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.
Something that often gets overlooked with basement renovations is the ceiling. Unfinished basement can have unsightly ceilings that show exposed pipes and other wiring that is best left concealed. It may not be a priority for you, but some attention devoted to your ceiling can give your beautifully renovated basement the finishing touch it needs. Many homeowners take advantage of space on the ceiling to incorporate additional lighting.
The minimum height requirement for ceilings is usually 7 feet. Basement ceiling can either be suspended with tiles installed on a grid or you can have the ceiling drywalled.
Drop ceilings are an excellent choice because they provide access to utilities. In addition, replacing tiles can be done inexpensively. Drywall provides a smooth finish but makes it a little harder to access utilities lines that may need repairs. It’s a great idea add sound insulation to your ceiling, particularly if you plan to use a basement as a home theatre or game room.
A drywall ceiling will cost about $2 per square foot; a coffered ceiling will be roughly $25 per square foot; and drop ceilings will run anywhere between $2-$6 per square foot.
Renovating the floor of your basement may include a number of processes like redoing the subfloor, adding insulation and padding and then installing the flooring and baseboards. Some popular choices for flooring are tile, vinyl, carpet, engineered hardwood and laminate, while some people choose to simply add a finish to their concrete floors. The intended use of your basement can help you determine which of these following options is the best choice for you.
You can install more than one type of flooring in your basement if you have a large basement and plan to create different areas or rooms. Tiles are a great choice for wet bars and bathrooms but keep in mind that tile flooring tends to make basements cold. A cozier choice is carpet, which is perfect for home theatres and playrooms. There are also heated floors that can aid in keeping your basement space warm.
You can expect your flooring to cost anywhere from $1-$40 per square foot. If you opt for concrete finishing, the cost will run between $2 and $30 per square foot. Baseboards are an inexpensive addition and can cost between $5.70 to $8.95 per linear foot.
It is truly amazing how a fresh coat a fresh coat of paint can breathe new life into the space. Selecting the right colour for your basement walls is often based on how you intend to use your basement and your personal preference. There are some colours that are more welcoming, contribute to the brightness of the room and can make it look more spacious. Other colours can make your basement darker, which may not be a bad thing. For example, if your new basement will be a home theater, natural light may not be a priority for you.
Painting your ceilings is also an excellent way to add a nice finishing touch. On average, the cost of painting the interior of your home is about $1-$3 per square foot of floor space. Choosing to paint your basement yourself will save you some money, but you should keep in mind that painting takes time and skill.
The cost to paint your basement will also depend on a number of factors. The layout and age of the basement, code compliance issues, whether there are separate rooms that need to be painted as well, and whether there are specialty rooms to be painted. If you have an open floor layout in your basement, this will reduce the cost of painting since many painters charge based on the number of rooms being painted.
Your finished basement wall need a number of electrical circuits dedicated to the space. You will need electrical outlets in each room and at multiple points throughout your basement. Electrical circuits will also supply lighting. The number of rooms and appliances in your basement will determine how extensive your electrical network will need to be for your basement. This will require the assistance of an electrician, which will cost about $2,500.
The state of the electrical circuits in your basement will also play a role in how much you will spend. The costs can easily climb to about $8,000.
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.
Adding a bathroom
Bathrooms are one of the rooms that will consume a large portion of your basement renovation budget. You want the job done well and so you need to invest accordingly. Expenses can easily climb higher than you planned, so you’ll need to determine what your priorities are in your bathroom and focus more on those areas.
The size of the bathroom, flooring materials, the cost of custom cabinetry and other features all play into how much you will spend to add a new bathroom to your basement. On average, adding a bathroom will cost you anywhere between $15,000-$20,000, or about $200-$300 per square foot. A luxury bathroom may run up to about $600 per square foot.
Adding a bedroom
For a room to be classified as a bedroom in your basement, it must contain a closet and an egress window. Installing below grade egress windows will cost about $2,600-$5,300. The cost of installing a closet will be about $1,100-$3,000. Adding a bedroom to your basement will cost about $3,500-$10,500 on average. A huge portion of these cost will be the walls, the flooring and the paint.
Building a home theater
Tuning your basement into a home theatre comes with a price tag of about $300 per square foot. This includes soundproofing, installing a large screen, a good sound system and comfortable seating. Wiring costs for the electrical needs will be about $200-$825. What’s great is that there are many wireless options on the market that you can incorporate into your basement.
Adding a wet bar
A wet bar is ideal for families that want a dedicated space to share laughs over drinks with friends and family. The cost of adding a wet bar to your basement will depend largely on whether you want your home bar to be custom-made or premade. Another major factor will be how large the bar will be.
Custom bars are constructed on site and conform to a particular style and other specifications. The beauty of these bars is that they blend effortlessly into your space and will utilize the space in your basement more effectively than premade bars. That’s not to say a premade bar isn’t a good option for you. They come in a variety of sizes, materials and colours, and come equipped to complement the area nicely. Keep in mind that there will still be some assembly required, including wiring and plumbing for the electrical and water options that include sinks and lighting.
A custom home bar will cost about $5,000-$20,000. Premade options run between $800-$6,000. This cost does not include the plumbing, electrical and lighting work. Other fees that will come with the installation may cost another $200-$8,000.
Steam room and sauna installation
Building an indoor sauna costs more than an outdoor sauna. The average cost of installing a sauna is between $3,000 and $6,000. This is based on the size of the basement and the cost of the materials. You can expect the labour cost to run between $700 – $3,000. The size of a typical sauna ranges between 4 x 4 feet and 8 x 12 feet, with the average being 8 x 5 feet. This size can comfortably seat four people. If you are thinking of building one that can seat 5 to 7 people, you can expect the cost to run up to about $6,000.
Saunas are an option for many homeowners because of the relaxation and health benefits they offer.
Prefab sauna kits cost between $70 and $120 per square foot. Another factor that affects the cost of your sauna is the brand you choose to install. Many of the brands offer warranties that offer anywhere from one year to a lifetime guarantee.
Home gym installation
Having a home gym means that you can work on your fitness goals right from the comfort of your home. How much money you need to invest in your home gym will depend on what your fitness goals are and what your overall budget is. The great thing about home gyms is that you can start with basic equipment like dumbbells and purchase more advanced equipment with time.
Concrete floors are best for home gyms and can cost you under $500 to install, if you want a basic concrete floor. The cost for a polished concrete floor runs at about $1,500-$3,800. On the higher end, installing hardwood floors, full length mirrors and bulky exercise machines will run your costs up to $10,000+.
The benefit of concrete floors is it that is that they are hard and durable. Carpet is another option for your home gym, and the cost will run between $750 and $2,500. The benefit of carpet is that it is soft, however, they are prone to mold. Another common option is rubber flooring, which is a safe option for your home gym and is durable. You can expect to spend anywhere between $800-$2,300 for this flooring.
Home gyms can cost anywhere between $300 and $15,000. Other costs associated with your home gym are subflooring, electric wiring, lighting and TV installation.
A fireplace adds so much warmth to a room, not just literally, but there’s something very homely about a fireplace. Installing a fireplace in a basement can cost anywhere between $100 and $5,600 depending on the type of fireplace you installed.
A gas fireplace typically costs between $2,300 to $4,000, a traditional fireplace that burns wood will cost $1900 to $3300, and an electric fireplace usually costs between $100 two $2,200. Building masonry fireplace costs the most and can cost about $3,500 to $5,600.
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.