Accurate planning is the primary strategy for a successful renovation of a condo in whatever part of the world. However, how much money will you need to renovate your condominium apartment in Toronto? The final sum depends on multiple factors. The key ones, as well as average prices in the city and cost-saving tips, are to be found in this guide.
Factors Influencing Condo Renovation Cost
The total bill for Toronto condo renovation may vary dramatically. If you wish to calculate it beforehand, answer these questions in the first place:
- How large is your apartment?
- How complex a project do you plan?
- What class of materials and finishes do you prefer to use (on-budget, luxury, etc.)?
There are other factors that may affect the cost indirectly. They are related to the chosen time and special permits necessary for conducting some renovating procedures.
Naturally, the bigger space requires renovative work, the more money it’ll take. With the use of the same materials, the redevelopment of a one-bedroom condo will cost more than the one of a two- or three-bedroom condominium.
Yet, the variety and complexity of the procedures planned may significantly change the entire pricing scheme. You’d rather pay more for the repair of a 350-square-feet condo if planning the installation of electric appliances or bathroom equipment than for painting walls and applying other cosmetic changes to your 600-square-foot apartment.
Pay attention that the sort of renewals you plan may involve an extra payment. Thus, some design reconstructions may require hiring a high-quality specialist. Some works can only be conducted if you have obtained a specific permit. These can be documents from the city inspections, building authorities, and so on.
Choice of Materials
The determining factor in any renovation cost scheme is the price of materials. Need budget-saving solutions? Then, choose vinyl, ceramic, etc. If you wish to use hardwood, marble, and other luxuries, expect your final renewal cost to skyrocket.
Cost Per Square Foot
Knowing all the aspects that determine the cost of any redevelopment project, we can calculate an average price per square foot. Expect to pay $100-$300 per square foot then. The more expensive materials and the more complex work you plan, the more chances you’ll need to pay the price exceeding the given range.
Top 5 Most Costly Repair Elements
Want to know the most cost-consuming renewals? Here is the top 5 list of them:
- Electric Rewiring
Average cost: $4,000-$12,000
A burning scent or damaged wires in your condo may signal problems with its electrical wiring, which may cause a short circuit and/or fire. Detecting the source of a problem may require not only an experienced electrician but also a representative of the electrical inspection.
- HVAC Repairs
Average cost: $7,000-$10,000
Solving problems with your heating, ventilation, and air conditioning system may become a painfully expensive undertaking. The system is based on complex equipment that requires a professional to repair or reinstall it.
- Repairs Related to Foundation Problems
Average cost: $4,000-$10,000
The main problems with a building foundation include settling and sinking. The closer your condo is to it, the more signs of these processes you may detect in it. The most dangerous signs are cracked walls, uneven floors, fractures in the door frames or above windows, etc.
- Sewer Line & Plumbing Repairs
Average cost: $1,000-$5,000
Bathroom equipment and a sewer line should be maintained carefully. If neglected for a while, this system may bring you a lot of trouble, and you will need to literally sink your money into repairing burst pipes, a clogged gutter, a leaky bathtub, and so on.
- Mold Removal
Average cost: $1,000-$4,000
Damaged plumbing or HVAC systems may cause mold in your combo. Removing it is much more expensive than preventing it. Some mold spores are even dangerous to people’s health.
These problems often require repeated repairs. This may result in extra costs.
What Steps to Take to Save Money without Losing Quality
Getting the maximum quality and spending the minimum on your renovation project is a challenging task. Yet, it is possible when sticking to these simple rules:
- Plan your budget carefully.
- Be realistic.
- Set priorities.
- Compare prices before purchasing materials or hiring a contractor.
- Deal with trusted contractors only.
One more hint is to opt for energy-effective materials and fixtures. Although you may need to invest more into them at once, these expenditures may pay in the long run.
Another way to predict the price of your renewal project is to sum up the repair cost for separate areas of your condo:
So, the standard renovation price for a two-bedroom condo in Toronto ranges from $20,000 to $65,000. If high-end solutions are on your reconstruction list, the final cost of the undertaking will rise to $200,000+.