Four in 10 Canadian homeowners are planning renovations this year, according to a CIBC poll.

Read: Young clients take on risky home renovations

Highlights of the poll include:

  • 40% of homeowners plan to renovate in the next 12 months, compared to 39% last year
  • $19,754 is the average amount they to spend on renovations in 2014, up 29% from last year’s average of $15,300
  • Basic home maintenance (57%) is the top planned renovation, followed by bathrooms (33%) and kitchens (32%)

Scott McGillivray, host of HGTV’s Income Property, offers the following tips for clients:

  • Get it in Writing: Always get quotes from contractors before any work starts, and have a signed agreement that details the scope of work to be done and itemizes the cost. Also be clear on what’s not included in the quote to avoid unexpected costs.
  • Expect the Unexpected: Clients should set aside an additional 25% to cover any unexpected costs.

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