[caption id="attachment_491" align="alignleft" width="300"] (Photo credit: iofoto/iStockphoto.com)[/caption] With spring comes a busy real estate market, but it's also high time for homeowners to start planning for any home renovations they plan to do during the year. In 2015, Canadian homeowners plan to spend an average of $17,142 on renovations, which dropped from $19,754 they planned to spend last year, according to CIBC's annual survey. Also, homeowners are planning fewer large renovation jobs with only 16 per cent of homeowners saying they'll spend more than $25,000 on renovations. Despite smaller renovation budgets, 42 per cent of homeowners plan to renovate their homes this year, which is up from 40 per cent the year before. Basic home maintenance is the most popular types of renovations homeowners expect to do (64 per cent), which includes painting, flooring, general repairs and replacing appliances. Other popular jobs include outdoor landscaping renovations (32 per cent), upgrading bathrooms (29 per cent) and upgrading kitchens (28 per cent). "While Canadians continue to invest in renovations, they are taking a very practical approach in 2015 focused on lower-cost projects," said Barry Gollom, Vice President, Mortgages and Lending at CIBC, in a press release. "Prioritizing where to spend your home improvement dollars is smart, but before you begin, you should make sure that you have a clear plan in place and access to the funds that you need to get the job done." Another popular reno job homeowners plan to tackle (13 per cent) are weather damages caused by the winter. Maintaining your home and always budgeting for repair costs goes a long way in protecting your investment. With cities such as Toronto and Vancouver continuing to see hot housing markets, many homeowners are looking into renovating their current property rather than buying a new one to accommodate their growing space needs. A few changes that can add great value to your home include:

Modernizing your bathroom with new fixtures, a low-flow toilet, space-saving cabinets, new tiling or adding a new master bedroom ensuite
Finishing your basement can add an additional one third of floor space to your home
Upgrading your kitchen with new cabinetry, countertops or appliances, along with reorganizing and adding more space to it
Getting rid of carpet and replacing it with hardwood floors or refinishing hardwood floors

When planning renovations, it's important to think about how they can better your lifestyle, but also which ones help you recoup the most money back, whether it's a mid-range or upscale renovation jobs. Keep in mind that there are some renovations that will hurt the value of your home, which is something to consider during your planning. Rebate4U can help you figure out whether the renovations you've done to your property make you eligible for an HST housing rebate. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.

More of our Blogs

HST housing rebate

25 October 2024

Can You Apply for the HST Rebate More Than Once?

Those who’ve already applied in the past once may be considering applying again with a new home. If you want to apply again for the HST Rebate on New Homes, here’s what you should know.

View Full Post

HST housing rebate

17 October 2024

How the HST Rebate Can Make Your Renovations More Affordable

Renovating a home is an exciting yet expensive endeavour. Whether you're adding a new room, upgrading your kitchen, or modernizing your home's exterior, costs can quickly add up. Fortunately, if you're planning renovations or have recently purchased a new home, there's a financial break available that many people overlook—the HST rebate. The HST Rebate in Ontario can...

View Full Post

Condos

30 September 2024

Signs You've Made a Mistake on Your New Condo HST Rebate Application

Read on to learn the signs you've made a mistake on your new condo HST rebate application!

View Full Post

Houses

13 September 2024

Benefits of Tearing Your Home Down to Its Studs

Renovating your home by tearing it down to the studs can seem like an extreme measure, but it's often the most effective way to transform your living space. This process involves stripping a house down to its basic framework and rebuilding it with modern materials, updated systems, and improved layouts. Whether you're fixing structural issues or reimagining your home, going down to the...

View Full Post

HST housing rebate

29 August 2024

Why Apply for the HST Rebate If You're Renting Your New Property for the Academic Year

If you’ve recently purchased a new condo or home, and do not anticipate occupying it immediately as your primary residence, then it can be financially beneficial to consider renting it to a student if you’re located near a post-secondary institution, as you may be able to apply for the New Residential Rental Property Rebate. As part of the HST Rebate in Ontario, the NRRPR allows...

View Full Post

HST housing rebate

15 August 2024

How to Get Money Back on Your Summer Home Rebuild

Many new and existing homeowners in Ontario take the warm summer months to complete their summer construction projects. If you’ve been working on a significant home renovation or building a brand new home from the ground up, then you could be eligible for the HST Rebate in Ontario. The popular rebate program is offered to residential home buyers and is meant to help homeowners save on the...

View Full Post

HST housing rebate

25 July 2024

Can Rental Properties Qualify for the HST Rebate in Ontario

Homeowners have allways had great opportunities to benefit from HST rebates in Ontario. However, now renters have similar opportunities, if you meet the eligibility criteria. Contact Rebate4U for more!

View Full Post

HST housing rebate

17 July 2024

How to Get Money Back from Your Home Construction with the HST Rebate in Ontario

Opting to build your own home from scratch has numerous benefits including the fact that you can obtain an HST Rebate. Contact Rebate4U for a free consultation!

View Full Post

Newly built homes

21 June 2024

Benefits of Building Your Home with the HST Rebate in Ontario

Buying a new home in Ontario is a significant investment and a challenging process in the region’s competitive real estate market. As a result, many prospective home buyers look to buying land or properties that need large-scale renovations instead of buying directly from a builder or a ready-to-live-in, listed property. Understanding the financial benefits of building your own home with the...

View Full Post

HST housing rebate

11 June 2024

Frequently Asked Questions About the HST Rebate in Ontario in 2024

The new housing rebate is a fruitful opportunity for residential property owners and buyers across Ontario who fit the eligibility criteria. The HST Rebate in Ontario is applied to newly built or renovated homes and when applicable, can result in tens of thousands of dollars back into the pocket of the home buyers. When approaching the application process for the HST rebate on new homes or newly...

View Full Post