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Ask a Wahi REALTOR®: How Do You Advise Clients on Budgeting for Renovations or Maintenance After Purchase?

The budgeting doesn’t end once you’ve purchased a home. Wahi Broker of Record Anne Alkok explains how new homeowners can budget for any renos or maintenance costs after move-in day.

By Josh Sherman | 2 minute read

Oct 10, 2025

Images of Toronto neighbourhoods

Wahi Broker of Record Anne Alkok knows first-hand how tricky it can be to budget for renovations as a homeowner. 

 

“I recently got an estimate to update my ensuite — it came in at $60,000, and I knew that didn’t even include everything,” she says. “I decided to pause and reassess what truly needed to be done.”

 

Below, Alkok shares some tips on budgeting for renovations or maintenance after purchasing a property, so homeowners aren’t shocked when they receive the bill. 

 

1. Refer to your home inspection report. 

 

Before purchasing a home, many buyers opt to have a home inspector look over the property to identify any potential issues. It’s one of the top conditions homebuyers should include in an offer to a seller. A home inspection is also one of the hidden costs that inexperienced homebuyers often overlook — but the service, which typically costs between $450 and $600, is a worthwhile investment. Your home inspector will produce a home-inspection report, a document that summarizes the condition of all of the home’s appliances, systems, and structural elements. The report should also identify which repairs may need immediate attention and which are longer-term considerations. Knowing when you need to invest in a renovation should come in handy when drafting a reno or maintenance budget.

 

2. Consult multiple contractors (and check references).

 

Don’t turn to the first contractor you find online when gearing up for a home-improvement project. “For any kind of renovation, get multiple estimates — and make sure you’re comparing apples-to-apples,” explains Alkok. For instance, make sure that the estimates you receive are based on plans that include similar build qualities and finishes. Alkok also suggests speaking to two-to-three recent households the contractor has worked for to see what their experience was like. “You need to get references from previous clients,” she emphasizes.

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3. Assume renovations will cost more than expected.  

 

Even with the best contractor for the job, brace for cost overruns and plan accordingly. One-third of Canadian home-improvement projects go over budget, suggests a survey by Bidmii, a renovation platform. “You need to budget an extra 10% — the more the better — for any estimate that you get from a contractor, ” says Alkok.

In Ontario, the province’s Consumer Protection Act mandates that a contractor can’t charge you more than 10% above the estimate, so long as the estimate was included in the signed contract and no subsequent contracts were signed. 


If you’re saving up today for a project that’s a year or more in the future, try to account for potential increases in labour and material costs when budgeting. The average anticipated cost for a home reno project nearly doubled between 2019 ($10,000) and 2024 ($19,000), the results of a CIBC survey suggest.

4. Before buying a condo, check the unit’s status certificate. 

 

Unlike freehold single-family homes, where the owner decides when and how to deal with upkeep, all members of a condo corporation are responsible for paying monthly maintenance fees. These fees cover the upkeep of shared spaces, such as amenities and the lobby, as well as budget items, including insurance and concierge services. The fees are also pooled into the building’s reserve fund, which is used to cover major repairs over time. 

 

There’s no way to predict how much maintenance may increase over time. However, requesting a status certificate — which reveals essential information about the unit as well as the financial health of the condo corporation as a whole — can help you get a better idea. Condo buyers can include a request to review the unit’s status certificate as a condition in an offer before buying, and owners can request one directly from their condo corporation.

 

5. Buy your home with Wahi’s Cashback Program 

 

In select markets, including the Greater Toronto Area, homebuyers can participate in Wahi’s innovative Cashback Program. It’s simple: homebuyers who purchase a home with Wahi receive up to 1% of the home’s purchase price back in cash, upon closing. On a $1-million home, that translates to a $10,000 lump sum payment — no strings attached. Some new homeowners may prefer to spend the money on a well-earned vacation, while others could put it towards renos or ongoing maintenance costs. The choice is yours.

 

Josh Sherman

Wahi Writer

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