We get it; the cost of basement renovation is daunting. Finding out the exact price of the expenses seems hard, making budgeting difficult.
But it doesn’t have to be this way. You can estimate the overall cost of your basement renovation without having to pull your hair in frustration.
Factors Affecting the Cost of the Basement
The cost of renovating a basement can vary depending on several factors. The most significant drivers are:
- The size of the basement.
- The condition of the basement.
- The upgrades you choose to make.
Additional factors are custom storage, painting, labour, and materials.
The average basement renovation cost is anywhere from $35 to $95 per sq. ft. The price will also depend on where you live.
Professional contractors can install customized storage systems to make the most out of the space available and meet your specific needs. While this may not be an essential part of the renovation, it can be a valuable addition that adds functionality and convenience.
The cost of labour will vary depending on the region you live in. In general, larger cities tend to have higher labour costs than smaller towns.
Additional services, such as the clean-up of debris, can cost an additional $50 to $75 per hour.
If your basement walls need to be painted, that will add to the renovation cost. Professional painters typically charge $50 to $100 per hour, depending on the size of the job.
The condition of your basement can significantly impact the cost of renovating it. If the basement is in good condition, with no water damage or mould, the price will be lower than if significant repairs are needed.
The cost of upgrading your basement depends on the type and extent of the upgrades you choose. Some popular upgrades include adding a bathroom or a kitchen, installing new flooring or windows, and adding electrical wiring or extra storage space.
The cost of upgrading your basement can range from $500 to $30,000, depending on the size and scope of the project.
The cost of renovating a basement is directly related to its size. The larger the basement, the more expensive it will be to renovate.
The cost of a basement renovation can also be affected by the complexity of the design. If you have a complex design with multiple rooms and custom features, the cost will be higher than a simple design.
Utilities repair or installation
If your basement needs new electrical wiring or plumbing, that will increase the renovation cost. These services will vary depending on the type of work required.
The type of materials you choose and the quality will also impact the final cost. Basement renovations typically include adding floor, ceiling, and carpeting materials.
If you’re looking for a cost-effective flooring option, vinyl is the way to go. It’s one of the cheapest materials available, and it’s easy to install. If you’re looking for something more luxurious, ceramic tiles are popular. They’re expensive, but they can add a lot of value to your basement.
If you want a low-cost ceiling, go with tongue and groove wood. This option is less expensive than drop or panelling ceilings. However, it is important to note that tongue and groove wood ceilings are not as soundproof as other options.
A few other factors can affect the cost of a basement renovation. These include the cost of permits, hiring a professional inspector, and whether or not you need to hire a contractor.
The cost of permits is an important consideration. Many cities require permits for basement renovations to ensure that the work is done safely and up to code. The cost of permits can vary, depending on the city. But it’s important to add this cost into your budget, as it can prevent problems down the road.
A professional inspection is an integral part of any basement renovation. A qualified inspector will check the condition of the foundation, walls, and ceilings to ensure that they are safe to renovate. They will also look for potential problems, such as water damage, mould, and mildew.
If the inspector finds any major repairs that need to be done, it’s important to factor these into your budget. The repairs can range from a few hundred dollars to several thousand dollars.
Hiring a contractor is not always necessary for basement renovations if you’re confident in your abilities and have the time to do the work yourself. But hiring a contractor is a must if your basement needs a lot of work.
Cost of Basement Renovation Breakdown
Here is the breakdown of the cost of a full basement renovation:
Basement Renovation Services
|Insulation||$2 – $5/sq. ft.|
|Framing||$13- $35/linear ft.|
|Walls & Joint Gypsum Sealing||$2/sq. ft. + Around $2,000 for joints|
|Painting||$5 – $8/ sq. ft.|
|Bathroom for the Basement||$10000 – $20,000|
|Ceiling||$3 – $10/sq. ft.|
|Turnkey (Excluding the Bathroom)||$25,000 – $40,000|
|Flooring||$4 – $10/sq. ft.|
|Electrical Installations||$45-$120/ hour|
|Drywall installation (basic)||$1-$2/sq. ft.|
What is a turnkey basement renovation?
A turnkey basement renovation is a comprehensive renovation service that includes removing the existing floors and walls, installing new walls, floors, and ceilings, and finishing with joints. This type of renovation is ideal for homeowners who want to start from scratch and have a brand new room for a specific purpose.
How Do You Budget for a Renovation?
Your goal is to budget the cost for effective basement renovation, as you want to make the most out of your investment.
Here are some tips on preparing financially for your basement renovation.
Make the purpose of the renovation clear. This
It will help you determine what type of renovation is right for you. If you want to use the basement as a living space, you’ll need to budget for additional electrical and plumbing work.
Plan thoroughly on what you’re going to need.
Once you know the purpose of the renovation, it’s important to plan out each step of the process.
Think about what possible features that you might need in advance, such as adding a window that doubles as an emergency exit if you want to turn the basement into a new bedroom.
Have your basement inspected.
Before you start any work, it’s important to have your basement inspected by a professional. Inspectors will identify any potential problems, such as water damage or mould.
Make the renovation future-proof.
Basement renovations can add a lot of value to your home. But you want to make sure that the renovation is done in a way that will still be valuable in the future.
This means using quality materials and thinking of what your family will need in the future.
Have a contingency fund.
No matter how well you plan, there will always be some unexpected costs during a renovation.
It’s important to have a contingency fund, so you can cover these costs without breaking the bank.
Hire a reputable contractor.
If you’re not confident in your abilities to do the work yourself, hire a reputable contractor. They will help you with every renovation step, from planning to execution.
For more tips on saving money on finishing your basement, read: Basement Finishing in Toronto: 4 Best Tips to Save Money
Frequently Asked Questions
Here are some of the most common questions people ask about basement renovations:
Is it worth it to renovate a basement?
Basement renovations are a great way to add value to your home. It doesn’t have to be a major renovation; even small changes, such as adding a new floor or painting the walls, can make a big difference.
Basement renovations don’t have to create another living space. You can use the existing space to make it more functional, such as adding storage or a home gym, which is an investment enough to enhance your family’s quality of life.
Studies show that homeowners can see a 70% return on investment for a finished basement for financial benefits. Buyers are willing to invest more money in a property with a finished basement, so it’s worth considering if you’re planning to sell in the future.
How long does it take to renovate a basement?
The time it takes to renovate a basement depends on the size of the space and the project’s scope.
Smaller projects can be done on the weekend, such as painting or adding new flooring.
More comprehensive renovations can take several weeks to complete, such as adding a new bathroom or kitchen.
How much does it cost to waterproof a basement?
Waterproofing your basement can cost anywhere from $3000 to $5000, depending on the size of the space and the extent of work needed.
The cost of a basement renovation can vary depending on the size and complexity of the project and the cost of materials. It’s important to plan ahead and budget for your renovation to avoid going over your budget.
Hiring a contractor can help you stay on track and ensure that the renovation is done correctly. If you need help renovating your basement, contact BCR today!