With the global population growing rapidly and more people migrating to big cities all around the world, the need for condos is also increasing. No matter if you are buying or selling a condo, you might feel the need to make renovations. If so, reading this article can help you decide whether or not to renovate your Toronto condo and answer the question of: how much does it cost to renovate a condo in Toronto/GTA?
This guide will answer the following questions:
- Is it worth it to renovate a condo?
- How much does it cost to renovate a condo?
- What are the challenges of a condo renovation compared with a stand-alone house?
1- Is it worth it to renovate a condo?
According to CBS, home renovations have flourished recently as families try to make pandemic living easier. Studies have shown an uptick in condominium renovations in 2020, and experts believe this trend will continue. Furthermore, according to Newswire, 40 percent of Canadians realized that their condos needed renovations during the pandemic. This shows how satisfying and invigorating renovating your home can be. So, instead of investing in a small condo with no personality, you can customize your own condo with a bigger square footage and ample storage space.
Flipping an old condo can definitely help you enhance the look and increase the resale value of your property. This will not only bring you personal satisfaction, but it also has significant financial benefits as well.
You also should keep in mind that there are a lot of condos for sale on the market at any point of time. For your property to sell faster and at a higher price, it needs to offer something unique to the buyer and catch their attention. Renovation is by far the most successful way of grabbing buyers’ attention. This is a Win – Win situation for both parties.
2- How much does it cost to renovate a condo?
Any renovation project can be costly. But when it comes to condos, in particular, renovation cost estimations can be tricky. Unknown issues like hazardous old wiring, corroded pipes and leaks from units above can make it difficult to precisely determine the condo renovation costs at the beginning of the job. Therefore, we highly suggest going with an experienced contractor, as otherwise you will end up spending twice as much and take three times as long as it should!
Generally, if you do a complete condo renovation the cost is dependent on the scope of work and the quality of the finishing, so we highly recommend that you contact an experienced contractor and schedule a site visit to discuss your renovation project. To book a consultation, Contact us.
The two most significant costs of almost any condo renovation are the Kitchen Renovation and Bathroom Renovation.
- Kitchen renovation:
Kitchen renovation costs vary widely based on the size of the space, the design and the quality of materials and appliances. Considering this, it is not always easy to say how much a kitchen renovation will cost. Roughly, the average cost is around $30,000 ($15,000–45,000). Butfor Custom high-end fabrication, the cost of a kitchen renovation can reach up to $50,000.
It may be interesting to know that a kitchen renovation can provide a return on investment of about 75% to 150% when you sell your condo.
For a more precise estimation for remodeling a kitchen in Toronto and its cost breakdown, read this article:
- Bathroom renovation:
Bathroom updating is one of the most cost-effective home improvement projects, as it can add value by at least 75% of your investment. The cost of bathroom remodeling starts from $100 per square foot and goes up from there.
For a more precise estimation of remodeling a bathroom in Toronto, see this article:
Bathroom Renovation Cost In Toronto (GTA)
To book a consultation, Click Here.
3- What are the challenges of a condo renovation compared to a stand-alone house renovation?
When you have an independent property like a single-family detached house, you are in charge of the maintenance of everything from the building to the land and the interior to the exterior. Condo ownership, however, is a little more complicated. Making major changes through renovations is generally trickier in a condominium in which you share walls, floors, and ceilings with others in the building, and it may require obtaining some approvals.
To be aware of your exact ownership boundary, for instance, whether your ownership extends to the exterior walls or is limited to the interior walls, you should read the ownership documents of your condominium and let your contractor know about relative information. You can find some information about the types of condos available in Ontario on the CAO website.
The most important challenge of condo renovations is finding a contractor that understands condominium regulations and is able to work with the property manager. Oftentimes, people tend to choose contractors not based on their experience or quality of service but only based on the price, and this ends up becoming a nightmare for them. When it comes to renovating condos, there are a lot of indirect aspects that can affect the overall cost of your renovation. i.e. if a contractor damages the common elements of condominium, the owner will be responsible for covering all the costs of repairing the damage. To avoid these kinds of issues, it is important to have a professional contractor take care of the job!
Other unique challenges associated with condo renovation are listed below:
- Obtaining approvals from a Board of Directors
- Dealing with property management
- Parking and access to elevators and a series of stairways may pose limitations and cost extra.
- Working hours may also be limited to the day time and lengthen the project’s completion time.
- You have to set up and cleanup not only the construction area but common areas in the building and loading dock.
On the other hand, we expect to deal with bigger and more expensive renovations in a house than in a condo. Condo renovations are usually cheaper and also less time consuming (about two to four months for a complete overhaul) because of the lower square footage.
The bottom line
One in eight Canadian households live in residential condominium dwellings and most are located in a few census metropolitan areas according to Statistics Canada. A condo renovation can not only upgrade the quality of your life, but also add value to your property. However, renovating a condominium means working within a rigid framework and being mindful of various responsibilities, and it is for these reasons that an experienced contractor can make the process much smoother and hassle free.
If your condo is out of date, it is time to upgrade and renovate your condo interior to match your lifestyle. We at Odima Construction group as a pioneer Custom Home Builder in Toronto with our years of experience in home building and home renovation can help you with your project. We provide full condo renovation services, from design to construction.
You may also be interested in this article: How Much Does It Cost to Remodel or Renovate a House in Toronto/GTA?