Given the size of Toronto, condos are a hot commodity with more and more people moving into the city and only limited space, so whether you are planning to move into a condo or have lived in it for a while, you may have concluded that it looks a little outdated, doesn’t quite fit your requirements or needs an upgrade. Undoubtedly, one factor has crept up: The condo renovation cost in Toronto.
With many things, it is essential to know the cost beforehand. Still, if you are looking at condo renovation in Toronto, it is even more critical to be prepared before you start swinging the hammer. Renovation costs are one thing that most of us never really think about, so it’s nearly impossible to have a quick look at it and have a good idea of how much it will cost.
If you’re on the fence about whether you should or should not renovate your condo, read on to find out everything about the condo renovation cost in Toronto!
Is It Worth to Renovate a Condo?
If you want to enjoy all the benefits of living in the heart of a bustling city, a condo is an excellent way of being close to the action. However, it’s rare that you find the perfect condo when you’re searching for a place to stay or your requirements and style have changed, and now you are faced with an old place without personality or an outdated look.
So, instead of going on the hunt for another condo that may or may not be a better fit for you and taking into consideration the hassle of a move, renovating your condo is a great idea to invigorate the space to not just feel like a place to stay but an actual home, as stylish and functional as you would want it to be.
You also have to remember that the house renovation cost in Toronto is far higher than for condos as you don’t have to worry about, for example, the basement or roofing, which are substantial cost factors.
Another point to consider is that sometimes going with an older condominium complex, you can get larger square footage even if you have to remodel it a bit to bring it to your standard, compared to buying a brand new unit that is significantly smaller.
And if you’re looking to sell your condo, a renovation is the perfect way to sell it faster (and for a higher price) and attract more buyers, so it’s a win-win situation for both sides. Many buyers are looking to purchase ready-to-move-in condos.
Also Read: 12 Things to Consider When Renovating a Condo in 2023
Factors Influencing Condo Renovation Cost
Now, many factors can influence the condo renovation cost that you must consider to ensure you can build a realistic budget and avoid any nasty surprises.
Size and Layout of the Condo
Obviously, the size of your condo will play a significant role in the cost, but you should not underestimate the layout. If you are unhappy with the layout or the size of rooms, you may have to look at knocking down walls to create a more open feel, and these structural changes can drive the price up.
Scope of Renovation (Partial vs. Full Renovation)
You also have to look at how much work your condo will need. Are you looking for a complete revamp of the whole place, or does it just need a more focused renovation, say the kitchen or living room? This is likely where your budget will play the most prominent role, so you may have to decide if you want to (or have to) focus your money or spread it out.
Material Quality and Finishes
The materials’ quality and finishes give you much room to play with. The cost difference between high-end and lower-end materials can be significant, so it’s critical to research here to find the right balance between cost, utility and look. The same goes for finishes, where you sometimes can achieve the same or at least a similar final result with a less expensive alternative.
Labour and Contractor Expenses
The cost of labour is something many home or condo owners underestimate. Generally, you have to calculate about 40-50% of the overall cost for contractors because getting the material you want and need is only half the battle. You must do your due diligence and research contractors to ensure you’re getting the best one that fits your budget.
Permits and Regulations in Toronto
Another critical factor to consider is building permits and following the condo renovation rules in Toronto. Some renovations will not require a permit, but if you want to avoid a nasty surprise at the end, contact your local authority to familiarize yourself with the rules and if you need a permit. Often your contractor can help you with this process.
It is critical to remember that if you do renovations without a permit, the authorities can order the renovations to be reversed.
Specific Renovation Projects and Costs
Now, let’s look at more specific renovation projects and associated costs to give you a better idea of what to expect, depending on the room or area of the condo you want to renovate.
Kitchen Renovation Cost in Toronto
Typically, the kitchen is the most expensive part of your condo for renovation. In turn, it also is the part of your condo where a remodel will yield the highest return on investment, especially when selling your condo, from 75% to 150%.
More than with any other room other than the bathroom, the kitchen can see the most considerable cost variations in materials, finishes and appliances. On average, you must calculate between $15,000 and $45,000 for kitchen renovation costs in Toronto, reaching $50,000 to $60,000 if you opt for high-end fabrication.
Kitchen cabinets can range from $75 to $2,000 per linear foot, depending on if you go with pre-made cabinets or entire custom work. Depending on the type of material you are looking at for countertops, they will average about $100 to $200 per square foot. The tiling of a backsplash averages between $300 and $600, depending on the size and the type of tile you choose.
Finally, the flooring cost can vary wildly depending on the size and materials, but for wood, you can calculate about $10-$15 per square foot and start at about $15 per square foot for marble or tiles.
Check our Complete Guide to Kitchen Renovation Costs in Toronto for more in-depth information.
Request a Quote: Kitchen Renovation in Toronto
Bathroom Renovation Cost in Toronto
Similar to the kitchen renovation cost in Toronto, bathrooms also can get pretty pricy, depending on the scope of the renovation, the size and the materials used. On average, you have to calculate about $15,000, but the ROI can be high as 75%.
The most significant variable here is the plumbing. Depending on how much work the plumber has to do, the cost can range from $500 to $3,000. The average price for electrical ranges from $1,900 to $2,200. The type and material of your tiles will significantly influence the cost, but on average, you can budget about $3,000 to $4,000 for a complete tiling job. Fixtures will run anywhere from $250 to $2,500, depending on the kind and type.
Check out our Guide to Bathroom Renovation Cost in Toronto for more in-depth information.
Request a Quote: Bathroom Renovation in Toronto
Flooring Replacement
The cost for flooring is a bit of a wild card as the area size and materials make a huge difference. As a ballpark, you can calculate about $10-$15 per square foot for wood flooring and around $15+ per square foot for marble or tiles.
Painting and Wallpaper
When it comes to painting and wallpaper, the cost also is strongly influenced by the number of walls and the type and quality of paint you are looking at. But for a condo, you have to calculate a range from $1,500 to $3,500.
Electrical and Plumbing Updates
One of the most challenging cost factors to give an estimate for is electrical and plumbing, as both are incredibly dependent on the scope of work that has to be done. We recommend contacting a contractor with the requirements to get a cost estimate.
Hidden Costs and Budget Considerations
There are several hidden costs that you have to ensure to factor into your budget, some of which are unique to condo renovations.
Permit Fees and Inspections
Depending on the scope of the renovation, you may require building permits. Once you plan what you want to do, check with your local authorities to see if your renovation needs one.
You also have to check into the cost of a condo inspection to discover potential issues you may have to take care of during the renovation.
Removal and Disposal of Debris
The removal and disposal of debris is another challenge for condo renovations. Check with a contractor or a debris removal company to get quotes for the cost as often time and space are cost factors.
Unexpected Structural Repairs
A home inspection may reveal structural issues with the condo, so it’s critical to budget for these events or get an inspection done before finalizing your budget.
Contingency Budget Planning
During renovations, there’s always a chance that some things don’t work out as planned or an issue arises. Generally, it is recommended to set aside 20-25% of your budget as a contingency to add to the renovation cost per square foot in Toronto.
Hiring the Right Contractors
Hiring the right contractors for your renovation job is critical. Many contractors offer renovation services, and they all claim to be the best, so it’s crucial to do your research to ensure you get the best contractor for your renovation.
Check contractor websites to see which services they offer and look at their portfolios or galleries to get a firsthand impression of the quality and style of their works. Check their references and verify their credentials to ensure they are a legitimate company.
Check reviews on websites like Google, Trustpilot or Yelp to see customer experiences with the company. Make sure not just to read one or two but multiple reviews and, if there are any, also negative ones to see how the company deals with issues.
Finally, call them up and get a feel for how which information they give you and how quickly they react to questions. Most contractors also offer free cost estimates, so take advantage of this and get at least three quotations to get a good idea if the prices quoted are market standard.
Conclusion
A condo renovation is a significant and potentially expensive project, so knowing the condo renovation cost in Toronto is essential before beginning a project, and a professional condo renovation contractor can help you.
Senso Design is a leading condo renovation contractor in Toronto and the GTA and has over 20 years of experience in woodworking and interior design. We work with the most prominent Western European manufacturers using the most advanced German and Italian equipment to ensure the best possible quality.
We think outside the box and don’t try to force preconceived ideas on our customers but work with you to realize your ideas.
Senso Design offers free, no-obligation consultations, so contact us today at 416-900-3675 to learn about your options and how we can help you realize the condo of your dreams. Our prices are guaranteed to stay the same as when you signed the order.
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