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Planning a home renovation? What you need to know about financing options

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Summary
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74% Informative

Experts say Canadians are increasingly turning to financing options to fund their home renovation projects.

The risks of taking out a loan for such projects include taking on debt, which homeowners need to be sure they can afford to repay based on their income level and career stage.

Homeowners starting a reno project should be prepared for both expected and “not-so-fun surprise” costs.

For Singh , that potential payoff is the key factor he discusses with clients when considering financing options for a project. “Is the renovation they are doing going to add value to their property?” he said. “Because if it’s not adding value to the property, and they’re not going to get that money back when they’re looking to sell their house, it might not be worth it.” This report by The Canadian Press was first published Feb. 27, 2025 . Sammy Hudes , The Canadian Press .

VR Score

74

Informative language

71

Neutral language

57

Article tone

informal

Language

English

Language complexity

44

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

medium-lived

Source diversity

1

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