(Photo credit: Djun Kim/Flickr)
Chances are that when you put the money down on your home, everything in it wasn’t exactly as you envisioned.
You might have thought that the ensuite in the master bedroom was too small or you wanted an open kitchen that lets you peek into the living room, but you bought the place since it filled out most of the things in your want list and you knew you could renovate it later.
Like you, many Canadian homeowners have invested in home renovations for their properties. This year, Canadians said they expected to spend an average of $19,754 on renos, which is up from the $15,300 spend amount last year, according to a recent CIBC survey.
Homeowners in British Columbia and Ontario are expected to spend more on renos than the national average at $28,434 and $23,879, respectively.
“When you start a renovation you usually have a mental picture of what the end result will look like but you should also have a picture of how paying for that renovation will fit in with the rest of your financial obligations,” says Todd Lawrence, Senior Vice-President, Products & Payments at CIBC in a press release.
Save money on your renovations by first looking into the credits and rebates available to you. If you’ve done a major renovation to your home, you could qualify for an HST rebate from the government. Claim back some of your hard earned renovation money from the CRA.
Homeowners are generously investing into their homes with 40 per cent planning renovations within the next 12 months. Some of the top jobs include: basic home maintenance, such as painting, flooring or general repairs (57 per cent), bathroom renovations (33 per cent), kitchen renovations (32 per cent), replacing windows and doors (29 per cent) and landscaping, which also includes an outer deck (27 per cent).
“While renovating rooms like kitchens and bathrooms are always good investments, I’m encouraged to see that a large number of homeowners are also planning to spend money on general upkeep this year,” says Scott McGillivray, host of HGTV’s Income Property, in a press release.
“Keeping your house in good repair helps to protect its value.”
It’s always better (and cheaper) to replace or make repairs to your home before it’s absolutely necessary, adds McGillivray.
There are some renovation jobs that will pay for themselves when it comes to adding value to your home and depending on your budget, you can either go ahead with either mid-range or upscale renovations to increase your home’s value.
If you’re going ahead with a renovation project, make sure your contract properly details the reno job and consider choosing a contractor with a RenoMark.
Avoid the risk of improperly filing your HST housing rebate and let Rebate4U help you avoid any issues. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.