How Much Does It Cost To Renovate a Condominium Unit in Toronto?
The condominium market in Toronto offers vast potential for both homeowners and investors because there is a low supply. This means that whether you plan to renovate for your satisfaction or are eyeing a resale in the future, excellent units are in high demand. The majority of condo units are turned over bare or with only a few design features so that the buyer can decide what to do with it moving forward. But how do you prepare for it, and how much would a remodel cost?
While preparing to renovate your Toronto condo, the biggest considerations aside from design are the homeowner’s association (HOA) and building guidelines, your budget, and the materials needed to complete your vision. Going the DIY route is all right, though hiring a professional condo remodelling company might get the job done faster and, in the long run, cheaper.
Condo Renovation GTA can handle everything from start to completion with one contract and fee. This can save you from the trouble of having to deal with different people and departments. It also shields you from the risk of miscommunication and incurring unnecessary expenses.
Let’s take a look at the big picture.
Consider the building’s and the HOA’s guidelines.
All condos will have their management and HOAs with guidelines that can significantly affect how your renovation moves forward. What are the construction and fire codes in place? Are there any design rules that can limit your plans? Are there any rules for building access for construction teams and their use of common spaces? Will there be any additional fees to pay as regards security, cleanup, and other related issues?
Lay out your plans with your builder with the condo’s management or board before doing anything. By agreeing on all the rules from the beginning, you can avoid any problems later.
Determine your budget
Are you remodelling one room at a time, or will you be working on the entire space in one go? Determine how much your budget will be for each area so you can decide which to prioritize. The cost of renovating in Toronto is roughly $100 to $200 per square foot, but this amount can go much higher depending on your design.
A condo is a lot smaller than a standard home, but the fact that you will be changing some parts of an existing structure might turn out to be tricky. If it’s just a simple repaint project, then you can save by doing it yourself or simply hiring a painter. However, if it involves rewiring, replumbing, or taking down walls, then having a contractor come in would be smart. Contractors typically know where to buy the best and cheapest materials at certain times of the year. They also get special pricing from suppliers, which is to your advantage.
Renovating Your Condo in Toronto: Costs to Consider
Depending on whether you want a partial remodel or a full renovation, the costs you will need to consider can include the following:
- Demolishing the features of your existing unit
- Framing and insulation
- Drywall installation
- Electronics and wiring
- HVAC system installation
- Appliances to be used
- Possible loan expenses
Your remodeller will go over all these potential costs with you to ensure that you achieve everything in your plan but still stay within the budget.
Investing in your condo’s new look not only adds aesthetic value; the quality of the design elements you choose will also make it easier to sell when you decide to choose this route in a few days. That said, take time to discuss with your contractor how your remodel plans are going to affect your current lifestyle while also considering future what-ifs.
The cost of renovating a condo in Toronto can run a bit high, but you will find that remodelling is worth the resources and effort in the long run. Your benefits come in two ways: you can create the ideal living space that will provide comfort and enjoyment for you and your family, and you can offer a unique space that will help you sell it faster and at a premium price when you want to sell in the future. More importantly, real estate prices rise as time passes, so your property’s value will far be higher than your costs, especially if the project has been executed professionally.
When you decide how much you can spend on your condo’s renovation before the project begins, don’t forget to set aside a buffer of 20 to 30 percent. Your building’s guidelines might require you to use certain types of materials that might be more expensive than your original plan, and there might be any unforeseen costs as construction progresses. It’s great if you won’t use the buffer until you complete your vision, but it’s also smart to have the cash ready when you might need to use it.
Renovating your condo in Toronto isn’t cheap. You can still spare yourself from the unnecessary expenses and the stress by working with a tried-and-tested professional remodeller with a solid track record. Condo Renovation GTA takes pride in delivering high-quality and reliable renovation services that stand the test of time. We offer affordable and fast turnarounds, as well as dedicated aftermarket support to ensure that you are happy with your new space. Get in touch with us 647-559-5167 or fill out our online contact form.