Keeping a home in tip-top shape can be hard on the pocketbook. New stats show, however, that many homeowners are opting to shell out money on improvements, rather than maintaining what they already have in their homes.
A recent study shows that homeowners spend an average of $370 a year to maintain their homes—down from what they spent a decade ago. Experts believe the rationale behind the numbers stems from better tools available for home improvement projects.
It seems that homeowners are spending more money on projects like individual room revamps, with bathrooms topping the list. Other areas that seem to be taking priority are updated appliances, refinished hardwood floors and new roofs.
On average, Canadian homeowners shelled out more than $13,000 in 2018 for home improvement projects—up about 17 per cent from 2017.
For every buck a homeowner spends on home maintenance, he or she spends $5 on home improvement projects. At some point, however, every home will need an emergency fix and financial experts say homeowners should have a pool of resources at hand should this happen.
Over a year’s time, most homeowners spend more than $1,200 for these emergency repairs. People who live in areas where the weather can change quickly—which includes most areas of Canada—need to be mindful that they could end up spending more on emergency fixes when it comes to their homes.
It also stands to reason that the older a home is, the more likely it may need additional maintenance every year. A century-old home is likely to empty a pocketbook more quickly than a new-build but only if the home hasn’t had regular maintenance.