A growing number of home owners in Toronto decide to renovate instead of moving to a new one. There are number oof reasons that homeowners remodel their homes. Most of them wants more comfort and practicality for their spaces but whatever the reasons are, the common question is, How much a complete home renovation costs in Toronto? The second common question is, what are the most popular renovations ?
What is considered a full renovation?
A full home remodel consist of completely changing up the structure and layout of your entire home count as a complete home renovation. Both cosmetic changes and structural changes.
How much does renovation cost in Toronto?
Home renovation cost in Toronto can vary greatly. In addition, the most important factor in renovation is budgeting. In General home renovation cost can vary from 90.000$ to more than 200.000$. There are many factors that affect your renovation cost which are listed below.
Your wishes for changing your home dictate how much money should you spend on your renovation. Obviously remodeling a bathroom does not cost as much as a kitchen renovation, however if someone wishes to do a full home renovation, the project naturally goes bigger and consume more money.
Here are 6 tips on how to budget your renovation:
Decide on the scope of your renovation A renovation project can be anything from a repaint to turning a garage to a residential unit. It is important to know the scope of your project.
Use a Budget calculator for a rough guide / set a budget limit for each room It is important to start any renovation project knowing how much you want to spend on it. Doing this first help you know the scope of your project.
Breakdown cost with a detailed cost guide
get professionals to check your plans
get at least 3 quotes from different contractors / Hire experienced contractors
Add 10 to 20 percent to your final budget as a contingency / set money for extra costs
sell anything that has no use and reuse anything that can be incorporated in your new design
The other factor that affects your renovation cost is the square footage of your house . Homeowners must calculate how much each square foot will cost separately to calculate the final cost of the renovation. Usually it is important to set aside 100 to 200 dollars per square foot. some specialists even mention the value of 350 dollars per square foot. So if someone renovates 2000 square feet for example, they can estimate that their renovation cost would be around 200.000 dollars or even up to 700.000 dollars.
Neighborhood and House Location
The area and location of the house plays a big role in renovation cost. for instance, if the house is located in a very safe area full of good looking houses and many utilities around then the house take more retouches for home improvement that increase the cost.
The Real State Market
House prices either dropping or skyrocketing every few months due to various factors. Homeowners must set a budget for their renovation that is in accordance with the prices that are currently available in the market.
How People go over budget and time in process of remodeling
Renovation is different than building a new house . There are lot of unknowns in remodeling process while building a brand new home can be planned ahead. Everything can go in accordance with your plan if you hire the right contractor, however in renovation project there are lot of unknowns that can affect the time and cost of your project!
Let’s imagine that you want to renovate your bathroom and change your vanity, it can simply cost 1500 dollar that takes two days. As soon as your contractor remove the old vanity, he finds out that there vas a leakage from old vanity that is ruining your wall! Now your project will cost at least twice the price that you have estimated. It will also take extra 4 days to repair and finish the wall.
How TMDC group can help you ?
In TMDC group we take pride in paste of work and achieve the timeline we set. We give you free consultation for your renovation project and provide you with detailed cost of every part of your project. We can also design quotes tailored to your budget with taking to account all the standards!