Most of the homeowners in Canada are planning on having their homes renovated and repaired rather than having to move or relocate to another place. CIBC did a survey that revealed that the typical spending would be about $11,800, which is the minimum for three years with regular home repairs and sprucing up the most prospective jobs.
More than fifty percent of the homeowners are intending on renovating their home and other than moving to a different place, they plan on having their homes repaired and improved. A well famous real estate investor, television icon and contractor, Scott McGillivray said; “These findings show that the decision to either renovate or relocate comes down to your financial situation, emotional attachment to your home, and ultimate real estate goals,”
About two thirds of the homeowners will have to use some money from the saving to have their renovations bills settled off, 10 per cent will take out loans or cash with help from their credit lines, 8 per cent will pay through their credit card and 7 per cent will do so by means of HELOC.