The ‘Improve, Don’t Move’ Trend Drives Basement Reno Market to Boom
Canada is and has been a nation of renovators. When it comes to improving their homes, the majority of Canadians have carried out some sort of renovation project over the last year, so it comes as no surprise that the market reached a record $77.7billion in the past 12 months. And this without taking into consideration home repairs, which according to estimates account for about 6.5% of the total overall Canadian households.
Certainly, undertaking a renovation project creates the ideal opportunity to bring a home into the 21st century and make the most out of emerging environmentally friendly technologies and designs created to make homes more efficient and bills a lot cheaper. Champions here are of course basement renovations. Canadians are increasingly willing to invest in basement renovation ideas that can turn a big empty space into a room completely customized for every family’s preferences. And the list of possibilities is endless: it can be a home theatre, a man cave, an art studio or a workout room to name just a few.
At the same time, Canadians are becoming more alert and aware when it comes to caring for the environment, especially thanks to the City of Toronto unanimously supporting a climate change action plan. Going green with an eco-friendly basement remodeling plan is the way to go for anyone who wants to save some money and the planet. While there is a common misconception that a green renovation will cost more than a traditional one, this couldn’t be false. Moreover, materials are bound to have a longer life thus eliminating the need for periodical replacement and they protect homes from mould, wood rot, and water damage while creating healthy air quality.
All of these factors are extremely important considering about 45% out of all Canadian homeowners are planning to take on some sort of renovation project by the end of 2018 but are more careful with their spending. The annual CIBC Home Renovations Poll estimates that the reno budget is around $11,000. However, this is not out of reach with the right company. For instance, across Vaughan and the Greater Toronto Area remodelling, Canadians can get a standard package for as little as $2,855 which includes everything from framing and insulation to painting and taping.
Other than the standard package, Canadian homeowners looking for a basement makeover can rest assured that whatever their wishes and plans might be, they can still afford it without putting too much pressure on their bank accounts. The best companies offer a cost per square foot deal which usually entails that the bigger the space needed to be renovated in square meters, the lower the cost will be. These types of services and prices are ideal for anyone who’s looking to take their basement up a notch. Particularly helpful and achievable for first-time homeowners who set a more modest budget than people who have owned multiple properties previously.
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