Factors that Affect the Average Condo Renovation Cost
Wondering how much to set aside for your condo renovation project? If you are thinking about renovating your condo, you are among countless condo owners who are exploring ways to enhance their living space and simultaneously add value to their condo. With the condo market in Toronto continuing to boom, investing in your condo is always a win-win. Whether you’re looking to renovate your condo to enjoy your space better, or you’re planning to put your condo on the market in the near future, the cost to upgrade your unit is something you are probably wondering about.
There are many factors that influence the cost of a condo renovation. This includes the cost of materials, the scope of the project, the cost of labor and materials, and other factors. Given these variables, knowing exactly how much a condo renovation costs is difficult to determine without knowing the particulars of the project. The best way to find out how much your condo reno will cost is to get a quote from professional renovators like Harmony Condo Renovations.
To give you a guideline on what full condo renovation costs are, we have compiled a list of common services typically involved in condo renovation jobs and what the average cost associated with each service is.
Here Are Some of The Factors that Influence Average Condo Renovation Costs:
Demolition
If your renovation involves making structural changes to the condo and breaking down walls, you will need to set aside an amount of money to do so. On average, expect to pay between $8000 to $11,000 for demolition.
Framing
If this is a complete remodel, the task will involve framing exterior walls and partition walls. The cost of labor and materials, on average, is about $3,000 to $4,000.
Drywall/Tape
Installing drywall into the interior and exterior walls as well as to the ceiling is something you need to budget for. Expect to pay about $2.50 per square foot.
Flooring
The type of flooring material you choose to install will determine your flooring costs. On the lower end, you can expect to pay as little as $3 per square foot for laminate floors, or up to $20 per square foot for luxury tiles. The average is roughly $7 per square foot.
Tiling
You’ll need tiling to cover your bathroom floor and the walls of your shower. The average cost for bathroom tiles is about $12 per square foot.
Plumbing
Installing new plumbing fixtures like sinks and faucets in your kitchen, bathroom, or laundry room will require plumbing services. Typically, plumbers charge between $500 and $600 per spot.
Electrical
This is another essential service that requires a qualified electrician to make sure that all the electrical wiring is correct. We recommend setting aside about $5,000 for electrical work.
Trims/Doors
Installing doors will require the actual door and a few accessories, including hinges, a door stop, casings, and door handles. Expect to spend an average of $450 per door.
Painting
This is one of the easier aspects of construction to calculate. Professional painters charge a minimum of $3.50 per square foot. Once you know the painter’s fee, you’ll need to factor in the cost of paint and other materials.
Cabinets
Since condo kitchens tend to be smaller than kitchens found in single-detached dwellings, you will likely benefit from this size difference by saving in costs. If you’re using a local manufacturer, the cost to install your cabinets could range between $12,000 and $17,000.
Appliances
A modern kitchen furnished with efficient appliances can take your kitchen to a whole new level. Installing a new fridge, stove, dishwasher, or microwave are often common choices with a kitchen upgrade. Expect to pay an average of $10,000 or less.
Additional Features
There are extra features that can be installed in your condo to add warmth and luxury to the space. These include features like fireplaces, smart home systems, etc.
Flexible Financing Options for Your Condo Renovation Project
- No interest for 12 months
- No payments for 3, 6, or 12 months
- Low-interest rates
- Completely open to pay out anytime
How Much Does a Condo Renovation Cost?
Kitchen
The cost to renovate your condo kitchen depends on the design you select, the size of the kitchen, the quality of the materials you choose, and how much do the contractors charge. Without knowing exactly what the answers are, it is difficult to come up with a definite cost for a kitchen reno job. However, on average, the going price is about $30,000 for a kitchen renovation, with the range being between $15,000 and $45,000. If you’re going for a high-end, luxury kitchen, your cost can go as high as $50,000.
Bathroom
You can never go wrong with a new bathroom. Updating your bathroom has an excellent ROI of at least 75%. On average, the minimum you can expect to spend on a bathroom renovation begins at about $100 per square foot and climbs from there. Expect to spend about $10,000 on a bathroom remodel, however, for a luxury bathroom, your cost will run higher than $30,000.
Why a Condo Renovation is Worth the Cost
More and more condo owners are realizing the value of renovating their older condos and enjoying larger square footage instead of selling their condo for a newer, smaller one. Renovating gives them the best of both worlds, and the end result is a modern, spacious home.
Upgrading an old condo adds tremendous financial benefits and the satisfaction you feel when you customize your home to your liking is invaluable. And should you decide to put your condo on the market, you’ll be able to sell it at a higher price, and it would probably sell much quicker if it is fitted with modern features.
So, is renovating your condo worth your while? The answer is a resounding YES!
Contact Us to Find out Your Condo Renovation Cost in Toronto!
There is no doubt that renovating your condo is a huge undertaking that will take time and money to complete. The key is to have qualified professionals who can help you make the right decisions for your condo reno.
Discover the potential your condo has by exploring some renovation ideas. To get a more accurate quote on what your Toronto condo renovation cost will be, reach out to Harmony Condo Reno and our team will happily give you a free quote!