Whether it's the need for a change, an upgrade, or an emergency home repair, most homeowners will at some point need to hire a contractor. Renovations and repairs vary widely in both the scope and the resources needed to get the job done right.

“Even a homeowner experienced in repairs will need to hire a contractor eventually due to the size or level of difficulty with a project,” says Yvonne Ratigan, an executive with Royal LePage Canada.

Ratigan offers these guidelines to finding and choosing a contractor:

1. Ask for referrals and consult local resources. Start by asking friends and family for referrals. Other sources include your local homebuilder and renovator associations and local building supply stores.

2. Ask questions. What kind of work do you specialize in? Do you offer a warranty? How do you handle clean up? How do you schedule the work? Do you provide a contract? The answers to questions like these will help you to narrow down your choices.

3. Consider more than just price. In addition to price, consider the level of trust and the quality of work you see from the contractors you have short-listed. Make your decision on a variety of pre-determined factors, asking the same question to all bidders. Be sure to get references and ask to see the work the contractor has done for past customers.

4. Proper insurance. Both the homeowner and the contractor need to have the right insurance. If the contractor's crew is injured on the job or damages your property or a neighbour's property, your homeowner's insurance policy might not cover you and you could be liable.

5. Get it in writing. The final agreement between you and your contractor should always be in writing. Don't be tempted to accept cash only jobs. A cash deal may leave you with no legal recourse if something goes wrong.

More information about renovations and increasing the value of your home is available online at www.royallepage.ca.

www.newscanada.com

Want more helpful tips? Call The Dion-Ivans Real Estate Group today!!

Property Type:
23.7% of purchases were by Move-Up Buyers  (down from 24.5% in May) 
17.5% by First Time Buyers  (same as May)
17.1% moving from Single Family Home to Strata Unit  (up from 15.0%)*
8.6% buying Revenue/Investment Property  (up from 7.3%)*
5.1% buying Recreation Property  (down from 7.3%)
4.7% moving into Retirement Home/Seniors Community  (down from 5.8%)
4.3% moving from Strata property to Single Family Home  (same as May)

* During the month of June, there was an increase in owners downsizing from Single Family to Strata, and revenue property purchases by investors, while other categories saw a drop or remained the same as the previous month.

Buyer Type (Family Dynamic):
28.6% Empty Nester/Retired (up from 23.5% in May)**
27.8% Couple without Children (up from 24.4%)**
20.3% Two Parent Family/Children (down from 24.4%)
11.3% Single Female (down from 11.7%)
6.8% Single Male (down from 8.9%)
2.3% Single Parent with Children (up from 1.4%)**

** In June, there were more purchases by empty nesters/retirees, couples without children and single parents, while other categories saw decreases.

Moving From: 
58.8% from Within OMREB Board Area  (up from 55.5% in May)***
18.8 % from Alberta (down from 21.6%)
8.3% from Other Areas in BC  (up from 4.9%)***
7.5% from Lower Mainland/Vancouver Island  (same as May)
3.4% from Saskatchewan/Manitoba (down from 5.7%)
1.1% from Outside Canada  (down from 1.8%)
0.8% from Eastern Canada/Maritimes (down from 2.8%)
0.4% from NWT/Yukon (same as May)

*** Compared to May, there was more movement from within the Board area and other areas of BC, and less migration from elsewhere last month.

For more information call The Dion-Ivans Real Estate Group today!!

New Bank of Canada Governor Stephen Poloz stuck to the status quo this morning in his first interest rate decision, leaving the Bank's overnight target rate at 1 per cent.  The Bank expects growth in the Canadian economy to be "choppy" in the near term owing to unusual temporary factors such as flooding in Alberta, but overall its outlook for economic growth remains largely unchanged from April's projection of 1.8 per cent real GDP growth in 2013 and 2.7 per cent growth next year. The Bank expects inflation to remain subdued in the near term due to persistent excess capacity in the Canadian economy, but still expects inflation will return to its 2 per cent target in mid-2015 as previously forecast. Notably, the Bank's previous recurring statement regarding withdrawal of monetary stimulus has been altered and perhaps softened to "Over time, as the normalization of these [economic] conditions unfolds, a gradual normalization of policy interest rates can be expected."

All in all, not much has changed since the previous Bank of Canada announcement in May. Economic growth, though still not robust, has been marginally better than expected. Inflation continues to trend below 2 per cent and the labour market is adding jobs at a modest pace. Canadian household are still carrying too much debt, but are adding to that debt at a slower rate. Long-term interest rates have risen substantially in recent months, which may have some negative impact on growth, but remain very low in historical terms. Therefore, we continue to forecast no change in the Bank of Canada's target rate until next year.

Information provided by www.bcrea.bc.ca