Toronto home renovations
More and more people are turning to home renovation in Toronto, a bustling city growing in popularity. Whether to increase capacity within the home, enhance the home's aesthetic from the street, or boost the property’s value, understanding the costs involved in home renovation is essential.
Easy Renovation draws on years of expertise as one of Toronto’s leading home renovation experts. To help you get started, read their comprehensive guide to the costs involved in renovating a house in Toronto.
Why renovate your home in Toronto?
Toronto is home to one of Canada’s most dynamic housing markets, with several factors fuelling the rise in home renovations:
Aging housing stock: Many homes in Toronto are aging and need upgrades to meet modern living requirements.
Property value increases: Renovations are an excellent way to increase a property’s market value in one of Canada’s most competitive markets.
Modern amenities: As the speed of technological advances accelerates, homeowners are seeking modern features and new ways of maximizing the use of space.
Why you need to understand home renovation costs
Understanding the costs involved is one of the most critical factors in planning a renovation. These include:
Project planning: Understanding the costs involved helps prioritize the project based on competing needs and your financial capacity.
Effective budgeting: Accurate cost knowledge allows you to create a realistic and manageable budget within your financial means.
Return on investment: Understanding how much the renovations will add to the property’s value is vital for anyone upgrading the property to sell.
Home renovation costs in Toronto: The breakdown
Costs for renovating a property in Toronto can vary significantly due to various factors. These include materials, labour costs, and the project scope.
Average budget for a house renovation
The average budget required for a home renovation spans a wide spectrum:
Minor renovations: These can include redecorating, replacing fixtures and fittings such as lights, plug sockets, and doors, and replacing flooring. Costs can range from $2,000 to $10,000.
Significant renovations: These more extensive projects can include kitchen replacements, new bathrooms, or adding extensions to the property. These can range from $10,000 to $100,000-plus.
Per square foot cost: The average cost of renovations in Toronto ranges from $100 to $200 per square foot.
Factors influencing renovation costs
Among the factors that can affect the cost of a home renovation project are:
Quality of materials: Some materials are cheaper to manufacture and install than others.
Project size: The larger and more complicated the project, the higher the cost. Any structural changes to the property will be costly.
Permits and regulations: You must ensure your plans comply with local building regulations and apply for building permits. These can be a costly addition to the overall renovation price.
Labour costs: More complex projects require more specialist expertise, which is more expensive than general labourers undertaking basic work.
How to understand per-square-foot pricing
One of the most common metrics in housing renovations is the per-square-foot price. These rough estimates of the overall cost are based on the total square footage of the part of the house being renovated:
Minor renovations: The cost per square foot often ranges from $100 to $150 for basic upgrades- such as painting and laying new flooring.
Mid-range renovations: The cost per square foot is between $150 and $200 for more complex updates that include replacing kitchens and bathrooms.
Significant renovations: Depending on the complexity of the project and materials used, complete housing renovations can exceed $200 per square foot.
Detailed cost breakdown
Understanding the specific costs associated with different renovations can help you make well-informed decisions about the costs involved.
Kitchens
Some of the most popular home improvement projects are kitchen upgrades. Factors like size, materials, and appliances can affect the price.
Basic updates: New countertops and cupboards can range between $10,000 and $25,000.
Kitchen overhaul: A complete renovation, including appliances, bespoke cabinets and countertops, can cost between $25,000 and $50,000-plus.
Bathrooms
If you’re renovating your house to sell, a new modern bathroom can add appeal and value to your property.
Minor update: Replacing taps and retiling can cost between $5,000 and $15,000.
Bathroom replacement: Ripping out the existing bathroom and updating the room, including new plumbing, can start at $15,000 and cost upwards of $30,000 for high-end finishes
Basements
Repurposing basement space is an excellent way to add space to your home and increase the property’s market value.
Basic remodel: Making the basement waterproof and finished to a basic standard can cost from $10,000.
Extensive remodel: Repurposing the basement to a high spec to create more living space can cost between $30,000 and $60,000.
Whole house renovations
Whole house renovations can include the complete overhaul of the existing floor plan, including structural changes and electrical and plumbing work.
Moderate renovation: Moderate updates throughout the entire house can range from $100,000 to $200,000.
Extensive renovation: To gut and remodel the house completely will likely exceed $200,000.
Factors affecting renovation costs
Several factors can impact the cost of your home renovation. These include:
Material quality
Your choice of materials plays a crucial role in the overall project cost. Standard quality materials, such as prefabricated pieces or laminates, are cheaper than luxury materials, such as granite, hardwoods, or bespoke items.
Labour costs
A large proportion of your budget will be required for labour costs. General contractors can simplify the build at a cost, while specialist work such as electrical or plumbing requires knowledgeable professionals and comes at a price.
Permits
Building permit fees vary on the size and scope of the project, and you will also need to factor in inspection costs to ensure the project complies with building codes.
How to manage your renovation budget
It can be tempting to get carried away when managing your budget by spending a little more than planned. Here are some tips on how to manage your project budget.
Be realistic
When setting your budget, be realistic. Assess your needs and understand what you want to achieve. Shop around for multiple quotes from contractors and build in contingency of 10-20% into your budget to allow for unexpected costs.
DIY renovation tasks
One of the best ways to save money on a renovation is to take on as much of the work as possible. Shop around for materials to get the best deals, and don’t be afraid to reuse and repurpose existing materials.
Expect the unexpected
Being prepared for unexpected costs is critical. Be aware of electrical or structural problems in older properties and adapt to changing plans as required. You may also need emergency repairs to remove mould or fix a leak.
Maximizing the ROI on your renovations
Understanding which renovations add the most value to your property is a good way of knowing what to prioritize when planning your project.
High ROI renovations
The renovations that add the most value to your home are kitchen and bathroom updates, adding living space, and improving the property's energy efficiency.
Low ROI renovations
Adding highly personalized updates is fine if you’re renovating to remain in the house, but it can add little value if you want to sell. Overlooking essential repairs can jeopardize your ROI.
From planning to completion
How exactly do you plan a home renovation project? This step-by-step guide can help you negotiate each step.
1. Planning and research
Thoroughly plan and research your project. Define what you want to achieve, research trends and ideas that meet these goals, and get professional quotes to help you prepare.
2. Design
Once you’ve set your goals, create a detailed plan of all the changes you want to make. Work with an architect or designer to help with the vision and finalize your budget based on the design plan.
3. Get permits and approval
Before you begin the work, get the required permits and approvals. Understand local building regulations, submit the correct permit applications, and inform your neighbours about your planned works.
4. Choosing the contractor
The success of your project rests on selecting the right contractor. Get multiple bids from different people to compare costs and services, check references and online reviews, and ensure they have the correct licences and insurance.
5. Managing the project
Effective project management is equally essential to successful project completion. Communicate regularly with the contractor to stay updated on progress and check the works to ensure they meet your requirements and specifications. Also, show adaptability if changes to the project scope are required.
The final word
Whether you want to renovate your home in Toronto to enhance your living space or add value before you sell, careful planning and budgeting are essential. Balance your desires with your needs, and always keep your financial means in mind when making decisions.