If you’re not careful with your budget, a home renovation can seep out your savings and affect the project’s outcome. That is why if you’re planning a construction service, such as a home renovation, you need to prepare for it. What better way can you plan your budget than by knowing the factors affecting the home renovation cost in Toronto.
Getting an estimate for a construction project is easier if your home needs minor improvements. However, when the pandemic hit, it provided everyone with the opportunity to plan significant changes to their homes, complicating their budgeting plans.
To get an estimate on how much you might spend for your home renovation, learn what affects the renovation cost.
Factors Affecting the Home Renovation Cost in Toronto
The home renovation cost is different than it was in previous years because of COVID-19. This global issue has affected the process of producing the raw materials for construction and their shipment. For this reason, you can expect a significant change in the cost.
It will help to know these factors to give you a clear idea of what to expect. It will also help you manage possible future risks of spending more.
The floor space per square foot is usually the first consideration in determining the home renovation cost in Toronto. The more you want to change, the higher the price will be.
The vertical space is also important. If you want to make some changes to your ceilings or make them higher or lower, it will add to the overall price of your home renovation cost.
Timeframe refers to the amount of time you have to wait before the completion of the project. Generally, the longer you wait, the lower your charges.
But it does not mean that you’ll automatically lessen the renovation cost if you drag the project’s timeline. There are other factors to consider too.
One of them is market appreciation. In Toronto, the market appreciates up to 10% each year, requiring you to increase your budget. Asking for structural changes is also a factor as it requires more time and money to finish.
The Use of High-End Materials
If you want to incorporate luxury materials and finishes in your renovation, expect the renovation price to be higher. If you cannot afford the renovation, you can trim down some costs by lessening some high-end materials to include in the renovation.
Old houses need more work. The builders will have to analyse the house’s condition and work around it while being careful not to alter your home’s character. They also have to comply with the current regulations and remove the toxic substances they can find in your house, which is extremely expensive.
If your house were built with hard-to-find materials, it would also add to the cost, especially if these materials are the ones giving the house its character.
The Complexity of Your House’s Design
In remodelling, your builders will have to work according to the existing architecture of your house. If your home has a more complicated architecture, it will be more expensive because of the work your builders have to do on it.
The house’s location can provide a hint on how expensive the home renovation cost can be. For example, the home renovation cost in Toronto is generally costlier than it is in Montreal.
The accessibility of your house and the surrounding properties are also variables that affect the renovation cost.
What Is the Average Home Renovation Cost in Toronto?
Upon learning these factors, you can tell that there is no specific price for a home renovation in Toronto. It all depends on the materials you choose, your house’s location, and other factors.
But to give you a reference, to renovate your Toronto house, you can expect to pay around $250 to $500 per square foot. This is the average amount you need per square foot to renovate an entire house. Therefore, if you want to expand your home to 1000 square feet, you should have a budget of $250,000 to $500,000.
If you want to remodel, the price may go higher, depending on the factors you’ve just learned.
How to Hire a Pro
Now that you know how much you should have saved to renovate a house in Toronto, you need someone to assist you with your plans. It is vital to choose a reliable building company that can help maximise your budget.
Here is how you can find a reliable builder near you:
Don’t Ask Just One Builder
Canvas and compare based on the quotes the builders can provide you. Take this opportunity to compare the portfolio of each builder to help you identify who can renovate your home the way you want it.
Ask Referrals From Other People
Ask a person who had the kind of renovation you want. Also, ask for recommendations from family and friends. If you don’t know anyone, read reviews online. Just make sure to read the legit ones.
Ask Questions to Your Prospect Company
Do not hesitate to ask questions to the building company before hiring one. Ask about their experiences, license, and insurance. Their current financial situation is also a consideration to give you an idea if they can pay their workers on time.
Have a clear agreement about the payment schedule before considering hiring them.
We understand how expensive a home renovation cost in Toronto is. But you can manage your budget and eliminate the cost by knowing the different factors that affect it.
One way you can manage your budget is to determine which materials in your renovation should be retained and replaced. You should also identify which replacements need to be expensive and cheap. Reserve around 25% on top of your budget to manage the unexpected cost that might come along the way.
To make your renovation plans possible, hire a reliable building company who can help assist you. Contact BCR now! Get a quote and ask for questions and advice.