Aesthetics Drive Renovations

Homeowners renovate primarily for aesthetic reasons (61 per cent), but many also do it to increase the value of their property (52 per cent), says a survey by RenoAssistance. Maintenance (40 per cent) and repairs (43 per cent) are also key factors. For respondents that said they will expand or convert their home, 57 per cent say they will do it mostly to make their dwelling more functional. Twenty-one per cent of respondents also shared that they are willing to renovate to improve the energy efficiency of their property. On top of this, more than two thirds (70 per cent) of surveyed homeowner expect that they are likely to complete renovation projects of at least $5,000 by 2024. While 70 per cent of Ontario and Quebec homeowners want to begin a renovation project by 2024, they are held back by insufficient budgets (30 per cent), building material costs (20 per cent), and the uncertainty of the economy.