A full house renovation in Toronto typically involves weeks or months of planning and preparing before the first hammer is swung. Knowing what to expect along the way and hiring a professional design/build company can lower the stress, reduce time and even save you money.
How Much Does a Full Renovation Cost in Toronto?
There are a lot of costs during a home remodelling in Toronto that, without a reliable contractor, can get out of hand quickly. A full renovation, to name a few, involves demolition costs, framework installation, insulation and drywall, wiring, plumbing, HVAC, etc.
Other add-ons such as new appliances, flooring, painting, and installing new windows and doors can also increase the costs. Most homeowners overlook the costs of designs, permits and fees, and demo removal, but it’s important to factor those into your budget. Additionally, unknown problems with the plumbing or structure might appear, which could raise the costs.
Discussing these costs when agreeing to a contract will ensure that there are no hidden fees during the renovation period.
How Can You Finance Your Home Renovation in Toronto?
An entire home renovation in East York and the GTA requires careful budget planning. Homeowners have a selection of choices to access finances to complete a whole-home renovation.
A Home Equity Line of Credit allows you to access the portion of the mortgage that has been paid. The renovation money can also be found with an Unsecured Line of Credit in the form of a personal loan or line of credit that is unsecured.
Mortgage refinancing involves borrowing on the amount of net worth of the home. This is the difference between the remaining balance of the mortgage and the current home value. For some homeowners, taking a second or third mortgage on the home may be possible to access funds.
With reasonable interest rates, an existing credit card may be used to pay for partial or the full renovation bill. In some cases, a loan from family or friends can help with the renovation costs or dipping into the household savings may be an option.
Do You Need Insurance for Your Entire Home Renovation?
As one of the most overlooked factors of a renovation, make sure that your homeowners policy covers any construction work. In addition, ensure your contractor is properly insured. A reputable building company will have liability, property, and worker’s compensation insurance to cover their workers and any damage to the home.
Before any renovations begin, discuss the situation with your home insurance policy representative to know what type of liability coverage is involved. This is important if the homeowner needs to move out of the home during the construction period.
What Makes Elite Construction and Renovation an Ideal Contractor for Your Renovation Project?
As a leading residential home remodelling contractor in Toronto, Elite Construction and Renovations is the ideal choice for your home renovation project. Our experienced professionals offer a guarantee on workmanship for two years. For more than 16 years, we have been using high-quality products to help homeowners in the GTA see their vision for the dream home come true!
Let Us Help You Renovate Your Full House in Toronto!
From older home renovations to a full gutting project, Elite Construction and Renovations has a team of design and build experts to transform your home into a functional and beautiful space. Call us today at (416) 888-8417 to book a consultation with our team for a no obligation quote!
ABOUT THE AUTHOR
Jay McDonald, general contractor and owner of Elite Construction & Renovations, has over 20 years of construction experience. He has completed various Ontario Building Code and Business Management courses from George Brown College and has managed over $50 million-dollars-worth of construction in his career.