Qanvast Reports 50% Increase in Homeowners Opting-In to Safeguard Their Renovation Deposits
SINGAPORE, Oct. 19, 2020 /PRNewswire/ — Qanvast, Singapore’s go-to home renovation platform reassures those who are looking to secure their dream homes and overcome renovation challenges with their Qanvast Guarantee. Introduced since 2016, it is a free service that safeguards homeowners’ renovation deposits. Since April of this year, applications for the guarantee have increased by 50%.
Due to the impacts of COVID-19, homeowners had to put their renovation plans on hold during the circuit-breaker period from April to June 2020. Given the uncertainty over labour and materials due to lockdown from various countries, homeowners were concerned about the liquidity of the interior design firms as several businesses across industries went bust.
After the circuit-breaker restrictions have been lifted in July, there has been a surge in the Housing and Development Board (HDB) resale transactions driven by pent-up demand, which in turn has contributed to increased demand for home renovations.
During this period of uncertainty, Qanvast has seen an uptick of approximately 50% in Qanvast Guarantee’s applications from April onwards.
“Qanvast essentially connects homeowners with interior designers with strong track records. Homeowners who engage the services of a recommended interior designer through our platform can opt-in for the Qanvast Guarantee for free. So, in the rare case that interior design firm they engaged through us becomes insolvent, homeowners will be able to recover deposits that have already been paid for, and works not done,” said Daniel Lim, Co-founder, Qanvast.
As the first and only platform to provide an opt-in guarantee scheme, the Qanvast Guarantee covers 50% of the contract value if the interior design firm becomes insolvent during the project, up to S$50,000.
Homeowners who engage an eligible interior design firm through Qanvast can proceed to opt-in for the Qanvast Guarantee scheme by submitting their signed quotation. There are almost 150 recommended interior design firms who are taking part in this scheme.
“Renovating a home is costly—many of us take years to save up for it, and the last thing we want is to lose our hard-earned money on something we cannot control. The Qanvast Guarantee takes an extra step to give homeowners peace of mind and back our interior designers with the safeguard they need,” added Lim.
To help homeowners create their dream homes, Qanvast provides useful features such as consolidating portfolios of various interior firms, a Renovation Calculator based on inputs from actual renovation contracts, as well as personalised firms recommendations based on homeowners reviews. Qanvast is the first platform to consolidate verified reviews of interior firms, offering homeowners comprehensive and trustworthy testimonials to help with their renovation decisions.
Create a space you love today with Qanvast, Singapore’s go-to renovation platform. Meet trusted interior firms, read verified reviews and enjoy furnishing deals — all in one site.
For more information about Qanvast Guarantee, visit http://www.qanvast.com
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