Home renovations aren’t slowing down in Canadian households. In 2013 alone, homeowners spent an average of $15,000 on renovations. Take a look at this breakdown of who plans to spend money renovating their home within the next year, thanks to a CIBC Poll conducted by Harris/Decima.
Highlights of the poll included:
- $15,300 is the amount Canadian homeowners say they will spend on their home renovations this year, on average;
- 39% of Canadian homeowners say they plan to renovate their home in the next 12 months;
- Among Canadian homeowners planning to renovate, Alberta homeowners plan to spend the most on their home renovations this year, spending $22,900 on average, while Atlantic Canadians say they plan to spend among the least – $11,000 on average;
- On a regional scale, 52% of Alberta residents say they plan to renovate their home in the next 12 months, while residents from British Columbia are unlikely to, with only 25% of homeowners saying they plan to renovate
- Among demographics, Canadians aged 45-54 plan to spend among the most on their home renovations this year ($18,300 on average), nearly $3,000 more than the national average*
Are your thoughts among these Canadians who participated in the poll? If so, hold off on making big plans. You should be aware of which projects will not add value to your home.
These upgrades include projects like heating & air conditioning, plumbing, electrical wiring, windows and roofs. It may sound odd, but the main reason why these upgrades don’t add value to the final price tag of your home is because potential home buyers expect they are already in good working condition once they receive the keys. Home buyers feel this shouldn’t add to the cost of the home they’re about to purchase.
Landscaping can definitely add that much-needed curb appeal to your home, but there is a difference between low maintenance beautiful landscaping and over-the-top landscaping that requires too much upkeep. New homeowners may also have a different vision for their backyard and will likely be faced with an added cost of removing the existing landscaping to implement their own plans.
This may come as a surprise since kitchen renovations are increasingly popular and already add a fair amount of value to your home. However, there must be a harmonious balance to the renovation that upgrades the room while keeping the overall look of the home cohesive. Renovating your kitchen and adding top-of-the-line appliances and fixtures may not be a great decision when other parts of your home are relatively outdated.
Backyard pools are great fun for the entire family, but may not be in everyone’s dream backyard. Potential home buyers may bypass a house with a pool because they either don’t want one or don’t see the value of the added maintenance fee to keep the pool running. The maintenance fees, which often don’t include chemicals, equipment or pool service, can run from $600 to almost $2,000 per year. Other homeowners also may be looking for a bigger yard that would otherwise be great if not for the pool.
These are a few renovations that you may want to reconsider if you truly want some bang for your buck. Luckily for Canadian homeowners, the Appraisal Institute of Canada offers a handy online tool that can help you determine how much of a return you can expect to get out of your home renovation.
Simply choose a reno, plug in your expected cost and it will tell you how much of your investment you can expect to get back.
Having trouble deciding if you need a home renovation? We have a list of general contractors who can work with you to decide which home renovation would benefit your home and fit your short-term and long-term plans.