Nearly Half of B.C. Residents Plan to Renovate
San Francisco, CA -- (SBWIRE) -- 10/02/2012 -- A recent poll revealed that 56% of the residents of the B.C. area plan to renovate their homes in the near future. Homeowners are expected to spend approximately $7.6 billion on renovations, maintenance, or repairs of their homes in the near future.
The number is expected to change next year to near $7.8 billion, according to Canada Mortgage and Housing Corp. (CMHC).
The country is preparing for these renovation projects, a fact that can be seen through the upcoming Vancouver Home and Design Show on October 11.
The Renovation Council of the Greater Home Builders’ Association (GVHBA) held a recent home renovation seminar that was sponsored by BC Hydro, CMHC, and Fortis BC. 300 homeowners attended the seminar. While there, the homeowners were asked to complete a questionnaire that was very insightful in regards to their renovation plans.
Here are some of the findings:
- 56% of respondents indicated they plan to renovate within 12 months; 26% said 12 to 18 months and 11 % said 18 to 24 months.
- 65% of respondents indicated they are not placing their renovation plans on hold until the HST transitions back to the PST/GST.
- 71% of respondents revealed contractors had not offered them a discount for an under-the-table cash deal. 29% said a cash deal was offered to them.
- 83% of the respondents wanted the government to revive Home Renovation Tax Credit.
- 9% plan to renovate the whole house, with 22% planning to renovate their kitchen, and 18% plan bathroom renovations.
- In terms of green or energy-efficient renovations, there is nearly a 50/50 split with 48 sure that they will include them and 46 unsure. Only 7% they will not be including them.
- 70% of the respondents will definitely hire a contractor to do the work, and will consider a GVHBA RenoMark contractor. 25% are undecided.
- 100% of the respondents believe it is important to have a signed contract that clearly spells out the roles and responsibilities of both the contractor and homeowner.
The next free seminar will be held on Nov. 20 at the Croatian Cultural Centre in Vancouver.
TowelRacked.com (http://towelracked.com) is an online company that assists with renovation projects. It has a variety of racks available online, from poolside racks to bathroom ones. Give them a visit online at TowelRACKED.com
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