How to plan a successful home renovation

Make a home renovation plan

Figure out how much your renovation will cost, and evaluate your expenses and income. If you want to borrow money, calculate your monthly payments with our loan and line of credit calculator.

As you make your plan, consider these factors:

• Do you need a municipal building permit?
• Do your plans meet municipal zoning bylaws and regulations?
• Are there federal, provincial or municipal programs that offer subsidies or tax credits for your kind of project?
• Do any of your friends, neighbours or co-workers know any reputable contractors or tradespeople who could do the work?

Once you find the right contractor or tradesperson, get a signed contract that sets out your agreement and itemizes the work.

Get the funds you need

You can apply for renovation financing through a mortgage or line of credit. If you have a mortgage but need more funds, consider refinancing your existing mortgage.

Mortgage refinancing

With mortgage refinancing, you increase your existing principalOpens a popup. and get the difference between your existing mortgage and the new one. Since the new mortgage is replacing your existing one, details like rates and payment amounts may change. But you can keep or change your existing amortization periodOpens a popup. and payment frequency.

Learn about the CIBC Home Power® Mortgage.

Line of credit

You can also get money with a home equity line of credit. Over time, as you make your regular mortgage payments, your home equity increases. You can tap into this value through a line of credit.

This is called a secured line of credit because it's secured by your property. Interest rates tend to be lower than on unsecured personal lines of credit. You make interest-only payments on these loans.

Learn about the CIBC Home Power Plan Line of Credit.