(NC) After spending so much time at home last year, it’s no surprise many of us are changing our spaces to fit our current needs. Canadian homeowners who renovated this past year spent an average of $4,525, according to a recent report by insurance company Aviva Canada.
Thinking about improving your home? Check out how much Canadians have spent on average for the most common renos, and with costs coming in lower than you might think, it’s time to find some inspiration for your next project:
Addition — $10,800
Creating more livable space with an addition can boost the resale value of your home. There are plenty of options, including a kitchen bump out, new mudroom or small second-storey deck outside the primary bedroom.
Backyard — $6,200
With outdoor hangouts becoming a safer option for gathering with friends and family, many invested in sprucing up their yard or patio. Firepits, hot tubs and comfy outdoor furniture are great ways to make your outdoor living space more useful and enjoyable throughout the year.
Entertainment — $3,800
As leisure activities undergo rotating shutdowns, we’ve all had to find our fun at home. The basement is a prime spot for creating a recreation hub, whether it’s soundproofing and lighting upgrades to create a home movie theatre or splurging on old-school video games and fresh flooring for an 80s arcade.
Office — $2,800
While most of work-from-home arrangements were intended as short-term measures, today many offices are embracing permanent remote work or hybrid models. This means it’s worth fixing up your makeshift home office with a fresh coat of paint, ergonomic furniture and some inspiring artwork.
Playroom — $2,250
Many families chose to help their kids enjoy spending more time at home by creating a playroom with fun activities to do and creative stations. Experiment with fun colours, soft rugs and double-duty pieces to create different zones for tactile play, arts and crafts, board games and more.
If you’re planning to make major changes to your home, keep in mind that finishing a basement, removing structural supports or building an addition could impact your insurance coverage.
“These renovations may change the home’s rebuild value,” explains Phil Gibson, managing director, personal insurance and data science at Aviva Canada. “That’s why it’s always good practice to check in with your insurance broker or agent when considering renovations so you are adequately covered.”