10 Facts About Renovation You Never Knew Before

FACT! TU You Never Knew Before about Renovation 1 2 75% of renovations were making 'improvements or alterations' and 42% were for repairs or maintenance. The main reason why people renovated was to "update, add value or to prepare to sell their home." 3. 4 31% of renovator households remodeled a room. This was the most popular type of renovation. 41% of homeowners hired a contractor solely. Over 25% used both a contractor, and did part of the work themselves. Close to half (46 per cent) of renovating households reporfed that the cost of Iheir renovation project was as budgeted. On the other hand, more than a third (38 per cent) of households went over budget. Only 77% of those who hired a contractor used a written agreement! This was down from 80% in 2006. 6 Savings were the main form of payment by homeowners for their renovations. Those people that used a line of credit actually spent more money on average than those who used their savings to fund the projects. 40 per cent of homeowners across the five major centers plan on renovating this year. A profile of renovation intenders across the five major centers shows that the majority of intenders are belween the ages of 25 to 44. 10