Majority of homeowners plan renovations

Sixty-five percent of homeowners are planning renovations in the next 12 months and expect to spend an average of $8,992, according to a Scotiabank poll.

Read: Homeowners to spend $15k on renovations

Homeowners in Manitoba and Saskatchewan are the most likely to renovate (74%) in the next year and plan to spend the most – an average spend of $12,920. The province least likely to renovate in the next 12 months is British Columbia (55%), with homeowners planning to spend the least at $5,700.

For those planning renovations in the next 12 months, the most popular method to pay for their project is cash savings (73%), followed by a line of credit (25%) and credit cards (16%). Men are more likely than women to use cash savings (77% vs. 68%), with home owners in Atlantic Canada (81%) and Saskatchewan and Manitoba (80%) being the highest among the provinces to choose this payment method. One in four (25%) homeowners planning to renovate in the next 12 months indicate they do not have a renovation budget.

Read: Young clients take on risky home renovations

Other highlights:

• Topping the wish list of home renovation projects is bathrooms (38%), kitchens (33%), outdoor renovation/structure of home (26%) and the basement (24%).
• Men (27%) are more likely than women (19%) to renovate the basement.
• The top reasons for home renovations are adding comfort to a home (45%), to increase the value of the home (22%), and to repair damages (19%).
• On average, Canadian homeowners planning home renovations in the next 12 months will do nearly half (45%) the work themselves.
• Two in 10 (18%) Canadian homeowners planning to do renovations in the next 12 months plan to do all the work themselves.
• 84% of those planning renovations in the next 12 months that intend to do some/none of the work themselves will hire a professional to help with renovations.
• The key consideration when hiring a professional to help with renovations is reputation (88%), followed by budget (74%) and referral (52%).
• The top sources for home renovation inspiration are television programs (35%), family, friends and neighbours (34%), followed by magazines (33%) and renovation stores (30%).

Read: Check home insurance terms before renovating

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.