Our house is old and outdated and we would like to totally renovate or maybe torn it down and build a totally new one. Our house is 20 minutes from downtown and so we really like our location.
However, we don't know of a reliable contractor that can give us advise and no idea of how much it will cost to do this. We would like to have a 2 storey house instead of a bungalow that we have.
How much approxiamtely does it cost to build a new house in Toronto area?
Rough cost to renovate the main floor would be about $80 to $90 per sqft.
Rough cost to go up would be about $130 to $150 per sqft.
It will always depend on the type of finishes that you want.
To start from scratch you would be looking at $130 to $150 plus demo.
There are several consideration to take when planning to add or start over.
If you want to go up here are couple of things to either find out or think about;
Do you have a height restriction in your area?
Will your existing walls support another floor?
Sometimes it's easier to get a renovation permit instead of a new construction permit.
One way to get several response and some budget cost is to post your project and you will have several contractors willing to give you an estimate. This is a free service that Handy Canadian provides.
Please do not hesitate to ask if you have any questions.
Conchita, or Connie
The simple reason why our clients, renovate vs tear down is 2 things, either they cant afford the
large initial cost to replace there home all at one time, or they have a legal non conforming home, which in laymen terms means, the house is situated on the lot larger or closer to the lot line then is allowed in todays zoning setbacks, which if you where to replace the home with a new home, the new house could be smaller in size, or further away from your exisiting property lines.
Prices to remodel/update a home comes in an around $100 per sqft, inclusive. To tear down and build a new home, with all the soft costs, and unexpected, comes in at approx $200 per sqft,
All the jobs start with a design/drawing.
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