“DIY” Renovations, 3 Considerations

Katherine Martin • June 23, 2016

If you’re a homeowner, the day will come (if it hasn’t already) when you’ll be faced with decisions surrounding home repairs, renovations and upgrades. Why? Because at various points in the life of your house, structural issues will need to be addressed; additionally, your tastes will become more refined and popular decor trends will shift and transform.

… Lots of good reasons to get work done.

But out of the shadows of these potential changes, the following question will inevitably arise, “Do I attempt it myself?” In an age of YouTube and Pinterest, more people than ever are strapping on the tool belt, and looking to handle their own home renovations and repairs; this in lieu of hiring a professional tradesman, contractor or handyman.

Certainly there are potential pros and cons to walking both roads, and as is the case with many things, the answer to this question isn’t black and white, but rather a shade of grey. The following are three things to think about as you consider who will handle your future home renovation(s):

Cost

Obviously, money will be a factor in any decision you make. Most often, the simple truth will be as follows: it will be much more cost effective for you to buy the raw materials and handle things yourself, provided you have the skills necessary to pull it off. On the other hand, if your income can reasonably handle the strain of paying a professional, consider the time and effort that it will take for you to finish that which needs to be done, even if you do feel as though you’re qualified.

Very simply: the cost-to-time ratio has to make sense. If it doesn’t, you may be walking down the wrong road. Although you will no doubt save money by doing the renos yourself, poor-quality work carries a different type of cost.

Quality

Related to the cost of the renovation is the quality of the renovation. Certainly many of us have the ability to swing a hammer. However, in a world where repairs and renovation work must be done well, ask yourself the question, “Is my ‘DIY’ dream taking away from the resale value of my home?”

Will people inspect your work and find it lacking? Will the finished product be a point of pride, or a sore spot? Answering these questions will help you discover how to proceed.

Urgency

Finally, let’s talk about urgency. Does the renovation need to happen quickly? Will the time frame hinder you in terms of gaining the skills necessary to do a good job, and in good time? If this is the case, and the funds are available, consider calling someone who has experience in completing these tasks. Do this rather than risk the farm by jumping into something for which you’re not adequately prepared.

Again: cost, quality and urgency; all things to think about as you consider how to proceed with your home renovations. Remember, there are no wrong answers (necessarily); only misinformed answers. Do the research, ask around, take the time to prepare, and you’ll walk the right renovation road!

In any case, if you would like to look at financing your next renovation project by accessing the equity you have built up in your home, we should talk! Interest rates are at an all time low, and a refinance might make sense for you!

 

This article originally appeared in the June 2016 Dominion Lending Centres Newsletter. 

Katherine Martin


Origin Mortgages

Phone: 1-604-454-0843
Email: kmartin@planmymortgage.ca
Fax: 1-604-454-0842


RECENT POSTS

What Online Mortgage Calculators Can—and Can’t—Tell You

By Katherine Martin • July 8, 2026
What Online Mortgage Calculators Can—and Can’t—Tell You Online mortgage calculators are everywhere—and on the surface, they seem like a no-brainer. You plug in some numbers, and out pops what you can “afford.” Simple, right? Not quite. While the math itself is correct, the story behind those numbers is often misleading. Mortgage qualification isn’t just about numbers—it’s about context, risk, and lender policy. And that’s where calculators fall short. The Numbers Are Accurate—but the Picture Isn’t An online calculator can show you what a payment might look like at a given interest rate, or how making extra payments could reduce your amortization. That’s useful information! But when it comes to mortgage qualification , calculators don’t account for the many variables that lenders consider, such as: Your credit history and score Employment type (salary, self-employed, contract) Outstanding debts and monthly obligations Assets, savings, and down payment source The property type and location you’re buying Lenders evaluate all these factors through their internal risk models. That means two people entering the exact same numbers into a calculator could receive very different results when they actually apply for a mortgage. Why Online Calculators Can Mislead You When you see a “How much can I afford?” or “Mortgage Qualification” calculator online, it’s easy to treat the result as fact. But these tools don’t know your financial story—they only crunch the data you enter. A calculator can’t predict how a lender views your risk, how new mortgage rules apply to your file, or how things like spousal support, car loans, or variable income will impact approval. In short: calculators estimate payments, not qualification . Use Calculators the Right Way Don’t get us wrong—online calculators still have value. Use them to explore different “what-if” scenarios: How do payments change with different down payment amounts? How would a rate increase affect affordability? What if you added $100 a month to your payments? These tools are great for helping you understand your comfort zone. Just remember: they’re a starting point, not a green light. The Real First Step: Get a Pre-Approval If you’re serious about buying a home, skip the guesswork and get a mortgage pre-approval . It’s quick, free, and gives you real-world clarity on what you can afford. A pre-approval looks at your full financial picture—income, credit, debts, assets—and provides a framework for your purchase price, payment range, and rate options. It’s the only way to get a reliable answer to the question, “What can I really afford?” Final Thoughts Online calculators are convenient, but they can’t replace expert advice. Think of them as a starting point, not a solution. A professional mortgage broker can interpret the numbers, navigate lender policies, and tailor your financing strategy to your actual situation. If you’d like help understanding your true buying power—or want to get pre-approved with confidence— reach out anytime . I’d be happy to walk you through your options and help you make sense of the numbers.

Everything You Need to Know About Mortgage Financing in Canada

By Katherine Martin • July 1, 2026
For most Canadians, buying a home isn’t possible without a mortgage. And while getting a mortgage may seem straightforward—borrow money, buy a home, pay it back—it’s the details that make the difference. Understanding how mortgages work (and what to watch out for) is key to keeping your borrowing costs as low as possible. The Basics: How a Mortgage Works A mortgage is a loan secured against your property. You agree to pay it back over an amortization period (often 25 years), divided into shorter terms (ranging from 6 months to 10 years). Each term comes with its own interest rate and rules. While the interest rate is important, it’s not the only thing that determines the true cost of your mortgage. Features, penalties, and flexibility all play a role—and sometimes a slightly higher rate can save you thousands in the long run. Key Questions to Ask Before Choosing a Mortgage How long will you stay in the property? Your timeframe helps determine the right term length and product. Do you need flexibility to move? If a work transfer or lifestyle change is possible, portability may be important. What are the penalties for breaking the mortgage early? This is one of the biggest factors in the real cost of borrowing. A low rate won’t save you if breaking costs you tens of thousands. How are penalties calculated? Some lenders use more borrower-friendly formulas than others. It’s not easy to calculate yourself—get professional help. Can you make extra payments? Prepayment privileges allow you to pay off your mortgage faster, potentially saving years of interest. How is the mortgage registered on title? Some registrations (like collateral charges) can limit your ability to switch lenders at renewal without extra costs. Which type of mortgage fits best? Fixed, variable, HELOCs, or even reverse mortgages each have their place depending on your financial and life situation. What’s your down payment? A larger down payment could reduce or eliminate mortgage insurance premiums, saving thousands upfront. Why the Lowest Rate Isn’t Always the Best Choice It’s tempting to chase the lowest rate, but mortgages with rock-bottom pricing often come with restrictive terms. For example, saving 0.10% on your rate may put a few extra dollars in your pocket each month, but if the mortgage has harsh penalties, you could end up paying thousands more if you break it early. The goal isn’t just the lowest rate—it’s the lowest overall cost of borrowing . That’s why it’s so important to look beyond the headline number and consider the whole picture. The Bottom Line Mortgage financing in Canada is about more than rate shopping. It’s about aligning your mortgage with your financial goals, lifestyle, and future plans. The best way to do that is to work with an independent mortgage professional who can walk you through the fine print and help you secure the product that truly keeps your costs low. If you’d like to explore your options—or review your current mortgage to see if it’s really working in your favour—let’s connect. I’d be happy to help.
© 2026 

Katherine Martin. All Rights Reserved.