Get The Best Bang For Your Home Renovation Buck
According to a recent poll 65 percent of Canadian homeowners are planning to renovate their home in the next 12 months. Keeping with longer-term plans, David Stafford, director of real estate secured lending at Scotiabank states the most popular renovation projects are bathrooms, kitchens and basements.For those concerned about heavy debt load, 73 percent of respondents plan to use cash savings to pay for their renovations. Candaians are investing in improving and maintaining their homes, often their largest asset.
David Stafford confirms the best renovation outcome depends on choosing the right means of payment as well as having an effective project management plan in place. Spring is the prime time for renovation, fall is a great time to start getting a budget in place. Work with a contractor you can trust, ask them questions and do your own research. Figure out all the numbers before going ahead with your renovation. Get the best bang for your buck.
Once your budget is set speak to a financial advisor, a line of credit is a useful tool for making purchases and paying contractors. This will keep everything organized for you in one place and one statement. Speak to your contractor for the best return on your investment. Many Canadians are investing in their kitchens and bathrooms but also adding energy efficiency as one of their top goals, a small difference in the price can have a massive payback over time.
Check out our blog 8 Successful Home Renovation Tips for more information on how to ensure your renovation is a smooth process.Back to the Blog