Up to $10K in rebates available for home renovation, new construction
If you’ve been thinking about taking advantage of Newfoundland and Labrador’s new residential construction rebate program time is running out as the August 7 contract deadline approaches.
Walter Cummings of WFC Property Services Ltd. in St. John’s says the brand-new rebate has been a popular initiative with homeowners as it makes it easier for them to move forward with renovations and new home construction by giving them back rebates up to $10,000.
“We were already heading into a very busy summer because people who would typically spend money on a vacation decided to use it to create a backyard staycation instead,” explains Cummings.
After spending several months quarantined at home, he says many homeowners were eager to improve their backyard bubble with a nice fence or a new deck so they could relax more comfortably outdoors. But when the rebate program was announced, he says many homeowners decided to “dream a little bigger” and expand their renovation plans.
“Now we’re seeing people inquire about finished basements, new garages, new kitchens, new bathrooms,” says Cummings. “They’re looking to take advantage of the rebate program to finally get their home to be exactly what they’ve always wanted.”
REBATES OF UP TO $10,000
Finance Minister Tom Osborne and Canadian Home Builders’ Association of Newfoundland and Labrador (CHBA-NL) interim CEO, Curtis Mercer, announced the innovative rebate program earlier this month as a way to stimulate jump-start the economy and employment after a difficult spring.
Homeowners are eligible for either a home renovation rebate or a new home construction rebate. People choosing to update their existing (principal) home can earn a 25 per cent debate for renovations projects, up to a maximum rebate of $10,000 (based on a $40,000 project). People looking to build new homes can earn a rebate of $10,000 on homes valued up to $350,000 before HST.
Cummings says the program applies to renovation or construction projects contracted between June 8 and Aug. 7, 2020 — with the work having started on or after June 8, 2020 and being at least 50 per cent completed by March 31, 2021.
To qualify, homeowners must use an eligible contractor. Cummings said his company had to fill out a qualification form to submit to the CHBA-NL to show they met the criteria — which includes having general liability insurance, a valid business number and is registered with workers compensation.
Homeowners are also not eligible for the rebate if they purchase the materials themselves but hire out the job.
DEADLINE APPROACHING, SO APPLY SOON
This $30M program funding will come from the COVID-19 contingency fund approved through the House of Assembly in March. Cummings says there’s a bit of a rush on right now, as even though the work doesn’t need to be completed until March it has to be contracted before August 7, 2020.
Many homeowners are also looking to get their application in quickly because they wonder if the money being allocated to the rebate program will reach its capacity — and they don’t want to miss out.
In order to qualify for the rebate, homeowners must get a quote from a reputable contractor and submit an application with the details. CHBA-NL will reach out to the homeowner to let them know if they’ve been preapproved. Once the customer has paid for the work in full and submitted an affidavit saying the work was completed to their satisfaction, the $10,000 rebate is provided to them via direct deposit.
While the residential construction rebate is stimulating employment in the province’s construction industry, Cummings says it goes even further than that — also benefiting the many hardware stores, paint shops, designers and suppliers used by contractors.
He says applying for the rebate is an excellent opportunity for homeowners to increase their home’s value while spending up to $10,000 less on the upgrades.
If there are homeowners who would like to take full advantage of the program but aren’t sure they can afford the upfront costs, Cummings says WFC Property Services Ltd. provides payment options through a financing partner (on approved credit).
‘QUALITY CONSTRUCTION GUARANTEED’
WFC Property Services — with their motto of “Quality construction, guaranteed” — has been a family-owned and operated business for seven years now. It all began after Cummings’ retired from his career in the military after 14 years serving our country.
“We started small, just myself and two employees, doing smaller jobs that many other companies were turning down to take on bigger ones,” says Cummings. “Now we have 11 on staff and take on a large variety of jobs, from new homes to historic ones.”
Historic homes are a bit of a specialty for WFC Property Services, restoring several to their former glory, including taking home the City of St. John’s Heritage Award for restoring the original character of a building in 2019.
Cummings understands that quality construction starts with quality staff and strives to hire Journeymen Carpenters and Apprentices to help ensure clients get a company they can trust.
“Sometimes people will get multiple quotes and sometimes there will be quite a difference in prices, and customers tend to gravitate towards the lowest one, but it’s not that cut and dry,” says Cummings. “Do they offer a contract, any sort of warranty on workmanship, or carry proper insurance? Sometimes the lowest price will cost you the most in the end.”
Since the residential construction rebate program has capped funding and a looming deadline for preapprovals, Cummings suggests thinking about the types of projects you may want to have done — even if the work itself won’t begin until the fall or the winter.
“If there’s a project you’ve been thinking about, now is the time to get a quote, apply for the rebate and save yourself up to $10,000,” says Cummings. “Even if you’re not sure, it doesn’t hurt to get a quote and apply for the preapproval — just in case.”
Source: https://bit.ly/2FTZbay
