Saving money is hard to do when it comes to home renovation, especially when you try to make it energy efficient. More often than not, we hear those same old stories: “we paid $2,000 more and it took 4 extra weeks”.
Have no fear, CMHC is trying to reduce the sticker shock. Their Green Home program is offering a refund equivalent to 10% of CMHC mortgage loan premiums for those who use CMHC-insured financing to pay for a renovation that increases the energy efficiency of a home.
In simpler words, they’re offering an incentive for homeowners looking to make their home more energy efficient, which is a great way to reduce costs.
But here are some great tips to remember before you bust out the tool box.
1. Inspection First: you will need to have your home inspected by an energy advisor qualified by the Office of Energy Efficiency to determine the home’s EnerGuide. From there you’ll get suggestions on improving your efficiency as part of your upcoming reno.
2. What’s CHMC Bringing to the Table: talk to your lender or broker to let them know you’ll be renovating your home. At that point, you can find out what CMHC insurance-related refinancing options are available.
3. Out Come the Hammers: whether it’s a renovation, tear down, rebuild or a completely new vision, this is when your construction work starts. Keep in mind the costs and shop around to get quotes.
4. Evaluation: let the dust settle first, but within 24 months of completing your reno, a second inspection by an energy advisor must be conducted to determine whether efficiency has actually been improved. If you hit a certain number, this is your “green” ticket. Mail it in or apply online to get your rebates.
While this program has been around for many years, a lot of homeowners don’t know about it. As the green building and high-efficiency housing trends continue to grow, this might be the perfect option to get your renovation started this summer.