Condo Renovation Costs: How to Prepare for a Successful Makeover

Want to give your condo a makeover to increase its value or improve its functionality? Consider renovating it. How much does it cost to renovate a condo? This is one of the first questions that condo owners ask themselves when planning a condo renovation, in Mississauga. Condo renovation costs vary depending on the following factors.

1. Project scope-Extensive condo renovations, in Mississauga that involve completely renovating condos will cost more
2. Quality of materials used- If you want to use high-end countertops, flooring, fixtures, and appliances, be prepared to spend more
3. Labor costs- Depend on the local wage rates, project complexity, and the experience level of the contractor
4. Permits – Some condo renovation projects require permits. The permit fee is an added cost and should be considered when budgeting for a condo renovation, Mississauga
5. Condo association rules- Some condo associations have specific condo renovation rules. They may require condo owners planning a condo renovation to get additional approvals or pay a fee. Some condo associations may even limit working hours. Condo owners may need to make alternative arrangements to ensure compliance with specific condo association rules, which could result in increased costs
6. Unexpected issues- If your contractor finds mold growing in your condo, identifies structural issues, or finds asbestos in your home, they may use specialized techniques and materials to address the problem, and it may cost more to renovate your condo
7. Utilities upgrade- Want to upgrade your electrical and plumbing system or HVAC? Expect to spend more on renovation
8. Finishes and customizations- Unique finishes, custom cabinetry and specialized installations (for example smart home system installation) can increase overall cost
9. Disposal fee-Your contractor may charge an additional disposal fee for removing old and discarded appliances, and debris from your condo.

Creating a Condo Renovation Budget

Follow these tips to budget for condo renovation.

1. Define your goals and create a priority list- When defining project goals, ask yourself what you want to achieve and distinguish between must-haves and nice-to-haves to figure out what’s important to you
2. Assess your condo’s condition- Have a professional inspect your condo to identify any underlying plumbing, structural or electrical issues. Calculate the cost of necessary repairs, modifications or additions
3. Understand costs- Get quotes from at least three renovation contractors. When comparing quotes, check every cost element. Check if your project requires permits and the cost of any required permits
4. Create a contingency fund- Set aside 5%-20% (depending on the scope of your project) of the total project cost to meet unexpected expenses
5. Financing- Decide how much of your savings you can use to fund your project. Consider opting for a home equity loan or personal loan
6. Cost breakdown- Create a detailed list of project costs and categorize them. Use a spreadsheet or budgeting app to track your spending as your project progresses
7. Plan for living arrangements- If you are planning an extensive condo renovation project, you may have to temporarily move into a rental property. Plan for alternative living arrangements. If you want to store your furniture or other items in a storage unit, remember to consider storage costs
8. Review and adjust- Periodically review your condo renovation budget and be prepared to make changes to it

Benefits of Creating a Renovation Budget

Here are some compelling reasons to create a condo renovation budget.

• Helps you manage your finances better and prevents overspending
• Allows you to allocate funds effectively
• With a budget, you have a clear picture of the costs involved and can make better decisions
• Prevents unpleasant surprises (you can use the contingency fund to cover unexpected expenses)
• Your budget can come in handy when negotiating with renovation contractors
• If you are planning a major condo renovation project, a budget can help secure financing

Altima Kitchens and Closets Inc. is a leading home renovation contractor in Mississauga. We are equipped to manage complicated, multifaceted renovation projects from start to finish. To learn more, call (416) 845-7265.