Many people want to move to a big city, but Toronto is not limitless. Thus, condos have become the most popular housing option, combining convenience, comfort, and space-saving. The market offers many options by room number, location, style, etc.
Over time, any apartment requires renovation due to wear and tear, or the owners simply want a scenery change. It happens significantly often when buying a home that is suitable in all respects except for the interior. A logical question arises: how much does is a condo renovation in Toronto cost?
Repair or Purchase?
Sometimes, selling an old apartment, investing the money, and buying a new one with a ready-made renovation is more profitable. That’s if there is severe damage or you don’t want to bother. Generally, the market for ready-made new buildings is the most popular now, as people value time.
On the contrary, some people look at old buildings because they are better equipped, tested, and have better sound insulation. If you keep an eye on the market, you can buy a condo cheaply and only have to repair it. But if you have lived in an apartment for a long time, you may not want to leave it: it’s easier to do a little work on the decoration.
When making a decision, compare your apartment with those for sale. For example, you have a large apartment that needs renovation, but you see a cheaper finished condo. This way, you will even have money left over when you buy. But this is irrational in the case of a large family. And in principle, if the situation is not critical, the repair will cost you less.
Renovation Pros and Cons
Improved comfort and life quality. Renovation allows you to customize your condo to your needs and create a cozy and comfortable home.
Quality control. You can control all stages and choose the best materials. It guarantees longer and more reliable repairs compared to the shortcomings found in new buildings.
Increase in real estate value. If the renovation is tasteful and meets modern standards, it can increase the property’s value, which is helpful for subsequent sales.
Energy efficiency. You can install more efficient heating, air conditioning, and insulation systems to reduce utility bills.
Interior personalization. Renovation lets you choose the design, colors, and materials that match your preferences and style.
High costs. If you don’t work on repair independently, you must spend money on workers.
Revaluation risk. Not every renovation will always return the entire investment.
Making a renovation in a Toronto condo is a complex decision and should be made based on your needs, budget, and the goal you are looking to achieve.
Actual Prices in Toronto
Repair companies in the city put the average price at $200-400 per square foot. Please note that prices vary depending on the location, materials, level of work, and number of employees hired. Kitchens are always the most expensive due to the high cost of appliances – from $10,000 to $30,000 or more.
A bathroom can cost $5,000 to $20,000, depending on replacing tiles, plumbing, and additional work. A living room and bedroom are usually cheaper due to fewer appliances. However, the cost can increase significantly if you choose exclusive materials and designs that add elegance and style to your condominium. You must carefully consider your needs and budget to make the renovation affordable yet satisfactory.
The total amount, on average, ranges from $50,000 to $60,000. At the same time, new apartments cost from $600,000.
What Affects the Cost?
Some factors determine the final price of the makeover. Among them:
Location. It decides a significant amount portion. Downtown Toronto condos often require higher costs due to more expensive materials and labor.
Size and layout. Everything is logical here: the larger the area, the higher the price. In addition, large condos may require specialized solutions to improve the interior.
The building condition. You’ll pay less if you don’t need to replace electricity, plumbing, windows, etc.
Materials quality. If you choose high-quality products and exclusive design, it will increase costs.
Permits and regulatory requirements. Do you need to demolish a wall or build a balcony? Obtaining a license from the local government requires a monetary contribution.
Timing. If the repair is not urgent, you will save money. If you limit the time frame for workers, they will ask for additional payment.
With these factors in mind and careful planning, you can pull off a smart Toronto condo renovation project.
Condo renovation in Toronto can be a daunting task, but it is also a great way to improve your living space and increase the value of your property. With careful planning and execution, condo renovation in toronto can be a success.
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