Successful condo renovations begin long before construction commences. They start with knowing what a project will cost and its impact on the value of a home.
Home renovation spending in Toronto has increased by more than 60% from 2006 to 2016. This is according to Altus Group, which provides real estate data to the Toronto Real Estate Board.
Bathroom and kitchen transformations are the top condo renovations in a Money Sense listing of most popular home renovations in Canada.
A BNN report has one contractor stating that the average spent on home renovations increased $21,000 in 2015. Condo renovations were up 40% during this period, over double the average year-over-year increase. The average kitchen renovation can cost about $20,000.
When looking for a renovator consumers should require:
- Business licence, liability insurance, and Workplace Safety and Insurance Board insurance
- Written contract specifying project scope, timeline, construction materials and payment schedule; plus warranty coverage and length
- Explanation of required permits and responsibility for obtaining them
- Experience with similar projects reflected in two or three references
Always keep condo management informed of planned and ongoing renovations. Condo corporations may have procedures or rules that control the timing of renovations, materials utilized, access to elevators and authorizations. Procedures and rules are intended to ensure condo neighbours are not unduly disrupted by renovations.