Canadians plan to renovate homes

Almost half of Canadian homeowners (44%) are planning significant renovations to their homes in the next two years, finds a Scotiabank study.

Read: Homeowners to spend $15K on renovations

And 93% already know how they’ll finance their projects. The top financing sources are cash savings (62%) and a line of credit (29%). Other sources include credit card (8%), government assistance (6%), bank loan (5%), and RRSPs or investments (4%)

“From painting a room to replacing your kitchen, financing a renovation should be based on your goals with budget and timeline being key to the whole process,” says David Stafford, managing director of Real Estate Secured Lending at Scotiabank. “The top three things to remember are understand what you can afford, have a budget and stick to your plan.”

Read: Check home insurance terms before renovating

So what areas of their homes are they revamping? Canadian homeowners would most like to renovate their kitchens (33%), bathrooms (16%) and basements (16%).

Read: Help Gen Y overcome 4 barriers to homeownership

“Renovations can add great value to your home and when you choose environmentally friendly renovation options, you can save energy, water and money,” adds Kaz Flinn, vice president of Corporate Social Responsibility at Scotiabank. “Making your home energy efficient will be a benefit that will continue to pay off over the years.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.