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in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, Ja nu ar y 24 ,2 01 9 | 26 Start saving with the free app Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries. Google Play and the Google Play logo are trademarks of Google LLC. New Year, New Appliances! #SavingWithSave Cut out paying more Your only destination for more coupons, more flyers, more savings. #SavingWithSave Save every Wednesday until February 27th! Get it now at save.ca/deals Before starting a home improvement project, either on one's own or with the assistance of a professional contrac- tor, homeowners must first consider the costs involved. According to the home improvement resource HomeAdvisor, more than one-third of homeowners do not understand what hiring a profession- al will cost, and then cannot successfully budget and secure financing once they have set their sights on a renovation project. HomeAdvisor says that some of the more popular projects, such as remod- eling a kitchen or bathroom or building a deck, can cost, on average, $19,920, $9,274 and $6,919, respectively. Homeowners may find that the more expensive renovations require them to secure some type of financing. Those who have never before sought such fi- nancing may want to consider these op- tions. Cash-out refinancing With cash-out refinancing, a person will begin the mortgage process anew with the intention of paying off the cur-with the intention of paying off the cur-with the intention of paying off the cur rent mortgage balance, and then taking out additional funds for other purposes. Cash-out refinancing is a way to tap into a home's existing equity for use on im- provements or other expenses, such as college tuition. Home equity line of credit The financial experts at Bankrate in- dicate that a HELOC works like a credit card, with the house as collateral. There is a credit limit, and borrowers can spend up to that limit. The interest rate may or may not be fixed. However, the interest may be tax-deductible if the financing is used to improve, buy or build a home. Home equity loan Individuals also can borrow against eq- uity in their homes with a fixed interest rate through a home equity loan. Most lenders will calculate 80 per cent of the home value and subtract a homeown- er's mortgage balance to figure out how much can be borrowed, according to the financial advisory site The Simple Dollar. Personal loan Homeowners can shop around at vari- ous financial institutions for competitive personal loans to be used for home im- provement purposes. Funds may be ap- proved within one business day, which can be ideal for those who want to begin their improvements soon. Personal line of credit A personal line of credit allows borrow- ers to borrow only the money needed at the time, and offers a variable interest rate that is generally lower than fixed loan rates. Again, like a credit card, PLOC gives a person a maximum bor-PLOC gives a person a maximum bor-PLOC gives a person a maximum bor rowing amount and is ideal for ongoing purchases. Credit cards In a pinch, credit cards can be used to finance improvements, but they do come with the cost of very high interest rates if the balance is not paid in full by the time the bill comes due. However, for funding smaller projects and maximizing rewards points through home improvement re- tailers or specific credit card company promotions, credit cards can be a way to earn various perks in addition to the benefit of improving a home. Homeowners looking to finance their next improvements should speak to a fi- nancial advisor and shop around for the best types of funding for them. (MCC) Advertorial Six options for funding your next home improvement project