Bathrooms are one of the five top rooms in the home that Canadian homeowners want to renovate aside from the kitchen and the landscape. At least 31% of Canadian homeowners want to renovate their bathrooms. They also plan for basic maintenance like a new coat of paint, general repairs, new floors and new appliances. Some prefer to enhance the outdoors by adding a deck, a patio or a driveway.
There are instances when home renovations are not purely for aesthetics particularly when some rooms are showing signs of wear and tear. In Canada, 48% of homeowners are planning to renovate this year but they want to spend less in doing so. Homeowners only plan to spend an average of $11,800 which is considered to be the lowest in 3 years for basic home repairs and maintenance like paint, flooring and replacement for appliances.
Majority of Canadian homeowners (56%) opt to renovate instead of their selling their home and buying a new one. The primary reason why they want to renovate is to be able to repair wear and tear, for cosmetic reasons and to increase the resale value of the home.
At least 67% plan to use their savings for their renovation projects while 25% plan to take out a loan or use credit cards to fund their renovations plans. From these findings, it can be assumed that the decision to renovate or relocate is based on the financial situation, the emotional attachment to the home and future real estate goals.
Usually, homeowners who want a bigger space look for a new home but if done right, renovation can also achieve the goal. Renovation does not require the homeowner to leave the neighbourhood and if properly done, it can also add value to the home. However, homeowners are also worried about the possible disruptions, project delays and over spending during renovation.
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