Welcome to Secure Your Reno! If this is your first time here, feel free to look around, watch our introduction video, and take a look at our frequently asked questions to discover more!
What is Secure Your Reno?
Secure Your Reno was created with both the Homeowner and the Contractor in mind. They say that “a man’s home is his castle”. So when it’s time to renovate or simply take your home to the next level, you want to be sure to hire a reputable contractor, that the job is done right and that your investment is protected. We understand that you have probably saved up for months or even years and looked at thousands of Pinterest pages on that perfect design. You have likely reached out to friends and neighbors or simply “Googled” Contractors in your neighbourhood to find that perfect professional to bring your renovation to life. This is where Secure Your Reno comes in. We want to ensure your renovation dreams turn into reality. In a world full of variables, we secure your renovation finances so you can focus on what matters to you. We hold your renovation money in escrow in our lawyer’s trust account, on the terms agreed to by you and the contractor, releasing it only when the job is completed to your satisfaction.
Who can use Secure Your Reno?
Either a Homeowner or a Contractor may initiate Secure Your Reno’s intake process by following the “Start Now” link. We recommend the parties complete our intake sheet in order to complete the Agreement faster. We created the process with you in mind and understand that no two renovations are alike. That is why you have the option of creating multiple Milestones with target dates (i.e., stages when the work is anticipated to be completed and payments are to be made to the Contractor). You can also add multiple deposit dates for longer renovations if you don’t want to put all the money in trust up front. By completing Secure Your Reno’s Agreement, both parties will understand the key Milestones and dates about the renovation and know exactly when Secure Your Reno will release payment(s) to the Contractor when the job is done! When a Homeowner and Contractor use Secure Your Reno, that dream renovation will be set up for success from the beginning.
How to the fees work?
Our fee structure is simple: $199.00 per banking transaction. In the simplest of cases, the total cost would be $398.00 for a renovation project with 1 initial deposit and 1 payment at the completion of the project. If, for example, you have a renovation project where you wish to make 1 initial deposit and have Secure Your Reno make 3 payments upon completion of 3 Milestones (i.e., a total of 4 banking transactions), the total cost would be $796.00. The fee is added to the amount(s) deposited with Secure Your Reno and deducted concurrently with each banking transaction.
You should consider our fee as an insurance premium. The cost for using Secure Your Reno is a fraction of the cost of the renovation, but provides you with the security to sleep well knowing your contractor won’t take off with your money and is incentivized to see the project through to completion – to your satisfaction.
Peace of mind for Homeowners AND Contractors
When the parties complete Secure Your Reno’s intake process, communication between the parties will result in the terms and requirements of the renovation process being discussed and thoroughly thought out, together with the process and completion dates. From the Contractor’s perspective, Secure Your Reno provides trust and confidence that the Contractor will be paid for their hard work at the completion of each Milestone. The money is already there, they simply have to earn it. From the Homeowner’s perspective, Secure Your Reno provides trust and confidence that the project will be completed to the specifications agreed to at the commencement of the project and that the Contractor won’t disappear or not complete the job. A further advantage of using Secure Your Reno is that Contractors will be less likely to place a Construction Lien on the Homeowners property, which costs both parties a substantial amount of money: The Contractor for having to hire a lawyer to place the Lien and the Homeowner having to dispute the Lien and advocate for its removal.
Whether you are a Homeowner or a Contractor, Secure Your Reno is here for you. We invite you to visit our Facebook and/or Instagram profiles and post pictures of your project and tag #SYR #SecureYourReno so that we can see your renovation dreams come true!