Renovations Calgary: Stats 2018
Just like in the past few years, this year Canada’s home market has become a roller-coaster and this has had a significant effect on renovations Calgary. In fact, most homeowners have seen an increase in home prices in Metropolitan areas and the mortgage rules tightened. And most economists have concluded that the housing market, low supply and high demand is what has inspired most homeowners to significantly increase their overall spending on home renovations rather than purchases. Findings from the collected data have shown quite a number of things in relation to home renovations in Calgary.
1.Renovating To Stay or Sell?
Renovations Calgary, like bathroom remodeling projects have become some of the most popular home improvement projects. And this could be pointing to two things; homeowners are renovating their homes so as to improve their overall quality of living or they are simply investing in the homes with the intentions of reselling them in future. In fact, bathrooms are known to have high returns on investment of between 7- to 100 percent. On the other hand, bathroom renovations are known to be very costly home improvement projects with costs ranging from $150 to $250 per square feet.
2.The Contractor’s Ratings
Statistical findings have also shown that most homeowners are extremely keen on the star ratings of the contractors they would hire. Even though most of them are not necessarily looking for perfection, about 44 % of them say that they would only hire contractors with a rating of more than 3.5 stars, while 19 percent of them say that they can only hire contractors with a rating that is above 4 stars. And what this means is that contractors must step up their game as well as their online presence if they are to keep abreast with the rising demand for renovations, quality and consumer expectations.
3.The Renovation Reality Check
Although so many Canadians want to set very high budgets for their home renovations, it is only wise to set a realistic budget that will not drain you financially. From the findings, most homeowners usually underestimate the project cost in relation to the average industry standards. In fact, it is only just about 20% of the homeowners that usually set realistic budgets for their kitchen renovations; one of the most popular renovation projects in Canada. All-in-all if you are planning to do some home renovations Calgary and do not know how much it is likely to costly, you can involve a qualified renovation contractor to help you with the budget estimates.
From these statistics, you can learn quite a number of things that will enable you to plan for your home renovation project and ensure that it is well executed, timely and cost-effective. For instance, as a homeowner, you must know the amount you need to set aside so as to ensure that the project is completed as per your expectations. On the other hand, if you are the contractor, you will know what your clients expect of you and hence ensure that the highest standards of professionalism and reliability are established. Above all any renovation should only be done by a professional who has enough experience in the industry.