Whether you’re buying or selling your condo, you may feel the need of having to renovate your condo. If so, this post will help you decide whether a renovation is the solution you are looking for. So, how much does it cost to have a condo renovation done, and it is worth considering?
Is a Condo Renovation Worth It
Recently home renovations have flourished as most families try to make their living simpler. However, different studies show that condo renovations were high on the wishlist in 2020, and it still remains through 2021-2022.
According to Newswire, 40% of Canadians realized that their condominiums need to be renovated, especially during the pandemic. Hence, it shows how refreshing and satisfying a home renovation can be.
Thus, instead of paying money for a small condominium with no personality, you can personalize your condo to create more considerable square footage with loads of storage. In addition, by flipping your condominium’s design, you can increase the resale value and enhance the look.
Throughout this, you get personal satisfaction but also add financial benefits. But before you start, remember, you can find loads of condos on the market for sale. If you want your condo to sell fast and catch the attention of buyers at a higher price, you need to present them with something unique.
Hence, one of the best ways to get a win-win situation for both is to do a renovation to grab a buyer’s attention.
How Much Will a Renovation Cost?
Yes, any type of home renovation can cost a lot. Still, the estimations are tricky when you look particularly at a condo. This is because you can have unknown issues popping up. For example, you can have old wiring or have corroded pipes with leaks from units above. These hazards can make determining the costs difficult at the beginning of the job.
Hence, it is essential to stick with an experienced contractor or spend more, and the job can take three times longer. Furthermore, it depends if you do a complete renovation, and the costs can depend on the scope of work done.
For example, the highest costs in a condominium renovation are the bathroom and kitchen.
Kitchen Renovation Costs
The costs all come down to the space and size of the kitchen. In addition, you need to consider the design, materials, and appliances you want. It is not always easy to say what a kitchen renovation can cost. However, you can work on an average price of $15,000 to $45,000.
For high-end custom renovations expect to pay between $50,000 to $60,000. A fact is that a kitchen renovation gives you a huge return on your investment when selling your condo, about 30% to 150%. For a better idea of what it will cost, it is best to get a precise estimation from a home renovator in your area.
Bathroom Renovations Costs
When you update your bathroom, it is more cost-effective than other rooms in the home. It can add up to a 75% return on your investment in selling your condominium. Remodeling a bathroom can start at $100 per square foot and more. As with your kitchen, it helps to get an estimate from a reliable home renovator.
What Challenges Can You Face With a Condo Renovation?
When you have a stand-alone home on a property, you are in charge of everything from the house to the land. But as a condo owner, it becomes a bit more complicated. For example, when you make massive changes with renovations, you share walls with other residents. Hence, you will need to obtain approval.
You need to know your ownership boundary whether the exterior walls extend or are limited to your interior walls. Rad your ownership documents to let your contractor know about the information. Another challenge you face is finding contractors who understand the condo regulations.
The contractor needs to work with your property manager. Choose a home contractor based on the experience, quality service, and price offered. You have loads of indirect aspects that can affect the overall costs of a condo renovation.
For example, if the contractor damages the elements, you are responsible for covering the costs to have them repaired. Hence, to avoid these problems, get a professional condo renovator to do the job. Another problem you can face is obtaining the board of directors’ approvals.
You need to deal with the property management and provide parking access to elevators. In addition, your working hours are limited in the daytime, and you need to set up and clean up the construction area. Still, condo renovations are not as massive as a stand-alone home when it comes to condo renovations.
Having a condo renovated is cheaper and less time-consuming, taking two to four months with the lower square footage.
Wrapping it Up
There are one in eight households in Canada living in a condominium dwelling. When looking at Statistics Canada, these are located in a couple of census metropolitan areas. With a condo renovation, you can upgrade your quality of living and the value of your home.
Still, you need to work within a time framework with a condominium renovation. You have to consider various responsibilities, and for this reason, you need an experienced contractor. Astaneh Construction is here to help make that process hassle-free and smooth for you.
If your condominium needs an update, then a renovation of the interior is a great way to match your lifestyle. At Astaneh Construction, the contractors are pioneers in custom home building and renovations. Contact them today to get your renovation project started.