More than one-third of Canadian homeowners plan to splurge on home renovation projects, says a CIBC poll.
It finds they’ll spend an average of $15,000, with 39% of owners planning to start projects in the next 12 months. Those in Alberta will pay out the most at $22,900, while Atlantic Canadians will be more frugal at $11,000 on average.
Across the country, people aged 45-54 are most focused on home improvement. The study finds they’ll shell out 18,300 on average.
“Home renovations help you get more out of your property, but [clients] need to consider how the costs will fit with your overall financial plans,” says Colette Delaney, executive vice president of Mortgage, Lending, Insurance and Deposit Products at CIBC.
And since Canadians named paying down debt as their top priority for 2013, they’ll have to keep a close eye on their renovation budgets to stay on track.
Scott McGillivray of HGTV says, “Kitchens and bathrooms are always value-adds…I also like to add income suites [where possible].”
Along with creating a clear plan and budget for any renovations, he adds your clients should get quotes from contractors before their work starts. By having a signed agreement that details the scope of work and its end results, they’ll be able to track and cap expenses.