In our article regarding the Renovation Loan, we discussed about how a government program that aims to help owners finance energy-efficient renovation work on their property, or on their future property. It can also help increase the value of your property.
If you are a homeowner in Quebec and are looking to obtain a renovation loan to finance energy-efficient renovations to your property, here are the steps to follow:
1- Check your eligibility: The Quebec Renovation Loan is intended for owners of single-family homes, divided and undivided co-ownerships, as well as multiple dwellings (up to 4 dwellings) who wish to carry out energy-efficient renovation work on their property. Before proceeding, make sure you qualify by visiting the program website.
2- Assess your renovation needs: Make a list of the renovations you want done and estimate the total cost of the work. It is important to plan the work in such a way as to maximize energy savings and environmental benefits.
3- Find a qualified contractor: You need to find a qualified contractor to do the renovations. Make sure the contractor is certified by a recognized organization and has liability insurance.
4- Apply for a loan: You can apply for a loan directly on the Prêt Rénovation Québec website. You will need to provide information about yourself, your property and your renovation project, as well as details of the contractor you have chosen.
5- Get an energy evaluation: You will need to have your property’s energy efficiency evaluated before you receive your loan. This assessment must be carried out by a certified energy assessor. The assessment will determine the potential energy savings you can achieve from the renovations.
6- Obtain Loan Approval: Once your loan application has been reviewed and you have provided all required information, you will receive a response as to whether your application has been approved or rejected. If your application is approved, you will receive a loan agreement to sign.
7- Do the renovations: Once you get loan approval, you can start the renovations. Make sure the work is done according to the specifications outlined in your loan agreement.
8- Repay the loan: You will have to repay the loan over a period of 10 years. Payments are made monthly and include principal and interest.
