Want a $25,000 gazebo? The cost of home renovations is soaring
The cost of these projects cost ranged, for the most part, between $3,000 and $25,000. When considering whether you can afford to own a home, remember to leave room for gazebos and other renovations.
Whether or not you are considering renovations, you should be doing some renovating when you own a house. Most people see their home as an investment, and like most people, you'll want to protect that investment and enhance it over the years. Keeping your home modern will help increase its value and give you an edge over others when, or if you consider selling the home down the road.
According to Ottawa's online database of construction, demolition and pool enclosure permits, gazebos and porches are some of the most popular home renovations that were issued permits for last year. Rising house prices have also contributed to people renovating their current home instead of purchasing a bigger one.
Financing these projects through home equity lines of credit were generally the popular way of funding for those who couldn't pay with cash. HELOC's come with low interest rates, which allows homeowners to afford low monthly payments. These however do come with a risk, as HELOC's interest rates are subject to fluctuation, thus forcing homeowners to pay more in interest, should they rise. Pay increases down the line also help affordability and paying off these loans quicker.