HomeStars Launches Home Renovation Flexible Refinancing in Partnership with Perch To Help Canadian Homeowners Bring Their Dream Home to Life

Rhea-AI Summary

HomeStars, Canada’s largest verified home service network, has partnered with Perch to provide flexible refinancing options for homeowners. This partnership aims to assist Canadians in funding renovations by using home equity, addressing the financial strain many are experiencing in the current volatile housing market. With 20% of homeowners needing financial assistance for renovations, this initiative allows them to enhance their property values without upfront costs. HomeStars connects homeowners to vetted professionals, ensuring quality and reliability in home improvement projects.

Positive

• Partnership with Perch enables homeowners to use home equity for renovations.
• Addresses financial strain of homeowners in the current volatile housing market.
• 20% of Canadians required financial assistance for home renovations, highlighting a market need.
• HomeStars connects homeowners with vetted professionals, ensuring quality service.

Negative

• None.

TORONTO--(BUSINESS WIRE)-- HomeStars, Canada’s largest network of verified home service professionals, is proud to announce a new partnership with Perch, a technology platform offering homebuyers and homeowners the financial insights they need to build wealth through real estate. This first-of-its-kind partnership will help homeowners find flexible refinancing solutions to fund their renovation and home improvement needs.

Through the new partnership, HomeStars offers a refinancing option to Canadian homeowners looking to make home renovations, repairs, or improvements. Homeowners can now receive cash based on the equity in their homes and use these funds for home improvement projects.

“We couldn’t be more excited to partner with Perch and offer Canadian homeowners flexible refinancing options to fund their home renovations. It’s been a difficult year for Canadians, with the volatile housing market and economic pressures making purchasing newer homes less accessible and forcing many Canadians to stay in their homes longer. This partnership will allow homeowners to increase the value of their homes and make the much-needed improvements to their homes,” says Shir Magen, CEO of HomeStars. “This is a great opportunity to provide Canadians with an alternative to financing to give them continued comfort in their homes and live in a space they’re proud of. ”

The 2021 HomeStars Reno Report reported that 20 percent of Canadians needed financial assistance to execute home renovations, and many put off home improvements due to the daunting costs associated. With the current market volatility, its expected more Canadians will be financially stretched. HomeStars met this growing financial need by partnering with Perch to empower Canadians to execute their home renovations without the upfront investment. Whether it’s Canadians choosing to age in place, convert their home to one that can be multi-generational, or reinvest in their current property due to the current housing market, through this new partnership, homeowners will be able to get quality work done through vetted professionals with a lower financial impact on their monthly budget.

Homeowners can access the Perch refinancing calculator on https://homestars.com to help understand their borrowing power while starting a HomeStars service request. After entering your current property value and mortgage information, homeowners will have the ability to view the results and either begin the pre-approval process or chat with a Perch advisor. Once your loan is finalized and you are matched with a verified pro, you can leverage the funds towards your dream home project with a reputable pro.

“Perch’s analytics help Canadians get pre-approved for their mortgages and give them insights to understand exactly how much they can afford,” says Alex Leduc, Founder & CEO of Perch. “We saw a connection to the HomeStars online home services platform, and we’re very excited to be working with them. Together, we can help homeowners reach their goals faster.”

By leveraging Canada’s largest network of verified home service professionals, HomeStars allows Canadians to choose qualified professionals in their area and have a clear line of sight into home service professionals' ratings and quality of work. Canadian homeowners are well equipped to hire right the first time with a proprietary star score, verified background and finance checks, and manually verified reviews.

About HomeStars

HomeStars is Canada's largest network of verified and community-reviewed home service professionals. HomeStars empowers Canadian homeowners to hire right the first time for home renovations or repairs by connecting project-ready homeowners with the best pros in their neighborhood. In 2021, 8 million homeowners visited HomeStars looking for a pro for their next home improvement project. HomeStars was created in 2006 to relieve Canadian homeowners’ anxiety and put their minds at ease knowing they’ve hired a vetted, highly rated home service professional. With three distinct trust metrics, HomeStars gives Canadians the confidence of hiring right the first time, can vet pros recommended to homeowners, and allows for searching and requesting for specific home service professionals. HomeStars is based in Toronto, Ontario, and is an operating business of Angi, Inc. (NASDAQ: ANGI). To learn more, visit @HomeStars on Facebook, Twitter or Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220518005104/en/

Media Contact:

Alex Hammill – Talk Shop Media

Telephone: 905-808-6327

Email: alex@talkshopmedia.com

Source: HomeStars

FAQ

What is the new partnership between HomeStars and Perch about?

HomeStars has partnered with Perch to offer flexible refinancing options to Canadian homeowners for funding renovations using home equity.

How does the HomeStars and Perch partnership help homeowners?

The partnership allows homeowners to receive cash based on their home equity, facilitating necessary renovations without upfront costs.

What percentage of Canadians need financial assistance for renovations?

According to the 2021 HomeStars Reno Report, 20% of Canadians needed financial assistance to execute home renovations.

How can homeowners benefit from the refinancing calculator?

Homeowners can use the Perch refinancing calculator to understand their borrowing power and begin the pre-approval process for renovations.

What is the significance of this partnership in the current housing market?

This partnership is significant as it helps homeowners navigate the challenges of a turbulent housing market and provides them with affordable renovation financing options.