Frequently Asked Questions
House Trade Built is stirring up some questions and we want to give you all the facts. Below are the most frequently asked questions, and the answers. If you have further questions, please feel free to contact us.
Who is this house for?
This is probably the question that we get asked the most. We have not yet decided if we will move into this home or if we will sell it. The purpose of this project is to support great local businesses and demonstrate how Tradebank works. Not everyone in the Tradebank network will build an entire home on trade, but they can use it to renovate and upgrade their current home or business.
When the project is completed, we will decide if this is our dream or if we want to make another family’s dreams come true. In one way, this will always be our home because of all the blood, sweat, and tears that we will pour into it throughout the building process.
What are “TRADEdollars”?
TRADEdollars (T$) are the currency used between business owners in the Tradebank network. This is a Canada-wide system of business owners who connect through their brokers to exchange products and services for T$. They do this in situations where it’s beneficial for them to take on new sales during slow periods or with idle inventory, and then exchange it later for something that is more valuable to them. There’s more information about Tradebank Regina on this page.
Are TRADEdollars fake money or illegal?
Neither. T$ are recognized by the CRA as being 1 for 1 with the Canadian dollar. When businesses accept T$ as payment, it’s recorded as a sale. When business owners spend T$, it’s recorded as a business expense. Income and sales taxes are still paid and collected when applicable.
Can a regular person get T$?
Perhaps. If you have a large item that you want to trade (a house, RV, car, truck, trailer, etc…) you can establish a Tradebank account and barter with other members. But Tradebank charges fees for their services so unless you own a business and do a minimum amount of business with us per year, a regular person most likely wouldn’t be a Tradebank member. Unless you also have a service like artistry, welding, lawn care, etc.
How do you choose what charities to help?
It’s based on our assessment of their needs. When we have a client that has a product or service that they want to trade, we will ask charities to apply for it and explain why they need it or how they could use it. Depending on the responses we get, we may publicize the transaction or do it privately. If you know a charity that you love, please tell them to follow our blog to be aware of what we have to give back! For more information about the Charity component of this project, or the items we have available now, visit this page.
How long do you expect this project will take?
We think if a normal build is 9 months, our build should take 12-18 months. Trading doesn’t necessarily slow things down, but we are aware that these companies may have other priorities or emergencies pop up. Because we aren’t in a rush to build like the average person or home builder might be, we can put ourselves at the back of the line (sometimes!) to make things go more smoothly. It also gives us more time to consult with the public about ideas, finishes, companies to work with, and to administer more contests!
How do you decide who to use for various areas of the house?
It’s a combination of factors. We try to give the option to our current clients first. If they are too busy or not interested, we seek out other local businesses through referrals and online searches. As soon as someone gives us a quote and we accept it, we bring them into the Tradebank network and sign a contract to lock up their commitment to the House Trade Built project. After that, we would not switch vendors for any reason. We are loyal to those who want to get involved early on. For some very important areas (flooring, kitchen), we are getting multiple quotes and weighing who can provide us with the best value (combination of looks and price and trade).