Many people wonder if a condo renovations in Toronto is worth it when you consider the return on investment versus effort. At Renolux Design, we find there are two reasons for condo renovations in Toronto: to flip a property or to increase the enjoyment and comfort of your living space.
What people fail to consider is the financial benefit present in all renovations. Even if you are just renovating for enjoyment, you will still see financial gain when it comes time to sell. When you consider the current market in Toronto, there is minimal supply, so nice condos are in demand. If you undergo a quality renovation, your space will be effortless to sell.
Low-cost ways to condo renovations in Toronto
Condominium renovations doesn’t always need to include knocking down walls or pulling out the plumbing system for a full replacement. There are some renovations that won’t cost you a fortune and take very little effort.
Consider these less expensive renovations:
- Painting older cabinets or walls to create a more modern look
- Renewing the countertops
- Replacing the faucets or showerheads
- Installing new flooring
- Putting in a new backsplash and making it into a feature
A rough price guide when performing a condo renovation ranges from $100 to $200 per square foot for a one-bedroom style floor plan.
Costs of a full renovation
If you are looking to go a little bigger and gut-renovate your entire condominium, which often includes replacing all visible surfaces in a room and stripping interior walls or knocked out entirely, then costs will be closer to the $200 end of the example above.
A 700-square-foot condo renovations in Toronto can land around the $50-$70k range, but the advantage of renovating is the control you have over this. Do you need a new kitchen and bath? Can you focus on just the flooring or painting, or will upgrades to materials and finishes do the job?
A professional design team has access to wholesale prices which can often make the costs of hiring them lower when you consider the savings on quality fittings for your refresh.
How to budget your renovation
Whenever you work out the costing of the budget, add an extra 10 to 15 percent as a buffer. Projects often run over budget so err on the safe side and have a little extra; you’ll be happy if you don’t use it and covered if you need to.
When forming your budget, consider these tips:
- Select your materials for maximum impact. Spend a little more on the very visible kitchen backsplash and make a custom statement for things that will be noticed, opting for standard materials on the elements that won’t.
- Never try to save money on plumbing and electrical infrastructure as they will create more costs in the long run if done poorly the first time.
- Focus on the kitchens and bathrooms as these areas offer the highest resale value.
- Use a professional design and fit-out team who can correctly map your project and save money by avoiding costly changes midway. This will also help you prevent insurance issues and mistakes, which can lead to delays.
Costs to consider in Condo Renovations
When it comes to a full condo renovation, you’ll want to consider the following:
- Basic demolition
Research your materials to see if prefabricated items are available at retail outlets. You’ll also need to budget for permits and design costs which will vary based on your level of need or want for professional design services. Some people have a clear idea of what they want, and others don’t know where to start. You may have a scenario in which an architect is required, have to apply for permits, or meet insurance coverage demands.
A design and build firm often handles everything within one fee and contract, which can save you the hassle of having to deal with multiple touchpoints that risk poor communication with each other.
If you live in a co-op, which most condos are, you may be required to submit your plans to the building’s board, and if they are strict about renovations, plans supplied by an architect may be looked at more favourably.
Maximizing your return
While it may seem like a significant amount of effort is required in a condo renovation, the returns are often well worth it. You rarely have the option to customize your home to your exact specs when buying off-the-plan or a new apartment that has colour and style schemes locked in. A renovation provides two significant benefits:
- You create the living space you want, meaning you will be more comfortable while enjoying it more.
- You will have a more unique offering when it comes time to sell, helping your listing to stand-out above the crowd thanks to its individual features.
This, on top of the fact that the rise in value will likely far outweigh your renovation costs, especially over time, makes a condo renovation a worthwhile endeavour.
Make it even easier with help from a professional
Renolux Design specialize in ensuring that clients receive a high-quality condo renovation that works to their wants, needs and budget. Take the stress out of a renovation by letting our expert team manage the process for you, and rest easy knowing that every box is ticked.
We’ll work with you on the design, maximizing your space to create a functional and beautiful aesthetic while ensuring that all permit requirements are accounted for. With Renolux Design on your team, you’ll know that everything is done right the first time, with no unpleasant or costly surprises throughout the process or after the fact.
Speak to us today about your condo renovations and invest in your investment, raising its profitability and ensuring that you are completely happy with your condo lifestyle. Let’s get started today!