“How much will my condo renovation cost?” That’s the question on anyone’s mind when they’re considering a condo renovation in the Chicagoland area. In the right situation, a renovation can improve a condo’s livability as well as increasing its value, if you decide to sell. That is if you invest wisely in renovations which will pay back when it comes time to put the condo on the market.
Now, every condo renovation is different, and you’d need to contact renovation specialists to get a detailed cost estimate. However, based on our years of experience doing condo renovations, we can give you a few guidelines.
How Much Will My Condo Renovation Cost?
So, let’s get the short answer out of the way first. If your plan is to fully renovate the condo and replace nearly everything in it with mid-to-high-end materials, you will be looking at roughly $100 per square foot.
Consider that the baseline, anyway.
Now, there are plenty of ways you can affect this cost, both up and down. At the high end, of course, there’s basically no end of ways you could pour money into the condo. But chances are you aren’t looking to spend millions, so the real question is how to lower that $100/sq. ft. price tag without compromising too much quality.
Here are a few ideas:
- Use lower-cost materials
You don’t want to go too cheap, or else it could end up hurting your property value. Still, a smart contractor can help hook you up with acceptable substitutes for expensive fixtures or materials which will be significantly more cost-effective. For example, using colored/polished concrete rather than granite or quartz for your countertops.
- Don’t replace everything
Do you really need to rip out every appliance and fixture? You could save a lot of money if you can work around some of the larger existing pieces, such as the refrigerator. Your clothes washer/dryer is another obvious example – no one walks away from a condo purchase just because it’s got an older dryer.
- Don’t change the floor plan
Yes, open floor plans are popular for condos at the moment – but knocking down walls will quickly cause your condo renovation cost to skyrocket. If you’re not planning on selling in the near future, keep the walls where they are.
For high-quality Chicago condo renovations that fit your budget, contact Genesis Construction!