Basement renovations tend to cost between $35 and $40 per square foot, but can vary depending on your requirements. In this article, you’ll see where that money goes and how to spend less of it.
Need More Space?
Before you think about moving or knocking out walls, look at the basement as a potential option.
Basement renovations are often the most cost-effective way to add more casual living space for your family because you can utilize the existing foundation and structure, and the overall cost per square foot will be less than an addition.
Many Canadians are renovating their basements in lieu of other more costly options, while keeping the layout of their home intact and still considerably increasing its resale value.
Decided on a basement renovation? How much will you need to spend?
This will depend on what you want to do, and unlike other rooms, the options range from not much to a heck of a lot. Some of our customers have built kitchens and bathrooms in their basements and they spent significantly more than other customers who just built a big open space.
Quotes will differ from contractor to contractor, as will the services they’re qualified to provide. But don’t wait until you receive quotes to start putting together a budget.
Depending on your location, here are the average prices you can expect to pay per square foot:
|Greater Toronto Area||$35 / sq ft||$45 / sq ft||$70 / sq ft|
|Greater Montreal||$25 / sq ft||$32 / sq ft||$50 / sq ft|
Would you like to know the cost of your basement renovation?
Cost of a Finished Basement – The Breakdown
In Toronto, the cost of finishing a basement is somewhere in the range of $35-$70 per square foot. If your basement is 1,000 square feet, you’ll pay at least $35,000 (incl. labour, materials and design fees).
The price can be considerably less ($10,000–$25,000) if you go for a simple basement renovation that includes framing, flooring, crown moulding and painting, but forgoes complex plumbing and electrical.
Remember, the bigger your basement is, the more negotiating power you’ll have with your contractor to lower the per-square-foot rate. To get an idea about the potential cost for your particular project, speak to an advisor for free on 1-888-670-672 or simply submit your project online.
A detailed cost estimate to help you make a better choice.
- The basic finishing of the bathroom is generally included in the cost of the project. But, if you require a bathroom in the basement built from scratch, add $5,000 to the total cost of the basement renovation project.
- A kitchen in the basement will be at least $10,000
- Thinking man-cave with a fireplace? $5,000 minimum.
- If you need to increase the size of the stairs leading down to the basement, allow for around $2,000 for new stairs to be constructed.
Save on your basement renovation cost: think 10 years ahead!
You won’t want to do your basement twice, so it’s best to anticipate what your future life is going to look like. Will you need a playroom for kids or grand kids? A nanny’s room? There are so many ways to remodel a basement other than a traditional rec room. Build it now and use it later.
If you’re thinking of converting your basement into a rental property, you’ll want a separate entrance to the basement if you don’t already have one. This will require exterior work and will most definitely increase the cost, but the privacy it affords you and your tenant is well worth the cost.
On the other hand, if you’re thinking home theater down there, you won’t have to spend a ton of money on renovation, which means you’ll have more to splurge on gear, speakers and super comfy couches.
Hire a reputable basement renovation contractor.
Acting as your own contractor will save you money, as long as you know what you’re doing. If you don’t, you’ll no doubt spend more to fix your mistakes than had you hired a professional. So, unless you have specific experience in basement renovation projects, you should hire a reputable basement renovation contractor – and this is especially true if you’re planning to underpin or build a kitchen.
Do you have a basement project?
Basement extras: Popular Basement Remodelling Plans
Imagine a direct vent natural gas fireplace down there, or a built-in bar or wooden floor for aerobics and yoga. These are excellent additions to the basement that most DIYers can’t do, which is why you should at least consult a contractor. Even if you’re handy and capable, leaving it to a pro will provide you with so many more options when deciding what features you’d like to build or install.
Bedrooms and Bathrooms
The basement is a great place for a bedroom as long as the windows are large enough to use as a fire escape. This a mandatory condition of the fire code in most Canadian municipalities (and good common sense), and whoever takes that room will appreciate the natural light.
As for bathrooms, they’re almost a must in the basement, although you may need to have some plumbing cleverly installed. You can find special toilets that pump the water up to the sewage drainpipe, although many newer homes have already been fitted with a plumbing system including a backwater valve in the basement. This setup makes bathroom installation a breeze downstairs and will also cut down on the overall cost of the renovation.
Put in a shower if your family will make use of it, but a two-piece sink and toilet powder room may be sufficient depending on the frequency and nature of use of the basement.
Take away the headache of finding the right basement contractor!
Reno-Assistance has established a network of basement renovation specialists across Greater Toronto and Montreal with the experience and expertise to design and build your new basement to your exact requirements, on time and on budget.
All of our contractors have had to pass our 360° Verification involving stringent checks of financial stability, past work history including references, supplier relationships, legal history, customer complaints or disputes, licences, insurance, etc. We will even provide you with a detailed verification report for each contractor we refer before you meet with them.
Your renovation advisor will note the requirements for your project, guide you through the necessary stages and refer up to three local 360° Verified Contractors who specialize in basements to provide competing quotes for the job.
There is no cost for our service and no obligation to choose one of the contractors we refer, so submit your project online or give us a call to start your project on the right foot.
Talk to a renovation advisor now!