How Much Does It Cost To Renovate?
So how much does it cost to renovate? This will be a little more difficult to answer than my last post, How Much Does it Cost to Build a Custom Home? But we’ll give it a go so there are no surprises.
Below is a list of costs for budgetary purposes only and is for the Ottawa area. Please note that every homeowner, home design and existing home is different so there will be many factors at play for each project.
There’s no way to answer this question with an exact number nor is there a way to give you an exact per square foot number. The reason is because what goes into the square footage will vary from project to project. Here are some examples that may drastically change the price.
This would apply if you were doing an addition. One lot could have perfect native soil and another lot could have 3′ of rock that needs to be blasted or chipped away. Or, like in the case of my home, we had 6′ of peat moss that had to be removed and replaced with blasted rock and an engineered pad.
You could have a 1,000 square foot renovation of an open living space or you could have a 1,000 square foot renovation which includes a kitchen, 2 bathrooms and a wine room. Both have the same square footage but one will obviously be more expensive than the other.
Bathrooms & Kitchens
Your 1,000 square foot renovation could have an Ikea kitchen with laminate tops and one bathroom or it could have a $100,000 kitchen with two bathrooms complete with stone floors and counters.
You could have vinyl siding on the exterior, high end wood siding or masonry veneer. These all vary significantly in price.
Windows & Doors
You could spend $10,000 on cheap double glazed vinyl windows or you could go for Passive House Certified triple glazed windows with wood frames and aluminum cladding which could run you over $50,000 for the same number of windows. It’s not one or the other however this shows the significant price range.
Do you want vinyl flooring and carpet or do you want reclaimed hardwood floors and porcelain tile? Carpet stairs or hardwood stairs? Wood railings or glass railings? Full basement or no basement?
These are just some of the factors that will affect pricing for your renovation. I’m not saying you have to go to one extreme or the other, my point is that you can renovate 1,000 square feet with cheap finishes and no kitchen or bathroom OR you could renovate 1,000 square feet which includes a complete custom kitchen, 2 bathrooms and a wine room with expensive finishes. Both have the same square footage but they will be in completely different price ranges.
Budget to Renovate
Now that I’ve laid the ground work and hopefully clarified where some of the costs may go, here are some numbers to keep in mind when planning your renovation project:
I hope this has helped you and offered you clarification on this important decision. My goal here is to educate and inform you of what is realistic for your renovation. We are not in the business of “low balling” projects just to get a contract signed only later to hit you with surprise increases. Our relationships with our clients are most important to us and they are long term relationships. This is why we work with you in order to design and renovate your home the way you want it so that you and your family can create lasting memories.
Lastly, I need to thank Chris Straka of Vert Design Incorporated for helping with some of the numbers in this post.