Your husband may be whispering to you that everyone’s doing it. He may even be telling you that he heard the neighbours talking about doing it. Perhaps he’s trying to convince you that the two of you should consider it, and this time he’s right. Get your minds out of the gutter, ladies! Home renovations are a huge trend right now, and there are a few good reasons for this.
First, the federal government’s last budget introduced a new Home Renovation Tax Credit (HRTC) for 2009. The proposed HRTC is a non-refundable tax credit for work performed or goods acquired in respect of an eligible dwelling. Cedit will be based on eligible expenditures for work done between January 27, 2009, and before February 1, 2010.
For more details on what is eligible (a new kitchen) and what is ineligble (purchasing power tools for your husband to tackle said kitchen) visit the government’s website.
Another reason that home renovation is all the rage is that in this cooler building market, tradespeople are relatively easy to find. People all over the country are looking for work, and that includes designers, builders, contractors, plumbers and electricians. A couple of years ago if you’d thought of doing your basement you may have been waiting years to get the right contractor. Chances are now that you’ll make a couple of calls and find just who you need, looking for work.
Finally, lower interest rates are making home improvement loans more feasible. Borrowing money to tackle that home improvement project hasn’t been so cheap in quite some time. With the precarious nature of the economy, we aren’t all feeling secure enough to move or take on a new mortgage, but many of us would consider a line of credit for home improvements.
So, I’m making my list and sharing it with my husband. The time seems to be right to jump on this trend and join everyone else doing it! What do you think of my new dream bathtub? Imagine the thinking I could get done there! Note to self…I’ll also budget some heavy duty bathroom door locks into our home renovation plans.
If you’re thinking of a renovation, be sure to check out Royale Reno-Cation Contest for a chance to win some cash towards that reno and a spa vacation to recover afterwards.