Home Renovations Costs | Fivewalls

Home Renovations Costs | Fivewalls

Sellers, Buyers, Tips & Advice
Last Updated: Oct 26, 2021

Are you considering renovating your home in Ontario? If so, this guide is for you! Keep reading to learn more about the different types of renovations you can do in your home – like your bathroom, kitchen, basement, and pool – as well as how they can add value to your property.

Whether you want to spruce the house up a bit or increase the value before selling, budgeting for renovations can be tough. But there are ways it can be done on a tight budget while still getting the most bang for your buck.

1. Kitchen Renovations

The kitchen is often viewed as the center point of your home, and many buyers will look at this space first. Kitchen renovations can be expensive and depending on the type of materials you use. Expect to spend anywhere from $16,000 to over $45,000 on a kitchen renovation

There lots of ways to improve your kitchen setting without having to tear everything up. Granite countertops are popular, but they are also expensive. Marble, quartz or tile are other alternatives and still look just as amazing. Re-paint and stain your cabinet cupboards yourself instead of having all new ones put in. Even something as simple as updating all the knobs on the cupboards will make a huge difference.

2. Bathroom Updates

Just like in the kitchen, go with something other than granite. Your countertops are not as large in the bathroom anyway, so there is no point in paying the extra cost for a granite vanity. Porcelain or ceramic tiling is good for the flooring because they are waterproof, stylish, and affordable. Updating the knobs and bathroom fixtures can make a huge difference too.

A bathroom renovation can be one of the most useful projects you can complete to upgrade your home. The average cost of a bathroom renovation in Canada is between $8,00 and $20,000.  The features that you decide to include, alongside the size of the bathroom, will drive the cost of the project.

3. Do The Demo Yourself

If you know where load-bearing walls are and where to watch out for plumbing lines and electrical wires, doing the demo yourself can help save lots of money. You will definitely have to rent a garbage bin, which should cost anywhere from $150+, but you will save a lot more money by tearing down walls and cleaning up yourself.

4. Multiple Functions

Creating an open floorplan can be expensive, especially when you do not know which walls can easily be knocked down or not. In the meantime, create multiple functions for things in the kitchen like pull-out drawers, using dividers, hanging pegs for pots and pans and mugs. Or in the living room, buy baskets and bins for everything like all your books and magazines. Utilize as much as you can to create more space.

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5. Fresh Coat Of Paint

There is nothing that a fresh coat of paint will not fix. Re-painting your exterior can make it seem like you have a brand-new house! Bring in more neutral colours to the living room and bedroom to create a relaxing and comforting feeling. Paint can be used on the floors and ceilings too. It will give everything a nice new feeling!

6. Finish The Basement

A standard basement remodeling project can cost between $20,000 and $30,000 for materials and labour. A serious upgrade that involves adding things like bathrooms, kitchenettes, or additional electrical features to your basement will drastically increase the price, leaving you with a bill that can exceed $75,000!  

7. Buy Repurposed Wood/Furniture

Second-hand stores are great for finding repurposed furniture or furniture you want to repurpose yourself! Reclaimed wood is another option and will look great in the end. Antique stores have a lot of hidden gems too and older stuff is definitely coming back in style. It also gives you a creative opportunity to start your own fun DIY projects.

8. Add More Lighting

Window installations can be an expensive process, and a tricky one too if your home is considered a historic property. Even if you just want to add one window, you will need permission from the city.

Instead of adding windows, add more lighting (like pot lights) or increase the wattage in your bulbs. Pot lights are easy to install yourself and are not as expensive as other lighting options.

9. Adding An Inground Pool

The average pool costs just under $50,000, including the basic filtration system, water fill-up, and stone coping around the edge. This cost does not cover any expenses related to the required fencing, decking, and other pool-related items. These additional requirements can add up to another $40,000. In other words, you can expect to pay anywhere from $80,000 to $100,000 to install an inground pool!

10. Remove Popcorn Ceiling

Popcorn ceiling can indicate that your home is outdated, so removing this material is a popular renovation project. For the average home, removing the popcorn ceiling will cost about $2,500.

11. Leave The Plumbing Alone

It may seem tempting when you are creating a new floorplan but trying to move major plumbing can be a hassle, and an expensive one at that. Even just moving a sink over a few feet can cost up to $1,000, and you will also be paying for a professional too. So try designing around where your plumbing currently is. It could really help save you money for other renovations you have in mind.

Before jumping into renos yourself, make sure to plan everything out beforehand and come up with a specific budget you do not want to go over. If you do go over, or if unexpected costs pop up, make sure you also have a contingency fund set up just in case. A real estate agent can also help you determine which renovations will lead to the highest increase in value of your home.

Be realistic when it comes to renovating your home yourself. If you are unsure of what you are doing, paying for an expert could potentially save you money in the long run.

Home renovations are a great way to upgrade your living space while also increasing the value of your home. The cost of bathroom and kitchen renovations should be considered relative to the value that they will add to your property since you do not want to spend more than you will get back! The same goes for the cost to finish a basement or install an inground pool - these luxury features can boost your property values, but, if you're not careful, you could be overrun by the expenses related to the renovation. 

Other Real Estate Resources You May Be Interested In

A Guide on How to Buy A Home

First Time Home Buyer Incentives and Tips in Canada

Land Transfer Tax in Ontario

Land Transfer Tax in British Columbia

Mortgage Pre-Approval Process in Canada

What is Title Insurance?

 

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