing the price you’ll get for your home down the road. Plus, they’re often the most fun to see completed!

A greener investment

Adding value to your home doesn’t have to be limited to cosmetic updates, either! Increasingly, homeowners are opting to invest in energy-efficient upgrades that not only increase a home’s resale value but can decrease monthly out-of-pocket expenses right away.

Some popular options include insulation upgrades like spray foam or batt insulation, which can modernize the look of your basement while also making your home more affordable to heat and cool. High-efficiency window replacements likewise let natural light shine in while preventing drafts. Or you could install an elegant heat pump system for silent, even heating throughout your rooms and maximum heating and cooling efficiency.

Not only will an investment in efficiency potential start saving you money right away, but future buyers will appreciate these systems that provide comfort without the high utility costs, thereby increasing the potential price you might receive for your home when you are ready to sell down the road.

Plus, with the help of the Canada Greener Homes Grant, you can also receive a portion of your investment back! With valuations up to $5000, the Grant is making it easier than ever for Canadians to invest in reducing their carbon footprint without breaking the bank.

Is equity worth it when rates are high?

You can also access equity by refinancing your mortgage or taking out a home equity line of credit. Even though interest rates are higher right now, refinancing can still save you considerable money in the long run, especially if you have outstanding high-interest debt such as credit cards and car loans hanging over your head.

We’ve helped a ton of homeowners tap into their valuable home equity to consolidate their higher interest payments into one, cut back their money expenses by hundreds and save their long-term interest output by sometimes tens of thousands, and access the cashflow they need to make the updates they want - even in this environment. To determine whether refinancing and consolidating would make sense for you right now, check out our effective rate calculator below.

Your effective rate illustrates the average interest rate you are paying between all of your debts as well as the borrowing power you have with the equity in your home. By looking at these numbers, we’ll have a clear picture of how much you might be able to save by cutting years off the lifespan of your outstanding debts and potentially accessing the cash you need to make upgrades to your current home at the same time.

We know that between the market, the uncertainty and the dark cloud of debt hanging over Canadians right now, things can feel kind of bleak right now. But we have the power to shift the focus and put energy into the things we can control - and we can help!

With careful planning, you can still increase your enjoyment of your current home while boosting its resale value for the future. A few targeted renovations can go a long way! Or, if that doesn’t feel right at this moment, we can look at how to loosen up your cash flow each month to ease some of the burdens as we navigate the coming months.

Reach out to our team any time to chat about how we can develop a roadmap tailored to your family’s goals and budget!