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Condo Renovation Costs

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Condo Renovation Costs

When it comes to condo renovations, there is no “one size fits all” calculator for budgets.  Indeed, there are myriad factors to consider when determining the cost of a renovation.  From the scope of the project including square footage and the rooms you plan to renovate to the ultimate design of your project including features and fixtures, you’ll have many decisions to make when calculating the cost of your renovation.  That being said, an average estimate for condo renovations where you are totally gutting a space is around $100 to $120 per square foot.  But what does that mean?

Replace or Restore?

So, the first thing you need to ask yourself is how far you plan to go with your renovation.  Are you removing everything and installing new materials?  Replacing flooring, lighting, appliance, and cabinets can represent significant costs in your renovation, but if you plan to keep any original fixtures in your condo you can expect your renovation costs to be somewhat less.  If $120 per square foot is too costly for you, you should start considering which elements of your condo are worth keeping and what absolutely must be replaced.

Adapting Structural Components

Removing walls, replacing ceilings, or installing new structures will come at a cost.  Sometimes during a condo renovation, you want to alter your floor plan, and sometimes you work with what you’ve got.  Again, when you’re calculating the costs of your renovation, you’ll want to carefully consider what does and doesn’t work for you.  If you’re trying to save money, scale back on your efforts to alter floor plans or remove or replace structures.

Do It Yourself

Not everybody has the renovation skills to complete a condo renovation on their own, but there are often jobs that you can do even as a novice.  High end condo renovation costs include professional services delivered by architects, contractors, and specialized labourers.  Sometimes, these costs cannot be avoided, but particularly with labour costs ask yourself what you can do yourself.  Can you do the painting on your own, or do you need to hire professional painters?  Do you have interior design skills, or do you want to bring in an expert?  It may seem like insignificant savings at first, but everything you can accomplish by DIY will reduce your renovation costs.

Don’t forget the Taxes!

Finally, many provinces in Canada offer tax deductions for condo renovations, particularly if you are upgrading to meet new standards or adapting your home for accessibility.  It will certainly be worth a bit of research to determine what tax deductions are available to you before embarking on your condo renovation journey.

Condo renovations can certainly be expensive, but they’re also exciting! Have fun with your project and remember to carefully plan your renovation so you can get a clear sense of your overall costs.

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