Now that the kids have moved out, my wife and I are thinking about downsizing. Our home is in a great neighborhood but it is very outdated and we don’t have the budget for a major renovation. Should we try to list it as is and hope to get a good price despite the need for updates?

The first thing you need to do is consult with a realtor and a renovation professional to determine which renovations will increase the value of your home and the costs involved.

Next, consider a home equity loan; a loan secured against the property without affecting the first mortgage. An open home equity loan will allow you to complete the renovations, sell the house and then repay the loan as soon as the home is sold without a prepayment penalty!

In your situation, I would suggest a monthly interest only option or even a no-payment plan where the interest accrues and is paid when you pay off the loan. These options allow you to complete the renovation with little or no upfront costs. Because we are a non-bank lending company, our guidelines are not as strict and the process is simple and easy. We provide approval within 24 hours and you could receive funds to begin renovations in as little as 10 days. – Rejan Kaushal, Tribecca

If you’re looking to access the equity in your home, the experts at Tribecca Finance can help! To get started, simply Apply Online or call them at (416) 225-6900 and one of their lending specialists will be pleased to assist you.

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