Home renovationsAccording to a recent CIBC poll across the country more Canadians are planning on home renovations than ever before. In previous polls debt reduction had been at the top on the minds of Canadians but this recent poll shows a shift in that opinion. The average expected cost is about $15,000 with folks between the ages of 45-54 to spend about $3,000 more than the national average. 

Regionally in Ontario about 40% of homeowners plan to renovate within the next twelve months and are looking to spend about $13,000 for home renovations.

Part of Dale Dyer’s Real Estate Marketing involves consulting potential sellers as to which home renovation will add value to their homes before they start the work. It’s not always what you think.

Before embarking on the reno wagon we strongly recommended that you do your homework. First financially, by planning your cost but also by adding a cushion to the budget for unplanned costs.  Nothing ruins a renovation like an unforseen cost to stop the work at hand. Planning being the most important part of your renovation we then suggest that you make your plans, review your plans, think out your plans well and make sure that it would include planning to increase your home value. Set your priorities and time line if you are planning on multiple renovations. Kitchens and bathrooms make good choices for a renovation because of the potential to add value to your home.

If you will be using a contractor to do the work get the quotes in writing before the work starts. Have a scope of the work that they will be doing and everything that is included. Be clear on what is not included before the work begins. Keep control of the finances by paying in controlled portions such as a deposit, cost of material and the balance after the job is completed to your satisfaction.

For more information on home renovations visit our website at www.DaleDyer.com and obtain a list of recommended contractors at  411Directory4Business.

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