The cost of renovating a basement varies based on a number of factors. However, the average cost to renovate a basement is $35 – $55 per square foot. Meaning, if you have a basement that is 1,000 square feet, you can expect to spend about $35,000 – $55,000 to renovate your basement.
Additional variables affecting how much the renovations will cost include the scope of the renovation project, how you plan to use the space and the types of materials you choose to use.
The basement area in a home offers great value. This is why many homeowners are choosing to invest in their basements and transform them into a space that best suits their family’s needs. Basements are one of the most highly-valued rooms in homes because there are so many things you can use the space for.
Remodeling refers to the upgrading of a room – in this case a basement – that includes things like furnishings, windows, walls and floors. While the cost to renovate your basement may add up, many people are often surprised at how affordable it can be.
At Capable Group, we take every measure to ensure that the cost of your reservation remains affordable. We are up front about our costs and will explore ways to ensure that your project is completed within budget. In addition, we handle all clean up and the labor required during remodeling.
Costs Associated with Basement Renovations
There are various costs to consider at different stages in the renovation process. If you are installing a bathroom or kitchen in your basement, the first thing you need to factor in is plumbing.
You’ll need to have a connection to a water supply and sewage lines for your bathroom. This will require hiring a professional plumber and paying for the costs associated with establishing the water and sewage lines needed. Sometimes walls have to be opened up to facilitate a water or sewer line that is convenient and may cost less.
If you are making changes to your home, your renovation project will most likely need to be approved by your local government authority before any work can begin.
This is something you will need to have done if you are adding a bathroom to your basement. Once all the plumbing work is completed, an inspection is necessary to ensure the work done is up to par with regulations established by your municipality. Any electrical work done in connection with the renovations will also need to be inspected. This is very important because an electrical fire can break out in your home and cause damage that an insurance company may not cover. You can expect some costs associated with the inspections.
If you have a large, open basement area, you may want to consider sectioning off the space into rooms that can be used for different purposes. Erecting walls will increase renovation costs, but the added value to your home will likely make the investment worthwhile. The cost of framing is based on the following elements:
the need to demolish existing walls
the size of the room the needs framing
whether additional walls need to be erected
whether the walls need to be soundproof
Installing drywall to your walls is something you will need to do whenever you add a new wall in your basement. This step is done after framing and is critical. One of the things that impacts drywall installation costs is the type of drywall you want to use.
Typically, drywall can cost anywhere from $10 to $20 per panel. Once you have decided on what material you want your drywall to consist of, the next thing you will need to determine is the cost of installation. On average, installing drywall can cost anywhere from $1.50 of higher per square foot. The cost is often dependent on the area you would like to install the drywall.
The next cost you will incur is for the drywall finish. The texture you use can actually make your drywall soundproof. Soundproof drywall costs about $50 for an 8×4 panel.
Installing Electrical Appliances
About $50 to $100 per hour is what you can expect to pay somebody to install any electrical appliances that require a professional. Some wiring is required in your basement to make sure the room is able to support your electrical needs. To accomplish this, you will need to hire a licensed electrician to make sure you don’t have any electrical issues with the wiring. The cost to hire an electrician will vary depending on the area you live in and their level of expertise.
Other Renovation Costs
Renovations don’t always require adding rooms to the basement. There are other ways you can transform your basement area into a more functional space without tearing down or erecting walls.
Adding a home theater
If you are someone who enjoys entertaining friends and family, it may be a good idea to install a home theater in your basement. This will give you a designated area in the home to entertain. You can add a big screen TV, comfortable seating, good speakers and make the room soundproof.
Installing a bar
If your room is going to be used for entertainment purposes, consider adding a bar to the room. This will make it convenient to entertain and serve your guests at the same time. Keep in mind that renovating your basement area will raise the value of your home, which will be an asset should you decide to sell.
turning a basement into a useful room like a home gym or home office is a great way to utilize the space. with so many ideas basement renovation ideas, capable group and have steer you in the right direction and help you maximize the space in your basement and tailored to your family’s needs. I expect are well-versed and respectable and well respected among their peers and throughout the industry.
Average Cost to Finish a 400, 500, 600, 700, 800, 900, 1000 Basement in Canada Based on Square Footage
400-500 sq. ft. = $14,000 – $17,500
500-600 sq. ft. = $17,500 – $21,000
600-700 sq. ft. = $24,500
700-800 sq. ft. = $28,000
800-900 sq. ft. = $31,500
1000-1400 sq. ft. = $42,000
Basement Renovation Q&A
Q: Does a finished basement add value?
A: Yes. Investing in your basement is a worthwhile venture. While some people focus on the cost to renovate a basement or converted an unfinished basement into a finished one, it’s important to keep in mind that you can add tens of thousands of dollars in value to your home just by renovating your basement.
Q: How much does it cost to put a bathroom in the basement?
A: Although there are various factors to consider, the average cost to install a basic bathroom in a basement is anywhere from $10,000 – $25,000.
Q: How long does it take to finish your basement?
A: Our contractors at Capable Group can complete an average basement project in about 3 weeks.
Q: Are finished basements counted in a home’s square footage?
A: No. Basements are usually listed separately in a house listing.
Q: How much does it cost to waterproof a basement?
A: Sealing a basement typically costs about $5,000. If there are other issues you need done like fixing cracks or adding drains, the cost can climb to about $10,000.