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«<amgy <iin in tz «w The Greater Toronto Home Builders‘ Association‘s (GTHBA) annual Sales & SAMs to be awarded Friday Marketing Awards (SAMs) recognize exceptional sales and marketing camâ€" paigns and honor the men and women who contributed significantly to those â€"<mMn» â€"<Giim» ki â€"iiem «im How much to borrow depends on the total amount required, a family‘s earnâ€" ings, its savings and current debts, including a mortgage. A related deciâ€" sion involves the best type of loan. Banks and other lenders offer options which can help saye you money and The answer to the "what" question depends very much on your own situaâ€" tion. Updated kitchens and bathrooms have wellâ€"deserved reputations of adding to the dollar value and salability of homes. Room additions and finished basements, updated heating and air conâ€" ditioning systems and "extras" such as swimming pools can also add value while giving additional pleasure in your home over many years. How much to spend is just as imporâ€" tant. The answer is straightâ€"forward, if not always easy to determine. You should spend as much as you feel comâ€" fortable with, whether from savings you have on hand or combined, as is increasingly the case, with a bank loan. Such borrowing may coincide with the maturity, or even complete payâ€"off, of a mortgage. Because renovations have both short and longâ€"term payoffs, borâ€" rowing is often seen as a wise use of credit. * how much money should you spend? *« how should you finance the investment? Anyone wishing to attend the function on March 26 can call Karen Matt at the GTHBA at 391â€"3445 for ticket informaâ€" tion. *« what renovations should you make? A home renovation is much more than just "spending". It is an investâ€" ment. A wise renovation can add extra value to your home. Attractive, modern features can make a big difference in comfort, environmental friendliness and costâ€"savings for you and your family. They can also sell your home in the future. In evaluating a potential home renoâ€" vation, there are three key questions you should answer: So, if you walk into an Oakville builder‘s sales office and see a sign that says "SAM Award winner," you will know you are dealing with a builder who has awardâ€"winning motivation. Other categories include: Best Architectural FloorpJan over 3,000 sq. ft. Best Magazine Advertisement, and Best Logo Design. The two most prestigious awards of the evening are the Grand SAM which honors the best overall marketing camâ€" paign for a particular project, including sales offices, brochures and advertising, and the Riley Brethour Award honoring an individual voted to have made the most significant overall contribution to the home building industry. Financing your home renovations This year marks the 13th Anniversary of the event. In recent years it has become a formal, blackâ€"tie evening, with all the excitement and nailâ€"biting of the Oscars. campaigns, This article was prepared by the Bank of Montreal, a member of the Greater Toronto Home Builders‘ Association and a coâ€"sponsor of Renovation Month. k k CE Ors The best renovation is one that meets your needs. So is the best loan. Together, they can help you make a good investment in your home, an investment that will pay off by increasâ€" ing your home‘s value and by making it a more comfortable and more conve-‘ nient place to live. Whatever your choice, you bank should be willing to preâ€"approve you for a mortgage or other loan, even before you speak to a contractor. Preâ€" approved you for a mortgage or other loan, even before you speak to a conâ€" tractor. Preâ€"approved loans let you know in advance what the payments would be. Once you know the cost, you can decide how much of a loan to take on. They also let you negotiate with contractors from a position of strength â€" that is, with cashâ€"inâ€"hand. Other options include home equity loans or other personal loans. You can choose between fixed or variable interâ€" est rates and payment frequencies. A line of credit gives you the flexiâ€" bility to draw down money only as needed, and to increase or decrease payments as you wish. A line of credit secured by a second mortgage may have an especially attractive interest rate. An unsecured line of credit carries a higher rate of interest but avoids any appraisal and legal fees. You can add to an existing mortgage, or take out a new one if your home is paid off. This is usually the least expenâ€" sive option, because it is secured by the equity in a home, and the fixed amount helps control spending. You can choose between weekly, halfâ€"monthly and monthly payments and take advantage of various prepayment options. Builder/Renovator/Developers, Financial, Professional, Supply/Service and Subâ€" Contractors and is the largest affiliate of the Ontario and Canadian Home Builders‘ Association. The Greater Toronto Home Builders‘ Association was established in 1921 and has more than 700 member companies keep control over expenditures.