April 2017
The purpose of condo suite renovations is to improve the value of your home.
Value may be viewed differently depending on the situation. If intending to live in your home, increasing value refers to increasing the enjoyment of your home. Increased value may be through aesthetic or functional improvements. If intending to sell, renovations can provide value when they facilitate a quick sale or increase your selling price.
When seeking to increase value, areas most often focused on include kitchen, bathroom, floors and doors. Windows may be considered if replacement is required by the condo owner rather than the condo corporation.
When working with a renovator they will obtain any required permits. For more extensive renovations it may be necessary to also work with a designer or engineer. These services are generally available, when desired, through a renovator.
Louis Evagelou, President of Toronto Decorating Corporation, provides suggestions to ensure your condo renovations goes smoothly.
Renovation Budget
Few renovation projects are completed without unexpected surprises or modifications. When preparing your renovation budget include a 10%-15% contingency based on project cost.
Have a Written Contract
Professionals will require a written contract. The contract should outline the scope of work, timelines, payment schedule and warranties. It should also outline how changes in scope of work are handled.
Should problems arise during or after a renovation, lack of a signed contract will limit your options should you be dissatisfied or receive substandard work.
Warranty
Many professionals offer a minimum two-year warranty.
Liability Insurance
Liability insurance is of particular importance for condo suite renovations. In the event of a water leak resulting from a renovation project causing damage to common areas or other condo suites, you may be personally responsible for repair costs if those doing the work do not have liability insurance.
Ask for proof of liability insurance before signing a contract.
