What does a Basement Renovation Cost in 2024?

Published on January 2, 2021
Revised on July 10, 2024
6 min read

Suzanne Surette

Renovation Advisor | RenoAssistance

finished contemporary basement with built it media center and wet bar

You need to determine a basement’s current condition in order to estimate how much it would cost to renovate. An unfinished or rundown room will require more work and therefore a bigger budget. The quality of selected finishes can also influence the price and high-end materials or custom designs will definitely increase the bill. Lastly, dimensions play an important role: the larger the space, the higher the costs.

Below is a table with the different costs to anticipate for your basement renovation in 2024. These have been collected from thousands of similar project submissions received over the years. These prices are therefore an excellent starting point to help you plan your budget.

Basement elements	Average cost (including materials and labour)
Turnkey (without bathroom)	$50/sq.ft.
Bathroom (turnkey)	$20,000 to $35,000*
Bathroom (labour only)	$15,000 to $18,000*
Walls & Joint Sealing	$5 to $7/sq.ft.
Ceiling	$5 to $7/sq.ft.
Insulation	$3.5 to $5/sq.ft.
Flooring	$7 to $15/sq.ft

*Several factors influence the total cost of renovations: the type of work to be done, labour required, materials used, safety measures, demolition or relocation costs of structural elements and finally, the unforeseen. As for the bathroom, prices vary according to excavation needs and access to plumbing.

The first step in a basement renovation is to think about what you want to do with it. The possibilities are endless and that’s what makes this living space so interesting. Check out the Top 11 basement renovation ideas for some great inspiration. Once you’ve decided on the direction you want to take, it‘s important to determine whether wall construction will be needed. Adding walls can create new rooms to better meet your needs. You should generally budget about $2,500 per wall and it’s recommended to use gypsum sheets, as they’re both durable and soundproof.

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What does a turnkey basement include?

A turnkey basement either involves returning it to its original state (removing walls, floors, etc.) and completely redoing it, or finishing and furnishing it with new built-in pieces. This involves building new walls and divisions, insulating walls adjacent to the foundation, adding a gypsum ceiling or false ceiling, laying a floor covering, pulling joints, painting and much more. Some renovations also involve the custom manufacture of built-in furniture. If you choose to install a new bathroom in a basement that didn’t previously have one, you’ll need to budget additional costs for plumbing installation.

Thibeault Project – Basement

décoration de sous-sol avec meuble de télé fait sur mesure avec foyer au gaz

rénovation d'un sous-sol de style contemporain avec divant beige et plancher de bois franc

meubles sur mesure avec espace bureau et bibliothèque dans un sous-sol rénové

aménagement de sous-sol avec comptoir lunch et meubles sur mesure - Style contemporain

bureau aménagé dans sous-sol avec bibliothèque, rangements et comptoir lunch faits sur mesure

Photo Source: Pinterest

Adding a bathroom in the basement

If you decide to build a new bathroom in your basement, the contractor will most likely have to break part of the concrete flooring slab to install new plumbing pipes. This step can be long and expensive depending on the design of your house. You need to add an additional cost to your budget, between $3,500 and $5,000.

If you have an existing bathroom and you want to renovate it, the old plumbing could do the trick. Afterwards, it’s the choices you’re going to make that will drive up the costs. Do you dream of having a custom ceramic shower? A freestanding bath? Lacquered wood storage furniture? The possibilities are limitless and will all have an impact on the final tally. Adding a small bathroom in the basement will increase the bill on average from $20,000 to $25,000, while a larger regular bathroom on the ground floor will cost between $20,000 to $40,000.

Consult our article on bathroom renovation costs for more information.

Leveille Project – Basement and Bathroom

Salle de bain rénovée dans un sous-sol avec douche en céramique et vanité blanche

Rénovation de sous-sol avec plancher en bois flottant avec espace télé.

Vanité blanche dans une salle de bain rénovée au sous-sol

Escalier en merisier dans un sous-sol rénové

Salle de bain moderne dans un sous-sol rénové

finition de sous-sol moderne avec plancher en bois flottant

Pocket door dans une sall de bain contemporaine de sous-sol rénové

Pocket door fermée dans une salle de bain de sous-sol rénové

Descente d'escalier de sous-sol en meriser

Photo Source: Pinterest

Walls, joint pulling and sanding

For gypsum walls, you need to calculate about $2/square foot for materials and installation. As for joint pulling and sanding, anticipate approximately $3/square foot for the entire basement.

Paint

The cost of painting work is calculated according to the area to be covered, number of gallons of paint used and paint quality. It’s generally estimated between $500 and $700 for an entire floor.

Ceiling

There are three main options to put up a ceiling:

Gypsum ceiling: $2.50 to $3.50/square foot
Suspended ceiling: $6/square foot
Architectural ceiling: $8.50+/square foot

At this stage, why not consider soundproofing possibilities before installing a ceiling.

Floor

One of the most important elements in a basement renovation is the floor covering. The materials you choose will help create the ambiance you want. The choice of flooring often depends on how you plan to use the space. Many people tend to go with hardwood, not only for its durability but also for its elegant and sophisticated look. This option is quite expensive (about $12/square foot). Before installing hardwood, you must ensure that there is no water infiltration or humidity problems to avoid swelling of the covering. Otherwise, a floating floor would be more appropriate.

Another suggestion is an epoxy floor. This coating is a good solution for basements as it offers exceptional water resistance, in addition to being easy to clean and maintain. However, applying this resin mixed with a hardener can be tricky and requires the intervention of a professional. The cost of an epoxy floor generally varies between $3 and $12/square foot, depending on a project’s complexity.

Carpet remains popular for its warmth and affordable price. It’s suitable for a playroom or a home theatre. Ceramic could also be an interesting possibility. However, expect the floor to be colder, especially in winter.

Let your personal needs and tastes guide you to the most appropriate option. An estimate of the full costs of your renovation project will allow you to pick the best materials. The average price of these options varies but good planning will help you optimize your living space while staying within your budget.

Voyer Project – Basement with Bathroom and Laundry Room

Aménagement d'un salon dans un sous-sol rénové avec foyer - Réalisé par un Entrepreneur Vérifié à 360° de RénoAssistance

Aménagement de sous-sol avec plancher flottant gris, murs beiges et meubles en bois

Belle décoration avec foyer dans un sous-sol aménagé par un Entrepreneur Vérifié à 360°

Salle familiale d'un sous-sol rénovée avec divan gris, télé, coin bureau, murs beiges et étagère en bois

Rénovation d'un sous-sol moderne avec coin bureau et plancher en bois flottant gris pâle

Salle de bain moderne d'un sous-sol rénovée avec lavabo blanc autoportant et bain-douche

Salle de bain contemporaine renovation sous-sol avec lavabo blanc autoportant, bain-douche et céramique grise pâle au mur

Salle de lavage d'un sous-sol rénové avec laveuse-sécheuse frontales et lavabo blanc

Salle de lavage dans un sousl-sol rénové avec une amoire blanche murale, un lavabo blanc et laveuse-sécheuse frontales

Corridor d'un sous-sol moderne rénovée avec murs sable, meuble en bois, plancher flottant gris pâle et éclairage encastré

Photo Source: Pinterest

Insulation

As you know, heat rises. Making sure the basement is adequately insulated is therefore your end game. The cost for insulation is, on average, between $3.50 and $5/square foot, which represents about $2,400 for a bungalow if the basement is already open. The investment is worth it as you’ll likely benefit from significant energy savings.

Summary of the cost of a basement renovation in 2024

The overall cost of renovating or finishing your basement will depend on what you want to use it for and your choices. It’s generally estimated that the amount is between $50,000 and $65,000, or even more. It’s important to note that if you decide to add a bedroom in the basement, it’ll absolutely need a window for safety reasons to serve as an emergency exit. The cost of installing a window can be about $2,400 and more (for drilling a hole in the wall and installing a new window).

Note: If you’re dealing with humidity problems in the basement or water infiltration, it’s important to remedy this before proceeding with any finish. This will avoid harmful consequences related to mould growth, bad smells and other contaminants. Ignoring these problems could result in high costs in the long term.

For tips on saving on your basement renovation and getting the most out of it, read this: 10 cost-saving tips for your basement renovation.

Need inspiration for your basement renovation project?

Check out our section on Basement projects. You’ll find plenty of ideas as well as the actual cost of each project presented.

Find the right basement contractor today

If you have a basement renovation project in mind, contact us at 1-877-736-6360 or fill out a form. A Renovation Advisor will be happy to help you and recommend basement contractors, evaluated by our rigorous verification process. Our service is free and no obligation to you*.

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