Almost Half of Canadian Homeowners Plan to Renovate
New poll suggests that 48 per cent of Canadian homeowners plan to renovate in the next 12 months.
If you’re thinking about renovating your home this year, you better lock in your contractor now. Chances are they’re going to be pretty busy this season. According to CIBC’s latest home renovation poll, 48 per cent of Canadian homeowners are planning to undertake some sort of home renovation in the next 12 months, compared to 37 per cent last year.
More renovations, lower budgets
This year’s budget for home renovations on average comes in at $11,795—lower than last year’s budget of $13,017. So while more Canadians are looking to spruce up their home, they’re hoping to spend less to do so. The poll also found that the vast majority of homeowners (67 per cent) plan to pay for renovations using savings or cash on hand.
Top five renovations
Similar to past years, homeowners are mostly planning to tackle projects that address wear and tear:
- 48 per cent say they’ll undertake basic maintenance including painting, flooring, general repairs and replacing old appliances.
- 38 per cent are looking at outdoor improvements including decks, patios and driveways.
- 31 per cent plan to renovate the bathroom.
- 26 per cent are looking at their kitchen with a critical eye.
- 23 per cent will be replacing windows and doors.
Only 12 per cent of those who plan to renovate say they are doing so to increase the value of their home with the intention of selling it afterwards.
Renovating and your home insurance
A new paint job, flooring, backyard deck, or a freshly-paved driveway are great amenities to improve your home and make it more livable. Some renovations however, may have an impact on your home insurance. Bathroom, kitchen and basement renovations, for example, may increase the value of your home, while swimming pools, trampolines and treehouses may increase your liability risk. Before doing any major renovations to your home, give your home insurance provider a call. Ensure you’re properly covered during the renovations in the event something should go wrong, and then long after the renovations are complete.