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