COST OF RENOVATION PER SQUARE FOOT IN TORONTO

The renovation cost per square foot typically covers everything from the demolition to framing, insulation, and wiring. It also covers the costs of plumbing, heating and cooling systems, and every fixture in the kitchens and bathroom. This does not include appliances. It will also depend on the cost of the specific materials selected for flooring and the other areas.

A budget of between $150 and $350, therefore, will get the materials that are available at the local retail outlets. Still, the work is standard, especially if one is working with something above $200. Working under the $200 mark means some shortcuts will be involved.

$200-$300 PSF

There is some level of customization in the next level, where the budget ranges between $200 and $300 PSF. In this category, the projects mainly renovate the space within the walls and not gut renovations.

$350 PSF and above

Renovations here will likely involve structural work like combining apartments or changing the layout. It includes where one wants to move walls, add staircases, or do the electrical rewiring. Kitchens and bathrooms usually cost more, so the more bathrooms and kitchens you have, the higher the cost becomes. Things get more customized and exotic at and beyond this range and involve top-class workmanship.

BUDGET FOR PERMITS, DESIGN, AND OTHER BEHIND THE SCENES EXPENSES

1. Design

Depending on the services and procedures to be undertaken, there might be a need to involve a professional designer or even an architect. These experts will usually charge a flat rate or a percentage of the project cost. Call condo renovation in Toronto if you have any questions.

2. Building and city requirements

Co-ops are usually very strict when it comes to renovations and will most likely need an architect. Some buildings will need insurance coverage minimums or security deposits to take care of any possible damage. Technicians for these buildings usually cost higher. The costs of permits can be very high, with plumbing permits sometimes going as high as $5,000.

3. Demolition and site prep

After demolition, there is some preparatory work like leveling and stripping, whose costs will be prescribed by the general contractor.

4. Overhead costs

Overhead costs can be challenging to estimate. While it is possible to draw specific figures for labor, this too is heavily affected by the certification and other requirements, which can push the costs very high. In addition to the hourly rate, labor costs typically incorporate license, insurance, and other relevant overhead fees. Generally, a technician will take between 10% and 15% percent of profit.