How Much to Spend on a Home Renovation?

How Much to Spend on a Home Renovation?

How Much to Spend on a Home Renovation?

Getting a custom quote from your builder of choice will give you an accurate estimate of your home renovation costs in Toronto.  This allows you to make a more accurate budget projection since the size, scope, and type of home addition projects often vary greatly. Nevertheless, many homeowners are considering conducting preliminary research before contacting a builder. The purpose of this cost guide is to outline the costs per square foot for typical home renovation in Toronto and also define each step of a Home Renovation Toronto project. Please note that all the rates given below are estimates.

What is the cost of renovating a home in Toronto?

It is possible to remodel a house as a single task, such as a kitchen renovation, or to take on multiple tasks, such as a complete luxury renovation. A new home renovation typically costs between $100 and $200 per square foot. However, depending on the various factors, this cost may vary greatly. It is pertinent to note that the trend of renovation costs in Toronto increases about 5 to 10% per year, just as the housing market gains value each year.

Thus, if you plan to renovate a 20 by 30 foot or 600 square foot location, your renovation could cost between $60,000 and $120,000. In estimating the cost of a project, it is best to categorize it by type. Kitchen renovation and bathroom renovation cost the most, but also appear to be the most valuable.

Kitchen Renovation

A major kitchen renovation often includes a new island, renovated appliances, and custom lighting. The cost of kitchen renovation differs greatly according to the design, material, dimensions, manufacturer, and appliances. The cost of a kitchen renovation is hard to predict since minor updates such as new lighting, countertops, and paint can be accomplished at a reasonable price.

In maximum cases, the cost of a kitchen renovation starts from $40,000 and goes up to $150,000 depending on the kitchen cabinet sizes, the quality of the countertops, and any extra fixtures used in the luxury renovation. But according to Home Renovation Toronto experts from Astaneh Construction, investing in a kitchen renovation typically returns you 75 percent to 100 percent when you sell your home. User our smart Kitchen Cost Calculator to find out

Bathroom Renovation

The addition or renovation of a bathroom is one of the most cost-effective home improvement projects that can increase the value of a home by at least 75%. According to Home Renovation Toronto experts from Astaneh Construction, master bathrooms have the potential to blow the budget of a luxury renovation project, ranging from $20,000 to $55,000. However, it is also possible to build secondary- or half-bathrooms for as little as $10,000, with the average price around $25,000. 

What are the steps for home renovation?

Before you start your home remodel and swing the first hammer, you need to learn the steps involved in a Home Renovation Toronto project:

Define the scope of work

From repainting to converting a warehouse into dwellings, renovation projects have a wide range of scopes. Therefore, it’s important to understand what sort of renovation you’re taking on. Let’s assume there’s a problem with your roof. Its lifecycle is ending, so all you need to do is replace that part. In this case, you know that you’re only working on the roof. It is not uncommon for a client to request a complete luxury renovation of their house.

They want to replace appliances, remove walls, upgrade the floors, and paint their walls. It is very important in this situation that you hire the right contractor like Astaneh Construction, who can help you to define the right scope for the job. You will be able to save time and money this way.  

Figure out your budget

Renovation projects should begin with determining the amount you want to spend. Then, the scope of your project will be easier to define in most cases, and you will be able to find the right contractor for Home Renovation Toronto.

Figure out if there is a need for a building permit

Building permits are usually required when renovations affect the performance of the building, or if an addition is made to the building. If a building initially was designed for only one dwelling unit, and now you’d like it to be converted into three, then this affects the performance of the building. This situation lowers the building’s performance since there are going to be more residents, leading to increased fire and safety risks. For this reason, you have to apply for a building permit to start the renovation or construction work.

Get architectural drawings

Home Renovation Toronto experts from Astaneh Construction recommend that you should get all the architectural drawings in hand before you begin a Home Renovation Toronto project if your project does require a building permit. If your project does not require a building permit then there is no need for architectural drawings. As a result, you will not only get the exact result you have in mind, but it will also reduce the margin of error for any contractor like Astaneh Construction serving you.

Find out how much it costs

There may be variations in remodelling costs depending on several factors, including the existing house condition and what type of contractor you hire. It is observed in most luxury renovation projects that actual renovation costs could become 15-20% higher than expected.

Choose a contractor

If you are planning to renovate your home shortly, hire the right contractor like Astaneh Construction to help you return your investment. An experienced contractor can make sure the luxury renovation is worth every cent you paid for it. Home Renovation Toronto experts from Astaneh Construction are experienced enough and are insured to do the work, and acquire all the necessary permits you need.

Review your contractor’s work regularly and stay in contact

Finally, it is important to stay in touch with your contractor and the construction team so you can ask questions and voice any concerns. Attending regular site visits will enable you to do this.

Final Thoughts

It’s always a good idea to include a contingency line item in your budget to handle unexpected events. While different builders and contractors offer different suggestions for home or kitchen renovation, it’s a good idea to add at least 10% to 20% of your budget for any changes or repairs discovered during construction. Depending on the way things go, you could potentially pocket an extra 10%-20% after the Home Renovation Toronto project is complete!

Again, for more accurate planning, contact a company like Astaneh Construction. The company has recently won the Consumer Choice Award for 2021. With their experience and connections, they can handle any luxury renovation project in Toronto. With Astaneh Construction, you will save time and money as well as help you get the most for the money you spend on the home renovation or kitchen renovation project.