Homeowners in Alberta plan to spend more money on their home renovations than most Canadians, according to a new poll.
The poll, conducted by Harris/Decima for CIBC, found the average amount Canadians expect to spend on renovation costs in the next year is just over $15,000.
Albertans, however, say they anticipate spending an average of $ 22,900.
While Albertans plan to spend the most money on renovations, Atlantic Canadians says they plan to spend the least, with an average of $11,000.
According to the poll, more than one-third of Canadian homeowners plan to take on some form of home renovation project this year.
Renovation Tips from HGTV’s Scott McGillivray.
Renovation Tips from HGTV’s Scott McGillivray:
To make sure you stick to your renovation budget, while getting the greatest return on your investment, Mr. McGillivray offers the following tips:
- Plan the Work: You don’t want to be in the middle of a home renovation project when you realize you are unable to meet your timeline or budget, especially if you are operating with a tight budget.
- Set your Priorities: If you are taking on multiple renovations, decide which ones are the most important to you, and tackle those first. Kitchens and bathrooms make good choices for a renovation because of the potential to add value to your home.
- Expect the Unexpected: Regardless of how much you plan in advance, leave a cushion in your budget for the unexpected. You should aim to have a cushion of 20 per cent to over any unexpected costs.
- Get it in Writing: You should always get quotes from contractors before any work starts, have a signed agreement on the scope of work they will be doing and everything that’s included. You also need to be clear on what’s not included so that you’ll know about any expenses that will be your responsibility.
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