By Jonathan Guignard
ADVOCATE STAFF
Alberta’s slow economy isn’t having a major effect on home renovation companies in Red Deer.
According to Statistics Canada, home owners in Alberta spent $1.56 billion on expansions or improvements to their properties from the beginning of April to the end of June this year.
Jeff Ross, owner of Ross Contracting in Red Deer, said the economy may have impacted people buying new homes, but renovation companies are thriving.
“Renovations are really good right now because when housing markets go down, renovations get more popular. People would rather stay in their home, and do renovations,” said Ross.
Dustin Marsh, partner of Alair Homes in Red Deer, said he sees more and more people staying in Red Deer rather than switching markets. He said people are willing to invest more into their current home and try to make a profit further down the line.
“They’re getting more comfortable inside their home and aren’t looking to go out and jump into different markets. They’re staying in the same place, and figuring out what equities they have in their current home,” said Marsh.
Ross said kitchens and bathrooms are always popular when it comes to renovations, but said in this economy, people are always looking for creative ways to save money.
“A lot of people try to finish their basement or do an income suite to try and save some money and have the mortgage less expensive,” said Ross.
When people do decide to sell their home, Marsh said renovations can be the difference between selling your home or not.
“Whenever you’re doing a renovation, specifically for resale, the most important thing a potential client is going to look for is if they need to do any work to it. If there are unfinished items that need to be addressed before you sell your home that should be step one,” said Marsh.
Marsh said it’s important for potential sellers to be aware of the market they’re in and have the knowledge of current interior design trends.
“There’s a danger to renovating a home to your style because it may not appeal to a future buyer. If you’re going to put a lot of money into it, you need to think about resale for maybe 5-10 years down the line when you’re ready to sell the house,” said Marsh.
Renovations can be costly and Ross said it’s always important to think about unexpected costs when renovating your home.
“Nothing ever turns out exactly the way you want it to in renovations because you never know if you there’s mold in the wall or if the electrical or plumbing is done wrong. People need to be more careful when planning renovations,” said Ross.
The Red Deer Home Renovation and Design Show took place at Westerner Park from Oct. 21-23.
jonathan.guignard@www.reddeeradvocate.com