Basement finishing are a challenging feat to achieve. These can take about a couple of months to complete and cost a person around CAD 25,000 to CAD 60,000. However, depending on a resident’s needs, the project can be stretched to as long as it takes, given the available time and money. There are several basement renovations ideas on how one can modify their basements and how much they can spend on a minimal stage. 

Furthermore, basement renovations are crucial given that the damage ratio is relatively more prominent and, over time, affects gravely on the lower side of a residential unit. There is no cap on the amount of spending one can spend on the basement renovation, which can majorly be affected by the shape, size, features, and amenities of the space. 

Basic Basement Finishing Costs

On a basic level, one can opt for a finishing job that involves turning an existing basement into a liveable space. This incorporates installing frames, mechanical installations, wires, wall mounts, paint jobs, and flooring. A basic finishing costs much less than a complete renovation with interior decorations. Usually, for minor spaces, the cost can be managed to CAD 5,000, whereas, for much larger areas, the prices can surge more than CAD 50,000. Furthermore, additional charges are usually due to minor electrical and plumbing repairs. 

  • Should You Hire a Professional?

Should You Hire a Professional

One can do these renovations alone if they have the expertise or are aware of the nitty gritty of construction. Here is a small comparative data shown below for a renovation done by self and a renovation done by a hired contractor. 

    • In the case of a small unit of less than 700 square feet, doing renovation alone can cost roughly CAD 6,000, whereas renovation done by a hired professional can go up to CAD 12,000. 
    • For areas ranging from 700 square feet to 1,000 square feet, DIYs can cost about CAD 8,000, whereas professional help can cost almost double the amount. 
    • Lastly, for any areas that are more than 1000 square feet, minor changes done by self will cost about CAD 15,000, and getting assistance can cost more than CAD 22,000.  
  • Cost Breakdown 

To better understand how the costs fare when doing the renovation for a basement, here are a few particulars and their average cost. 

    • The framing can cost about CAD 1,800 on average, with more or less CAD 7 to CAD 16 per linear foot. 
    • For the drywalls, the average cost should be around CAD 1,850, with more or less CAD 2 per square foot. 
    • The ceiling work can cost about CAD 1,700 on average. 
    • Lastly, flooring work is one of the essential parts of the process. It can cost between CAD 1,500 to CAD 4,500 on average, with about CAD 3 to CAD 11 per square foot of carpet, and for hardwood flooring, the cost can go up to CAD 22 per square foot. 

Although these are the basic rates one can expect, they are still variable, and one can expect a higher amount if one decides to make personalised additions to the renovation. 

Basement Bathroom Installation

Basement Bathroom Installation

A couple of the essential aspects to keep in mind when renovating a basement are the plumbing and electrical works involved. These can impact the cost to a great extent, as a bathroom installation can be a costly deed. It can cost about CAD 10,000 to CAD 28,000 when considering a hired professional to do the job. However, if one is equipped with the tools and knowledge can reduce the cost significantly by doing it themselves. 

Moreover, it is rather prudent to let a hired professional do the task, as doing electrical fittings and installing a bathroom requires experience and expertise. It is only to ensure the efficiency of the work to be done. Professionals adhere to their set standards and safety measures to ensure quality work.

Basement Finishing System Project

One has the provision to incorporate a basement finishing system into their home. The basement finishing system has prefabricated wall panels that combine moisture-proof and insulation. This job can be done in about 15 days with professional help. Furthermore, it is also a job that should be left to experts owing to its complexity. Moreover, talking about the price, the installations are costly, and the customers may incur a fee higher than CAD 30,000. Some of the features of the basement finishing system include the absence of drywalls, insulations, hard to self-install, suspended false ceiling, high cost, etc.

Basement Remodel 

Basement Remodel 

Of course, no one stops you from remodelling your basement if you already have a finished basement. There could be several reasons why someone would want that. For example, you may want an additional room in your basement or add a bathroom or a kitchen. These can cost depending on the amount of work put in. Statistics show that these basement remodelling can cost anywhere from CAD 4,000 to CAD 60,000. Moreover, speaking of an average pricing, people have invested about CAD 25,000 for their basement remodel work. Furthermore, the intention of the remodel can range from as minimal as expansion or reduction to the addition of amenities. 

Checklists For Renovating a Basement

Overall, a few things matter when it comes to basement renovations. One is supposed to adhere to them legally and for safety reasons. Let’s take a look at these checklists for renovating a basement. 

    • Permits are required by law to be sanctioned by authorities in case anyone needs to make any changes in their basement. These are for mandatory safety inspections of the project. The permits can cost about CAD 100 to CAD 2000. Some major parameters include proper drainage, emergency exits, and so on. 
    • It should be noted that the foundations of the house should be inspected before considering a basement renovation. This is imperative because the basement lies close to the house’s foundation, and a thorough inspection would ensure no structural damage to the property. Furthermore, the cost of foundation damage can go to about CAD 8,000, which can be avoided. 
    • Drainage and water leakage check is another essential factor to check beforehand. A water leakage after the renovation can ruin the entire hard work and even damage the property. 

Final Thoughts

Basements are potentially the core space of a home, and considering a safe renovation plan can only do more good than harm. It will add value to the property while giving the space a good look. Moreover, modifying a basement into a liveable room extends the area of the house. This will eventually boost the property’s worth as well.

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Frequently Asked Question (FAQs)

What costs the most when finishing a basement?

When considering a basement remodel, one can expect the maximum cost. Moreover, when working with a professional, the cost is maximum. Furthermore, incorporating a bathroom or an interior design idea can further extend the overall cost.

Is it worth it to develop a basement?

Renovating a basement can be extremely beneficial in various aspects. Firstly, a fully developed basement can be used as a utility space or an extended living room. Moreover, the basement can also be used as a guest room.

What is the hardest part of finishing a basement?

Some of the hardest parts of finishing a basement are handling ceiling height, floor installations, electrical wirings, installation of bathroom fixtures, plumbing, and so on.

Does an unfinished basement add value?

Unfinished or renovated, basements are an added advantage to a home setup. However, it will be beneficial to have the basement remodelled or renovated.

What is the best flooring for a basement cement floor?

One of the premium materials to incorporate into basement flooring is considered to be Vinyl plank and tiles. These materials have qualities such as durability and water resistance on top of giving a pristine look.

What can I use to cover my concrete basement floor?

There are various ideas one can use to cover their concrete basement floor. Some of them are epoxy, polyurethane, acrylic sealant, and so on.