How to Budget for a Full Home Renovation in the Greater Toronto Area
Many people had a chance, over the course of the pandemic, to evaluate their home and start thinking about improvements, changes, and renovations to it. It also helped that during the downtime of Covid, folks were able to sock away some extra cash, given that the shutdowns meant we were typically spending less discretionary money.
So now, in 2022, if you are a bit flush with extra dollars and want to get going on a renovation project, we thought it would be a good idea to provide an outline on some of the important budget items you might want to take into consideration. We’ll focus on the idea of a full home renovation in the Greater Toronto Area. Here at Somi, we advise homeowners, design professionals, and decorators on home reno solutions, including from our vast selection of floor tiles and other home renovation materials. Read on!
First Step - Engage with a Professional, and Get the Raw Number
If you are planning for a full home renovation here in Greater Toronto, you likely won’t be doing the work yourself; there are simply too many trades involved that require specific expertise, including:
- Demolition, dumpage fees
- Windows and doors
- Walls and drywall
- Flooring - tile and other flooring surfaces
- Materials for all of the above
That means you’ll need a contractor who will oversee all the phases, right from the start - when they sit down with you and map out the steps and pricing - to the end, when everything is installed and cleaned up. For an average size home - around 2,000 square feet - for at top-to-bottom reno, expect to see an estimate anywhere from $250 to $500 per square foot. Do the arithmetic - at the top end, it can reach $1,000,000. Keep in mind, this is for a full gutting, and may include items such as framing and large-scale demolition.
Factors Driving the Cost of Home Renovation
Now that you see how expensive a complete home renovation might get, here are some of the factors which drive the final cost:
Location - where the dwelling is located impacts the installed costs of everything. Out-of-town locations involve travel time to and from the site; inner city locations may involve complicating factors such as access to the property and set-up location.
Type of construction - there will be differences in cost depending on, for example your house is totally wood construction, or say double wide brick. The height of the structure, including ceiling heights, will also weigh in on cost.
Finishes you choose - there is a wide range of expense associated with the final finished look of your renovation. The more extravagant, exotic and luxurious you get, the more the final tally is going to be. High end finishes can greatly increase your renovation cost. In our line of flooring products, for example, we are proud to offer great, high-end looking flooring options which won’t break your bank account for that part of the project.
Complexity of the architecture - the plan you come up with will be the least expensive possible if you stick with typical architectural techniques and practices. The more complex you get in terms of what you are adding or removing to your dwelling will increase its cost of construction and installation. A simple example - rounded wall finishes as opposed to squared-off wall finishes - the more complicated process of creating the rounded look is definitely going to incur more expense, both in labour and materials.
Get Expert Advice When Considering Home Renovations
You can see now that planning a full home renovation can be complicated and expensive. We’ve mentioned that we work with professionals and do-it-yourselfers all the time, in providing renovation ideas that are both attractive and affordable. We would be pleased to hear any comments and questions you may have about our services or home renovation in general, here in the Greater Toronto Area. Contact us.