Renovating is a great way to boost the value of your home, not to mention the quality of life for you and your family. That’s why for the past 15 years, more and more Canadians are investing their hard-earned money into home renovations.
According to a recent study conducted by Altus Group, renovation spending in Canada has been on the rise since 1998 and doesn’t appear to be slowing down any time soon. The expected annual growth is estimated at approximately three per cent per year.
Today’s residential renovation industry is worth $63.4 billion, which is approximately 3.7 per cent of the total GDP – a great example of the renovation sector’s impact on the national economy.
Just in the GTA alone, the residential renovation industry is responsible for creating close to 100,000 new jobs every year, and is one of the largest employers in our region. These are well-paying, quality jobs that add up to about $5.4 billion in wages.
Those wages are then pumped right back into the local economy as purchases, whether it’s food, clothes, cars or entertainment.
Of course not all renovators are the same. I always recommend the hiring of a professional contractor to work on your home. A good place to find one is at www.renomark.ca – home of the national RenoMark program started by BILD back in 2001.
Every member of the RenoMark program agrees to a renovation-specific Code of Conduct which binds it to a number of obligations like providing a minimum two-year warranty on all work, being covered by at least $2 million worth of liability insurance and carrying all applicable licenses and permits.
The most important clause in the Code of Conduct is having all jobs laid out in a written, binding contract. This not only helps you keep track of everything that goes into your renovation, but also serves as a good reference point should there be any details that require a second look.
If your renovator offers you a chance to save on the taxes and do the work for a cash fee, I strongly urge you to walk away. Cash jobs come with no written contract, so there’s no accountability should your renovator leave you with a subpar renovation or nothing at all.
Don’t fall victim to the underground economy. Millions of Canadians nation-wide are already working with professional, reputable contractors and getting the most out of their homes. You should too.
Visit www.renomark.ca to learn more about what a professional renovator can do for you.