Here's How To Save As Much Money As Possible If You're Renovating A Home In 2022
The government has loads of money up for grabs. 💰
Exterior of a home being remodeled. Right: A room with a floor being renovated.
Renovating your home in Canada is a massive undertaking that more and more Canadians are looking at.
It can mean knocking down walls, gutting rooms or completely overhauling your entire home and it's something that around 59% of Canadians are planning on doing, rather than buying.
And with those big changes, comes a lot of cheques to write.
So, MoneySense.com has come up with a guide to help Canadians who want to renovate their home save as much money as possible.
They have tips for saving, best ways to pay for a reno and advice on what exactly you need to have in order before you start putting holes in your walls.
First up, before you get a contractor or builder involved in your reno, it's good to look at what you're able to do yourself. Whether it's part of the demolition, cleanup or picking up materials from the store — whatever you don't have to pay someone else to do is money saved.
However, when you do get another party involved, the first thing you want to do is lay out everything with your contractor.
Get the entire job down in writing as detailed as you possibly can. It should have a work plan for the project, costs and contingency plans for any unexpected things that might happen. Knowing what's expected could save you and the contractor a lot of hassle and dollars.
Speaking of saving dollars, there are also a ton of grants and tax rebates out there for folks looking to switch their homes up a bit.
This is especially the case if you are upgrading your home to be more eco-friendly. There are both federal and provincial benefits to help cover the costs of a more green home which can total above $5,000 in funding.
And, if you're renovating your place to include some more family members in it, the new Multigenerational Home Renovation Tax Credit can give you up to $7,500. A big help for sure!
With this knowledge, hopefully you will be able to start making your property a little bit more like that home you see when you close your eyes at night.
This article's cover image was used for illustrative purposes only.