Young clients take on risky home renovations

By Staff | June 11, 2013 | Last updated on June 11, 2013
2 min read

Home renovations can be a risky financial endeavour no matter the age group. But a Capital One Canada study finds young Quebeckers are the most likely to get themselves into money trouble.

Read: Homeowners to spend $15K on renovations In fact, more than a third are likely to go over budget and 17% say they have no budget at all.

This overspending could be linked to the fact that Gen Y renovators have the highest budgets at $7,380 — almost twice the amount of those aged 35 to 54. A lack of proper skills could also be the culprit, with 68% planning to do it themselves.

Read: Canadians plan to renovate homes

“Although it might be tempting to try to save money by doing everything yourself, hiring a professional for the more difficult renovation tasks will actually help you save more money in the long run,” says Brigitte Poitras, home staging expert.

The survey finds 24% who have renovated their home in the last year admit they spent beyond their means. And when it comes to financing their projects, a quarter of Gen Y renovators planned on using their credit cards.

Read: Advising Gen Y “Only use a credit card to finance projects if they have enough money saved to pay off their balance in full by the due date to avoid interest charges,” advises Pascal Bricault, director, Capital One Canada.

Other findings include:

  • Cosmetic renovations like indoor painting (49%) and curtains and blinds (26%) were among the most popular home renovation projects in the last 12 months, followed by the kitchen (20%), patios and balconies (19%), and the basement (17%); and
  • 27% of Quebeckers plan to pursue home renovations in the next year. staff


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