At Torwin, we pride ourselves on offering top-notch service and a selection of quality windows and doors that fit any budget. We’ve worked with homeowners who are interested in a complete remodel and those who are looking for a simple replacement.
That being said, there’s no getting around the fact that new windows and doors can represent a significant investment. So if you’re considering redoing your windows and doors, what are the payment options available to you?
Saving Up
It’s not a bad idea to start putting aside some money when you have a reno planned. It’s great to know you can fully pay off a home improvement project and not worry about the interest payments involved with financing windows and doors.
If you’re thinking of changing your windows and doors, contact us for a free consultation. Based on the specs of the work involved, we can give you a ballpark figure as to how much it might cost, as well as options that can help bring the overall costs down. Once you have a number in mind, it’ll be easier to work towards it.
Accessing Your HELOC
Most homeowners have significant home equity – equal to 20% or more of your home’s value. If you’re one of them, you can borrow funds through a home equity line of credit (or HELOC for short). HELOCs have relatively low-interest rates, particularly when compared to credit cards or other loan options.
And if you’re choosing smart home upgrades, it can improve your property values, making it a solid investment. So when looking for window and door financing, your HELOC is a good option to consider.
Like any credit product, it’s wise to use only what you need and ensure you have a plan to repay what you borrow, according to your HELOC’s terms and conditions.
Taking Advantage of Grants and Loans
Several grant and loan programs are available to homeowners interested in making eco-friendly upgrades to their homes. For example, under the Canada Greener Homes Grant, you may qualify for up to $350 per energy-efficient window or door you replace in your home.
In Ontario, you can apply through Enbridge’s Home Efficiency Rebate Plus program. After completing a home energy assessment, you’ll receive a list of qualifying projects eligible for rebates up to $5000.
If you need extra funds to cover the gap, the Canada Greener Homes Loan operates in conjunction with its grant program, offering interest-free loans of up to $40,000 to help pay for qualifying upgrades. If approved, you’ll have ten years to repay the loan – a flexible option for financing your window replacement that may be perfect for your situation.
Your municipality or region may offer additional grants or loans for home upgrades. Check online or call your city representatives to find out more.
After finding out what you qualify for with loans and grants, you may discover that your planned home renos won’t cost you as much as you thought.
At Torwin, we’re here to help you achieve your window and door goals at a price you’re comfortable with. Reach out to us to get started!
