Over the past year or two, many of us have spent the most time in our homes, often looking at the interior of our house. Most people appreciate the beauty of their homes but also feel it’s relatively old-school and want to renovate. There was a surge in DIY home projects, but if you want to gut your house from the inside and renovate the entire interior, you will need more than just some YouTube videos.
While the costs of every renovation project depend on the type and size of it with the additional costs of labour, in this article, we will look at the current market prices of home renovation in Toronto, a place notorious for its expensive real estate. Home renovation in Toronto has become more expensive in recent years due to supply-chain shortages and a general lack of affordability in the housing industry.
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What Is The Basic Cost For Renovating A Home In Toronto?
Instead of stating a complete estimate without knowing the details of your project, we have stated the estimated price per square foot depending on the level of work and quality of materials. This renovation cost includes everything from demolition to wiring, framing, and insulation, but it doesn’t cover any appliances. Now, this cost will greatly vary with the type of materials, and expensive materials often compound to much higher costs for the project.
We have mentioned the different levels of a renovation projects and their average cost per square foot:
- 100$-200$ Per Square Foot
In this range, you will have materials from local utility stores and a basic house renovation without using exotic materials. You should also expect some shortcuts in the process, but the team will be standard if you’re willing to spend more than 150$ per square foot.
- 200$-300$ Per Square Foot
Moving to the 200$-300$ range, you can expect to have some customisation in your renovation project. However, you still won’t get gut renovations for your house and will have to settle with renovating the space between your walls.
- 300$-400$ Per Square Foot
You can expect structural renovations in this range, where you can change the layout of your house after gutting it. You can add rooms and staircases or put in new wiring. This range will easily get you a world-class team with high customisation options and top-quality work.
What Increases Or Decreases Your Cost Per Square Foot?
There are many different factors affecting the cost per square foot for renovating your house. We have mentioned some key aspects below:
- Location Of Renovation And Change In Existing Architecture
The existing architecture of a home and its location play an important role in affecting the cost per square foot for any additions. We suggest you to expand the home horizontally rather than vertically to minimize renovation costs. You also need to consider the type of construction used for renovation as they can increase or decrease your costs greatly.
- Architectural Style
Architectural style of your renovation is key to cost management as complex architecture often cost much more than additions done in a standard style. Complex architecture often carries extra costs like higher architect fees.
Timeline for the project is one of the most influential factors in determining the cost of renovation. Along with your prescribed timeline, you should also consider the inflation costs as construction costs have risen exponentially over the past year. Hence, if you want to renovate your house, you should start the project as soon as possible to control costs.
Renovating your house from time to time is quite important to maintain its exterior looks and structural integrity. We have mentioned the different rates associated with different levels of renovation. Renovation is an expensive process but it can give your house a new look and make it better for everyone to live in.
Toronto is famous for its expensive real estate and the same applies to home renovation. If you want to completely gut and renovate a house in Toronto, be prepared to spend a fortune. We recommend beginning the renovation project as soon as possible to avoid the extra cost of inflation!