Home renovations are booming. PennyGem’s Elizabeth Keatinge tells us some ways you can pay for them.
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00:00 (upbeat music)
00:02 So you've been home for the last year, right?
00:07 Perhaps you've noticed some things in your home
00:09 you'd like to improve,
00:10 or maybe your priorities have shifted
00:11 and now you are in need of a home office with a strong door.
00:15 You're not alone.
00:16 NerdWallet's 2020 Home Improvement Report
00:18 says that pandemic home renovations are booming
00:21 and people are using savings to pay for them.
00:23 CTV reports that throughout North America,
00:25 home gyms and theaters, office spaces,
00:28 and outdoor entertainment spaces are popular
00:30 on the list of home renovations.
00:32 According to Bloomberg,
00:33 strong demand has lumber prices increasing 40%.
00:38 So how to pay for that home gym?
00:39 MarketWatch suggests cash is best.
00:42 If your project is $50,000 or more,
00:44 certified financial planner, Sarah Ponder,
00:46 tells MarketWatch that a cash out refinance is an option.
00:49 This is where you replace your existing mortgage
00:52 with a larger one and use the extra money to renovate.
00:55 If the project is 20,000 or less,
00:57 certified financial planner, Tess Dowling,
00:59 tells the site that a personal loan could work.
01:01 There's also plenty of DIY options.
01:04 Changing light fixtures or paint
01:06 may bring your space the upgraded look you want.
01:09 (upbeat music)