Category Archives: renovations

Survey finds homeowners less likely to use credit to pay for renovations

Posted on November 26, 2009 | Leave a comment

By Heather Rose

Canadians are more likely to use cash instead of credit to fund home renovations this year than they were last year, according to an Ipsos Reid survey of 3,000 homeowners conducted this past fall for the Royal Bank of Canada. Cash purchases are easier to keep track of and work better into a budget than using credit, with no surprises, debt or additional fees.  Due to the state of the economy, more Canadians are conscious about how they use their money and what kind of financial decisions they should make when it comes to improving their home, whether for their own personal needs or in an effort to sell it.    Up six per cent from last year, 76 per cent of those surveyed said they were planning to use cash rather than add to their debt during their upcoming home renovations.  Other findings from the survey include:

•    Across Canada, homeowners expect to spend an average of just over $11,000 on renovations.

•    63 per cent of those surveyed will be taking advantage of the new Home Renovation Tax Credit.

•    Almost half of the people surveyed said they’ve done renovations that they might not have done otherwise specifically because of the Home Renovation Tax Credit.

•    18 per cent of those surveyed are renovating their homes to make them easier to sell.

•    Bathroom renovations make up 41 per cent of the total intended renovations.

•    Almost one-third of those surveyed said the biggest annoyance while renovating was going over budget, and 32 per cent of those surveyed said the process of completing the renovations taking longer than expected was their biggest aggravation.

•    Saskatchewan and Manitoba are tied for the most intended renovations and highest price tag with 73 per cent of respondents saying they intend to renovate for an average of $15,133.

•    People in Quebec will to spend the least amount of money on their renovations, an average of $7734.

•    78 per cent of those surveyed in Atlantic Canada intend to renovate their homes while only 15 per cent intend to sell their homes. Alberta has the highest number of people wanting to sell with 27 per cent, and only 67 per cent planning to renovate.

With the rush to renovate early and take advantage of the Home Renovation Tax Credit, being careful and using cash is much easier on your budget and credit score.

Heather Rose is a Toronto based Journalist, who is a regular contributor to the Muddy York Real Estate Blog.  Heather website is located at heatherroseportfolio.squarespace.com.

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Renovating Homes with Lead Paint

Posted on November 17, 2009 | 1 Comment

By Heather Rose

Lead paint is relatively common in older houses and the disturbances caused by renovation can be disastrous. Lead was primarily used as a pigmentation agent in most oil paints and a few latex paints until the early 1950′s and as a drying agent into the late 1970′s when governments finally limited the lead content allowed in interior paints. Exterior paints were given warning labels if they exceeded a similar limit, but it is estimated that some exterior paints were up to 70 per cent lead by weight. Currently most Canadian paints do not allow lead to be added at all.

If your house was built before 1980 you may have lead paint on your walls. If it was built before 1950, you most definitely do. There are testing kits that can determine if you have lead paint available at large hardware or health food stores. These kits can also be used on other household surfaces to test for the presence of lead.

If you intend to renovate your home and it may or does contain lead paint, there are a few things to consider – particularly the fact that every method of removing lead paint is dangerous to a degree. The agitation of lead paint creates a deadly dust, which can already be present in high-friction formations like door and window frames.   The safest and wisest course of action is to hire a contractor that specializes in lead and asbestos removal and who adheres to proper industry standards. Replacing small lead-coated things yourself is possible, but health authorities warn not to attempt anything yourself that involves more than a few square feet of material. Some of these smaller items can include radiator panels and door and window frames.  One of the more damaging things that can be done is covering up the lead paint with new paint. Not only can the new paint cause chips or flaking, but preparing for decent coverage involves sanding and other activities that produce dust. Sealing the lead paint with a liquid epoxy that encapsulates and traps the paint preventing future chipping is a better option.

During the renovating or lead paint removal it is especially important to protect family members and belongings from lead dust and perform an intensively thorough clean up afterwords with the use of a HEPA filter vacuum. Pregnant women and children should be removed from the premises completely until renovations are complete.

Has your child been exposed to lead paint? Lead poisoning can produce flu-like symptoms or even none at all. Children are at a higher risk because they play closer to the ground, are often putting their hands in their mouths and have a faster metabolism therefore absorbing things faster. Ways that increase your family’s risk of being exposed include living in a pre-1960′s house with peeling paint or spending a great amount of time in a building (day care, school, business, etc.) with such, regularly visiting or living in a remodeled house and being in close proximity with exposed people who may carry dust on their clothing.

Heather Rose is a Toronto based Journalist, who is a regular contributor to the Muddy York Real Estate Blog.  Heather website is located at heatherroseportfolio.squarespace.com.

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Posted in Home Inspection Information, renovations

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A Common Renovation Mistake: Going Over the Budget

Posted on October 2, 2009 | Leave a comment

By Sue Toyne

When you decide to renovate your home, you will generally sit down and create a plan. In this plan you will have what you want to renovate, whether it is the kitchen countertop, adding a bathroom or adding a whole room altogether.

No matter what the renovation is, there is always one similarity, which is creating a budget.home reno mess

Your budget will be how you structure your entire renovating project. By this I mean, you will be picking material, tools, etc through the budget you have determined, if you find yourself reaching the breaking point, then you will reconsider.

That would be the ideal situation, however what tends to happen is that people will budget themselves for the renovation, however they do not keep a proper record of their spending until the project is near completion, making it too late.

When you create a budget, it can only serve its purpose if you are able to follow through with it.

If your budget is set at $5,000 for the entire kitchen renovation you have in mind, it is not feasible to spend $4,000 on a new granite countertop, when you still have to buy kitchen cabinets, not to mention the labour costs if you are not doing the work yourself.

You might be thinking that unexpected costs occur, and it cannot be helped if you go over budget. Now look at it from this perspective, why bother spending the time and energy creating a budget if you will not put it into effect.

A budget is designed so that you can ultimately save on how much you are spending; therefore it is common to add in “unexpected” costs into it at the beginning.

There really is no excuse for going over your budget, unless you decide to change the renovation altogether. In that case you should be revising the budget altogether.

When you set a budget, and want to stick with it, you simply need to record every purchase. At the end of each day, take the bills you have for anything related to the renovation and tally it. Place the bills in a folder along with your total amount spent and you can determine on a daily basis how much of your budget you have left.

You should be placing allocations for what to buy in your budget. By this I mean, have how much you will be spending on materials listed, and what you need for labours costs outlined. This way you should have thought of everything you will need for the renovation and will be able to stick to the budget.

Sue Toyne is a Sales Representative with Royal LePage/Johnston & Daniel Division.  Sue’s website is located at www.susantoyne.com.  Sue is regular contributor to the Muddy York Real Estate Blog.

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