Pre-renovation Checklist: What is your Financial Plan?

We sure seem to be in the mood for improvements in this country and our homes are no exception. A recent construction study from Scotiabank suggested Canadians spent a record $53 billion on home renovations last year and that number was actually on par with what Canadians spent on new home builds. In a separate report from BMO, their research concluded over the past decade, renovation spending in Canada has been the single fastest growing segment of residential investment across the whole country.   Knowing that, chances are pretty good you too have done some recent improvements on your house or are in the very least thinking about getting some done. Whether it is fixing up the front walk and stairs or fitting the bathroom with safety guards in the shower, toilet and bathtub to full blown demolition and additions on your home, you need solid plans in place first and it all starts with proper finances.   The Canada Mortgage and Housing Corporation suggests regardless of size, you enter into any renovation project well informed on all aspects of impending construction to help it go that much easier and hopefully, stay cost effective and stress free. Financial Advice How much money do you personally have on hand to get this project done? Will you be doing the labour yourself? If so, is there room on your credit cards to cover the cost of supplies (don’t forget the pizza and pop costs if you are getting family and friends over to help)? Will you need to take out a loan with the bank? Does refinancing your mortgage make more...
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