A home renovation may be better than a move
With home prices at $775K in GTA, upgrading makes sense for family budget
Low interest rates and high rising home prices are helping the demand for home renovations remain strong across Canada.
A recent CIBC poll showed that 42 per cent of Canadian homeowners are planning to renovate in 2015, with budgets averaging around $17,000. Most of the renovation will be focused on basic maintenance like painting, flooring, general repairs and replacing appliances.
Upgrading kitchens and bathrooms will once again prove popular, as will outdoor landscaping.
Home renovation is a great and often more-affordable alternative to buying a new home. The average price of a lowrise home in the GTA currently exceeds $775,000 while the price of a new condo averages a bit below $450,000. This leaves many homeowners turning to putting their money into renovations to get the home that fits their needs.
While renovating a home can be exciting, it’s important to avoid rushing into things. Make sure you do your research and obtain the proper paperwork — particularly for larger renovation projects. This is especially true for big cities like Toronto, which require homeowners to obtain permits.
If the renovation doesn’t conform to the municipality’s bylaws and is carried out without the proper paperwork, you may be asked to return the home to its original state.
Make sure that you allow adequate time to obtain your permit. BILD is working with our government partners to hasten the approvals process, but in the meantime, waiting times can often be long.
I recommend working closely with your renovator to ensure that all the paperwork is in order before starting any work. If your contractor pressures you to act otherwise, proceed with caution. A professional renovator will know and play by the rules.
Working with a professional renovator is of utmost importance because you want to be confident that you’re trusting your home to someone with the right knowledge and experience to do the job properly.
If you think it’s expensive to hire a professional, keep in mind how much it will cost in the long run if you hire an amateur. You could end up paying thousands to fix substandard work or risk having no work done at all.
Make sure you have all elements of the job — including payment — outlined in a detailed and written contract. Without one, any legal action will prove challenging should you encounter problems or issues.
There are hundreds of professional renovators and trade contractors available in a searchable online database at renomark.ca. For your convenience, the search is fully customizable by trade and location, allowing you to find the right contractor that’s closest to you.
All companies that you will find on this website have agreed to a renovation-specific Code of Conduct, which includes things like providing a written contract; offering a minimum $2 million in liability insurance; providing two years’ warranty on all work; and having all applicable licences and permits.
If you are planning a home renovation this summer, make sure you hire a pro; visit renomark.ca to find out if there’s a RenoMark renovator in your area. Bryan Tuckey is president and CEO of the Building Industry and Land Development Association and a land-use planner who has worked for municipal, regional and provincial governments. Follow him @bildgta, facebook.com/ bildgta, and bildblogs.ca.