When it comes to remodeling a condominium, the exact cost of the project will depend on several factors including the size, location, building permits, financing fees, the existing condition of the unit and the cost of contractors. In general, prices can differ quite a bit across the country, the total costs here in Toronto could be very different for the same project in Regina. Before you begin you should check with the condo board to see exactly what types of renovations are allowed and if there are any special rules or bylaws that need to be followed. If the building is older you may also find it doesn’t meet modern building codes in some instances. This could affect the cost of things such as heating systems as well as plumbing and electrical.
How Extensive Are Your Renovations?
Of course, the extent and quality of the remodeling job will also be a big factor. Do you plan on completely renovating the unit from top to bottom or just completing some minor renovations? This will affect the total cost of materials and labour as you may be including items such as removing walls, plumbing, doors, heating, air conditioning, windows, flooring, appliances, cabinets, countertops, furniture, lighting, and painting etc. Once you’ve decided the scope of the renovation project you can look for a contractor to do the work if one is needed. Of course, you can keep the costs down if you’re able to complete some of the work yourself.
Pricing Appliances & Fixtures
When you’ve located a suitable contractor you can explain exactly what your vision is for the renovation and then receive a quote on the work. If you’re buying new appliances and/or furniture etc you can price those yourself by doing some comparison shopping and include them in the budget. The more existing items you decide to keep will result in lower costs and it will naturally be pricier if you decide to replace everything. The cost will also rise if you decide to secure a loan to pay for the work and materials since the odds are you’ll need to pay interest on the borrowed amount. It’s always a good idea to see where you can borrow money with the lowest interest fees.
Include Everything In Your Budget
You should be aware that many condo owners go over even the most detailed of budgets as they decide to add or change things to the renovation along the way. When working out your budget try not to overlook anything at all as you will need to pay for permits, fees, labour, materials, delivery and furniture etc. You may find nit’s easier to create a budget for each room or area of the condo you’re renovating. Also, if you’re completely overhauling the unit it may not be inhabitable for awhile and you may need to stay somewhere else during the work and/or find yourself eating out at restaurants or with friends or family.
A true budget can only be created once you know the cost of everything involved in the job. This means if you’re using a contractor to complete some or all of the work you’re really going to need an accurate quote from him or her. Once you know the relative cost of their work you can add in the price of items you’ll be taking care of such as appliances and furniture. Their quote will be the starting point and you can then control the remaining amount of the budget by carefully adding the cost of items to it. What you will ultimately spend in this portion of the budget will entirely depend on you.
Contact York Construction
For more information on condo renovations in the Greater Toronto Area along with a free quote and assistance please feel free to contact us at York Construction Company. We look forward to discussing your renovation ideas and plans and offering our professional opinion and help. If you have questions about your upcoming home addition project, you can contact us here. York Construction is a Toronto based design-build company that offers an all in one solution for your home renovation project. We offer free in-home estimates and consults.