More Homeowners Will Renovate In 2015
More Canadian homeowners are planning home renovation projects for 2015.
A recent CIBC poll, conducted by Nielsen, reports that 42 per cent of Canadian homeowners plan to renovate, a two per cent increase over last year's findings.
This year, Canadian homeowners are focusing on basic home maintenance such as painting, flooring and general home repairs due to extreme weather damage. According to the poll, big-ticket home renovation plans, such as gutting kitchens and bathrooms, are down by 18 percent compared to 2014.
The poll suggests that Canadians plan to spend an average of $17,142, a spending average that's down by 13 per cent over last year. But despire lower budgets, home renovation projects will take a more practical approach, while homeowners look to take their dollar further.
"While Canadians continue to invest in renovations, they are taking a very practical approach in 2015 focused on lower-cost projects," says Barry Gollom, Vice President, Mortgages and Lending at CIBC. "Prioritizing where to spend your home improvement dollars is smart, but before you begin, you should make sure that you have a clear plan in place and access to the funds that you need to get the job done."
HGTV's Scott McGillivray gives advice on maximizing your return on your renovation investment:
- Bathrooms: Modernizing a bathroom - adding new fixtures, a low-flow toilet, space-saving cabinets, new tile or adding a master bedroom en suite can all add value, often at a reasonable cost.
- Kitchens: Upgrading cabinetry, countertops or appliances, or enlarging a small or poorly laid out kitchen can add a premium to a home's value.
- Finished basements: A finished basement can add space in your home by one-third.
- Flooring: Ripping out old carpets or refinishing a hardwood floor can be a selling point.