A new poll by CIBC finds that Canadians homeowners planning to renovate expect to spend an average of $13,000 on home improvements this year as the renovation focus shifts to the outdoors, such as building or repairing decks and patios and landscaping yards and gardens. But, many homeowners worry they will overspend.
Key poll findings include:
37 per cent of Canadian homeowners plan to renovate or improve their home this year, down from 40 per cent in 2015. Among those who plan to renovate this year:
$13,017 is the average amount they plan to spend, up from $12,293 in 2015
Landscaping, including decks and patios, is a focus for 42 per cent
54 per cent plan to do basic maintenance, compared to 55 per cent in 2015
Indoor renovations are less of a priority:
33 per cent look to renovate bathrooms versus 40 per cent in 2015;
26 per cent plan to update kitchens, down from 31 per cent in 2015
“The poll findings show that Canadians are focused on outdoor projects,” says Scott McGillivray, host of HGTV’s Income Property. “Spending more on the outdoors may not necessarily be the first option when it comes to return on investment, however you should never underestimate the value of curb appeal. If you’ve already taken care of the big hitters inside the home and have the renovation funds, why not turn your attention to outdoor projects?”
Biggest worry is overspending
While more than half (52 per cent) of homeowners say their biggest concern is going over budget, only a third (34 per cent) say they actually have a budget for their upcoming project.
“Whether you hire a contractor or do it yourself, you should have a good understanding of how much your project will cost and build in a contingency for potential overruns or surprises,” says Barry Gollom, Vice President, Mortgages & Lending, CIBC. “It’s critical to stay on budget as it is easy to lose control of your spending if you don’t have a detailed and comprehensive plan.”