|By PR Newswire||
|March 27, 2014 04:00 AM EDT||
HGTV's Scott McGillivray offers advice on making the most out of your renovation budget
TORONTO, March 27, 2014 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll conducted by Nielsen finds that four in 10 Canadian homeowners are planning some type of renovation this year, with an average expected cost of almost $20,000 - up almost 30 per cent from a year ago.
Highlights of the poll include:
40 per cent of Canadian homeowners plan to renovate their home in the next 12
months, comparable to last year's findings, when 39 per cent planned to make renovations
$19,754 is the average amount Canadian homeowners plan to spend on their home
renovations in 2014 - up 29% from CIBC's 2013 poll, when the average
- Basic home maintenance (57 per cent) is the top planned renovation, followed by bathrooms (33 per cent) and kitchens (32 per cent)
"Our poll shows that home renovation will continue to be a big business in Canada this year," says Todd Lawrence, Senior Vice-President, Products & Payments at CIBC. "However, enjoying the benefits of renovating your home really begins with getting your financial house in order and knowing what you can afford."
"When you start a renovation you usually have a mental picture of what the end result will look like but you should also have a picture of how paying for that renovation will fit in with the rest of your financial obligations," says Mr. Lawrence.
A CIBC poll earlier this year found that the top financial priority for Canadians in 2014 was paying down debt, with building savings second on the list. Since renovations can carry a significant price tag for many homeowners, they need to set a clear budget up front and understand their financing options, to ensure they don't derail their progress towards other financial goals.
HGTV's Scott McGillivray advises on how to maximize your renovation investment and stay on-budget
"It's good news that so many Canadian homeowners have the willingness to invest in their homes," says Scott McGillivray, host of HGTV's Income Property. "It shows not only that they have confidence in the housing market, but that they see the value in safeguarding their investment."
But homeowners still need to be savvy about how they spend their budget, as some renovations provide more value than others, according to Mr. McGillivray.
"While renovating rooms like kitchens and bathrooms are always good investments, I'm encouraged to see that a large number of homeowners are also planning to spend money on general upkeep this year," adds Mr. McGillivray. "Keeping your house in good repair helps to protect its value."
It always pays to be proactive rather than reactive when it comes to home maintenance, advises Mr. McGillivray. Replacing items, such as roofs and windows when needed, will cost less than having to repair damage resulting from leaks, he says.
To make sure you stick to your renovation budget while getting the greatest return on your investment, Mr. McGillivray offers the following tips:
Get it in Writing - You should always get quotes from contractors before any work starts,
and have a signed agreement that details the scope of work to be done
and itemizes the cost. You also need to be clear on what's not included
in your contractor's quote so that you are not caught off guard by
unexpected costs that can blow your budget.
- Expect the Unexpected - Regardless of how much you plan in advance, leave a cushion in your budget for the unexpected. You should set aside an additional 25 per cent to cover any unexpected costs.
To help fund your home renovation, CIBC offers the following options:
Mortgages that provide cash back - CIBC's Cash Back mortgage offers up to 3 per cent cash back based on
the amount and term, and can be used to finance renovations, or to
furnish or decorate your home.
Combined mortgage and secured line of credit - CIBC's Home Power Plan, which offers Canadians with equity in their
homes a low-cost borrowing solution that can be used to finance
expenses, such as home improvements. As you pay down your mortgage,
more money becomes available on a line of credit for whenever you need
- Unsecured line of credit - This is another option that can be used to finance home renovations, for those who may not have enough equity in their home for a secured line of credit, and is a good solution for borrowing smaller amounts with a plan in place to repay the amount owing.
KEY POLL FINDINGS
On average, amount Canadians homeowners planning to renovate say they will spend on their home renovations in the next year, by region:
|Manitoba and Saskatchewan||$19,896|
Percentage of Canadians who say they plan to renovate in the next 12 months, by region:
|Manitoba and Saskatchewan||37%|
Top planned renovations (among Canadian homeowners planning renovations):
Basic home maintenance (including painting, flooring,
general repairs and replacing appliances)
|Replacing windows or doors||29%|
|Landscaping (including outdoor deck)||27%|
*Each week, Nielsen Consumer Insights interviews just over 1000 Canadians through teleVox, the company's national telephone omnibus survey. These data were gathered in a sample of 1,015 Canadians between February 6-10, 2014. A sample of this size has a margin of error of +/-3.1%, 19 times out of 20. Sample sizes for regional groups under Key Findings are smaller than typically reported and provided only as reference data.
CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 23, 2017 10:00 PM EDT Reads: 3,185
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 23, 2017 09:45 PM EDT Reads: 1,912
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 23, 2017 09:30 PM EDT Reads: 3,523
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 23, 2017 08:45 PM EDT Reads: 1,977
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Apr. 23, 2017 08:45 PM EDT Reads: 643
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 23, 2017 06:45 PM EDT Reads: 2,289
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 23, 2017 05:30 PM EDT Reads: 889
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Apr. 23, 2017 05:30 PM EDT Reads: 3,591
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Apr. 23, 2017 05:15 PM EDT Reads: 1,490
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 23, 2017 03:30 PM EDT Reads: 1,926
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 23, 2017 03:30 PM EDT Reads: 2,436
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Apr. 23, 2017 03:30 PM EDT Reads: 3,279
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
Apr. 23, 2017 03:15 PM EDT Reads: 791
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 23, 2017 03:15 PM EDT Reads: 1,865
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 23, 2017 02:45 PM EDT Reads: 1,436