We understand that the cost of finishing a basement can make homeowners feel worried, as they fear going beyond their budget.
But it shouldn’t be his way, as you can plan your budget if you know what makes up the cost of finishing a basement.
But first, let’s know what basement finishing is. Knowing what it is will help you have a generalized overview of the basement finishing cost.
What Is Basement Finishing?
Basement finishing is all about transforming an unfinished basement into a livable space. It usually takes around two to four weeks to complete.
Its price varies depending on the type of materials used. For example, a lower-end cost may use vinyl drywall, while a higher-end one may use plaster or concrete walls. Utilities, flooring, and installing ventilation are also included in basement finishing services.
Basement finishing is a cheaper and more basic option than remodelling. The latter includes changing the structure and layout of the basement, which can be more expensive and can take up to 8 weeks.
Is Finishing Your Basement a Good Investment?
Basement finishing is an excellent investment both financially and emotionally. Not only does it increase the value of the owners’ home, but it also provides them with a space to use for themselves and comes with a sense of fulfillment after seeing where their hard-earned money went.
Also, many homebuyers are willing to invest more in a place with a finished basement, which allows homeowners to sell their property at a higher price.
What Is the Average Cost of Finishing a Basement?
The cost of finishing a basement varies depending on several factors. But the average is between $3,000 and over $30,000 to give you an idea. It may seem like a lot of money, but it can be worth it in the long run.
The price depends on the size and the type of finishes used. But it is important to note that you should always tailor cost estimates to your specific needs.
Another thing to note is that adding a room in the basement, such as the bathroom, can drastically drive up the cost. The installation of a new bathroom ranges between $2,000 and $5,000, depending on the size and type. If you’re looking for a high-grade basement finish, be prepared to spend around, if not more, than the latter end of the average basement cost.
But work with a contractor to get an accurate estimate for your basement finishing project.
Factors That Determine the Basement Finishing Cost
Many factors drive the cost of finishing a basement. But the major ones are the following:
The primary factor that drives the finishing cost is the size of the basement – the bigger the space, the more materials and labour required, and the costlier the project becomes.
It is vital to get an accurate estimate from your contractor before starting your project.
The design you choose can affect the cost of basement finishing. Some finishes are more expensive than others. For example, marble flooring is more expensive than vinyl flooring.
Other factors also affect the cost of finishing a basement, such as the type of materials used, the type of ventilation, and the flooring used. Work with your contractor to find the best options for your budget.
Are There Hidden Costs?
The cost to finish a basement in Canada involves the finishes the homeowners can’t easily see. Because of this, homeowners easily overlook these hidden charges, and they don’t become part of their plans and budget. They include the following:
Many homeowners believe that they don’t need a permit for a small renovation project, such as finishing their basement. But many renovation projects require it, and finishing is no exception.
The cost of a permit varies depending on your location. But it is usually a small price to pay compared to the cost of not getting one.
If you refuse to acquire a permit, you’ll put your investment at risk. If the authorities find out that you did not have it, they will ask you to discontinue your renovation and start from scratch once you get your permit. All your expenses and hard work will go down the drain.
Because of this, if you want to finish your basement, make sure to add securing a permit in your plan. Otherwise, you may find yourself paying more than you expected.
Having a professional inspect your basement before starting the project ensures the safety of working on your basement’s foundation and assures that there won’t be any damage.
Finishing a basement can be an expensive project, and it’s important to be aware of all of the potential costs involved.
In budgeting, homeowners often overlook the need for utilities because they are often overlooked essentials.
When finishing a basement, you may need to install new electrical wiring, furnace, sink, and water heater. All of these new appliances will require electricity and water.
Sealing and waterproofing
The cost of basement sealing is approximately $1,800 for joints, while the price starts at $65 per linear foot for waterproofing.
Sealing and waterproofing are essential because they prevent water damage and keep your home safe.
Framing establishes the shape and size and supports the walls, ceilings, and floors.
If you’re planning to finish your basement, it’s essential to prepare your budget for the framing, as its cost can range from $15 to $30 per linear foot.
Drywall is an integral part of the finishing process. It covers the framing and creates a smooth surface for painting or wallpaper.
The drywall cost can vary depending on the size of your basement and the type of drywall you choose. The average price is $1.5 per square foot.
When finishing a basement, it is vital to keep your basement clean. Thus, construction waste removal is an essential service to remove dirt and debris resulting from the construction. The average cost of this service is $470.
What Is the Cheapest Way to Finish an Unfinished Basement?
Finishing a basement can be an expensive project, but there are ways to save money. One option is to do it yourself.
DIYs can be cost-effective but are not recommended unless you’re experienced with the types of work involved. If you don’t have experience in this type of project, you may end up spending more money in the long run due to mistakes.
When you DIY, getting the results you want can be difficult. Creating more damage than results is possible, which may force you to hire a professional to fix the mistakes you made.
Another way to save money is to choose less expensive finishes. Many affordable options are available, such as laminate flooring and vinyl tiles.
Why Is It Important to Know How Much Finishing a Basement Will Cost?
It’s essential to be aware of all these costs before starting your renovation project, as it will give you an idea of budgeting and will help you avoid any unexpected expenses.
In general, it is always better to be safe than sorry. By knowing all the potential costs of finishing your basement, you can avoid any stressful surprises during your renovation project.
If you want transparency in knowing how much it will cost you to finish a basement, contact BCR today!