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What should I pay for a condo reno that includes everything?

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Posted by: from Edmonton
3/7/2016 at 6:11:31 PM

My condo was built in 1977 and has all the original fixtures etc. I want to gut it and redo the whole thing. Is there a way to evaluate how much is too much when considering quotes for the job?

REPLIES (6)
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Date/Time3/7/2016 at 10:07:35 PM

Get 3-5 quotes and compare prices. Never go with the cheapest one.

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Date/Time3/7/2016 at 10:16:53 PM

The only thing that you could do is to invite a few contractors for quotation, then you will be able to decide which one is too much and which one is reasonable.

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Date/Time3/8/2016 at 9:49:42 AM

Condo renovations are unique. Be prepared for a higher per sq.ft. cost in comparison to renovating a house due to the restrictions and rules set by your condo board. I agree with the other two comments, get at least three quotes for the work. Have your condo rules and the request to renovate forms in hand, know if you will need building permits, and you should consider working with a designer or similar professional so that your vision is worked out. The local home builder's association is a great place to start.

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Date/Time3/8/2016 at 2:24:23 PM

Hello Brenda,

I tell my clients your imagination stops at your cheque book!

Your project costs are dictated by what you choose for new materials, fixtures, etc.

Thank you.

Sincerely,

Donovan Goebel

Goebel Construction Corp.

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Date/Time3/8/2016 at 5:04:45 PM

Hi Brenda,

This is why you need to speak with a Design Builder. I have too many questions to give you any kind of solid answer. Suffice to say, you should have a budget of $80,000 to $150,000.

However, look at recent sales in the building for completely renovated condos. In some cases, a renovated unit doesn't sell for much more than an untouched original unit like yours. Figure out what is the right amount to invest in your property without going overboard. Your realtor can help with this.

Good luck with your project.

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Date/Time3/10/2016 at 3:52:00 PM

Hi Brenda,

Andrew from Kerr Construction has the right idea.

Get a list of "solds" from your real estate agent that reflect what your same condo would fetch on the market, after it was fully renovated. Take the sold amount, deduct what the condo cost you (if you bought recently, if not, add appreciation) and what you have left is your VERY MAXIMUM budget for what you can invest in your condo. If you exceed this amount, you will likely be 'upside down" in market value, not a good place to be, as life changes and you may be forced to sell, and have regrets about renovating too much.

Good luck,

Andrew Parker


What should I pay for a condo reno that includes everything?

What should I pay for a condo reno that includes everything?

What should I pay for a condo reno that includes everything?

What should I pay for a condo reno that includes everything?

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