Do you plan to renovate your condo? Well, here we will explain the main tips to avoid a high condo renovation cost. However, it’s essential to emphasize that the renovation process requires a solid plan to ensure that you will have a high return on your investment. So, here are five renovation tips to maximize your investment.
1. Set a Realistic Budget and Stick to It
Setting a budget is one of the most essential steps to start any renovation project. You will waste money and time if you don’t have a realistic budget. We recommend researching the cost and starting a plan with a home renovation company to avoid this. Besides, it would help if you had to identify the goals for your condo renovation project.
Initially, it would help if you started identifying your main goals for your condo renovation project. For example, suppose your goal is to sell your condo after renovation. In that case, the process, the material and the rest of the things should be different, but if you want to improve your living experience, the design and process should change.
Once you have defined your primary goals, you can start by estimating condo renovation costs.
Condo Kitchen Renovation Cost
The kitchen is one of the most critical sections of your condo. That’s why you need to be careful of the cost. There are many ways to know the price of your new kitchen. On average, the entire condo kitchen renovation is between $15.000 and $40.000, depending on the renovation’s design, materials, and complexity. If you want to learn more about kitchen renovation, click here.
Condo Bathroom Renovation Cost
On average, condo bathroom renovation costs can be between $10.000 and $25.000, but in some cases, if the bathroom requires structural changes and you want luxury material, the price can go up to $30.000 or more. For example, if you want to add luxury features like heated floors, walk-in showers, or exclusive tiles, you can push your renovation toward the most expensive.
Living Area and Flooring
We can say the same here for the bathroom and kitchen renovation. The cost of renovating living areas such as bedrooms and living rooms depends on material and scope. For example, new living area flooring can cost between $5.000 and $10.000 if you choose luxury flooring such as vinyl and hardwood.
In conclusion, we recommend prioritizing spending your money in high-impact areas that add value and improve your daily life, such as bathrooms and kitchens. The investment return in these areas is high because potential investors usually focus on that. To avoid overspending, keep track of the expenses during the renovation process; in this case, we can guarantee that you will receive what you want.
2. Focus on High-Impact Areas
Many homeowners can be excited by making every space in their condo a perfect place. However, not every area in your condo has the same impact; that’s why focusing on impact areas such as the bathroom and kitchen is essential for ensuring that your renovation dollars are well-spent and yield the greatest return on investment (ROI).
Kitchen Renovation Impact
Most kitchen condos are the heart of the home because they share the area with a living room, which is why a new kitchen can completely change your condo’s face. Also, buyers (new families) check the kitchen first before buying a new condo.
As the heart of the home, the kitchen is a space that can make or break the feel of an entire condo. A well-designed kitchen is attractive to homeowners and buyers alike, often serving as a hub for entertaining and family gatherings. Because of this, spending money on modernizing your kitchen is generally a smart investment.
One of the most critical sections of your kitchen is the cabinet and countertop; this changes the face of your kitchen completely. For example, replacing outdated cabinetry with modern, sleek designs or installing energy-efficient appliances can instantly elevate your kitchen. Also, renovating your countertop to a resistant and stainless countertop like quartz, granite, or marble transforms your kitchen profoundly.
Click here to check out more about the kitchen renovation process.
Bathroom Renovation Impact
The bathroom is the second most crucial part of your condo renovation cost. However, this particular renovation has a substantial effect on your whole project. Potential investors, above all in Vancouver, check if the bathrooms are comfortable, functional and luxurious. Even if you want to add only a few changes, such as new fixtures, vanity or shower glass doors, this will give your bathroom a modern and pleasing appearance.
But if you want a new bathroom to enjoy with your couple and make your bathroom a place to relax as a spa, you can choose a luxury bathroom renovation. This kind of bathroom includes heated floors, custom shower enclosures, or a deep soaking tub that can bring an elegant appearance and, most importantly, a place to enjoy a great moment.
Click here to check out more about the bathroom renovation process.
Strategic Upgrades for Maximum ROI
Besides kitchens and bathrooms (as part of condo renovation cost), you can upgrade specific parts of your renovation that can positively impact your ROI without spending too much money. Here are some improvements that you can make for your condo:
Flooring: Upgrade your floor with waterproof, low-maintenance and high-resistant options such as hardwood, engineered wood, and luxury vinyl plank.
Lighting: Installing modern and energy-efficient options like LED lighting. This improves significantly the ambience and makes the consumption of energy more efficient.
Storage Solutions: Most condos are small, and space optimization is vital. Consider installing built-in shelving, closet organizers, or hidden storage solutions. Check out the cabinets in our showroom.
Avoid Over-Personalization
If you plan to sell your condo once it is renovated, we recommend keeping your potential client in mind before starting the renovation process. Otherwise, this can significantly impact your condo renovation cost and complicate property sales. Instead of over-personalized spaces with overly bold colours, trendy materials, or niche designs, we suggest neutral options that appeal to a broader audience.
3. Prioritize Quality Over Quantity
Condo renovation costs can be high, and in many cases, some homeowners opt to choose low-quality materials because of that. Our suggestion is to do that. Do you know the old saying “you get what you pay for”? That is often true. Instead of choosing poor materials and cheap contractors, focus on the most essential areas of your condo that need to be renovated and high-quality materials that can provide long-term value.
Why Quality Matters
Quality materials for your condo renovation project are the best idea, not only in terms of usability but also in terms of making a good investment. High-quality materials also significantly increase your condo’s durability, functionality, and aesthetic appeal, while cheap materials are the opposite; they can cause damage and tend to wear out faster, requiring more frequent repairs and replacements.
For example, investing in high-quality flooring such as hardwood, vinyl, plank, or natural stone tiles can help you save money in the long term. Likewise, selecting well-constructed cabinetry, countertops, and fixtures will improve your condo’s space and aesthetics. Besides, the return on the investment will be much better than investing in cheap materials.
Avoid the Temptation of Quick, Cheap Fixes
Condo renovation costs can increase if you make a decision that you believe is for saving money. Based on our experience, we have had customers who prefer buying cheap materials or DIY solutions to cut costs, but this can often lead to bigger problems down the line. So, both are the worst solutions you can make because if you choose poor-quality materials and execute your project on your own, the project can be risky and cost too much due to the materials and poor execution. We recommend hiring a professional home renovation company and choosing high-quality materials for a cost-effective condo renovation project.
4. Keep the Layout the Same
One of the most expensive parts of condo renovation costs is changing the condo layout; the designers take a lot of time to create and execute the design. This often involves plumbing, electrical wiring, or even structural engineering. In most cases, we recommend avoiding increasing renovation costs by maintaining the layout and focusing on ” regular changes” that can significantly impact the kitchen’s counters, flooring, backsplash, cabinets, and lighting. Install or change a bathtub, tiles, vanity, and flooring in the bathroom. This kind of renovation doesn’t involve structural changes. However, there are cases when you need to remove walls to improve your kitchen and bathroom.
5. Work with Professionals Who Understand Condo Regulations
One of the pain points for homeowners who want to renovate their condos is the regulations associated with permits. Each city has their own rules, and that’s why it is essential to hire professionals who understand that. For example, there are regulations like noise restrictions, working hours, or limits on structural changes. This can significantly impact the condo renovation cost if you make a terrible decision regarding hiring someone with no professional home renovation experience.
Conclusion
Condo renovation can be a headache if you make the wrong decisions regarding materials, permits, and contractors. However, following these five tips, you can manage your condo renovation costs and maximize your investment. You only need to prepare a plan with your home renovation company and, based on that plan, build a process that delivers your condo renovated in a few weeks.
