Here are some facts about home renovations, based on a survey conducted earlier this year by BC Hydro:
• Over half (53 per cent) of the 800 homeowners surveyed have completed a home reno project since COVID-19 arrived
• Improving aesthetics was their principal motivation, and “comfort” was second
• About 20 per cent regret at least some aspect of their renovation\
• Another 41 per cent of home owners surveyed plan home improvements or renovations this spring
Many home renovation projects have probably been the result of more people who are working from home because of the pandemic. Others may have been to improve the value of one home in preparation to move to another home.
The message from BC Hydro’s survey is to be cautious.
While pointing out that the regrets of home owners who were surveyed range from bathrooms (16 per cent), kitchens (15 per cent) and flooring (14 per cent), BC Hydro’s survey also relays that regrets include the belief that renovations did not have the desired impact on the property’s value. That stems from results that surveyed homeowners believe interior aesthetic renovations are more likely to increase retail value of their homes (60 per cent) that energy-saving renovations (21 per cent) or exterior aesthetics (14 per cent).
In BC Hydro’s view: “Maintaining the worth of a home depends most heavily on energy saving and maintenance upgrades [for the] heating/cooling system, replacing windows and doors and updating roofing.”
In other words, the non-aesthetics.
In other words, the non-aesthetics.
Home value depends on many factors, of course, starting with location and the sales of comparable homes in the same neighbourhood. In a world that is becoming more “green” with each passing year, energy-saving is likely becoming more important to home buyers.
Last year, BC Hydro received 6,000 applications for home renovation rebates up to $10,000, most of them for heat pumps and insulation.