YOUR HOME YOUR WAY n THE BRANDON SUN n SATURDAY, APRIL 26, 2025
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have fixed interest rates and repayment terms, which can make budgeting easier. However, the interest rates may be higher than a HELOC.” It is also possible to forgo the finan- cial institution. “Some homeowners may choose to finance through, for example, the landscaping company, if they offer in- stallment plans or zero per cent financing promotions,” she says. Tashman sums up the benefits of each option. “For mortgage financing, you will generally lower interest rates, long-term repayment, and potential tax benefits if mortgage interest is deductible. HELOC provides flexible borrowing, lower rates To keep your yard green and your finances in the black, a financial expert can help determine the best option for your specific needs. ~ Rand Tashman
than personal loans, and ability to borrow only what you need. If you go the personal loan route benefits can include fixed rates, predictable payments, and no need for home equity,” she says. “With contractor financing there may be convenience, but we strongly recom- mend homeowners review the terms care- fully to avoid high-interest rates after a promotional period.” Consider a financial expert To ensure you are choosing the right option to keep your yard green and your finances in the black, a financial expert can help determine the best option for
“If you’re purchasing a new home and know in advance that you want to invest in, for example, landscaping, you may be able to roll the cost into your mortgage,” she says. “The purchase plus improvement option allows you to spread the cost over the life of your mortgage, often at a lower interest rate than other financing options. However, it increases your total mortgage amount, so you’ll want to ensure your monthly payments remain manageable and leave you room in case of emergen- cies.” If you already own a home, a home
equity line of credit (HELOC) is a flexible option. “A HELOC al- lows you to borrow as needed up to 80 per cent of your home’s val- ue, making it ideal for projects that may have variable costs. The in- terest rates are usually lower than personal loans, but they can be variable, meaning payments may change over time,” says Tashman. “A personal loan or home im- provement loan is a good option if you don’t have enough home equi- ty or don’t want to use your home as collateral. These loans typically
your specific needs. Tashman says to bring a detailed estimate from the contractor or tradesperson, in- cluding materials, labour and any additional fees, proof of income for loan qualification, and a bud- get outlining what you can afford in monthly payments. “Ultimately, financing a home improvement project should align with your financial goals while enhancing your home’s value and enjoyment.” wendyjbking@gmail.com
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