A majority of Canadians would rather renovate their home than sell it if it turned out their abode needed major work, according to the 19th Annual RBC Homeownership Poll.
According to the survey, 83 percent say they would rather make major improvements on their home than go through the process of listing it and finding a new place to live.
"Canadians are more likely to customize their homes based on their personal preferences rather than buying new. Setting a strict budget can help you stay on track," said Richard Goyder, vice-president of Personal Lending at RBC.
Homeowners indicated that the bathroom and kitchen were the rooms most likely for renovation, although the basement was also a common answer. Renovating a room inside a house often means taking out all of the furniture in that room, which is why many turn to Toronto storage solutions when fixing up their home. The availability of affordable self storage in Toronto makes this a smart financial move as well. With 78 percent saying they'd like to spend less than $10,000 on their renovation project, self storage can easily fit inside that budget.
Reasons varied when it came to renovation, but 66 percent said they hoped to make their home more attractive. Value also came into play, with 46 percent saying they wanted to increase the price they could eventually sell the house for.